Document:

Fairchild Incentive Plan

 Exhibit 10.03 
 FAIRCHILD INCENTIVE PLAN 
  
  
 Amended and Restated Effective
April 1, 2009 

 TABLE OF CONTENTS 
  

							
	 	  	Page
			
	1.	  	Objective and Structure	  	1
			
	2.	  	Definitions	  	1
			
	3.	  	Effective Date	  	4
			
	4.	  	Eligibility for Plan Participation	  	4
			
	5.	  	Target Awards and Participation Levels	  	5
			
	6.	  	Calculation and Payment of Awards	  	6
				
		  	A.	  	Factors	  	6
				
		  	B.	  	Performance Goal	  	6
				
		  	C.	  	Calculation of Awards	  	7
				
		  	D.	  	Extraordinary Events	  	7
				
		  	E.	  	Payment	  	7
			
	7.	  	Termination of Employment	  	8
			
	8.	  	Interpretations and Rule-Making	  	8
			
	9.	  	Declaration of Incentives, Amendment or Discontinuance	  	8
			
	10.	  	Miscellaneous	  	9

  

 - i - 

 FAIRCHILD INCENTIVE PLAN 
 (As Amended and Restated Effective April 1, 2009) 
  

	1.	Objective and Structure 

 The Fairchild
Incentive Plan (the “Plan”) is designed to help retain eligible employees and reward them for contributing to the success and profitability of the Company. These objectives are accomplished by making incentive awards under the Plan and
providing Participants with a proprietary interest in the growth and performance of the Company. The Plan is a non-ERISA cash bonus plan providing cash awards on a periodic basis to eligible Fairchild employees based on measures of business
performance for the measurement period. The Plan, as set forth in this document and amended hereafter, also may be referred to by the acronym FIP. 
  

	2.	Definitions 

 Whenever used in the Plan,
unless otherwise indicated, the following terms shall have the respective meanings set forth below: 
  

			
	Award:	  	The amount, if any, to be paid to a Plan Participant for a particular Measurement Period.
		
	Award Date:	  	The date on which a FIP Award, if any, is due to be paid. Awards may be issued once or twice for each Company fiscal year so there shall be annual or semi-annual Award Dates. They shall be no
later than sixty (60) days after the last day of each Measurement Period, or fifteen (15) days after consolidated financial statements for the Measurement Period are completed and accepted by the Company, whichever deadline is
later.
		
	Company:	  	Fairchild Semiconductor Corporation (“FSC”) or any corporate successor or assign which adopts or assumes the Plan. For purposes of eligibility to participate in the Plan, the term
“Company,” as used herein, may also refer to any subsidiary or affiliate of FSC which adopts the Plan with the approval of FSC.
		
	Committee:	  	The Plan administrator shall be a committee consisting of the Executive Vice President and CFO, Senior Vice President, Human Resources, and the Senior Vice President and General Counsel. The
Committee shall be responsible for the administration of the Plan, as provided in Article 8 below, but may delegate routine administrative or clerical duties to one or more officers or employees of the Company. The actions, duties and
responsibilities of the Committee noted and called for herein, are subject to the approval and discretion of the Chief Executive Officer of the Company where stated herein.

			
		
	Disability:	  	Inability to perform any services for the Company, combined with eligibility to receive disability benefits under the standards used by the Company’s long-term disability benefit
plan.
		
	Employee:	  	An individual in the regular full-time or regular part-time employ of the Company (or having comparable status in any foreign location of the Company, as determined by foreign management and
approved by the Committee based on applicable local laws, customs and practices) at any time during the Measurement Period, not including any non-regular employees. Members of a collective bargaining unit, if any, shall be considered Employees for
purposes of the Plan only if they satisfy the eligibility conditions of the preceding sentence and their collective bargaining agreement provides for their participation in the Plan. Any regular employees in a class that is eligible for a different
incentive plan – including, without limitation: (i) sales, marketing and other employees who are eligible for the Company’s Sales Incentive Plan (or any successor plan thereto); (ii) any newly acquired employees who remain subject to
either their prior employer’s incentive or bonus plan or to any special or transitional incentive or bonus plan assumed or adopted by the Company in connection with the acquisition of such employees; and (iii) any other group of one or more
employees who the Committee determines either is covered by a different bonus or incentive plan or arrangement (except for the Company’s Key Technologist Incentive Award Plan) or shall not be covered by this Plan nor any other bonus or
incentive plan or arrangement -- shall not be considered Employees under this Plan for any Measurement Period during which they fall within any such exclusion, except to the extent otherwise determined by the Committee or otherwise specified herein.
Employees who are subject to a separate incentive or bonus pay formula pursuant to a written employment agreement entered into with their employer and to which the Company or subsidiary becomes obligated also shall be excluded from eligible Employee
status under this Plan for any Measurement Periods to which that other arrangement applies, the same as if such Employees were instead covered by another group incentive plan, in accordance with the preceding rules.
		
	Extraordinary
 Occurrence:
	  	An event that, in the opinion of the Committee and with the Chief Executive Officer’s concurrence, is beyond the significant influence of Plan Participants or the Company and causes a
significant unintended effect, positive or negative, on Company operating and financial results for a particular Measurement Period.
		
	Measurement
 Period:
	  	The period of performance on which Awards are based. The Measurement Periods shall be the annual or semi-annual periods corresponding to the fiscal year or the first half and the second half,
respectively, of the Company’s fiscal year. The Committee shall have sole discretion in determining whether the Measurement Period shall be annual or semi-annual.

  

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	Participant:	  	An Employee who at the time shall be a Participant in accordance with the provisions of Article 4.
		
