Document:

Employment Agreement

 Exhibit 10.01 
  
 March 15, 2004 
  
 Mr. Louis DiNardo 
  
 Employment Agreement 
  
 Dear Lou: 
  
 Intersil Corporation (“Intersil”) is pleased to offer you the position of Executive Vice President and General Manager, Standard Linear Products Group of Intersil on the terms set forth below,
effective immediately upon consummation of the Merger of Intersil and Xicor, Inc. (“Xicor”) pursuant to the Agreement and Plan of Merger (the “Merger Agreement”), dated March 14, 2004, among Intersil, Xicor and
Acquisition LLC. 
  
 1. Position; Term. 
  
 (a) You will be employed by Intersil as its Executive Vice President and
General Manager, Standard Linear Products Group effective on the Closing Date (as defined in the Merger Agreement) of the Merger (the “Commencement Date”) and continuing until twenty-four (24) months after the Commencement Date
unless sooner terminated in accordance with Section 6 hereof (the “Term of Employment”). The Term of Employment will be automatically extended for a 1 year period unless either party gives prior written notice of non-renewal to the
other party three months in advance, or unless your employment is otherwise terminated in accordance with Section 6 hereof (the “Term of Employment”). 
  

(b) You will have overall responsibility for the management of the Standard Linear Products Group and will report directly to Richard Beyer, President
and CEO of Intersil Corporation. In addition, you will assume certain corporate responsibilities involving corporate strategy, as mutually determined between Richard Beyer and yourself. You will be expected to devote your full working time and
attention to the business of Intersil, and you will not render services to any other business without the prior approval of the CEO of Intersil or, directly or indirectly, engage or participate in any business that is competitive in any manner with
the business of Intersil or its subsidiaries. You will also be expected to comply with and be bound by Intersil’s operating policies, procedures and practices that are from time to time in effect during your Term of Employment. Your principal
location of employment will be at Intersil’s offices in Milpitas, California or the surrounding area. 
  
 2. Base Salary. Your initial base salary will be $350,000 per year, payable in accordance with Intersil’s normal payroll practices with such
payroll deductions and withholdings as are required by law. Your base salary will be reviewed on an annual basis by the CEO and Compensation Committee of the Board of Directors and increased from time to time, at the sole discretion of the
Compensation Committee upon recommendation of the CEO, but in any event such compensation shall not be reduced below $350,000 per year during your Term of Employment (“Base Salary”). 
  
 3. Bonus. You will be eligible to receive a guaranteed $350,000 bonus
during your first year of employment, provided that you are employed on the relevant payment dates. Subject to the preceding sentence, this bonus will be paid semi-annually (January 2005 and July 2005). Thereafter, your target annual bonus will be
$350,000 (“Target Bonus”). After the first year of employment, your actual bonus payout will be determined based upon the terms and conditions of the Executive Incentive Plan (“EIP”). 
  
 4. Equity Compensation. 
  
 (a) (i) Subject to Section 4(a)(ii), the Compensation Committee of
Intersil’s Board of Directors shall grant you stock options to purchase 300,000 shares of Intersil Class A Common Stock (the “New Intersil Options”) at an exercise price equal to the closing price of Intersil Class A Common
Stock as quoted on the NASDAQ on the Commencement Date. The New Intersil Options will vest over a 4 year period beginning on the Commencement 

 Louis DiNardo 
 March 15, 2004 
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Date, with 25% of the New Intersil Options vesting on the first anniversary of the Commencement Date and 6.25% of the New Intersil Options vesting in equal
quarterly installments thereafter if you have remained continuously employed by Intersil during such periods. Subject to the terms and conditions set forth in Section 7 hereof, all other terms and conditions of the New Intersil Options will be in
accordance with Intersil’s equity compensation plan and Intersil’s standard terms and conditions for option grants to its executive officers. The grant of the New Intersil Options will be the only stock options granted to you during
calendar year 2004. Subject to Section 4(a)(ii) and provided that you re employed by the Company on the date of grant, in calendar year 2004 you will be granted 30,000 Deferred Stock Units (“DSUs”) which will cliff vest on the third
anniversary of the grant date. 
  
 Subject to Section 4(a)(ii),
provided you are employed by the Company on the relevant grant date, in calendar year 2005, you will be granted options to purchase 125,000 shares of Intersil Class A Common Stock that will be granted and priced quarterly. These additional options
will vest at 25% per year beginning on the first anniversary of the grant date and will be fully vested at the end of 4 years provided that you remain employed hereunder as Executive Vice President and General Manager, Linear Products Group. In
addition, subject to Section 4(a)(ii), provided you are employed by the Company on the relevant grant date, in calendar year 2005, you will be granted 15,000 DSUs which cliff vest at the end of 3 years. 
  
