Document:

EX-10.31

 Exhibit 10.31 

ALLEGRO MICROSYSTEMS, INC. 

LONG-TERM CASH INCENTIVE PLAN 

As Amended and Restated Effective as of March 31, 2018 
  

	1.	 PURPOSE 

The establishment of this Long-Term Cash Incentive Plan was authorized by the Board of Directors of Allegro MicroSystems, Inc. (“AMI”), formerly
known as Sanken North America, Inc., on August 28, 2015. The Plan is hereby amended and restated as follows, effective as of March 31, 2018. The purposes of the Plan are to enable AMI and its subsidiaries to attract and retain
highly-qualified key employees, and to align the interests of key employees and AMI’s shareholder by creating a link between compensation and business performance. This Plan provides for incentive compensation based on Company performance over
periods of three fiscal years, with a new three-year performance period commencing with each fiscal year. 
  

	2.	 DEFINITIONS. 

For purposes of the Plan, the following terms have the meaning set forth below: 
  

	(a)	 “AMI” has the meaning set forth in Section 1. 

 

	(b)	 “Award” has the meaning set forth in Section 4.1. 

 

	(c)	 “Award Notice” has the meaning set forth in Section 4.1. 

 

	(d)	 “Board” means the Board of Directors of AMI. 

 

	(e)	 “Cause” means (i) any act of personal dishonesty in connection with a Participant’s
responsibilities as an officer or employee of a Company or a subsidiary that is intended to result in substantial personal enrichment of the Participant; (ii) a Participant’s being convicted of, or pleading no contest with respect to, a
felony; (iii) a willful act of a Participant that constitutes gross misconduct and which is injurious to a Company or any subsidiary of a Company; or (iv) following written demand for performance from a Company or a subsidiary which
describes the basis for the employer’s belief that the Participant has not substantially performed his or her duties, continued violations of Participant’s obligations to a Company or a subsidiary. 

 

	(f)	 “Change in Control” means (i) a merger, consolidation, reorganization or other transaction (or
series of related transactions) other than an initial public offering if, upon the completion thereof, neither Sanken Electric Co., Ltd. (“Sanken”) or a subsidiary or subsidiaries of Sanken collectively own, directly or indirectly, at
least 50% of the outstanding equity securities and voting power of a Company; or (ii) the sale of substantially all of the assets of a Company to a party unrelated to Sanken. 

	(g)	 “Code” means the Internal Revenue Code of 1986, as amended. 

 

	(h)	 “Committee” means the Compensation Committee of the Board. 

 

	(i)	 “Company” means, as applicable, AMI, Allegro MicroSystems, LLC (“Allegro”), or Polar
Semiconductor, LLC (“Polar”), and the “Companies” means AMI, Allegro and Polar. 

  

	(j)	 “Conversion Price” has the meaning set forth in Section 5.7. 

 

	(k)	 “Disability” with respect to a Participant means that the Participant has been determined to be
disabled and entitled to receive benefits under the Company’s long-term disability plan, and the date on which a Participant shall be deemed to have incurred a Disability shall be the date determined under the Company’s long-term
disability plan. 

  

	(l)	 “EBIT” has the meaning set forth in Section 4.2. 

 

	(m)	 “Electing Participant” has the meaning set forth in Section 5.7. 

 

	(n)	 “IPO” has the meaning set forth in Section 5.7. 

 

	(o)	 “IPO Company” has the meaning set forth in Section 5.7. 

 

	(p)	 “Participant” means any eligible person as described in Section 3 to whom an Award is granted.

  

	(q)	 “Performance Measure” has the meaning set forth in Section 4.2. 

 

	(r)	 “Performance Period” means a period of three consecutive fiscal years of AMI. The first Performance
Period was comprised of AMI’s 2016, 2017 and 2018 fiscal years (being the three years ending March 30, 2018). New three-year Performance Periods commenced on the first day of fiscal year 2017 and commence on the first day of each fiscal
year thereafter. 

  

	(s)	 “Plan” means this Long-Term Cash Incentive Plan, as hereby amended and restated, and as further
amended from time to time. 

  

	(t)	 “Release” means a general release of claims against the Companies, their shareholders, members,
managers, directors, officers, employees, agents and affiliates, with respect to a Participant’s employment and termination or resignation of employment with the Companies, in a form provided by or satisfactory to the applicable Company.

  
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	(u)	 “Retirement” means a Participant’s voluntary termination of employment, on or after age 62,
after a minimum of five years of employment with a Company and upon at least six months’ prior written notice to such Company. The status of Retirement shall not apply if a Participant becomes an employee of, or performs significant consulting
services to, a business or entity that is a competitor (or that is attempting to become a competitor) of a Company prior to the time that any partially-vested Award would be payable pursuant to this Plan. 

 

	3.	 ELIGIBILITY 

Participants in this Plan shall consist of such officers and key employees of a Company or any subsidiary of a Company as the Committee shall select in its
discretion after due consideration of management recommendations. For purposes of this Plan, the term “subsidiary” means any business entity in which a Company owns or controls, directly or indirectly, a majority of the voting shares or
voting power. The Committee’s selection of a person to participate in this Plan at any time shall not require the Committee to select such person to participate in this Plan at any other time. 

 

	4.	 LONG-TERM INCENTIVE COMPENSATION 

4.1     Awards to Participants. Effective as of the beginning of each fiscal year of the Company, the
Committee may determine persons who shall be Participants for the three-year Performance Period commencing with that fiscal year. The Committee may grant each Participant a right to receive compensation under the Plan (an “Award”), and
shall notify the Participant of the terms of the Award in writing (an “Award Notice”). Compensation to be paid pursuant to each Award shall be computed in accordance with the achievement of one or more Performance Measures that are
designated by the Committee for such Performance Period. The Committee shall, in its sole discretion, determine the size of the Award to each Participant and the formula for computing compensation to be paid pursuant to each Award. The Committee
shall designate a maximum aggregate payment amount that Awards to all Participants may not exceed for a Performance Period, irrespective of the achievement of the Performance Measure(s). The Committee may designate Awards in terms of a target cash
payment amount for each Participant, or in such other manner as the Committee may determine. All Awards shall be subject to the terms of this Plan as well as any additional conditions specified by the Committee at the time of grant and as set forth
in the Award Notice. 
 4.2     Performance Measure. The Committee shall establish, for each Performance
Period, one or more performance measures with respect to the Companies, which may include, but are not limited to, consolidated earnings before interest and taxes (“EBIT”), change in enterprise value, gross revenue, cash provided by
operations, and operating income (“Performance Measures”) The Performance Measures may relate to any of the Companies, to AMI and its subsidiaries as a group, or to any subsidiary, division or strategic business unit of the Companies, 