	Participation
Levels:	  	The allocation of Participants into groups, by job code level or management selection, as set forth in Article 4 and 5, for which a single Target Award level applies within the group
(i.e., for that Participation Level). Different Target Award levels may apply to different groups and within the same job code level, at the discretion of the Chief Executive Officer. Absent any such special designations by the Chief
Executive Officer, unless otherwise provided in this Plan a uniform Target Award level of 5% of Qualified Earnings shall apply to all Participants, so there shall be just one Participation level as well.
		
	Performance
 Goal:
	  	Levels of performance shall be set in accordance with one or more financial and strategic goals developed by the Chief Executive Officer (with Board approval) for the Company and, if
further desired, for any division, department, or other business unit or Employee group within the Company. For each goal up to three levels of performance may beset, as follows:
			
		  	(i)	  	Threshold The minimum acceptable level of performance for which an Award may be earned on a particular Performance Goal; generally, achieving 50% or more of the Target level of
performance.
			
		  	(ii)	  	Target Achieving 100% of the Target level of performance.
			
		  	(iii)	  	Stretch Achieving more than 100% of the Target level of performance.
		
		  	A Participant’s FIP Award typically (subject to Section 6.C.) shall be determined by multiplying the percentage by which the Company’s performance compares to the
performance Target times the Participant’s Target Award level, as determined under Section 5 below, for the Measurement Period. For example, if the Company attains an approved Target performance level of 80%, a Participant with a 5% Target
Award level would be entitled to 80% of 5%, or 4% of Qualified Earnings, as the FIP Award. However, if the Company attains an approved Target performance level in excess of 100% level for the Measurement Period, then whether any FIP Award is payable
above 100% of a Participant’s Target Award level shall be determined by the Company’s Chief Executive Officer, who shall have full discretion to determine the amount (if any) of such additional FIP Award, subject to the approval of the
Board of Directors.

  

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	Qualified
 Earnings:
	  	The measure of compensation used to determine benefit amounts under this Plan. Qualified Earnings generally consist of certain amounts paid to the Participant by the Company for services
rendered during the Measurement Period as an Employee of the Company. For purposes of this Plan, Qualified Earnings shall include base compensation, but shall exclude all bonuses (including within this exclusion, without limitation, sign-on bonuses,
relocation bonuses, retention bonuses, Key Technologist Incentive Awards, awards under any other incentive plan in which the Employee is permitted to participate simultaneously with participation in this Plan, and any other amount payable in the
nature of a bonus), shift differentials, fringe benefits and extraordinary items. Overtime payments on the Company’s United States payroll shall be included in Qualified Earnings, but overtime payments on any foreign payroll shall be excluded.
The Committee has the authority and discretion to determine (i) to what extent the foregoing inclusions and exclusions must be altered to comply with local legal requirements in any particular foreign jurisdiction, and (ii) whether to include or
exclude other items of compensation (such as, but not limited to, equalization pay for temporary relocation assignments) in determining Qualified Earnings for Employees in particular jobs or locations based on legal standards and customary practices
applicable to that job or location.
		
	Target Award:	  	The Award, expressed as a percentage of Qualified Earnings, that is earned by a Participant for the Company’s achievement of the Target level of performance. Unless otherwise stated in
this Plan the Target Award level shall be five percent (5%) of Qualified Earnings.

  

	3.	Effective Date 

 The Plan was originally
established effective on March 11, 1997, which was the closing date of the reorganization of the three Fairchild divisions of National Semiconductor Corporation (the Discrete, Logic and Memory divisions) pursuant to the Agreement and Plan of
Recapitalization between Sterling Holding Company, LLC and National Semiconductor Corporation, dated January 31, 1997. This amendment and complete restatement of the Plan is effective April 1, 2009, and applies to awards for any
Measurement Period which begins on or after that effective date. 
  

	4.	Eligibility for Plan Participation 

 A.
Except as otherwise provided in this Article 4, all Employees shall participate in this Plan for every Measurement Period for which, as of the last day of the Measurement Period: (i) the individual is employed as an Employee by the Company and
(ii) the Plan remains in effect. 
  

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 B. An Employee who, as of the last day of a FIP Measurement Period, is participating in any other
incentive or bonus plan sponsored or assumed by the Company generally shall not be eligible to receive any FIP Award for that Measurement Period; provided, however, this exclusion from participation shall not apply to participants in the
Company’s Key Technologist Incentive Award Plan (who may participate in both plans simultaneously), nor to any individual who is participating simultaneously in any other bonus or incentive plan which the Committee (with the Chief Executive
Officer’s concurrence) determines will not disqualify the individual from simultaneous participation in this Plan. In addition, if the Measurement Period is semi-annual, and as of the last day of the first semi-annual FIP Measurement Period
during a Company fiscal year, an employee is participating in an incentive or bonus plan assumed or sponsored by the Company, having an annual measurement period and covering a select group of management or highly compensated employees and the
Employee ceases participation in that plan during the year’s second FIP Measurement Period and so loses eligibility for the annual award under such other plan, then the individual shall immediately become eligible to participate in this Plan
and as promptly as practicable the Employee will be paid the FIP Award (if any) that the Employee would have been entitled to for the year’s first Measurement Period had the Employee not been participating in such other plan. 
 C. An Employee who becomes entitled to a bonus payment under another bonus or incentive plan with respect to a measurement period which matches or
substantially overlaps any Measurement Period under this Plan shall not be eligible for a FIP Award for that Measurement Period except to such extent as may be determined by the Committee in its sole discretion based on a review of the circumstances
primarily for the purposes of preventing a forfeiture of benefits under this Plan but avoiding duplication of bonuses. 
 D. Participants
will be notified of their eligibility and Participation Level during their initial Measurement Period, or by the end of the first quarter beginning after their Employee status commences, if later. Participants will be notified of subsequent changes
in their eligibility and Participation Level as appropriate. 
 E. Newly hired Employees will be added as Participants to the Plan during the
Measurement Period. 
 F. A Participant who is no longer an Employee on the last day of the Measurement Period will not be eligible for any
FIP Award for that Measurement Period. 
  

