Document:

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                                                                    EXHIBIT 10.1

                                  [ANALOG LOGO]

                           DEFERRED COMPENSATION PLAN

                          Effective - December 1, 1995

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                              ANALOG DEVICES, INC.
                           DEFERRED COMPENSATION PLAN

                                Table of Contents

<TABLE>
<S>                                                                     <C>
ARTICLE I                                                                5
1.1 Statement of Purpose                                                 5
ARTICLE II                                                               6
DEFINITIONS                                                              6
2.1 Account.                                                             6
2.2 Base Salary.                                                         6
2.3 Beneficiary.                                                         6
2.4 Board.                                                               6
2.5 Bonus.                                                               6
2.6 Change in Control.                                                   7
2.7 Code.                                                                7
2.8 Committee.                                                           7
2.9 Compensation.                                                        7
2.10 Company Contribution Account.                                       8
2.11 Company Contribution Amount.                                        8
2.12 Company.                                                            8
2.13 Credited Service.                                                   8
2.14 Deferral Account.                                                   8
2.15 Deferral Benefit.                                                   8
2.16 Deferral Election.                                                  8
2.17 Disability.                                                         8
2.18 Early Retirement.                                                   9
2.19 Eligible Employee.                                                  9
2.20 Employer.                                                           9
2.21 Hardship Withdrawal.                                                9
2.22 Investment Return Rate.                                             9
2.23 Participant.                                                        9
2.24 Participation Agreement.                                            9
2.25 Plan.                                                               9
2.26 Plan Year.                                                         10
2.27 TIP.                                                               10
2.28 Selected Affiliate.                                                10
2.29 Retirement                                                         10
2.30 Valuation Date.                                                    10
ARTICLE III                                                             11
Eligibility and Participation                                           11
3.1 Eligibility.                                                        11
3.2 Participation.                                                      11
3.3 Change in Participation Status.                                     11
3.4 Ineligible Participant.                                             11
ARTICLE IV                                                              12
DEFERRAL OF COMPENSATION                                                12
4.1 Amount of Deferral.                                                 12
4.2 Crediting Deferred Compensation and Company Contribution
Amounts.                                                                12
ARTICLE V                                                               13
BENEFIT ACCOUNTS                                                        13
5.1 Valuation of Account.                                               13
5.2 Crediting of Investment Return.                                     13
</TABLE>

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<TABLE>
<C>                                                                     <C>
5.3 Statement of Accounts.                                              13
5.4 Vesting of Account.                                                 13
5.5 Investment Vehicles.                                                14
5.6 Transfers from Other Plans.                                         14

ARTICLE VI                                                              15
PAYMENT OF BENEFITS                                                     15
6.1 Payment of Deferral Benefit upon Death, Disability or Retirement.   15
6.2 Payment of Deferral Benefit upon Termination.                       15
6.3 Payments to Beneficiaries.                                          15
6.4 In-Service Distribution                                             15
6.5 Hardship Withdrawal.                                                16
6.6 Form of Payment.                                                    16
6.7 Commencement of Payments.                                           16
6.8 Small Benefit.                                                      17
ARTICLE VII                                                             18
BENEFICIARY DESIGNATION                                                 18
7.1 Beneficiary Designation.                                            18
7.2 Change of Beneficiary.                                              18
7.3 No Designation.                                                     18
7.4 Effect of Payment.                                                  18
ARTICLE VIII                                                            19
ADMINISTRATION                                                          19
8.1 Committee.                                                          19
8.2 Agents.                                                             19
8.3 Binding Effect of Decisions.                                        19
8.4 Indemnity of Committee.                                             19
ARTICLE IX                                                              20
AMENDMENT AND TERMINATION OF PLAN                                       20
9.1 Amendment.                                                          20
9.2 Termination.                                                        20

ARTICLE X                                                               21
MISCELLANEOUS                                                           21
10.1 Funding.                                                           21
10.2 Nonassignability.                                                  21
10.3 Legal Fees and Expenses.                                           22
10.4 Captions.                                                          22
10.5 Governing Law.                                                     22
10.6 Successors.                                                        22
10.7 Right to Continued Service.                                        23
EXHIBIT A                                                               24
EXHIBIT B                                                               25
EXHIBIT C                                                               26
</TABLE>

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                                    ARTICLE I

1.1 Statement of Purpose

This is the Analog Devices, Inc. Deferred Compensation Plan (the "Plan") made in
the form of this Plan and in related agreements between the Employer and certain
management or highly compensated employees. The purpose of the Plan is to
provide management and highly compensated employees of the Employer with the
option to defer the receipt of portions of their compensation payable for
services rendered to the Employer. It is intended that the Plan will assist in
attracting and retaining qualified individuals to serve as officers and managers
of the Employer. The Plan is effective as of December 1, 1995.