 Subject to Section 4(a)(ii), provided you are employed by the Company on the
relevant grant date, in calendar years 2006 and 2007, if you meet specific goals established by the CEO, you will be granted options to purchase 100,000 shares, each year, of Intersil Class A Common Stock that will be granted and priced quarterly.
The additional options will vest 25% per year beginning on the first anniversary of the grant date and will be fully vested at the end of 4 years. 
  
 Stock options and DSUs will be issued in accordance with the terms and conditions of the 1999 Equity Compensation Plan. 
  
 (ii) The Company may determine, in its sole discretion, to alter the equity
compensation described in Section 4(a)(i) due to changes in current equity compensation expensing practices. Therefore, the Company reserves the right to substitute different awards than those described above; provided, however, that such
substituted awards will have the same aggregate value as those described above. 
  
 (b) All of your outstanding options to purchase Xicor Common Stock will be converted into options to purchase Intersil Class A Common Stock based on the Option Exchange Ratio (as defined in the Merger Agreement) and
will have the exercise prices and other terms provided for in the Merger Agreement (the “Existing Options” and together with the New Intersil Options, the “Intersil Options”). 
  
 5. Other Benefits. You will be eligible for the normal vacation,
health insurance, 401(k), employee stock purchase plan and other benefits offered to all Intersil senior executives of similar rank and status. 
  
 6. Employment and Termination. Your Term of Employment may be terminated by you or by Intersil at any time for any reason as follows: 

 
 (a) You may terminate your employment upon written notice to the CEO at
any time in your discretion without reason (“Voluntary Termination”); 
  
 (b) You may terminate your employment upon written notice to the CEO at any time in your discretion because of (i) any material and substantial diminution of your duties and authorities or a demotion from the position
of Executive Vice President and General Manager, Linear Products Group or (ii) any failure by Intersil to comply with the terms of this Employment Agreement, which failure is not cured within 30 days from the date you send notice to Intersil of such
non-compliance (“Involuntary Termination”). 
  

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 (c) Intersil may terminate your employment upon written notice to you at any time following a
determination by the CEO that there is “Cause” for such termination (“Termination for Cause”). “Cause” means (i) your conviction of a felony which constitutes a crime involving moral turpitude and results
in harm to Intersil or any of its affiliates; (ii) a judicial determination that you have committed fraud, misappropriation or embezzlement against any person; or (iii) your willful or gross and repeated misconduct in the performance of your duties
in each instance so as to cause material harm to Intersil or any of its affiliates. 
  
 (d) Intersil may terminate your employment upon written notice to you at any time at the sole discretion of the CEO without a determination that there is Cause for such termination (“Termination without
Cause”); and 
  
 (e) Your employment will automatically
terminate upon your death or upon your disability as determined by the CEO (“Termination for Death or Disability”); provided that “disability” shall mean your complete inability to perform your job responsibilities for a
period of 180 consecutive days or 180 days in the aggregate in any 12-month period. 
  
 In no event shall the expiration of the Term of Employment, by virtue of either party’s having given notice of non-renewal pursuant to Section 1(a) hereof, constitute Termination without Cause, an Involuntary
Termination or Termination for Death or Disability. 
  
 7.
Separation Benefits. Upon termination of your employment with Intersil for any reason, you will receive payment for all unpaid salary and vacation accrued to the date of your termination of employment; and your benefits will be continued
under Intersil’s existing benefit plans and policies for so long as provided under the terms of such plans and policies and as required by applicable law. Under certain circumstances, you will also be entitled to receive severance benefits as
set forth below, but you will not be entitled to any other compensation, award or damages with respect to your employment or termination (except to the extent you are entitled to benefits under your Executive Change in Control Severance Benefits
Agreement with Intersil dated the date hereof (the “Severance Benefits Agreement”), in lieu of any benefits provided below, in the event of a Covered Termination (as defined in the Severance Benefits Agreement)). 
  
 (a) In the event of your Voluntary Termination or Termination for Cause, you
will not be entitled to any cash severance benefits or additional vesting of stock options or DSUs. 
  
 (b) In the event of your Involuntary Termination or Termination without Cause, you will be: (i) entitled to a single lump sum severance payment equal to
12 months of your Base Salary then in effect (less applicable deductions and withholdings) payable within 30 days after the effective date of your termination; (ii) entitled to a single lump sum payment equal to a pro-rata portion (based on the
number of days you were employed by Intersil during the calendar year of termination divided by 365) of your Target Bonus for the year of termination, without regard to satisfaction of any target performance objectives, payable within 30 days
following your termination; and (iii) you will have twelve (12) months from your termination date (or the remaining term of the applicable option grant if shorter than 12 months) to exercise any outstanding vested and exercisable options.