	5.	Target Awards and Participation Levels 

 A.
Each Participant will be assigned a Participation Level. If more than one Participation Level is used under the Plan, the Participant’s job code level typically will constitute his Participation Level, but the General Manager or Executive Vice
President in charge of a Participant’s business unit may (with the approval of the Chief Executive Officer) assign one or more Participants to a Participation Level represented by a 

  

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different job code level for purposes solely of determining such Participant’s FIP Award for a given Measurement Period. Any such assignment under this
Plan of a Participant to a Participation Level that does not match their job code level shall not constitute a promotion, demotion, transfer or other change in the individual’s employment status or a change in their job code level for any other
purpose. 
 B. One Target Award level, expressed as a percentage of Qualified Earnings, shall be assigned to each respective Participation
Level. If multiple Participation and Target Award levels are in use, then they shall be listed on Schedule A, which will be attached to and incorporated as part of this Plan. For every Measurement Period beginning on or after the effective date of
this Plan restatement, unless otherwise modified by any such Schedule A the Target Award level for each Participation Level shall be a uniform five percent (5%) of Qualified Earnings. 
  

	6.	Calculation and Payment of Awards 

 A.
Factors. A Participant’s FIP Award (if any) is measured by three factors. First, the Participation Level determines what corresponding Target Award level the Participant is eligible for. Second, the Target Award level is the percentage
of Qualified Earnings that will be used as one of two products to calculate any FIP Award. Third, the degree to which the Company’s actual financial performance for the Measurement Period compares to the Company’s Performance Goal for that
Period produces the other percentage used to calculate the FIP Award. 
 B. Performance Goal. Before each Measurement Period, the
Chief Executive Officer of the Company shall, subject to Board approval, set the Company’s financial Performance Goal for that Period. The Performance Goal shall be based on the attainment of specified levels of one or more of the following
measures: earnings per share (EPS), revenues, net profit after tax, gross profit, operating profit, earnings before interest, taxes, depreciation and amortization (EBITDA), earnings before interest and taxes (EBIT), various measures of cash flow,
asset quality, stock price performance, unit volume, return on equity, change in working capital, return on capital or shareholder return. The Committee may appropriately adjust any evaluation of performance under a Performance Goal to exclude any
of the following events that occurs during a Measurement Period: (i) asset write-downs, (ii) litigation or claim judgments or settlements, (iii) the effect of changes in tax law, accounting principles or other such laws or provisions
affecting reported results, (iv) accruals for reorganization and restructuring programs and the effect of any discontinued operations reported in the Company’s consolidated statement of operations, and (v) any extraordinary
non-recurring items as described in Accounting Principles Board Opinion No. 30 and/or in management’s discussion and analysis of financial condition and results of operations appearing in the Company’s annual report to stockholders
for the applicable year. That Performance Goal serves as the target level of performance for the Measurement Period. 
  

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 C. Calculation of Awards. Achievement of 50% to 100% of that Performance Goal target typically
will produce, but does not guarantee, a FIP Award equal to the same percentage of the Participant’s Target Award level as the Company’s financial performance achieved relative to its target for the Measurement Period (i.e., multiply
the Performance Goal achievement percentage by the Target Award level percentage to produce the percentage of Qualified Earnings payable as the FIP Award). Achievement of less than 50% of the Performance Goal will produce no FIP Award for the
Measurement Period because the minimum Threshold performance level was not attained. Achievement of more than 100% of the Performance Goal typically will produce, but does not guarantee, a FIP Award of at least 100% of the Participant’s Target
Award level, but any amount in excess of a 100% award shall be determined in the discretion of the Company’s Chief Executive Officer as provided in the definition of “Performance Goal” in Article 2 above. The Committee may, in its
discretion, round the Performance Goal achievement percentage to the nearest whole percent before calculating the FIP Awards for any Measurement Period. 
 The Chief Executive Officer of the Company has complete discretion whether or not FIP Awards will be paid at all, or at the typical level, for a given Measurement Period, based on any factors that officer deems
relevant, which may include the Company’s financial position, business objectives and how the Company’s financial performance for that Measurement Period was achieved (i.e., by revenue growth or by cost reduction). 
 D. Extraordinary Events. Under exceptional circumstances, revisions to Performance Goals may be made by the Chief Executive Officer during the
Measurement Period if the business environment or key planning assumptions change significantly from conditions assumed or existing at the start of the Measurement Period. In addition, Performance Goals, performance scales, and Awards may be
adjusted in the event there has been an Extraordinary Occurrence during the Measurement Period that: 
  

	 	(i)	affects one or more Performance Goals; 

  

	 	(ii)	unreasonably distorts Award calculations; or 

  

	 	(iii)	results in undue benefit or detriment to the Plan Participants. 

 Adjustments under the preceding sentence will be made solely for the purpose of neutralizing the effect of the Extraordinary Occurrence. All determinations made by the Chief Executive Officer under this Section 6.D shall be subject to
Board approval. 
 E. Payment. Awards, if any, will be paid in cash in a single sum on or about each Award Date for which an Award is
declared. A Participant on approved leave of absence (whether paid or unpaid) shall be paid his or her Award under the Plan at the same time and manner as an active Employee, with no deferral of the Award pending 

  

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return from the leave, but a Participant who is inactive for reasons other than approved leave of absence or disability shall not be entitled to receive an
Award unless and until he or she returns to active employment as an Employee. 
  

	7.	Termination of Employment 

 Any Participant
whose employment as an Employee terminates for any reason before the close of a Measurement Period, and who remains a non-Employee as of the last day of that Period, shall forfeit eligibility for any FIP Award for that Measurement Period.

  

	8.	Interpretations and Rule-Making 

 The
Committee shall have the right and power to exercise the following duties, in its sole discretion: 
  

	 	(i)	interpret the provisions of the Plan, and resolve questions thereunder, which interpretations and resolutions shall be final and conclusive; 

  

	 	(ii)	adopt such rules and regulations with regard to the administration of the Plan as it deems necessary in its discretion; and 

  

	 	(iii)	generally take all action to administer the operation of the Plan. 