                                   ARTICLE II
                                   DEFINITIONS

When used in this Plan and initially capitalized, the following words and
phrases shall have the meanings indicated:

2.1 Account.

"Account" means the sum of a Participant's Deferral Account and Company
Contribution Account.

2.2 Base Salary.

"Base Salary" means a Participant's base earnings paid by an Employer to a
Participant without regard to any increases or decreases in base earnings as a
result of (i) an election to defer base earnings under this Plan or (ii) an
election between benefits or cash provided under a Plan of an Employer
maintained pursuant to Section 125 or 401(k) of the Code and as limited in
Exhibit B attached hereto.

2.3 Beneficiary.

"Beneficiary" means the person or persons designated or deemed to be designated
by the Participant pursuant to Article VII to receive benefits payable under the
Plan in the event of the Participant's death.

2.4 Board.

"Board" means the Board of Directors of the Company.

2.5 Bonus.

"Bonus" means a Participant's bonus or sales commission paid by the Employer to
a Participant under the plans listed in Exhibit B attached hereto and to the
degree limited in Exhibit B, as applicable, without regard to any decreases as a
result of (i) an election to defer all or any portion of a bonus under this Plan
or (ii) an election between benefits or cash provided under a plan of the
Employer maintained pursuant to Section 401(k) of the Code.

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2.6 Change in Control.

A "Change in Control" shall occur or be deemed to have occurred only if any of
the following events occur: (i) any "person," as such term is used in Sections
13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), (other than the Company, any trustee or other fiduciary holding
securities under an employee benefit plan of the Company, or any corporation
owned directly or indirectly by the stockholders of the Company in substantially
the same proportion as their ownership of stock of the Company) is or becomes
the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of securities of the Company representing 30% or more of
the combined voting power of the Company's then outstanding securities; (ii)
individuals who, as of the date hereof, constitute the Board (as of the date
hereof, the "Incumbent Board") cease for any reason to constitute at least a
majority of the Board, provided that any person becoming a director subsequent
to the date hereof whose election, or nomination for election by the Company's
stockholders, was approved by a vote of at least a majority of the directors
then comprising the Incumbent Board (other than an election or nomination of an
individual whose initial assumption of office is in connection with an actual or
threatened election context relating to the election of the directors of the
Company, as such terms are used in Rule 14a-11 of Regulation 14A under the
Exchange Act) shall be, for purposes of this Agreement, considered as though
such person were a member of the Incumbent Board; or (iii) the stockholders of
the Company approve a merger or consolidation of the Company with any other
corporation, other than (A) 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) more than 80% of the combined
voting power of the voting securities of the Company or such surviving entity
outstanding immediately after such merger or consolidation or (B) a merger or
consolidation effected to implement a recapitalization of the Company, (or
similar transaction) in which no "person" (as herein above defined) acquires
more than 50% of the combined voting power of the Company's then outstanding
securities; or (iv) the stockholders of the Company approve a plan of complete
liquidation of the Company or an agreement for the sale or disposition by the
Company of all or substantially all of the Company's assets.

2.7 Code.

"Code" means the Internal Revenue Code of 1986, as amended.

2.8 Committee.

"Committee" has the meaning set forth in Section 8.1.

2.9 Compensation.

"Compensation" means the Base Salary and Bonus payable with respect to an
Eligible Employee for each plan year.

2.10 Company Contribution Account.

"Company Contribution Account" means the account maintained on the books of the
Employer for the purpose of accounting for the Company Contribution Amount and
for the amount of investment return credited thereto for each Participant

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pursuant to Article V.

2.11 Company Contribution Amount.

"Company Contribution Amount" means the amount credited to a Participant's
Company Contribution Account under Section 4.2.

2.12 Company.

"Company" means Analog Devices, Inc. (Analog) and any successor thereto.