  
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 or a combination thereof, and may be applied to the performance of the Companies relative to a market index,
a group of other companies, or a combination thereof, all as determined by the Committee. A Performance Measure may be subject to a threshold level of performance below which no payments shall be made with respect to an Award, a level of performance
at which a target payment will be made, and/or a maximum level of performance above which full payment will be made. Different Performance Measures may be established for different Participants and/or groups of Participants for the same Performance
Period. In establishing a Performance Measure, the Committee may specify that extraordinary or nonrecurring items shall be excluded from the Award formula. The Performance Measure or Measures for each Performance Period shall be documented in such
manner as the Committee may determine, and set out or incorporated by reference in the applicable Award Notices. 
 4.3    
Interim Awards. After the initial grant of Awards for a Performance Period, the Committee may, during the first half of the initial fiscal year of the Performance Period, grant Awards to Participants who are newly
hired or newly eligible employees of a Company. However, no such Awards may be granted to the extent that the total of all Awards would exceed the maximum aggregate amount established pursuant to Section 4.1. An appropriate adjustment to the
amounts payable under such Award shall be made to reflect the partial service of such Participants during the Performance Period. Such adjustment may be in the form of granting a lesser number of full Awards or providing for a prorated Award payment
based on time of service during the Performance Period. 
  

	5.	 COMPUTATION AND PAYMENT OF AWARDS 

5.1     Computation of Award Payments. Following completion of AMI’s audited financial statements
for the final fiscal year of a Performance Period, the Committee shall assess the extent to which each Company has attained the Performance Measure or Measures and shall calculate the amount payable to individual Participants. The Committee shall
have the authority to make equitable adjustments to the criteria used to calculate the Performance Measure(s), including adjustments to the results for the Performance Period. Such adjustments may include, but are not limited to, exclusion of
unusual or nonrecurring items; recognition of changes in accounting principles; adjustments to reflect acquisitions, divestitures or discontinuance of a business segment; or recognition of the impact of transactions with related companies. Any such
adjustments by the Committee shall be conclusive, irrespective of the expectations of any Participant concerning the amount of compensation to be received pursuant to Awards. 

5.2     Payment of Awards. Except as otherwise provided in the Award Notice or in Section 5.5, Awards
will be paid following the last day of the Performance Period, but in any event on or before the fifteenth day of the third calendar month following the last day of the Performance Period. Each Company shall pay its vested Participants. Except as
set forth in Section 5.7, payments shall be made in cash. 

  
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 5.3     Vesting; Forfeiture. Except as provided in
Section 5.4, Participants shall be fully vested in their Awards if they provide continuous service to any Company or a subsidiary of a Company, or to another affiliate of a Company at Company request, from the time of grant of the Awards
through the final day of the applicable Performance Period. A leave of absence of six months or less pursuant to Company policy or approved by a Company shall not constitute a break in continuous service for purposes of this section. Except as
provided in Section 5.4, a Participant who is not an officer or employee of a Company or a subsidiary thereof (or an affiliate at Company request) on the final day of the Performance Period shall have no right to receive any payment for Awards,
and such Awards shall be deemed forfeited as of the time that such service or employment ends. Funds that would have been paid out pursuant to Awards that are forfeited shall be retained by the applicable Company. Notwithstanding anything in this
Plan to the contrary, if the employment of a Participant is terminated for Cause, or if after a Participant’s termination of employment for any reason a Company or the Committee determines in its reasonable discretion that the Participant
engaged in conduct that constituted Cause or violated any continuing obligation or duty of the Participant in respect of any Company or subsidiary, then such Participant’s rights, payments and benefits with respect to all Awards, whether vested
or unvested, shall be subject to cancellation, forfeiture and/or recoupment. 
 5.4     Partial Vesting.
Participants who are not eligible to receive full payment of an Award pursuant to Section 5.3 shall be entitled to partial payment of an Award in the following circumstances: (a) involuntary termination of employment other than
for Cause; (b) Retirement, if the date of Retirement is at least one year following the commencement date of a Performance Period; (c) death of the Participant; (d) Disability of the Participant; (e) an approved leave of absence
during the Performance Period of more than six months; or (f) any termination of employment not involving Cause within two years following a Change of Control. In the foregoing cases, the Participant shall be entitled to a prorated payment
calculated as the ratio of the number of complete weeks of service performed by the Participant during the Performance Period versus the total number of weeks in the entire Performance Period. Except as provided in Section 5.5, payment of
partially vested Awards shall be made following the end of the Performance Period and at the same time as other Awards for the Performance Period. Notwithstanding anything in Section 5.3 or this Section 5.4, the Committee may at any
time accelerate the vesting of an outstanding Award, in whole or in part, for any reason. 
 5.5     Payments During
Performance Period. If all or a portion of an Award is exempt from the requirements of Section 409A of the Code, either as a short-term deferral pursuant to Treas. Reg.
Section 1.409A-1(b)(4) or otherwise, then, in the event of the death or Disability of a Participant, a Participant’s involuntary termination without Cause, or a change in a Participant’s level
of service to the Companies as described in Section 5.6, or in such other circumstances as the Company employing or formerly employing the Participant may determine, then such Company may, in its discretion and upon such assumptions that it
deems reasonable, make a partial payment of an Award to the Participant or to the designated beneficiary or the estate of a deceased Participant during the Performance Period, with such partial payment to constitute a full discharge of the Award.
However, no such partial payment shall be made with respect to an executive officer of a Company without prior notice to and approval of the Committee. 