 The Chief Executive Officer similarly shall have the right, power and discretion to exercise duties (i) and (ii) above with respect to such matters as are within that officer’s decision-making authority
under the Plan. 
 The Committee may delegate any of its rights and duties under this Plan to one or more officers or employees of the
Company, or to an outside service provider, but Section 10.F. below shall not apply to any such outside service provider. 
  

	9.	Declaration of Incentives, Amendment or Discontinuance 

 The Committee, with the approval of the Chief Executive Officer, may: 
  

	 	(i)	determine, on or before an Award Date, not to make Awards, and to modify the amount of any Award, to any or all Participants for the related Measurement Period;

  

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	 	(ii)	make any written modification or amendment to the Plan for any or all Participants; or 

  

	 	(iii)	discontinue the Plan for any or all Participants. 

 Any amendment or
termination of the Plan shall be done by unanimous written action of the Committee and Chief Executive Officer, but the Plan also may be contractually assigned by the Company to, or assumed by, any successor corporation without the need for action
under this Article 9. 
  

	10.	Miscellaneous 

 A. Except through beneficiary
designations, no right or interest in the Plan is transferable or assignable except by will or the laws of descent and distribution. 
 B.
Participation in this Plan does not guarantee any right to continued employment, and Company management reserves the right to dismiss Participants for any reason whatsoever. 
 C. The Company shall deduct from Awards under this Plan any taxes or other amounts required by law to be withheld with respect to Award payments.

 D. Maintenance of financial information relevant to measuring performance during the Measurement Period will be the responsibility of
FSC’s Chief Financial Officer responsible for finance or that officer’s designee. 
 E. The provisions of the Plan shall not limit,
or restrict, the right or power of the Company’s Board of Directors to adopt such other plans or programs, or to make salary, bonus, incentive, or other payments, with respect to compensation of officers or Employees, as in its sole judgment it
may deem proper. 
 F. No member of the Committee or the Company’s Board of Directors, nor the Chief Executive Officer, nor any other
officer, employee, representative or agent of the Company, shall have any liability to any person, firm, or corporation based on or arising out of this Plan. 
 G. This Program shall be governed by the laws of the State of Maine. 
 *    
*     *     *     *     *     *     *     *     *    
*     * 
  

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 IN WITNESS WHEREOF, this amendment and complete restatement of the Fairchild
Incentive Program, having been first duly adopted, is hereby executed below on this 16th day of April, 2009, to take effect on April 1, 2009 as provided herein. 
  

			
	FAIRCHILD SEMICONDUCTOR CORPORATION
		
	By:	 	 /s/ Mark S. Thompson

		 	Mark S. Thompson
		 	Chief Executive Officer
	
	ADMINISTRATIVE COMMITTEE
		
	By:	 	 /s/ Mark S. Frey

		 	Mark S. Frey
		 	Executive Vice President and CFO
		
	By:	 	 /s/ Kevin B. London

		 	Kevin B. London
		 	Senior Vice President, Human Resources
		
	By:	 	 /s/ Paul D. Delva

		 	Paul D. Delva
		 	Senior Vice President, and General Counsel

  

 - 10 -Fairchild Semiconductor Restated Severance Benefit Plan

 Exhibit 10.04 
 FAIRCHILD SEMICONDUCTOR CORPORATION 
 RESTATED SEVERANCE BENEFIT PLAN 
 This document constitutes a plan and summary plan description of the Fairchild Semiconductor Corporation Restated Severance Benefit Plan (the “Plan”) effective
as of February 12, 2001, and amends and supersedes any prior Fairchild Semiconductor Corporation Severance Benefit Plan document. The Plan is an “employee welfare benefit plan” within the meaning of Section 3(1) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”). Your ERISA rights are described at the end of this pamphlet. This pamphlet is provided to you as required by ERISA. You should keep it for future reference. 
 The Plan provides guidelines for the payment of severance benefits in the event of a reduction-in-force or other instances where Fairchild Semiconductor, in its
discretion, has decided to provide severance benefits. Fairchild Semiconductor Corporation (the “Company”) shall determine in its sole discretion on a case-by-case basis whether or not a reduction-in-force has occurred and whether or not
to pay severance benefits in the event of a reduction-in-force. In addition, the actual amount of the severance benefit is discretionary with the Company and may vary from the amounts shown herein as guidelines. The Company reserves the right to
amend or terminate the Plan at any time. 
 1. SELECTION CRITERIA AND ELIGIBILITY  
  

	 	1.1	Eligible employees are those employees of the Company who are selected by the Company in its sole discretion to receive benefits under this Plan in the event of a reduction-in-force
unless specifically excluded by the terms of this Plan as amended from time to time. Generally, only regular full-time and part-time employees will be considered for eligibility. All decisions as to whether a reduction-in-force has occurred and the
employees affected by the reduction shall be made in the sole discretion of the Company. Even if you are on notice of an impending layoff pursuant to a covered reduction-in-force, you will not be eligible for benefits under this Plan if the Company
determines in its sole and exclusive judgment that your employment terminated by resignation (even if you felt compelled to resign), by retirement, death, or by discharge for poor performance, misconduct, or any other reason except layoff pursuant
to a covered reduction-in-force. 

  

	 	1.2	Unless the Company provides otherwise in writing, you will not be eligible for severance benefits under this Plan if the Company, in its sole discretion, determines that either of
the following provisions applies: 

  

	 	1.2.1	You have been offered, but refused to accept, another suitable position with the Company or any of its subsidiaries or affiliates. 