2.13 Credited Service.

"Credited Service" means the sum of all periods of a Participant's employment by
the Company or a Selected Affiliate for which service credit is given under the
Analog TIP Plan.

2.14 Deferral Account.

"Deferral Account" means the account maintained on the books of the Employer for
the purpose of accounting for the amount of Compensation that each Participant
elects to defer under the Plan and for the amount of investment return credited
thereto for each Participant pursuant to Article V.

2.15 Deferral Benefit.

"Deferral Benefit" means the benefit payable to a Participant or his or her
Beneficiary pursuant to Article VI.

2.16 Deferral Election.

"Deferral Election" means the written election made by a Participant to defer
Compensation pursuant to Article IV.

2.17 Disability.

"Disability" means a Participant's Disability as defined under the Company's
Long Term Disability Plan or its successors.

2.18 Early Retirement.

"Early Retirement" will be as granted by the Committee at its sole discretion.

2.19 Eligible Employee.

"Eligible Employee" means a highly compensated or management employee of the
Company who is designated by the Committee, by name or group or description, in
accordance with Section 3.1 as eligible to participate in the Plan.

2.20 Employer.

"Employer" means, with respect to a Participant, the Company or the Selected
Affiliate which pays such Participant's Compensation.

2.21 Hardship Withdrawal.

"Hardship Withdrawal" has the meaning set forth in Section 6.5.

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2.22 Investment Return Rate.

"Investment Return Rate" means:

         (a)     In the case of an investment named in Exhibit C of a fixed
                 income nature, the interest deemed to be credited,

         (b)     In the case of an investment named in Exhibit C of an equity
                 investment nature, the increase and decrease in deemed value
                 and dividends deemed to be credited.

2.23 Participant.

"Participant" means any Eligible Employee who elects to participate by filing a
Participation Agreement or who is automatically enrolled as provided in Section
3.2.

2.24 Participation Agreement.

"Participation Agreement" means the agreement filed by a Participant, in the
form prescribed by the Committee, pursuant to Section 3.2.

2.25 Plan.

"Plan" means the Analog Devices, Inc. Deferred Compensation Plan, as amended
from time to time.

2.26 Plan Year.

"Plan Year" means a twelve-month period commencing January 1 and ending the
following December 31, provided that the first Plan year shall commence December
1, 1995, and end December 31, 1996.

2.27 TIP.

"TIP" means, with respect to a Participant, the Analog Devices, Inc. "The
Investment Partnership", or its successor, as Amended and Restated December 31,
1994, or as may be amended from time to time.

2.28 Selected Affiliate.

"Selected Affiliate" means (1) any Company in an unbroken chain of companies
beginning with the Company if each of the companies other than the last company
in the chain owns or controls, directly or indirectly, stock possessing not less
than 50 percent of the total combined voting power of all classes of stock in
one of the other companies, or (2) any partnership or joint venture in which one
or more of such companies is a partner or venturer, each of which shall be
selected by the Committee.

2.29 Retirement

"Retirement" means the termination of a Participant who has reached age 65.

2.30 Valuation Date.

"Valuation Date" means a date on which the amount of a Participant's Account is

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valued as provided in Article V. The Valuation Date shall be the end of the Plan
year and any other date determined by the Committee.

                                   ARTICLE III

                          Eligibility and Participation

3.1 Eligibility.

Eligibility to participate in the Plan is limited to Eligible Employees. From
time to time, and subject to Section 3.4, the Committee shall prepare, and
attach to the Plan as Exhibit A, a complete list of the Eligible Employees, by
individual name or by reference to an identifiable group of persons or by
descriptions of the components of compensation of an individual which would
qualify individuals which are eligible to participate and all of whom shall be a
select group of management or highly compensated employees.

3.2 Participation.

Participation in the Plan shall be limited to Eligible Employees who elect to
participate in the Plan by filing a Participation Agreement with the Committee.
An Eligible Employee shall commence participation in the Plan upon the first day
of his or her first payroll period following the receipt of his or her
Participation Agreement by the Committee.