  
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 5.6     Change of Participant’s Service. Awards are
issued on the assumption that a Participant will continue in the service of a Company at a level of responsibility equal to or higher than the level on the date the Award is granted. In the event that a Participant’s level of
responsibility or service to a Company is reduced below such level, including without limitation due to demotion, changing to a less responsible position or changing to a part-time work schedule, the Participant’s service shall be deemed to
have ended as of the date of such reduction and the Participant shall be entitled to a prorated Award calculated and paid in accordance with Section 5.4 hereof. A Company may, in its discretion, determine that the full Award shall be payable
notwithstanding such reduction, provided that any such decision shall not be effective unless confirmed in writing by an authorized officer of the Company upon prior notice and approval of the Committee. 

5.7     Option to Convert Medium of Payment on IPO. If there occurs a registered initial public offering
(an “IPO”) of securities of any of the Companies or of any newly organized corporation or other business entity into which the assets or the ownership interests of any of the Companies or their subsidiaries are merged or restructured (such
entity, as applicable, the “IPO Company”), then the Committee may, in its sole discretion, offer Participants holding outstanding Awards the opportunity to elect, at such times and upon such terms and conditions as the Committee may
determine, to receive payment of all or a portion of their Awards in shares of common stock of the IPO Company rather than in cash. The Committee shall determine the price at which the Award of a Participant who elects to receive all or a portion of
his or her Award in common stock of the IPO Company (an “Electing Participant”) shall be converted into common stock of the IPO Company (the “Conversion Price”). Except as the Committee otherwise determines, the Conversion Price
shall be fixed at the date of the Electing Participant’s election, and may be the same price, or a lower price, than the price at which the common stock of the IPO Company is offered in the IPO. Following the end of the Performance Period, the
amount of the Award (if any) payable to the Electing Participant shall be calculated, and the number of shares of common stock in the IPO Company payable to the Electing Participant will be determined by reference to the Conversion Price. Electing
Participants will receive settlement of the shares in the IPO Company at the same time and upon the same conditions as other Participants, as set forth in Section 5.2. 

5.8     Release. Notwithstanding anything in this Plan to the contrary, if a Participant has died or incurred a
Disability or has terminated employment with the Companies and their subsidiaries prior to the last day of a Performance Period, in each case in circumstances where he or she (or, in the case of a deceased Participant, the Participant’s
designated beneficiary or estate) is or may be entitled to payment of an Award with respect to such Performance Period, then the Committee may, in its discretion, condition payment of the Award on the Participant (or the Participant’s
representative, as applicable) executing and delivering to the Committee a Release, and the Release becoming effective by its terms, on or before such date as may be specified by the Committee. 

  
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 5.9     Withholding; Offsets. Any payment or other
distribution of benefits under the Plan may be reduced by any amount (including employment taxes) required to be withheld by a Company or any subsidiary under any applicable law, rule, regulation, order or other requirement of any
governmental authority. In addition, the Companies and their subsidiaries have full authority to withhold any taxes (including employment taxes) applicable to amounts payable to a Participant under the Plan from other compensation owing to the
Participant that is not payable hereunder. If a Participant becomes entitled to a distribution under the Plan, and if at such time the Participant has outstanding any debt, obligation or other liability representing an amount owing to a Company or a
subsidiary, then the Company or subsidiary may offset such amount against the payments otherwise due to the Participant under this Plan, to the extent permitted by applicable law, but only if and to the extent permitted by Treasury Regulation Section 1.409A-3(j)(4)(xiii). 
  

	6.	 ADMINISTRATION 

This Plan shall be administered by the Committee. The Committee shall have full and final discretionary power and authority to interpret this Plan and to make
all determinations necessary or appropriate for its administration, including, without limitation, to (a) prescribe, amend and rescind rules and procedures relating to the Plan; (b) determine all questions arising in connection with the
administration, interpretation and application of the Plan; (c) determine whether the employment of any Participant has been terminated for Cause; (d) correct defects, supply information, or reconcile inconsistencies in any manner and to
whatever extent is deemed necessary or advisable to carry out the purposes of this Plan; (e) adjudicate, in good faith, all claims by Participants or any other persons for benefits under the Plan; (f) employ such legal counsel, accountants
and consultants as it deems desirable for the administration of the Plan, and rely upon any opinion or computation received therefrom; and (g) make all other determinations and take all other actions as may be necessary, appropriate or
advisable for the administration of the Plan. Determinations by the Committee on any matter relating to this Plan or Awards hereunder shall be final, conclusive and binding for all purposes and upon all persons. The Committee shall have no
obligation to treat similarly situated eligible employees or Participants in a similar manner. 
 No member of the Committee, or any director, officer,
employee or manager of a Company, shall be liable for any act, omission, interpretation, construction or determination made in good faith in connection with this Plan. Such persons shall be entitled to indemnification and reimbursement by the
applicable Company in respect of any claim, loss, damage or expense (including attorneys’ fees) to the full extent permitted by law. 

  
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 Furthermore, any determination made under this Plan by a Company or a subsidiary of a Company, including
determinations relating to payments to a Participant during a Performance Period and payments where a Participant’s level of responsibility or service to a Company is reduced below the prior level, shall be shall be final, conclusive and
binding for all purposes and upon all persons. The Companies and their subsidiaries shall have no obligation to treat similarly situated eligible employees or Participants in a similar manner. 