  

 1 

	 	1.2.2	You have been offered employment by a Successor Employer to commence promptly following your termination by the Company, whether you accept the position or not. A “Successor
Employer” is any entity that assumes operations or functions formerly carried out by the Company (such as the buyer of a facility or any entity to which a Company operations or function has been outsourced), any affiliate of the Company, or any
entity making the job offer at the request of the Company (such as a joint venture of which the Company or an affiliate is a member). 

  

	 	1.3	The Company has the right to cancel or reschedule your layoff or the reduction-in-force before you terminate employment. You will not be eligible for severance benefits under this
Plan if your layoff or the reduction-in-force is canceled. 

  

	 	1.4	If the Company is not treating you as a common-law employee, as conclusively evidenced by its issuance of an IRS Form 1099-MISC to you, you are not eligible for the Plan, even if a
court or a governmental agency rules that you are a common-law employee of the Company. 

  

	 	1.5	You are not entitled to benefits under this Plan unless you satisfy all transition assistance requests of the Company to the Company’s satisfaction, such as aiding in the
location of files or preparing proper records. Those individuals selected for separation who are given notice must continue to work during the notice period in order to receive severance benefits hereunder. 

 2. SEVERANCE BENEFITS  
  

	 	2.1	Employees who satisfy the requirements described in section 1 above will be eligible for severance pay in accordance with the approved severance pay schedule in effect at the time
of separation. The following definitions apply for purposes of determining the severance benefits: 

  

	 	2.1.1	“Years of Service” means your full years of employment with the Company and its affiliates in your most recent period of employment. Pro-rated benefits will not be paid
for any fractional Year of Service. 

  

	 	2.1.2	“Week of Pay” means your base weekly rate of pay plus applicable shift premium unless the Company decides otherwise, excluding lead pay, overtime, bonuses, commissions,
premium pay, employee benefits, expense reimbursements, and similar amounts. If you are paid by the hour, your base weekly rate of pay is your regular hourly rate multiplied by your scheduled straight-time hours per week. 

 

 2 

	 	2.1.3	Your Years of Service and Weeks of Pay will be determined by the Plan Administrator, in its sole and exclusive judgment, as of the date benefits become payable.

  

	 	2.2	Severance Benefit Schedule for Regular Full-Time Employees. The amount of severance pay for regular full-time employees generally will be determined by the severance pay
schedules set forth below. These schedules are a guideline only, and in the discretion of the Company, may be modified, amended or eliminated. Any such change shall be made by the Chief Administrative Officer. The amount of severance pay may be
reduced as described in section 2.4 below. 

  

	 	2.2.1	Basic Severance Benefit. 

  

			
	 Years of Service
	  	Weeks of Pay
	 Up to one year
	  	0 weeks
	 1.0 – 4.99 years
	  	1 week
	 5.0 – 9.99 years
	  	2 weeks
	 10.0 – 14.99 years
	  	3 weeks
	 15.0 years or more
	  	4 weeks

  

	 	2.2.2	Enhanced Severance Benefit. You will receive an Enhanced Severance Benefits in addition to the Basic Severance Benefit IF you irrevocably execute the Release form
prescribed by the Plan Administrator and file it with the person, and within the time period, the Plan Administrator prescribes. The Enhanced Severance Benefit will be determined in accordance with the following schedule: 

 

			
	 Years of Service
	  	Weeks of Pay
	 Up to one year
	  	3 weeks
	 1.0 – 1.99 years
	  	4 weeks
	 2.0 – 2.99 years
	  	5 weeks
	 3.0 – 3.99 years
	  	6 weeks
	 4.0 – 4.99 years
	  	7 weeks
	 5.0 – 5.99 years
	  	8 weeks
	 6.0 – 6.99 years
	  	9 weeks
	 7.0 – 7.99 years
	  	10 weeks
	 8.0 – 8.99 years
	  	11 weeks
	 9.0 – 9.99 years
	  	12 weeks
	 10.0 – 10.99 years
	  	13.5 weeks
	 11.0 – 11.99 years
	  	15 weeks
	 12.0 – 12.99 years
	  	16.5 weeks

  

 3 

			
	 13.0 – 13.99 years
	  	18 weeks
	 14.0 – 14.99 years
	  	19.5 weeks
	 15.0 – 15.99 years
	  	21 weeks
	 16.0 – 16.99 years
	  	22.5 weeks
	 17.0 – 17.99 years
	  	24 weeks
	 18.0 – 18.99 years
	  	25.5 weeks
	 19.0 – 19.99 years
	  	27 weeks
	 20.0 – 20.99 years
	  	28.5 weeks
	 21.0 – 21.99 years
	  	30 weeks
	 22.0 – 22.99 years
	  	31.5 weeks
	 23.0 – 23.99 years
	  	33 weeks
	 24.0 – 24.99 years
	  	34.5 weeks
	 25.0 – 25.99 years
	  	36 weeks
	 26.0 – 26.99 years
	  	37.5 weeks
	 27.0 – 27.99 years
	  	39 weeks
	 28.0 – 28.99 years
	  	40.5 weeks
	 29.0 – 29.99 years
	  	42 weeks
	 30.0 – 30.99 years
	  	43.5 weeks
	 31.0 – 31.99 years
	  	45 weeks
	 32.0 – 32.99 years
	  	46.5 weeks
	 33.0 years or more
	  	48 weeks

  

	 	2.3	Severance Benefit for Regular Part-Time Employees. Regular part-time employees will be paid a prorated portion of the severance benefit applicable to regular full-time
employees based on their standard workweek hours. 

  

	 	2.4	Reduction of Amount of Severance Benefits. 

 To the
fullest extent permitted by applicable law, the company shall have the right to set off, against any amounts paid under this policy (whether by final paycheck, severance payment or otherwise) any amounts then due and payable to the company by such
employee, including without limitation amounts owed for reimbursement of hiring bonuses, repayment of tuition reimbursements or negative vacation accruals. 
  