3.3 Change in Participation Status.

A Participant may change a previously elected percentage of deferral of Base
Salary or elect to terminate his or her participation in the Plan at any time by
filing a written notice thereof with the Committee. Changes will only become
effective as of the beginning of the next payroll period in the month following
receipt of the change in election by the Committee and in accordance with the
Company's prevailing administrative procedures. Amounts credited to such
Participant's Account with respect to periods prior to the effective date of
such termination shall continue to be payable pursuant to, receive investment
credit on, and otherwise be governed by, the terms of the Plan. A participant
may change a previously elected percentage of deferral of Bonus, or elect to
terminate future Bonus deferrals, by filing a written notice thereof with the
Committee prior to the start of the next Bonus measurement period.

3.4 Ineligible Participant.

Notwithstanding any other provisions of this Plan to the contrary, if the
Committee determines that any Participant may not qualify as a "management or
highly compensated employee" within the meaning of the Employee Retirement
Income Security Act of 1974, as amended ("ERISA"), or regulations thereunder,
the Committee may determine, in its sole discretion, that such Participant shall
cease to be eligible to participate in this Plan. Upon such determination, the
Employer shall make a sum payment to the Participant equal to the vested amount
credited to his Account as soon as administratively practicable. Upon such
payment, no benefit shall thereafter be payable under this Plan either to the
Participant or any Beneficiary of the Participant, and all of the Participant's
elections as to the time and manner of payment of his Account will be deemed to
be canceled.

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                                   ARTICLE IV
                            DEFERRAL OF COMPENSATION

4.1 Amount of Deferral.

With respect to each Plan Year, a Participant may elect to defer a specified
percentage of his or her Compensation up to the percentage of compensation
defined and the terms described in Exhibit B attached hereto.

4.2 Crediting Deferred Compensation and Company Contribution Amounts.

The amount of Compensation that a Participant elects to defer under the Plan
shall be credited by the Employer to the Participant's Deferral Account
periodically, the frequency of which will be determined by the Committee. To the
extent that the Employer is required to withhold any taxes or other amounts from
a Participant's deferred Compensation pursuant to any state, federal or local
law, such amounts shall be withheld only from the Participant's compensation
before such amounts are credited. The Company Contribution Amount under the Plan
for each Participant shall be credited by the Employer periodically, the
frequency of which will be determined by the Committee. For each Plan Year, the
Company shall credit the account of each Participant with an amount (the
"Company Contribution Amount") equal to 7% multiplied by the greater of (i) the
amount credited to the Participant's Deferral Account in such Plan Year pursuant
to Section 4.1; or (ii) the amount by which the Participant's compensation in
such Plan Year exceeds the dollar amount currently in effect for such Plan Year
under Section 401(a)(17) of the Code.

                                    ARTICLE V
                                BENEFIT ACCOUNTS

5.1 Valuation of Account.

As of each Valuation Date, a Participant's Account shall consist of the balance
of the Participant's Account as of the immediately preceding Valuation Date,
plus the Participant's Deferred Compensation and Company Contribution Amount
credited pursuant to Section 4.2 since the immediately preceding Valuation Date,
plus investment return credited as of such Valuation Date pursuant to Section
5.2, minus the aggregate amount of distributions, if any, made from such Account
since the immediately preceding Valuation Date.

5.2 Crediting of Investment Return.

As of each Valuation Date, each Participant's Deferral Account and Company
Contribution shall be increased by the amount of investment return earned since
the immediately preceding Valuation Date. Investment return shall be credited at
the Investment Return Rate as of such Valuation Date based on the average
balance of the Participant's Deferral Account and Company Contribution,
respectively, since the immediately preceding Valuation Date, but after such
Accounts have been adjusted for any contributions or distributions to be
credited or deducted for such period. Investment return for the period prior to
the first Valuation Date applicable to a Deferral Account or an Company
Contribution shall be deemed earned ratably over such period. Until a
Participant or his or her Beneficiary receives his or her entire Account, the
unpaid balance thereof shall earn an investment return as provided in this
Section 5.2.

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5.3 Statement of Accounts.

The Committee shall provide to each Participant, within 30 days after the close
of each calendar quarter, a statement setting forth the balance of such
Participant's Account as of the last day of the preceding calendar quarter and
showing all adjustments made thereto during such calendar quarter.

5.4 Vesting of Account.

Except as provided in Sections 10.1 and 10.2, a Participant shall be 100% vested
in his or her Deferral Account at all times. A Participant's interest in his or
her Company Contribution Account shall be 100% vested as of a Change in Control.
Prior to this event, a Participant's interest in his or her Company Contribution
Account shall vest under the vesting schedule for the employer contributions
under TIP.