 

	7.	 MISCELLANEOUS PROVISIONS 

7.1     Effective Date, Restatement and Term of Plan. This Plan was effective as of the commencement of
the 2016 fiscal year of the Company, which commenced on March 28, 2015. As hereby amended and restated, this Plan is effective as of March 31, 2018. This Plan shall continue in effect until such time as it is terminated by the Board or the
Committee. 
 7.2     Amendment; Termination. The Board or the Committee may amend, suspend or
terminate this Plan and any Award at any time. No amendment or termination of this Plan or an Award may impair the rights of a Participant with respect to an outstanding Award without either (a) the consent of such Participant; or
(b) action by the Board or the Committee to provide equitable compensation to impacted Participants consistent with the compensation reasonably anticipated to accrue under outstanding Awards at the time of amendment or termination.
Notwithstanding the foregoing, the Board or the Committee may amend this Plan without the consent of impacted Participants in order to comply with applicable law, including Section 409A of the Code, or accounting rules, or to make changes that
do not materially decrease the value of outstanding Awards. Notwithstanding the foregoing, the Committee may, upon termination of the Plan, subject, if applicable, to the restrictions of Section 409A of the Code, accelerate the time of payment
of all or any part of the outstanding Awards in its sole discretion. 
 7.3     Change of Control. In the
event of termination of employment or diminution of duties or salary of a Participant, without Cause, within two years following a Change of Control, the Participant shall become fully vested in the Participant’s then outstanding Awards,
subject to satisfaction of the applicable Performance Measure or Measures over the remaining Performance Period. The Committee may implement such measures, in addition to the protections in the preceding sentence and Section 5.4(f), as it may
deem necessary or appropriate to safeguard anticipated benefits of Participants in the event of a Change of Control. 
 7.4    
No Right of Participation or Employment. No person shall have any right to participate in this Plan. Neither this Plan nor any Award hereunder shall confer upon any person any right to continued employment by a
Company or any subsidiary or affiliate thereof, or affect in any manner the right of a Company or any subsidiary or affiliate thereof to terminate the employment of any person at any time or to take any other action affecting a person’s
employment status without liability. 

  
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 7.5     Award Agreement. The Committee may condition the
validity of any future Award upon the execution of an agreement between a Company and the Participant with respect to such Award. Such agreement may contain additional terms and conditions or restrictions concerning Awards, as determined by
the Committee, that are not inconsistent with the terms of this Plan. 
 7.6     Nature of Plan. The Plan is
intended to constitute an unfunded bonus program of the Companies in accordance with Department of Labor Regulations Section 2510.3-2(c), and an unfunded plan for purposes of the Code. Any deferral
of compensation under this Plan is intended to be for a limited period of time only and for the purposes of encouraging a Participant’s continued employment with the Companies and their subsidiaries, and the Plan is not intended to provide
retirement income to Participants or to defer income by Participants to termination of covered employment and beyond. The Plan shall be interpreted, operated and administered in a manner consistent with these intentions. 

7.7     Unfunded Status. The right of any Participant pursuant to an Award under the Plan shall be an
unfunded and unsecured claim against the general assets of the applicable Company. No Participant or any other person shall have any interest in any specific asset or assets of any Company or any subsidiary of the Companies by reason of any
entitlement hereunder, and Participants have the status of unsecured general creditors of the applicable Company. The Companies shall not be required to purchase, hold or dispose of any investment pursuant to this Plan; provided, however, that, if
in order to cover its obligations hereunder any Company elects to purchase any investments, the same shall continue for all purposes to be a part of the general assets and property of the Company, subject to the claims of its general creditors, and
shall not be deemed to create a trust. Awards do not represent an equity interest in AMI or any Company or subsidiary of a Company. 

7.8     Non-Transferability of Awards. Unless otherwise specified in an
agreement between a Company and a Participant relating to an Award, no Award shall be transferable other than by will, the laws of descent and distribution or pursuant to beneficiary designation procedures established by a Company. In no
event may any Award be transferred by a Participant in exchange for consideration. No loans will be issued by the Plan against a Participant’s Awards. The Companies may assign their obligations under this Plan without the consent of the
Participants. 
 7.9     Taxation of Deferred Amounts; Section 409A. This
Plan is established with the intention that no portion of a Participant’s Awards will be treated as income to the Participant under the Code until the Participant actually receives payment thereunder. It is intended that all amounts
payable under this Plan shall either be exempt from, or shall comply with, the requirements of Section 409A(a)(2), (3) and (4) of the Code, and this Plan shall be interpreted 

  
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 and administered in accordance with these intentions. To the extent that any benefits payable under the Plan
constitute a deferral of compensation within the meaning of and subject to Section 409A, the Plan will comply with the requirements of Section 409A so as to prevent the inclusion in gross income of any amounts payable hereunder in a
taxable year prior to the taxable year or years in which such amounts are actually distributed to a Participant. Although the Committee and the Companies shall use their best efforts to avoid the imposition of taxation, interest and penalties under
Section 409A, the tax treatment of Awards and payments under the Plan is not warranted or guaranteed, and none of the Companies nor the Committee, nor any of their shareholders, partners, members, employees, directors, officers, agents or
affiliates, shall be held liable for any taxes, interest, penalties or other monetary amounts owed by any Participant or other taxpayer as a result of the Plan. Each payment of benefits under the Plan with respect to a particular Award and made on a
particular date shall be considered a separate payment, within the meaning of Treasury Regulation Section 1.409A-2(b)(2). 

7.10  Governing Law. This Plan shall be governed by and construed in accordance with the laws of the State of Delaware. 

  
 10EX-10.37

 Exhibit 10.37 

President and CEO 

AMENDED AND RESTATED SEVERANCE AGREEMENT 

THIS AGREEMENT (the “Agreement”) is entered into as of September 30, 2020 between Allegro MicroSystems, LLC, a Delaware limited
liability company (“Allegro”), and Ravi Vig, President and Chief Executive Officer of Allegro (“Executive”). 
 WHEREAS, if there
occurs a registered initial public offering of securities of Allegro MicroSystems, Inc. (“AMI”) or of any newly organized corporation or other business entity into which the assets or the ownership interests of AMI are merged or
restructured (an “IPO”), Allegro wishes to ensure that Allegro executives will continue to exert maximum effort toward the success of the Company and to continue their employment with Allegro without undue concern regarding the security of
their employment. 
 NOW, THEREFORE, contingent upon the occurrence of an IPO on or before March 31, 2021, the parties agree as follows:

  

	1.	 [RESERVED] 

 

	2.	 Certain Definitions. 

For purposes of this Agreement, certain terms shall have the meaning set forth below: 