	 	2.4.1	Travel advances and garnishments will be taken from final pay if the employee has signed a written authorization. 

  

	 	2.4.2	 Benefits under this Plan are not intended to duplicate such benefits as workers’ compensation, wage replacement benefits, disability benefits, severance pay,
or similar benefits under other benefit plans, severance programs, employment contracts, or applicable laws, such as the WARN Act. Should such other benefits be 

  

 4 

	 	 
payable, the benefits under this Plan will be reduced accordingly or, alternatively, benefits previously paid under this Plan will be treated as having been
paid to satisfy such other benefit obligations. In either case, the Plan Administrator will determine how to apply this provision, and may override other provisions in this Plan in doing so. 

  

	 	2.5	Payment. Your severance pay will be paid in a cash lump sum. All payments shall be net of amounts withheld by the Company to fulfill any federal, state or local withholding
requirement. In the event you should die before receiving all your severance payments, any remaining severance benefits will be payable to your estate. 

  

	 	2.6	Extension of Group Medical and Dental Coverages. 

  

	 	2.6.1	Group Medical Coverage. The Company will pay the cost to continue the individual or family medical coverage in effect under a Company-maintained plan for the employee as of
his or her termination of employment date for a period of time based on the employee’s years of service, based on the following schedule: 

  

			
	 Years of Service
	  	Length of Continued Coverage
	 Up to 7 years
	  	3 months
	 7.0 – 13.99 years
	  	6 months
	 14 – 19.99 years
	  	9 months
	 20 years or more
	  	12 months

 The period of continued coverage shall run consecutively from the date medical coverage otherwise
would cease due to the employee’s termination. Continued medical coverage under this section shall run concurrently with any COBRA period of continued medical coverage elected by the employee and any covered dependents. To the extent allowed by
the group medical plan, an employee may drop one or more dependents from medical coverage or enroll in a less expensive coverage option during the above period of Company-paid continued medical coverage, but the Company will not be obligated to pay
any additional cost of the employee adding covered dependents or enrolling in a more expensive coverage adoption during that period; the employee must bear any such additional cost. 
  

	 	2.6.2	 Group Dental Coverage. The Company will pay the cost to continue the individual or family dental coverage in effect under a Company-maintained plan for the
employee as of his or her termination of employment date for a period of one month. This 

  

 5 

	 	 
month of continued coverage shall run from the date dental coverage otherwise would cease due to the employee’s termination. Continued dental coverage
under this section shall run concurrently with any COBRA period of continued dental coverage elected by the employee and any covered dependents. To the extent allowed by the group dental plan, an employee may drop one or more dependents from dental
coverage or enroll in a less expensive coverage option during the period of Company-paid continued dental coverage, but the employee must bear any additional cost for adding dependents or enrolling in a more expensive coverage option during that
period. 

  

	 	2.6.3	Group Vision Coverage. The Company will pay the cost to continue the individual or family vision coverage in effect under a Company-maintained plan for the employee as of his
or her termination of employment date for a period of one month. This month of continued coverage shall run from the date vision coverage otherwise would cease due to the employee’s termination. Continued vision coverage under this section
shall run concurrently with any COBRA period of continued vision coverage elected by the employee and any covered dependents. To the extent allowed by the group vision plan, an employee may drop one or more dependents from vision coverage or enroll
in a less expensive coverage option during the period of Company-paid continued vision coverage, but the employee must bear any additional cost for adding dependents or enrolling in a more expensive coverage option during that period.

  

	 	2.7	Reemployment or New Employment. 

  

	 	2.7.1	If you are reemployed by the Company, an affiliate, or a Successor Employer while benefits are still payable under the Plan, all such benefits will cease, except as otherwise
specified by the Plan Administrator, in its sole and exclusive judgment. 

  

	 	2.7.2	In addition, your benefits will not be paid for pay periods at the beginning of which you are an employee, officer, director, or consultant with respect to another company, or are
self-employed, except to the extent otherwise authorized in writing by the Plan Administrator for good cause, as it determines in its sole and exclusive judgment. You must furnish a written declaration of your employment status before each payment
due under this Plan is paid, using the form prescribed by the Plan Administrator. You must promptly repay benefits you receive while you are ineligible due to reemployment. If you fail to do so, the amount you owe may be withheld from future Plan
benefits. By accepting benefits under the Plan, you agree to furnish copies of your federal income tax returns with all attachments to the Plan Administrator upon request, for purposes of confirming employment status. 

  

 6 

	 	2.7.3	The Fairchild Bridging of Service Policy will apply to any separated employee who is rehired with regard to date of hire for purposes of seniority and length of service. Length of
services, related to specific benefit plans will be governed by the rules of the plans. If the specific benefit plan does not address length of service, the terms of this Plan shall apply. If rehired within one year of separation, vacation accrual
will begin at zero, with the accrual rate determined according to the Company’s policy taking into consideration your prior years of service. 

  

	 	2.7.4	If an individual has separated his/her employment with Fairchild Semiconductor under the provisions if Policy 902-B (Voluntary Layoff) and subsequently is re-employed, he/she will
not receive credit for prior Fairchild Semiconductor service upon his/her re-hire. Therefore, all current and future employee benefits, based upon service time, will be calculated from the date of re-hire. 

  

	 	2.8	Discontinuance of Severance Benefits. The Company shall revoke and/or cease severance payments under this Plan if it determines, in its sole discretion, that an employee has
breached any obligation owed to the Company or engaged in any activity injurious to the Company. 

  

	 	2.9	Voluntary Severance Program. A voluntary severance program is optional and up to the discretion of the business group, subject to the approval of the Company. If a voluntary
program is chosen, all aspects of the involuntary severance policy apply, except the provisions above in section 2.7. In addition, there may be additional severance pay paid at time of separation in such amount or amounts as the company determines
in its sole and exclusive judgment. Rehire of employees who separate under a voluntary severance program is not contemplated. However, if you have accepted a voluntary severance and are later rehired, you must repay a prorated portion of your
severance benefit. Proration will be based upon the length of time separated from the Company. Furthermore, if you are subsequently re-employed you will not receive credit for prior Fairchild Semiconductor service upon your re-hire. Therefore, all
current and future employee benefits, based upon service time, will be calculated from the date of your re-hire. 