  
 (c) In addition to the benefits set forth in subsection (b)
above, in the event of your Involuntary Termination, or Termination without Cause (as defined in this subsection (c) below), on or before the date twelve (12) months following the Commencement Date, you will be eligible to continue your benefits
providing for coverage or payment in the event of your (or your covered dependents’) death, disability, illness or injury that were provided to you, whether taxable or non-taxable and whether funded through insurance or otherwise (the
“Welfare Benefits”) under any Welfare Benefits plan or program maintained by Intersil on the same terms and conditions (including cost to you) as in effect immediately prior to your termination for a period of one (1) year following
your termination. With respect to any Welfare Benefits provided through an insurance policy, Intersil’s obligation to provide such Welfare Benefits following your termination shall be limited by the terms of such 

  

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policy; provided that (A) Intersil shall make reasonable efforts to amend such policy to provide the continued coverage described in this subsection (c), and
(B) if a policy providing health benefits is not amended to provide the continued benefits described in this subsection (c), Intersil shall pay for the cost of comparable replacement coverage (or Medigap insurance if you qualify for Medicare) until
the end of the one year period following your termination. Additionally, Intersil shall reimburse you for any income tax liability due as a result of the provision of Welfare Benefits under this subsection (c) (and as a result of any payments due
under this provision) in order to put you in the same after-tax position as if no taxable Welfare Benefits had been provided. 
  
 Solely for purposes of this Section 7(c), “Termination without Cause” shall mean Intersil’s termination of your employment at any time on
or before the date twelve (12) months following the Commencement Date for any reason other than fraud, misappropriation or embezzlement by you which results in material loss, damage or injury to Intersil as determined by the CEO and legal counsel
that you were guilty of such conduct and specifying the particulars thereof in detail. In the event that the CEO and legal counsel so determine that your termination is not a Termination without Cause under this Section 7©, then you will be treated as being terminated for Cause and subject to
Section 7(a). 
  
 (d) In the event of your Termination for Death
or Disability during the Term of Employment, you will be: (i) entitled to a single lump sum severance payment equal to 12 months of your Base Salary then in effect (less applicable deductions and withholdings) payable within 30 days after the
effective date of your termination; and (ii) entitled to a single lump sum payment equal to a pro-rata portion (based on the number of days you were employed by Intersil during the calendar year of termination divided by 365) of your Target Bonus
for the year of termination, without regard to satisfaction of any target performance objectives, payable within 30 days following your termination. 
  
 (e) No payments due you hereunder shall be subject to mitigation or offset. 
  
 8. Indemnification Agreement. Effective on the Commencement Date, if you have an Indemnification Agreement, Intersil
hereby assumes and agrees to be bound by the terms and conditions of the Indemnification Agreement you entered into with Xicor. 
  
 9. Proprietary Information Agreement. Effective on the Commencement Date, you hereby acknowledge and agree that your Agreement Regarding
Proprietary Information and Inventions you entered into with Xicor shall inure to the benefit of Intersil, and shall be fully enforceable by, and apply in all respects with respect to, Intersil. 
  
 10. Non-Compete/Non-Solicitation. 
  
 (a) For a 2-year period following the Commencement Date, you will not
(directly or indirectly) participate in, engage in or hold any material interest in, or otherwise deal or become associated with, any business that is competitive with Intersil’s business. The non-compete covenant in the preceding sentence
shall apply in the geographic areas of: (i) the counties of Santa Clara, San Mateo, San Diego, Orange and San Francisco counties of California; (ii) California; (iii) the Unites States of America; and (iv) the world. 
  
 (b) During the 1-year period following the expiration of the Term of
Employment, you will not solicit for hire, or hire, senior executives or engineers employed by Intersil or its affiliates. 
  
 (c) If the provisions of this Section 10 should ever be adjudicated to exceed any maximum time, geographic, service or other limitations permitted by
applicable law in any jurisdiction, then such provisions shall be deemed reformed in such jurisdiction to the maximum limitations permitted by applicable law. You acknowledge that the provisions of this Section 10 are, in view of the nature of the
business of Intersil and its subsidiaries, reasonable and necessary to protect the legitimate interests of Intersil and its subsidiaries and that any violation of this 

  

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Section 10 may result in irreparable injury to Intersil or its subsidiaries entitling Intersil to temporary or permanent injunctive relief, without the
necessity of proving actual damages, which rights shall be cumulative with and in addition to any other rights or remedies to which Intersil may be entitled hereunder or at law or in equity. 
  
 11. Arbitration. The parties agree that any dispute regarding the
interpretation or enforcement of this Employment Agreement shall be decided by confidential, final and binding arbitration conducted by Judicial Arbitration and Mediation Services (“JAMS”) under the then existing JAMS rules rather
than by litigation in court, trial by jury, administrative proceeding or in any other forum. 
  
 12. Miscellaneous. 
  
 (a) Effectiveness of Agreement. This Employment Agreement shall be deemed effective at the Effective Time (as defined in the Merger Agreement) of the Merger. If the Merger does not occur and the Merger Agreement is terminated, this
Employment Agreement shall have no force or effect and shall be void ab initio. 
  