2.1     “Cause” means a good faith determination by the Board of Directors of Allegro MicroSystems, Inc. (“AMI”) of any
one or more of the following: (a) Executive’s (x) continued or repeated failure or refusal (after prior written notice thereof from the Board of Directors of AMI and Executive’s failure to cure the same (if curable) within ten
(10) calendar days of such written notice, and other than due to Executive’s disability) to substantially perform the duties required by Executive’s position with AMI or any of its subsidiaries (it being understood that
Executive’s failure to attain performance goals or targets or to otherwise fail to substantially perform the duties required by Executive’s position shall not constitute “Cause” hereunder if such failure is as a result of actions
taken or not taken in good faith and with reasonable belief that such actions or omissions were in the best interests of AMI and its subsidiaries) or (y) failure or refusal to follow lawful directives of the Board of Directors of AMI;
(b) gross negligence or willful misconduct (including unauthorized disclosure of material proprietary information) by Executive which results in a material detriment to AMI or any of its subsidiaries; (c) Executive’s conviction (by a
court of competent jurisdiction, not subject to further appeal) of, or pleading guilty to, a felony that involves fraud or moral turpitude or that is perpetrated against AMI or any of its subsidiaries, their respective businesses or any of their
respective assets, properties or personnel; or (d) a material breach by Executive of the Restrictive Covenants, this Agreement, or of any other written agreement with the Company to which Executive is a party. 

 2.2     The term “Company” means Allegro MicroSystems, LLC or any successor to
Allegro, including without limitation any entity that acquires all or substantially all of Allegro’s assets or any entity into which Allegro merges. 

2.3     The term “Company’s Governing Body” means the board of directors of AMI if the Company is then a subsidiary of AMI;
if not, the board of directors of the Company if the Company is then a corporation or the board of managers or the managing member of the Company within the meaning of the applicable limited liability act if the Company is then a limited liability
company; or, if none of the foregoing, the Company’s governing body under applicable law or its constituent documents. 
 2.4    
The term “Good Reason” shall mean the occurrence of any of the following without Executive’s prior written consent: (a) a material reduction in Executive’s base salary paid or payable by the Company and/or any of its
subsidiaries; (b) a material reduction in the Target Bonus of Executive for any fiscal year of the Company to a Target Bonus that is more than ten percent (10%) below the target bonus of Executive for the 2021 fiscal year of the Company;
(c) a material diminution in Executive’s authority, duties, responsibilities, or reporting relationship in connection with Executive’s employment with the Company; (d) the relocation of Executive’s principal work location in
connection with his employment by the Company to a facility or location more than thirty-five (35) miles from Executive’s then present principal work location; or (e) the Company has materially breached this Agreement, including
without limitation a failure to comply with the assignment to successor requirement in Section 9. 
 2.5     [RESERVED] 

2.6     The term “Restrictive Covenants” means the restrictive covenants set forth in Executive’s Class L Common Stock
Grant Agreement between SKNA and Executive dated October 3, 2017. 
 2.7     The term “Target Bonus” means the target
bonus for a fiscal year as specified for Executive under Allegro’s Annual Incentive Plan or any successor annual bonus plan maintained by the Company. In the event that a Target Bonus has not been established for a fiscal year because action
has not yet been taken within such fiscal year to approve the annual bonus plan target pool and Target Bonuses, the Target Bonus shall be the same as Executive’s Target Bonus for the preceding fiscal year. 

 

	3.	 Severance Benefit and Health Care Continuation Benefit Following Termination without Cause.

 3.1     Executive shall be entitled to the following “Severance Benefit” as described in this Section
3 in the event that the Company terminates Executive’s employment without Cause: 
  

	 	(a)	 300% of Executive’s annual base salary on the termination date; 

  
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	 	(b)	 300% of Executive’s Target Bonus on the termination date; and 

 

	 	(c)	 a prorated bonus for the fiscal year in which termination occurs, determined by multiplying the Target Bonus on
the termination date by a ratio equal to the number of completed days of employment in the fiscal year prior to and including the termination date divided by the total number of days in such fiscal year. 

3.2     [RESERVED] 

3.3     The applicable Severance Benefit shall be paid to Executive as follows: 

 

	 	(a)	 That portion of the Severance Benefit that is not payable pursuant to paragraph (b) below shall be paid to
Executive in a lump sum not later than fifteen (15) days following the termination date unless the Release described in Section 7 has not become effective, in which case the Severance Benefit shall be paid not later than five (5) days
after the Release becomes effective, but in any event on or before the sixtieth (60th) day following Executive’s termination; provided however, that, if the period for executing and not revoking the Release spans two taxable years, such
portion of the Severance Benefit shall be paid in the second taxable year. 

  

	 	(b)	 That portion of the Severance Benefit that is equal to the two times the lesser of: (i) the sum of
Executive’s annualized compensation based upon the annual rate of pay for his services provided to the Company for the taxable year preceding the year in which Executive terminates employment; and (ii) the maximum amount that may be taken
into account under a qualified plan pursuant to Section 401(a)(17) of the Internal Revenue Code of 1986, as amended (the “Code”), for the year of termination, shall be paid to Executive in equal installments on the Company’s
ordinary payroll schedule during the twelve (12) month period following Executive’s termination of employment, with the first such installment payable following the effective date of the Release, but in any event on or before the sixtieth
(60th) day following Executive’s termination, and including any installments that would have been paid to Executive during such period; provided however, that, if the period for executing and not revoking the Release spans two
taxable years, such first installment shall be paid in the second taxable year. 

 3.4     Payment of the Severance
Benefit shall be net of applicable withholding taxes. 
 3.5     In addition to the Severance Benefit, for a period beginning on the date
after the termination date and ending on the earlier of (a) the expiration of the thirty-six (36) month period immediately following the date of termination and (b) the date Executive becomes
eligible for 

  
 3 

 employer-sponsored health coverage through any subsequent employment (such applicable period, the
“Continuation Period”), Executive shall remain eligible to participate in the Company’s group health plans on the same basis as similarly situated active employees of the Company but with the Company paying the full monthly cost of
Executive’s coverage during the Continuation Period, provided that the Company notifies Executive of the right to continue Executive’s health coverage pursuant to COBRA and Executive timely waives his COBRA rights and accepts coverage
pursuant to this Section 3.5 instead. 
 Notwithstanding the foregoing, the Company shall not be required to provide Executive with the health plan
coverage described in this Section 3.5 if doing so would result in the imposition of penalties or other adverse consequences to the Company pursuant to the ACA or any successor legislation or regulations thereunder. Payment of the health plan
continuation coverage pursuant to this Section 3.5 shall be conditioned upon Executive’s timely execution of the Release described in Section 7 and the Release having become effective by its terms on or before the sixtieth (60th) day
following Executive’s termination. 
 3.6 If the Company, at the time of giving Executive notice of termination, specifies or requests a termination
date later than the notice date, Executive shall not be required to accept a termination date that is more than two weeks after the date of notice of termination, and the failure to agree to a later termination date shall not be construed as a
voluntary termination by Executive. The termination date for purposes of this Section 3, consistent with the preceding sentence, shall be the final day of employment of Executive by the Company. 