 3. ADMINISTRATION

  

	 	3.1	 The Plan Administrator is responsible for the general administration and management of the Plan and shall have all powers and duties necessary to fulfill its
responsibilities, including, but not limited to, the discretion to interpret and apply the Plan and to determine all questions relating to eligibility for benefits. The Plan Administrator 

  

 7 

	 	 
and all Plan fiduciaries shall have the discretion to interpret or construe ambiguous, unclear, or implied (but omitted) terms in any fashion they deem to be
appropriate in their sole and exclusive judgment, and to make any findings of fact needed in the administration of the Plan. The validity of any such interpretation, construction, decision, or finding of fact shall not be given de novo review if
challenged in court, by arbitration, or in any other forum, and shall be upheld unless clearly arbitrary or capricious. The Company may delegate to the Chief Administrative Officer or any other individual responsibility for the administration of the
Plan, and for making any interpretation of or implementing any change in Plan provisions which the Company is authorized to make hereunder. Benefits are provided through direct payments by the Company from its general assets.

  

	 	3.2	All actions taken and all determinations made in good faith by the Plan Administrator or by Plan fiduciaries will be final and binding on all persons claiming any interest in or
under the Plan. To the extent the Plan Administrator or any Plan fiduciary has been granted discretionary authority under the plan, the Plan, the Plan Administrator’s or Plan fiduciary’s prior exercise of such authority shall not obligate
it to exercise its authority in a like fashion thereafter. 

  

	 	3.3	If, due to errors in drafting, any Plan provision does not accurately reflect its intended meaning, as demonstrated by consistent interpretations or other evidence of intent, or as
determined by the Plan Administrator in its sole and exclusive judgment, the provision shall be considered ambiguous and shall be interpreted by the Plan Administrator and all Plan fiduciaries in a fashion consistent with its intent, as determined
in the sole and exclusive judgment of the Plan Administrator. The Plan Administrator shall amend the Plan retroactively to cure any such ambiguity. 

  

	 	3.4	This section may not be invoked by any person to require the Plan to be interpreted in a manner inconsistent with its interpretation by the Plan Administrator or other Plan
fiduciaries. 

 4. AMENDMENT AND TERMINATION 
  

	 	4.1	The company, acting through its chief executive officer, has the right, in its nonfiduciary settlor capacity, to amend the Plan or to terminate it at any time, prospectively or
retroactively, for any reason, without notice and even if currently payable benefits are reduced or eliminated. The Plan Administrator also has the right to amend the Plan, as elsewhere provided in the Plan. No person has any vested right to
benefits under this Plan. 

  

 8 

 5. GENERAL RULES 
  

	 	5.1	No Employment Rights. The adoption of the Plan is not a contract between the Company and any employee, nor does it give any employee any right to continue employment with the
Company, or interfere with the right of the Company to discharge any employee. Nothing contained in this Plan shall give any employee or beneficiary any right, title or interest in any property of the Company. 

  

	 	5.2	No Assignment. Your rights under this Plan cannot be assigned, alienated, encumbered, or otherwise transferred. 

  

	 	5.3	Unfunded Plan. The Company will make all payments under the Plan, and pay all expenses of the Plan, from its general assets. Nothing contained in this Plan shall give any eligible
employee any right, title or interest in any property of the Company or any of its affiliates. 

  

	 	5.4	Governing Law. The provisions of the Plan shall be construed, administered and enforced according to applicable Federal law and the laws of the State of Maine.

 6. CLAIMS PROCEDURE 
  

	 	6.1	Normally, you do not need to present a formal claim to receive benefits payable under the Plan. 

  

	 	6.2	If you believe that benefits are being denied improperly, that the Plan is not being operated property, that fiduciaries of the Plan have breached their duties, or that the your
legal rights are being violated with respect to the Plan, you must file a formal claim with the Plan Administrator. This requirement applies to all claims that you have with respect to the Plan, including claims against fiduciaries and former
fiduciaries, except to the extent the Plan Administrator determines, in its sole and exclusive judgment, that it does not have the power to grant all relief reasonably being sought. 

  

	 	6.3	A formal claim must be filed within 90 days after the date you first knew or should have known of the facts upon which the claim is based, unless the Plan Administrator in writing
consents otherwise. The Plan Administrator shall provide you, upon request, with a copy of the claims procedures. 

  

	 	6.4	 The Plan Administrator has adopted procedures for considering claims, which it may amend from time to time, as it sees fit. These procedures shall comply with all
applicable legal requirements. These procedures may provide that final and binding arbitration, subject to the rules and procedures of the American Arbitration Association, shall be the ultimate means of contesting a denied claim (even if the Plan

  

 9 

	 	 
Administrator or its delegates have failed to follow these prescribed procedures with respect to claims). The right to receive benefits under this Plan is
contingent on a Claimant using the prescribed claims and arbitration procedures to resolve any claim. Therefore, if you (or your successors) seek to resolve any claim by any means other than the prescribed claims and arbitration provisions, you must
repay all benefits received under the Plan and shall not be entitled to any further Plan benefits. 

  

	 	6.4.1	Initial Claims. All claims shall be presented to the Plan Administrator in writing. Within 90 days after receiving the claim, claims official appointed by the Plan Administrator
shall consider the claim and issue his or her determination thereon in writing. The claims official may extend the determination period for up to an additional 90 days by giving the Claimant written notice. The initial claim determination period can
be extended further with the consent of the Claimant. Any claims that the Claimant does not pursue in good faith through the initial claims stage shall be treated as having been irrevocably waived. If the Claimant can establish that the claims
official has failed to respond to the claim in a timely manner, the Claimant may treat the claim as having been denied by the claims official. 