 (b) Authority to Enter into Agreement. Intersil represents that it is has duly authorized the execution and delivery of this Employment Agreement on behalf of Intersil. 
  
 (c) Absence of Conflicts; Termination of Prior Agreement. You
represent that upon the Commencement Date your performance of your duties under this Employment Agreement will not breach any other agreement as to which you are a party. Upon the Commencement Date, your prior employment agreement with Xicor dated
November 4, 2000 (the “Prior Agreement”) and any Executive Change in Control Severance Benefits Agreement with Xicor shall terminate and be of no further force or effect without any liabilities of the parties thereto or Intersil or
its affiliates. 
  
 (d) Attorneys Fees. If a legal action
or other proceeding is brought for enforcement of this Employment Agreement because of an alleged dispute, breach, default, or misrepresentation in connection with any of the provisions of this Employment Agreement, the successful or prevailing
party shall be entitled to recover reasonable attorneys’ fees and costs incurred, both before and after judgment, in addition to any other relief to which they may be entitled. 
  
 (e) Successors. This Employment Agreement is binding on and may be enforced by Intersil and its successors and
assigns and is binding on and may be enforced by you and your heirs and legal representatives. Any successor to Intersil or substantially all of its business (whether by purchase, merger, consolidation or otherwise) will in advance assume in writing
and be bound by all of Intersil’s obligations under this Employment Agreement. 
  
 (f) Notices. Notices under this Employment Agreement must be in writing and will be deemed to have been given when personally delivered or two days after mailed by U.S. registered or certified mail, return
receipt requested and postage prepaid. Mailed notices to you will be addressed to you at the home address which you have most recently communicated to Intersil in writing. Notices to Intersil will be addressed to its General Counsel at
Intersil’s corporate headquarters. 
  
 (g) Waiver. No
provision of this Employment Agreement will be modified or waived except in writing signed by you and an officer of Intersil duly authorized by its Board of Directors. No waiver by either party of any breach of this Employment Agreement by the other
party will be considered a waiver of any other breach of this Employment Agreement. 
  
 (h) Entire Agreement. This Employment Agreement, including such other agreements expressly referred to herein and including the applicable stock option plans, option agreements and related documents with
respect to 

  

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your equity grants, and your Executive Change of Control Severance Benefits Agreement with Intersil dated the date hereof, represent the entire agreement
between us concerning the subject matter of your employment by Intersil, and expressly supersede all other promises or understandings, oral or written, including without limitation the Prior Agreement. 
  
 (i) Governing Law. This Employment Agreement will be governed by the
laws of the State of California without reference to conflict of laws provisions. 
  
 Severability. If any portion of this Employment Agreement shall be determined to be unenforceable, the remaining provisions of this Employment Agreement shall remain in force. 
  
 Lou, we very much look forward to your joining Intersil as its Executive Vice
President and General Manager, Linear Products Group. Please indicate your acceptance of the terms of this Employment Agreement by signing in the place indicated below. 
  

					
	 Sincerely,
  
 INTERSIL CORPORATION

		
	 By:
	 	 /s/    RICHARD M.
BEYER        

	 	 	Name:	 	                    Richard M. Beyer
	 	 	Title:	 	                   President and CEO

  
 Acknowledged and Agreed:

  

	
	 /s/    LOUIS
DINARDO        

	Louis DiNardo

  

 6Executive Change in Control Severance Benefits Agreement

 Exhibit 10.02 
  
 EXECUTIVE 
 CHANGE IN CONTROL 
 SEVERANCE BENEFITS AGREEMENT 
  
 THIS EXECUTIVE CHANGE IN CONTROL SEVERANCE BENEFITS AGREEMENT (the “AGREEMENT”) is entered into on
March 15, 2004, between Louis DiNardo (“Executive”) and INTERSIL CORPORATION, a Delaware corporation (the “COMPANY”). 
  
 WHEREAS, this Agreement is intended to provide Executive with the compensation and benefits described herein upon the occurrence of specific events
after the date hereof. 
  
 NOW THEREFORE, The Company and
Executive hereby agree as follows: 
  
 Certain capitalized terms
used in this Agreement are defined in Article VI. 
  
 ARTICLE I

  
 EMPLOYMENT BY THE COMPANY 
  
 1.1 Immediately following the transactions contemplated by the
Agreement and Plan of Merger dated as of March 14, 2004 by and among the Company, New Castle Merger Sub Corp., New Castle Sub LLC and Xicor, Inc., Executive shall be employed as an executive of the Company. 
  
 1.2 This Agreement shall remain in full force and effect so long as
Executive is employed by the Company or its subsidiaries; provided, however, that the rights and obligations of the parties hereto contained in Articles II through VII shall survive Two and One Half (2 1/2) years following a Covered Termination (as hereinafter defined). 
  