 

	4.	 [RESERVED] 

 

	5.	 AMI Stock Rights. 

Executive’s rights with respect to AMI stock awards, stock options, stock appreciation rights, and/or stock units that Executive may own or have a
conditional right to at the time of termination shall be determined in accordance with AMI’s Certificate of Incorporation, the Allegro MicroSystems, Inc. 2020 Omnibus Incentive Compensation Plan, the applicable grant agreements pursuant to
which Executive acquired such rights and any other applicable governing documents, as any such documents may be amended from time to time. Notwithstanding any provision to the contrary in any such documents, for purposes of determining the extent to
which Executive is vested in any such rights, termination of the Executive for Good Reason pursuant to Section 6 of this Agreement shall be treated in the same manner as a termination by the Company without Cause. 

 

	6.	 Voluntary Termination for Good Reason or Otherwise. 

Executive shall be entitled to terminate employment with the Company and receive the Severance Benefit, the health care continuation benefit, and the stock
rights as specified in Sections 3 and 5 upon the following conditions, provided that Executive timely executes the Release described in Section 7 and the Release becomes effective by its terms on or before the sixtieth (60th) day following
Executive’s termination: 

  
 4 

 6.1     If an event constituting Good Reason occurs, and Executive gives the Company
written notice within sixty (60) days following the event of Good Reason, detailing why Executive believes a Good Reason event has occurred, the Company shall have thirty (30) days after receipt of such written notice to remedy or cure the
event of Good Reason. If the Company does not remedy or cure the event within such period and the event constitutes Good Reason as defined in this Agreement, Executive’s employment shall be deemed terminated for Good Reason at the end of such
thirty day cure period. Executive’s notice shall be delivered to the Company’s Governing Body. 
 6.2     The termination date
for purposes of Section 6.1 shall be, if earlier than the expiration of the thirty day cure period described in Section 6.1, the date that the Company gives written notice to Executive that the Company does not intend to cure the event of
Good Reason. 
 6.3     If an event of Good Reason is (or includes) a material reduction in annual base salary or Target Bonus as
described in Section 2.4(b), the applicable severance benefit shall be calculated on the basis of annual base salary and Target Bonus as the same existed immediately prior to such reduction. 

6.4     In the absence of an event of Good Reason, termination by Executive for personal reasons if payment of the benefits hereunder is
approved by the Company’s Governing Body upon the recommendation of the Compensation Committee of such Company’s Governing Body. 
  

	7.	 Release Requirement; Compliance with Restrictive Covenants. 

7.1     As a prerequisite to the Company’s payment of the benefits and payments described in this Agreement, Executive shall have
executed and delivered to the Company a general release of claims (“Release”) and the Release shall have become effective in accordance with its terms as specified in this Section 7 on or prior to the sixtieth (60th) day following
Executive’s termination. The Release shall be substantially in the form attached as Exhibit A. The Company may modify the Release versus the form attached as Exhibit A in order to specify the amount of the Severance Benefit or other benefits,
comply with changes in law, or reflect changes in relevant facts (such as the name of the Company). However, the Company shall not include any additional requirements or provisions in the Release, including without limitation any restrictive
covenants concerning post-termination activities of Executive without Executive’s prior written consent. 

  
 5 

 7.2     The Company shall deliver the form of Release to Executive on or prior to the
date of termination. Executive shall have at least twenty-one (21) days within which to consider the Release. Executive shall have up to seven (7) days after execution and delivery of the Release to
revoke the Release. The Release shall not become effective until the revocation period has expired without revocation of the Release by Executive. 

7.3     The health insurance continuation benefit described in Section 3.5 shall be provided to Executive on a monthly basis after the
termination date on the assumption that the Release will become effective, provided that entitlement to such benefit shall expire if the Release does not become effective within sixty (60) days after the termination date and, in such case,
Executive shall be required to promptly return amounts paid on his or her behalf to the Company. 
 7.4     Executive’s entitlement
to receive and to retain the benefits and payments described in this Agreement shall be conditioned upon Executive’s compliance with the Restrictive Covenants, which Restrictive Covenants are hereby incorporated in their entirety as though
fully set forth herein and which Restrictive Covenants shall survive any termination of Executive’s Class L Common Stock Grant Agreement between SKNA and Executive dated October 3, 2017. 

 

	8.	 Exclusive Remedy. 

Executive’s receipt of the Severance Payment and other consideration provided in this Agreement shall be in lieu of any benefits specified under any prior
severance agreement between Allegro and Executive, the Severance Policy for Senior Staff Members of the Company dated November 2, 2016, the severance policy for salaried employees adopted by Allegro Microsystems, Inc. on May 24, 2012, any
other severance policy maintained by the Company; any benefits pursuant to any other agreement or understanding between Executive and the Company relating to termination of employment; and any benefits under the Company’s Annual Incentive Plan
or its successor for the fiscal year in which termination occurs. However, this Agreement shall not divest Executive of Executive’s right to distributions from Allegro’s Executive Deferred Compensation Plan or any right to vested benefits
under the terms of the Company’s benefit plans, to be paid accrued wages and vacation through the termination date or to be reimbursed for properly substantiated business expenses in accordance with the Company’s expense reimbursement
policy. 
  