Any nonvested portion of a Participant's Company Contribution Account shall be
forfeited at termination. Forfeitures under the Plan shall be for the benefit of
the Employer and shall not be credited to other Participants.

5.5 Investment Vehicles.

The Company may select investment vehicles owned as general assets by the
Company or as assets of a trust described in Section 10.1 to establish the
Investment Return Rate. The deemed investment vehicles are set forth in Exhibit
C, which the Company may amend from time to time in its sole discretion.

A Participant may request the Company to make deemed investments of the credit
balance of his Deferral Account in one or more of such investment vehicles. A
Participant may change the deemed investment of his Deferral Account or change
the deemed investment of future credits to his Deferral Account and the deemed
investment of his existing Deferral Account balance may differ from the deemed
investment of future amounts credited to the Deferral Account. Such changes
shall be made in accordance with procedures as the Committee may establish from
time to time. Such procedures may regulate the frequency of such changes and the
form of notice required to make such election or changes. The Committee may also
establish a deemed investment which shall apply if the Participant makes no
election.

The effective date of any change shall be the date for which the appropriate
direction to the Company or its designee has been properly received in
accordance with the procedures established by the Committee. The Committee shall
have the right to refuse to honor any Participant direction related to
investments or withdrawals, including transfers among investment options, where
necessary or desirable to assure compliance with applicable law including U.S.
and other securities laws. However, neither the Company nor the Committee
assumes any responsibility for compliance by officers or others with any such
laws, and any failure by the Company or the Committee to delay or dishonor any
such direction shall not be deemed to increase the Company's legal obligations
to the Participant or third parties.

5.6 Transfers from Other Plan.

The Plan may accept the transfer of amounts previously deferred by a Participant
under another arrangement sponsored by the Company. Any amount

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so transferred shall be credited to the Participant's Deferred Account as of the
date of the transfer.

                                   ARTICLE VI
                               PAYMENT OF BENEFITS

6.1 Payment of Deferral Benefit upon Death, Disability or Retirement.

Upon the death, Disability, Early Retirement, or Retirement of a Participant,
the Employer shall pay to the Participant or his Beneficiary a Deferral Benefit
equal to the balance of his or her vested Account determined pursuant to Article
V, less any amounts previously distributed, based on his written election
pursuant to Section 6.6

6.2 Payment of Deferral Benefit upon Termination.

Upon the termination of service of the Participant as an employee of the
Employer and all Selected Affiliates for reasons other than death, Disability,
or Retirement, the Employer shall pay to the Participant a Deferral Benefit in a
lump sum equal to the balance of his or her vested Account determined pursuant
to Article V, less any amounts previously distributed, as soon as
administratively practical.

6.3 Payments to Beneficiaries.

In the event of the Participant's death prior to his or her receipt of all
elected annual installments, his or her Beneficiary will receive the remaining
annual installments at such times as such installments would have become
distributable to the Participant.

6.4 In-Service Distribution

A participant may elect to receive an in-service distribution of a portion or
all of his or her Deferral Account only beginning at any time not less than one
year after the end of the Plan Year in which such Compensation was deferred. A
Participant's election for an in-service distribution shall be filed annually in
writing with the Committee at the same time his or her Deferral Election is
made. The Participant may elect to receive such Compensation as an in-service
distribution in lump sum only, the amount of which will be the lesser of the
distribution election for that year or the Deferral Account balance attributable
to that year's deferral. Any benefits paid to the Participant as an in-service
distribution shall reduce the amount of Deferral Benefit otherwise payable to
the Participant under the Plan.

6.5 Hardship Withdrawal.

In the event that the Committee, under written request of a Participant,
determines, in its sole discretion, that the Participant has suffered an
unforeseeable financial emergency, the Employer shall pay to the Participant, as
soon as practicable following such determination, an amount necessary to meet
the emergency (the "Hardship Withdrawal"), but not exceeding the aggregate
balance of such Participant's Deferral Account as of the date of such payment.
For purposes of this Section 6.5, an "unforeseeable financial emergency" shall
mean an event that the Committee determines to give rise to an unexpected need
for cash arising from an illness, casualty loss, sudden financial reversal or
other such unforeseeable occurrence. Amounts of Hardship

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Withdrawal may not exceed the amount the Committee reasonably determines to be
necessary to meet such emergency needs (including taxes incurred by reason of a
taxable distribution). The amount of the Deferral Benefit otherwise payable
under the Plan to such Participant shall be adjusted to reflect the early
payment of the Hardship Withdrawal.