 1.3 The Company and Executive wish to set forth the compensation and benefits which Executive shall be entitled to
receive if Executive’s employment with the Company terminates following a Change in Control under the circumstances described in Article II of this Agreement. 
  
 1.4 The duties and obligations of the Company to Executive under this Agreement shall be in consideration for
Executive’s continued employment with the Company and Executive’s execution of the general waiver and release described in Section 3.2. 
  
 ARTICLE II 
  
 SEVERANCE BENEFIT 
  
 2.1 Entitlement To Severance Benefits. If Executive’s employment terminates due to an Involuntary Termination or a Voluntary Termination for Good Reason (as hereinafter defined) within twelve (12)
months following the effective date of a Change in Control, the termination of employment will be a Covered Termination and the Company shall pay Executive the compensation and benefits described in this Article II. If Executive’s employment
terminates, but not due to an Involuntary Termination or a Voluntary Termination for Good Reason within twelve (12) months following the effective date of a Change in Control, then the termination of employment will not be a Covered
Termination and Executive will not be entitled to receive any payments or benefits under this Article II. 
  
 Payment of any benefits described in this Article II shall be subject to the restrictions and limitations set forth in Article III of this Agreement.

 2.2 Lump Sum Severance Payment. The Company shall pay to the Executive his base pay through
the Date of Covered Termination at the rate in effect at the time Notice of Termination is given, subject to any applicable withholding of federal, state or local taxes, plus (i) that portion of Executive’s targeted cash bonus prorated through
the Date of Covered Termination, and (ii) all other amounts to which Executive is entitled under any compensation plan or practice of the Company at the time such payments are due. In addition, within thirty (30) days following a Covered
Termination, Executive shall receive a lump sum payment equal to one hundred percent (100%) of the sum of Annual Base Pay and Annual Bonus, subject to any applicable withholding of federal, state or local taxes. 
  
 2.3 Welfare Benefits. Following a Covered Termination,
Executive and his covered dependents will be eligible to continue their Welfare Benefits coverage under any Welfare Benefits plan or program maintained by the Company on the same terms and conditions (including cost to Executive) as in effect
immediately prior to the Covered Termination, for a period of one (1) year following the Covered Termination. 
  
 With respect to any Welfare Benefits provided through an insurance policy, the Company’s obligation to provide such Welfare Benefits following a
Covered Termination shall be limited by the terms of such a policy; provided that (i) the Company shall make reasonable efforts to amend such policy to provide the continued coverage described in this Section 2.3, and (ii) if a policy providing
health benefits is not amended to provide the continued benefits described in this Section 2.3, the Company shall pay for the cost of comparable replacement coverage (or Medigap insurance if Executive qualifies for Medicare) until the end of the one
(1) year period following the Covered Termination. 
  
 The Company
shall reimburse Executive for any income tax liability due as a result of the provision of Welfare Benefits under this Article II (and as a result of any payments due under this paragraph) in order to put Executive in the same after-tax position as
if no taxable Welfare Benefits had been provided. 
  
 This Section
2.3 is not intended to affect, nor does it affect, the rights of Executive, or Executive’s covered dependents, under any applicable law with respect to health insurance continuation coverage. 
  
 2.4 Mitigation. Except as otherwise specifically provided
herein, Executive shall not be required to mitigate damages or the amount of any payment provided under this Agreement by seeking other employment or otherwise, nor shall the amount of any payment provided for under this Agreement be reduced by any
compensation earned by Executive as a result of employment by another employer or by retirement benefits after the date of the Covered Termination, or otherwise. 
  
 ARTICLE III 
  
 LIMITATIONS AND CONDITIONS ON BENEFITS 
  
 3.1 Withholding of Taxes. The Company shall withhold appropriate federal, state or local income and employment taxes from any payments
hereunder. 
  
 3.2 Employee Agreement and Release Prior
to receipt of Benefits. Upon the occurrence of a Covered Termination, and prior to the receipt of any benefits under this Agreement on account of the occurrence of a Covered Termination, Executive shall, as of the date of a Covered Termination,
execute an employee agreement and release in the form attached hereto as Exhibit A. Such employee agreement and release shall specifically relate to all of Executive’s rights and claims in existence at the time of such execution and shall
confirm Executive’s obligations under the Company’s standard form of proprietary information agreement. It is understood such employee release and agreement shall comply with applicable law. In the event Executive does not execute such
release and agreement within the period required by applicable law, or if Executive revokes such employee agreement and release within the period permitted by applicable law, no benefits shall be payable under this Agreement and this Agreement shall
be null and void. 
  