	9.	 Successors and Assigns. 

This Agreement shall inure to the benefit of, and shall be binding upon, the Company and its successors and assigns, including any successor entity by merger,
consolidation or transfer of all or substantially all of the Company’s assets. The Company shall require and cause any person, group or entity that acquires all or substantially all of the assets of the Company to accept a written assignment of
this Agreement by the Company, and to acknowledge in such document that the acquiror accepts the assignment and undertakes to perform this Agreement in accordance with its terms. 

  
 6 

	10.	 Amended or Successor Agreements. 

If requested by the Company, Executive will in good faith consider and negotiate an amended or a successor agreement in order to address revised circumstances
(for example, restructuring of the Allegro group of companies), providing that there is no diminution in the level of benefits available to Executive hereunder. 
  

	11.	 Miscellaneous Provisions. 

 

	11.1	 Arbitration. Any claim, dispute or controversy arising out of this Agreement, the interpretation,
validity or enforceability of this Agreement or the alleged breach thereof shall be settled by binding arbitration. The arbitration shall be conducted in accordance with the rules of the American Arbitration Association in Boston, Massachusetts or
elsewhere by mutual agreement. The Company shall bear responsibility for all costs of arbitration and shall reimburse Executive for his or her reasonable attorneys’ fees. Judgment may be entered on the arbitration award in any court having
jurisdiction. 

  

	11.2	 Governing Law. This Agreement shall be construed in accordance with and governed by the laws of the
state of New Hampshire. 

  

	11.3	 Entire Agreement. This Agreement constitutes the entire agreement and understanding between Executive
and Company concerning the subject matter hereof, and supersedes all prior negotiations or understandings between the parties, whether written or oral, including employment offer letters, concerning such matter. 

 

	11.4	 Employment at Will. Executive’s employment with the Company shall remain at will. Nothing in the
Agreement shall provide Executive with any right to continued employment with the Company for any specific period of time, or interfere with or restrict the right of either Executive or the Company to terminate Executive’s employment at any
time. 

  

	11.5	 Application of Section 409A. The payments contemplated by this Agreement are intended
to be exempt from, or to comply with the requirements of, Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and this Agreement shall be interpreted with that intent. Notwithstanding the foregoing, the tax
treatment of amounts payable and benefits provided under this Agreement is not warranted or guaranteed, and neither the Company nor any of its members, shareholders, employees, directors, officers, agents or affiliates, shall be held liable for any
taxes, interest, penalties or other monetary amounts owed by Executive or any other taxpayer as a result of this Agreement, including by reason of Section 409A or any similar State statute. Notwithstanding anything to the contrary in this
Agreement, if at the time Executive’s employment terminates, Executive is a “specified employee,” as defined below, any and all amounts payable under this 

  
 7 

	 	Agreement on account of Executive’s separation from service that would (but for this provision) be payable within six (6) months following the date of such separation from service, shall instead be paid on the
next business day following the expiration of such six (6) month period or, if earlier, upon Executive’s death; except (A) to the extent of amounts that do not constitute a deferral of compensation within the meaning of Treasury regulation
Section 1.409A-1(b) (including without limitation by reason of the safe harbor set forth in Section 1.409A-1(b)(9)(iii), as determined by the Company in its
reasonable good faith discretion); (B) benefits which qualify as excepted welfare benefits pursuant to Treasury regulation Section 1.409A-1(a)(5); or (C) other amounts or benefits that are not
subject to the requirements of Section 409A of the Code. For purposes of this Agreement, with respect to payments that are subject to Section 409A and that are payable upon or with reference to Executive’s termination of employment,
all references to “termination of employment” and correlative phrases shall be construed to require a “separation from service” (as defined in Section 1.409A-1(h) of the Treasury
regulations after giving effect to the presumptions contained therein), from the Company, and the term “specified employee” means an individual determined by the Company to be a specified employee of the Company under Treasury regulation Section 1.409A-1(i). Each payment made under this Agreement shall be treated as a separate payment and the right to a series of installment payments under this Agreement is to be treated as a right to a series
of separate payments. To the extent required by Section 409A, if the period for executing and not revoking the Release spans two taxable years, the Severance Benefit shall be paid in the second taxable year. Any tax gross up payment hereunder
shall be made no later than the end of the calendar year following the calendar year in which the related taxes are remitted to the appropriate tax authorities, or at such other specified time or schedule that may be permitted under Treas. Reg. Section 1.409A-3(i)(1)(v). 

  

	11.6	 [RESERVED] 

  

	11.7	 Proprietary Information. Nothing in this Agreement or the Release shall be construed as an elimination
or waiver of Executive’s obligations not to disclose confidential or proprietary information to third parties as required by Company policy and any agreements between the Company and Executive that were executed during Executive’s
employment with the Company. 

  

	11.8	 Waiver; Amendment. No waiver of any breach of this Agreement shall be construed to be a waiver of any
other breach of this Agreement. No waiver or amendment of this Agreement shall be effective unless set forth in a written document signed by Executive and an executive of the Company authorized by the Company’s Governing Body.

  
 8 

	11.9	 Notices. Any notices required or permitted by this Agreement shall be in writing, and may be transmitted
by personal delivery, by courier service or by e-mail if receipt of such e-mail is acknowledged by the receiving party. Notices shall be addressed to the
recipient’s principal business office. 

  

	11.10	 Agreement Contingent upon IPO. This Agreement shall not be effective unless there occurs, on or before
March 31, 2021, a registered initial public offering of securities of AMI or of any newly organized corporation or other business entity into which the assets or the ownership interests of AMI are merged or restructured. 

[Remainder of Page Intentionally Left Blank] 

  
 9 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date and year first
above written. 
  

							
		 		 	ALLEGRO MICROSYSTEMS, INC
			
	 /s/ Ravi Vig
	 		 	 /s/ Yoshihiro Suzuki

	Ravi Vig	 		 	Yoshihiro Suzuki
		 		 	Chairman of the Board

 EXHIBIT A 

GENERAL RELEASE OF CLAIMS 
 This GENERAL
RELEASE OF CLAIMS (“Release”) is made by _____________________ (“Executive”), a resident of ___________________,_________________, in favor of Allegro MicroSystems, LLC of Manchester, New Hampshire (the “Company”), and
all related entities, corporations, partnerships and subsidiaries of the Company, as well as each of their current and former directors, insurers, officers, trustees, partners, successors in interest, representatives and agents. 