  

	 	6.4.2	Claims Decisions. If the claim is granted, the benefits or relief the Claimant seeks shall be provided. If the claim is wholly or partially denied, the claims official shall, within
90 days (or a longer period, as described above), provide the Claimant with written notice of the denial, setting forth, in a manner calculated to be understood by the Claimant: (1) the specific reason or reasons for the denial;
(2) specific references to the provisions on which the denial is based; (3) a description of any additional material or information necessary for the Claimant to perfect the claim, together with an explanation of why the material or
information is necessary; and (4) an explanation of the procedures for appealing denied claims. 

  

	 	6.4.3	 Appeal of Denied Claims. Each Claimant shall have the opportunity to appeal the claims official’s denial of a claim in writing to an appeals official appointed
by the Plan Administrator (which may be a person, committee, or other entity). A claimant must appeal a denied claim within 60 days after receipt of written notice of denial of the claim or within 60 days after it was due if the Claimant did not
receive it by its due date. The Claimant (or his or her duly authorized representative) may review pertinent documents in connection with the appeals proceeding, and may present issues and comments in writing. The Claimant may only present evidence
and theories during the appeal that the Claimant presented during the initial claims stage, except for information the claims official 

  

 10 

	 	 
may have requested the Claimant to provide to perfect the claim. Any claims that the Claimant does not pursue in good faith through the appeals stage shall
be treated as having been irrevocably waived. 

  

	 	6.4.4	Appeals Decisions. The decision by the appeal official shall be made not later than 60 days after the written appeal is received by the Plan Administrator, unless special
circumstances require an extension of time, in which case a decision shall be rendered as soon as possible, but not later than 120 days after the appeal was filed, unless the Claimant agrees to a further extension of time. The appeals decisions
shall be in writing, shall be set forth in a manner calculated to be understood by the Claimant, and shall include specific reasons for the decision, as well as specific references to the provisions on which the decision is based, if applicable. If
a Claimant does not receive the appeals decision by the date it is due, the Claimant may deem his or her appeal to have been denied. 

  

	 	6.4.5	Procedures. The Plan Administrator shall adopt procedures by which initial claims shall be considered and appeals shall be resolved; different procedures may be established for
different claims. All procedures shall be designed to afford a Claimant full and fair consideration of his or her claim. 

 7. STATEMENT OF
ERISA RIGHTS 
 A participant in this Plan is entitled to certain rights and protections under the Employee Retirement Income Security Act of
1974, as amended (“ERISA”). ERISA provides that all plan participants shall be entitled to: 
  

	 	•	 	 Examine, without charge, at the plan administrator’s office, all plan documents, and copies of all documents filed by the plan with the U.S. Department of
Labor, such as detailed annual reports and plan descriptions. 

  

	 	•	 	 Obtain copies of plan documents and other plan information upon written request to the plan administrator. The plan administrator may make a reasonable charge for
the copies. 

  

	 	•	 	 Receive a summary of the plan’s annual financial report if the plan covers 100 or more people. The plan administrator is required by law to furnish each
participant with a copy of this summary annual report. 

 In addition to creating rights for plan participants, ERISA
imposes duties upon the people who are responsible for the operation of the employee benefit plan. The people who operate the plan, called “fiduciaries” of the plan, have a duty to do so prudently and in the interest of plan participants
and beneficiaries. No one, including the employer or any other person, may fire an employee or otherwise discriminate against an employee in any way to prevent the employee from obtaining a welfare benefit or exercising rights under ERISA. If a
claim for a welfare benefit is denied in whole or in part the employee must receive a written 

  

 11 

 
explanation of the reason for the denial. The employee has the right to have the plan review and reconsider the claim. Under ERISA, there are steps an
employee can take to enforce the above rights. For instance, if an employee requests materials from the plan and does not receive them within 30 days, the employee may file suit in a federal court. In such a case, the court may require the plan
administrator to provide the materials and pay the employee up to $110 a day until the employee receive the materials, unless the materials were not sent because of reasons beyond the control of the administrator. If the employee has a claim for
benefits which is denied or ignored, in whole or in part, the employee may file suit in a state or federal court. If an employee is discriminated against for asserting statutory rights, the employee may seek assistance from the U.S. Department of
Labor, or may file suit in a federal court. The court will decide who should pay court costs and legal fees. If an employee is successful the court may order the person sued to pay these costs and fees. If the employee loses, the court may order the
employee to pay these costs and fees, for example, if it finds the claim is frivolous. If you have any questions about this statement or about your rights under ERISA, you should contact the nearest office of the Pension and Welfare Benefits
Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Pension and Welfare Benefits Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington,
D.C. 20210. If there are any questions about this statement or about rights under ERISA, contact the nearest Area Office of the U.S. Labor-Management Services Administration, Department of Labor. 
 8. OTHER INFORMATION 
  

					
		 	Plan Sponsor:	  	 Fairchild Semiconductor
 82 Running Hill Rd

South Portland, Maine 04106
 (207) 775-8100
 EIN: 77-0449095

			
		 	Plan Name:	  	The Fairchild Semiconductor Corporation Severance Benefit Plan
			
		 	Type of Plan:	  	Welfare benefit plan - severance pay
			
		 	Plan Year:	  	The 12-month period corresponding with the Company’s fiscal year
			
		 	Plan Number:	  	510
			
		 	Plan Administrator:	  	 Fairchild Semiconductor Corporation
 82 Running Hill
Rd
 South Portland, Maine 04106

  

 12 

					
		 	Agent for Service of Legal Process:	  	 Fairchild Semiconductor Corporation
 Attn: Sr. Vice
President of Human Resources and Administration
 82 Running Hill Rd.
 South Portland, Maine 04106

  

 13

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