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 ARTICLE IV 
  
 OTHER RIGHTS AND BENEFITS 
  
 4.1 Nonexclusivity. Nothing in this Agreement shall prevent or limit Executive’s continuing or future participation in any benefit,
bonus, incentive or other plans, programs, policies or practices provided by the Company and for which Executive may otherwise qualify, nor shall anything herein limit or otherwise affect such rights as Executive may have under any stock option or
other agreements with the Company. Except as otherwise expressly provided herein, amounts which are vested benefits or which Executive is otherwise entitled to receive under any plan, policy, practice or program of the Company at or subsequent to
the date of a Covered Termination shall be payable in accordance with such plan, policy, practice or program. 
  
 4.2 Parachute Payments. In the event that any amount or benefit received or to be received by Executive pursuant to this Agreement (other
than payment pursuant to this Section 4.2), or pursuant to any accelerated vesting or extension of the exercise period of Company options Executive may be entitled to under the terms of Executive’s option grants in connection with a Change in
Control termination, would constitute an “excess parachute payment” subject to excise tax under Section 4999 of the Code, the Company shall pay to Executive the amount of any such excise tax; provided, however, that no payment shall be
made under this Section 4.2 to the extent that it would reduce Executive’s after-tax income. 
  
 ARTICLE V 
  
 NON-ALIENATION OF BENEFITS 
  
 No benefit
hereunder shall be subject to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, and any attempt to so subject a benefit hereunder shall be void. 
  
 ARTICLE VI 
  
 DEFINITIONS 
  
 For purposes of the Agreement, the following terms shall have the meanings set forth below: 
  
 6.1 “Agreement” means this Executive Change in Control Severance Benefits Agreement. 
  
 6.2 “Annual Base Pay” means Executive’s annual
base pay at the rate in effect during the last regularly scheduled payroll period immediately preceding (i) the Change in Control or (ii) the Covered Termination, whichever is greater. 
  
 6.3 “Annual Bonus” means the Executive’s projected or estimated annual cash incentive bonus at
target for the fiscal year of the Company in which termination of Executive’s employment occurs. 
  
 6.4 “Change in Control” means the consummation of any of the following transactions after the date hereof: 
  
 (a) the stockholders of the Company approve a merger
or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such
merger or consolidation, or the stockholders of the Company approve a plan of liquidation or dissolution of the Company or an agreement for the sale, lease, exchange or other transfer or disposition by the Company of all or substantially all (more
than fifty percent (50%)) of the Company’s assets; 
  

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 (b) any person (as such term is used in Sections 13(d) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”)), is or becomes the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act) directly or indirectly of 25% or more of the Company’s outstanding Common Stock; or

  
 (c) a change in the composition of the
Board of Directors of the Company within a three (3) year period, as a result of which fewer than a majority of the directors are Incumbent Directors. “Incumbent Directors” shall mean directors who either: 
  
 (A) are directors of the Company as of the date
hereof; 
  
 (B) are elected, or nominated
for election, to the Board of Directors of the Company with the affirmative votes of at least a majority of the directors of the Company who are Incumbent Directors described in (A) above at the time of such election or nomination; or 
  
 (C) are elected, or nominated for election, to the
Board of Directors of the Company with the affirmative votes of at least a majority of the directors of the Company who are Incumbent Directors described in (A) or (B) above at the time of such election or nomination. 
  
 Notwithstanding the foregoing, “Incumbent Directors” shall not
include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the election of directors to the Company. 
  
 6.5 “Company” means Intersil Corporation, a Delaware corporation, and any successor thereto.

  
 6.6 “Covered Termination” means an
Involuntary Termination or a Voluntary Termination for Good Reason within twelve (12) months following a Change in Control after the date hereof. No other event shall be a Covered Termination for purposes of this Agreement. 
  
 6.7 “Date of Covered Termination” means the first
date following the last date of Executive’s employment with the Company or its subsidiaries as a result of a Covered Termination. 
  
 6.8 “Date of Notice of Termination” means the date the Executive is given notice, either verbal or written, that his employment
with the Company or its subsidiaries has been or will be terminated. 
  
 6.9 “Involuntary Termination” means Executive’s dismissal or discharge by the Company or its subsidiaries (or, if applicable, by the successor entity) for reasons other than fraud, misappropriation or
embezzlement on the part of Executive which resulted in material loss, damage or injury to the Company. Notwithstanding the foregoing, Executive shall not be deemed to have been terminated for one of these reasons unless and until there shall have
been delivered to Executive a copy of a resolution, duly adopted by the affirmative vote of not less than three-quarters of the entire membership of the Company’s Board of Directors at a meeting of the Board called and held for the purpose
(after reasonable notice to Executive and an opportunity for the Executive, together with Executive’s counsel, to be heard before the Board of Directors), finding that in the good faith opinion of the Board of Directors, Executive was guilty of
conduct set forth in the immediately preceding sentence and specifying the particulars thereof in detail. 
  