WHEREAS, Executive’s employment by the Company has ended or will end on ____________, ____ (the “Termination Date”); and 

WHEREAS, Executive wishes to provide the Company with a general release in exchange for the consideration to be provided by the Company to Executive pursuant
to that certain Severance Agreement between Executive and the Company dated ____________, 2020 (the “Severance Agreement”). 
 NOW THEREFORE, in
consideration of the commitments and mutual promises contained in this document, it is agreed as follows: 
 ONE: This Release shall constitute full accord
and satisfaction of any and all claims which have been or could be raised by Executive and a covenant not to sue (as set forth in Paragraph THREE below). 

TWO: In return for Executive’s releases under this Release, Allegro shall provide the following “Consideration” to Executive: 

(a) The Severance Benefit defined in the Severance Agreement, which shall be an amount equal to __________________________. 

(b) Company payment of medical insurance coverage for a period of time as specified in the Severance Agreement. 

(c) Other commitments of the Company as set forth in the Severance Agreement. 

THREE: In return for the Consideration to be provided by the Company to Executive, on behalf of Executive and his or her heirs, beneficiaries, devisees,
executors, administrators, attorneys, personal representatives, and assigns, Executive promises not to sue, and Executive releases and gives up any claim he/she has or may have against, the Company or any of its current or former subsidiaries,
affiliated companies, parent companies, shareholders, directors, officers, employees, agents, benefit plans, trustees or representatives, or their successors or assigns, including without limitation any claim under federal, state, or local law
relating to Executive’s employment with the Company or the termination thereof, from the beginning of time up to and including the date of execution of this Release, including, but not limited to, any and all claims for breach of express or
implied contract or any covenant of good faith and fair dealing; all claims for retaliation or 

  
 11 

 violation of public policy; all claims for unpaid wages under the Massachusetts Wage Act or corresponding
New Hampshire law; all claims arising under the Massachusetts and New Hampshire anti-discrimination in employment laws, the Massachusetts Civil Rights Act, Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the
Americans with Disabilities Act, Sarbanes-Oxley, the Patriot Act, the Family and Medical Leave Act, or any other federal, state, or local laws relating to employment or benefits associated with employment; claims for emotional distress, mental
anguish, personal injury, loss of consortium, and any and all claims that may be asserted on Executive’s behalf by others; any claim for wages, compensation, and expenses paid or unpaid during the term of Executive’s employment; and any
claim for compensatory, punitive, or liquidated damages, interest, attorney’s fees, costs, or disbursements. Executive retains Executive’s rights under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
for any accrued vested benefits under any retirement plan covering Executive’s employment, or rights to enforce the terms of this Release. 
 FOUR:
Nothing contained in this Release of Claims shall be construed to prohibit Executive from filing a charge with or participating in any investigation or proceeding conducted by the federal Equal Employment Opportunity Commission or a comparable state
or local agency, provided, however, that Executive hereby agrees to waive his or her right to recover monetary damages or other individual relief in any charge, complaint or lawsuit filed by Executive or by anyone else on his or her behalf. 

Executive further acknowledges, understands, and agrees that Executive has been paid all wages (including all base compensation and accrued vacation pay) to
which Executive is or was entitled by virtue of Executive’s employment with the Company and that Executive is unaware of any facts or circumstances indicating that Executive may have an outstanding claim for unpaid wages. 

FIVE: This Release, including without limitation the general release and covenant not to sue, applies to all claims due to anything arising before Executive
signed this Release, including even those claims not presently known to Executive. 
 SIX: This Release sets forth the entire understanding between the
parties pertaining to this subject matter except for the Severance Agreement. There is no other agreement, oral or written, which adds to or subtracts from this Release or the Severance Agreement or otherwise modifies them. In the event that any
provision of this Release is held by any agency or court of competent jurisdiction to be illegal or invalid, the validity of the remaining provisions shall not be affected; and, the illegal or invalid provisions shall be reformed to the extent
possible to be consistent with the other terms of this Release; and if they cannot be so reformed, then an invalid provision shall be deemed not to be a part of this Release. 

SEVEN: This Release shall be interpreted under the laws of the State of New Hampshire. 

EIGHT: Executive acknowledges that Executive received this Release on _________________, _____ and that Executive has been informed that Executive has twenty-one (21) days to review and consider this Release and also acknowledges that Executive has been advised of the right to consult legal advisors of Executive’s choosing with regard to this Release.
Any modifications to the terms of this Release do not operate to extend the twenty-one (21) day time limit for 

  
 12 

 Executive’s review of the Release. Executive may sign this Release prior to the expiration of the
twenty- one (21) day deadline expressed above, and Executive affirms that if Executive does so prior to that date it is done according to Executive’s own free will. Executive understands that Executive may revoke this Release within seven
(7) days after the date of Executive’s signature on this Release by sending written notice of his/her intent to revoke to the Company’s Vice President of Human Resources or its President via courier service on or before the expiration
of that seven (7) day right of revocation. Executive acknowledges that this Release can be revoked only in its entirety and that once revoked no provision of this Release is enforceable. The Company will have no obligations under this Release
until the eighth (8th) day after Executive’s signature on this Release. 
 NINE: EXECUTIVE ACKNOWLEDGES THAT EXECUTIVE HAS CAREFULLY READ AND
UNDERSTANDS THIS RELEASE CONSISTING OF THREE PAGES. EXECUTIVE ALSO ACKNOWLEDGES THAT EXECUTIVE ENTERS INTO THIS RELEASE VOLUNTARILY, WITH FULL KNOWLEDGE OF ITS SIGNIFICANCE AND WITHOUT PRESSURE OR COERCION. EXECUTIVE ALSO ACKNOWLEDGES THAT EXECUTIVE
HAS HAD AN OPPORTUNITY TO CONSULT WITH COUNSEL PRIOR TO SIGNING THIS RELEASE. 
 IN WITNESS WHEREOF, Executive has executed this Release as of the date
indicated below. 
  

	
	   

	RAVI VIG

 Dated: _________________________ 

  
 13

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