 The termination of an Executive’s employment would not be deemed to be an “Involuntary Termination” if such termination occurs as a result
of the death or disability of Executive. 
  
 6.10
“Voluntary Termination for Good Reason” means that the Executive voluntarily terminates his employment after any of the following are undertaken without Executive’s express written consent: 
  
 (a) the assignment to Executive of any duties or
responsibilities which result in any diminution or adverse change of Executive’s position, status or circumstances of employment as in effect immediately 

  

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prior to the Change in Control of the Company; any removal of Executive from or any failure to reelect Executive to any of such positions, except in
connection with the termination of his employment for death, disability, retirement, fraud, misappropriation, embezzlement or any other voluntary termination of employment by Executive other than Voluntary Termination for Good Reason; 
  
 (b) a reduction by the Company in Executive’s
Annual Base Pay or targeted annual cash incentive bonus in effect at the time; 
  
 (c) any failure by the Company to continue in effect any benefit plan or arrangement, including incentive plans or plans to receive
securities of the Company, in which Executive is participating at the time of the Change in Control of the Company (hereinafter referred to as “Benefit Plans”), or the taking of any action by the Company which would adversely affect
Executive’s participation in or reduce Executive’s benefits under any Benefit Plans or deprive Executive of any fringe benefit enjoyed by Executive at the time of the Change in Control of the Company, provided, however, that Executive may
not terminate employment with the Company for Good Reason following a Change in Control of the Company if the Company offers a range of benefit plans and programs which, taken as a whole, are comparable to the Benefit Plans as determined in good
faith by Executive; 
  
 (d) a relocation
of Executive, or the Company’s principal executive offices if Executive’s principal office is at such offices, to a location more than fifteen (15) miles from the location at which Executive performed Executive’s duties immediately
prior to the Change in Control of the Company, except for required travel by Executive on the Company’s business to an extent substantially consistent with Executive’s business travel obligations at the time of the Change in Control of the
Company; 
  
 (e) any breach by the Company
of any provision of this Agreement; or 
  
 (f) any failure by the Company to obtain the assumption of this Agreement by any successor or assign of the Company. 
  
 6.11 “Welfare Benefits” means benefits providing for coverage or payment in the event of Executive’s death, disability,
illness or injury that were provided to Executive immediately before a Change in Control, whether taxable or non-taxable and whether funded through insurance or otherwise, including without limitation all life and health insurance coverage.

  
 ARTICLE VII 
  
 GENERAL PROVISIONS 
  
 7.1 Employment Status. This Agreement does not constitute a
contract of employment or impose on Executive any obligation to remain as an employee, or impose on the Company any obligation (i) to retain Executive as an employee, (ii) to change the status of Executive as an at-will employee, or (iii) to change
the Company’s policies regarding termination of employment. 
  
 7.2 Notices. Any notices provided hereunder must be in writing and such notices or any other written communication shall be deemed effective upon the earlier of personal delivery (including personal delivery by telex or
facsimile) or the third day after mailing by first class mail, to the Company at its primary office location and to Executive at his address as listed in the Company’s payroll records. Any payments made by the Company to Executive under the
terms of this Agreement shall be delivered to Executive either in person or at his address as listed in the Company’s payroll records. 
  
 7.3 Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, 

  

 5 

 
illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in
such jurisdiction as if such invalid, illegal or unenforceable provisions had never been contained herein. 
  
 7.4 Waiver. If either party should waive any breach of any provisions of the Agreement, he or it shall not thereby be deemed to have waived
any preceding or succeeding breach of the same or any other provision of this Agreement. 
  
 7.5 Complete Agreement. This Agreement, including Exhibit A and other written agreements referred to in this Agreement, constitutes the entire agreement between Executive and the Company and it is the
complete, final, and exclusive embodiment of their agreement with regard to the subject matter hereof, and expressly supersedes all other agreements, promises or understandings, whether oral or written. For avoidance of doubt, the parties hereto
acknowledge and agree that in the event of any termination of Executive’s employment with the Company which constitutes a Covered Termination hereunder, Executive shall be entitled to the rights and benefits provided for in this Agreement in
lieu of any rights or benefits provided for in his employment agreement with the Company. This Agreement is entered into without reliance on any promise or representation other than those expressly contained herein. 
  
 7.6 Amendment or Termination of Agreement. This Agreement may
be changed or terminated only upon the mutual written consent of the Company and Executive. The written consent of the Company to a change or termination of this Agreement must be signed by an executive officer of the Company after such change or
termination has been approved by the Compensation Committee of the Company’s Board of Directors. 
  
 7.7 Counterparts. This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more than one
party, but all of which taken together will constitute one and the same Agreement. 
  
 7.8 Headings. The headings of the Articles and sections hereof are inserted for convenience only and shall not be deemed to constitute a part hereof nor to affect the meaning thereof. 
  
 7.9 Successors and Assigns. This Agreement is intended to bind
and inure to the benefit of and be enforceable by Executive and the Company, and their respective successors, assigns, heirs, executors and administrators, except that Executive may not assign any of his duties hereunder and Executive may not assign
any of his rights hereunder without the written consent of the Company, which consent shall not be withheld unreasonably. 
  
 7.10 Attorneys’ Fees. If Executive brings any action to enforce his rights hereunder, Executive shall be entitled to recover his
reasonable attorneys’ fees and costs incurred in connection with such action if Executive is the prevailing party in such action. 
  
 7.11 Choice of Law. All questions concerning the construction, validity and interpretation of this Agreement will be governed by the law of
the State of California. 
  
 7.12 Non-Publication.
The parties mutually agree not to disclose publicly the terms of this Agreement except to the extent that disclosure is mandated by applicable law. 
  
 7.13 Construction of Agreement. In the event of a conflict between the text of this Agreement and any summary, description or other
information regarding this Agreement, the text of this Agreement shall control. 
  
 [Signatures Appear on the Following Page] 
  

 6 

 IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year written above.

  

									
	 INTERSIL CORPORATION
 a Delaware
Corporation
	 	 	 	EXECUTIVE
				
	 By
	 	 /s/    RICHARD M.
BEYER        

	 	 	 	 /s/    LOUIS
DINARDO        

	 	 	Richard M. Beyer	 	 	 	Name:	 	Louis DiNardo
	 	 	President and CEO	 	 	 	Title:	 	 Executive Vice President and General Manager,
 Standard Linear Products

  
 Exhibit A:
Employee Agreement and Release 
  

 7 

 Exhibit A 
  

Intersil Corporation 
  
 Employee Agreement and Release 
  
 I understand and agree completely to the terms set forth in the foregoing agreement. 
  
 I hereby confirm my obligations under the Company’s standard form of proprietary information agreement. 
  
 I acknowledge that I have read and understand Section 1542 of the California
Civil Code which reads as follows: “A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected this
settlement with the debtor.” I hereby expressly waive and relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to my release of any claims I may have against the Company.

  
 Except as otherwise set forth in this Agreement, I hereby
release, acquit and forever discharge the Company, its parents and subsidiaries, and their officers, directors, agents, servants, employees, shareholders, successors, assigns and affiliates, of and from any and all claims, liabilities, demands,
causes of action, costs, expenses, attorneys fees, damages, indemnities and obligations of every kind and nature, in law, equity, or otherwise, known and unknown, suspected and unsuspected, disclosed and undisclosed (other than any claim for
indemnification I may have as a result of any third party action against me based on my employment with the Company), arising out of or in any way related to agreements, events, acts or conduct at any time prior to and including the Effective Date
of this Agreement, including but not limited to: all such claims and demands directly or indirectly arising out of or in any way connected with my employment with the Company or the termination of that employment, including but not limited to,
claims of intentional and negligent infliction of emotional distress, any and all tort claims for personal injury, claims or demands related to salary, bonuses, commissions, stock, stock options, or any other ownership interests in the Company,
vacation pay, fringe benefits, expense reimbursements, severance pay, or any other form of compensation; claims pursuant to any federal, state or local law or cause of action including, but not limited to, the federal Civil Rights Act of 1964, as
amended; the federal Age Discrimination in Employment Act of 1967, as amended (“ADEA”); the federal American with Disabilities Act of 1990; the California Fair Employment and Housing Act, as amended; tort law; contract law; wrongful
discharge; discrimination; fraud; defamation; emotional distress; and breach of the implied covenant of good faith and fair dealing; provided, however, that nothing in this paragraph shall be construed in any way to release the Company from its
obligation to provide you with continued coverage under the Company’s directors and officers liability insurance policy to the same extent that it has provided such coverage to previously departed officers and directors of the Company.

  
 I acknowledge that I am knowingly and voluntarily waiving and
releasing any rights I may have under ADEA. I also acknowledge that the consideration given for the waiver and release in the preceding paragraph hereof is in addition to anything of value which I was already entitled. I further acknowledge that I
have been advised by this writing, as required by the ADEA, that: (a) my waiver and release do not apply to any rights or claims that may arise after the Effective Date of this Agreement; (b) I have the right to consult with an attorney prior to
executing this Agreement; (c) I have twenty-one (21) days to consider this Agreement (although I may choose to voluntarily execute this Agreement earlier); (d) I have seven (7) days following the execution of this Agreement by the parties to revoke
the Agreement; and (e) this Agreement shall not be effective until the date upon which the revocation period has expired, which shall be the eighth day after this Agreement is executed by me, provided that the Company has also executed this
Agreement by that date (“Effective Date”). 
  

			
	 By:
	 	 /s/    LOUIS
DINARDO        

	 	 	Louis DiNardo
	
	Date: March 15, 2004

  

 8

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