6.6 Form of Payment.

The Deferral Benefit payable pursuant to Section 6.1 shall be paid in one of the
following forms, as elected by the Participant in his or her Participant
Agreement on file as of one (1) year and one (1) day prior to the date of
termination or death:

       (a)     Annual payments of a fixed amount which shall amortize the vested
               Account balance of the payment commencement date over a period
               not to exceed ten (10) years (together, in the case of each
               annual payment, with interest thereon credited after the payment
               commencement date pursuant to Section 5.2).

       (b)     A lump sum as soon as administratively practical. In the event a
               Participant fails to make a distribution election, his or her
               vested Account Balance shall be distributed as a lump sum
               distribution as soon as administratively practical after his or
               her termination, death or Disability.

6.7 Commencement of Payments.

Commencement of payments under Section 6.1 of the Plan shall begin within 60
days following receipt of written notice by the Committee of an event which
entitles a Participant (or a Beneficiary) to payments under the Plan.

6.8 Small Benefit.

In the event the Committee determines that the balance of a Participant's
Account is less than $3,500 at the time of commencement of payments, or the
portion of the balance of the Participant's Account payable to any Beneficiary
is less than $3,500 at the time of commencement of payments, the Committee may
inform the Employer and the Employer, in its discretion, may choose to pay the
benefit in the form of a lump sum payment, notwithstanding any provision of the
Plan or a Participant election to the contrary. Such lump sum payment shall be
equal to the balance of the Participant's Account or the portion thereof payable
to a Beneficiary.

                                   ARTICLE VII
                             BENEFICIARY DESIGNATION

7.1 Beneficiary Designation.

Each Participant shall have the sole right, at any time, to designate any person
or persons as his Beneficiary to whom payment under the Plan shall be made in
the event of his or her death prior to complete distribution to the Participant
of his or her Account. Any Beneficiary designation shall be made in a written
instrument provided by the Committee. All Beneficiary designations must be filed
with the Committee and shall be effective only when

<PAGE>

received in writing by the Committee. In the event that a Beneficiary form has
not been filed, the Beneficiary to whom payment has been designated under TIP
plan shall be used.

7.2 Change of Beneficiary Designation.

Any Beneficiary designation may be changed by a Participant by the filing of a
new Beneficiary designation, which will cancel all Beneficiary designations
previously filed. The designation of a Beneficiary may be made or changed at any
time without the consent of any person.

7.3 No Designation.

If a Participant fails to designate a Beneficiary as provided above, or if all
designated Beneficiaries predecease the Participant, then the Participant's
designated Beneficiary shall be deemed to be the Participant's estate.

7.4 Effect of Payment.

Payment to a Participant's Beneficiary (or, upon the death of a primary
Beneficiary, to the contingent Beneficiary or, if none, to the Participant's
estate) shall completely discharge the Employer's obligations under the Plan.

                                  ARTICLE VIII
                                 ADMINISTRATION

8.1 Committee.

The administrative committee for the Plan (the "Committee") shall be those
members of the Compensation Committee of the Board who are not Participants, as
long as there are at least three such members. If there are not at least three
such non-participating persons on the Compensation Committee, the Chief
Executive Officer of the Company shall appoint other non-participating Directors
or Company officers to serve on the Committee. The Committee shall have complete
discretion to i) supervise the administration and operation of the Plan, ii)
adopt rules and procedures governing the Plan from time to time and iii) shall
have authority to give interpretive rulings with respect to the Plan. The
Committee hereby delegates all of its duties as they apply to Participants who
are not corporate officers of the Company to a management committee of the
Company comprised of the President and Chief Operating Officer, the Vice
President of Finance and Chief Financial Officer, and the Vice President of
Human Resources.

8.2 Agents.

The Committee may appoint an individual, who may be an employee of the Company,
to be the Committee's agent with respect to the day-to-day administration of the
Plan. In addition, the Committee may, from time to time, employ other agents and
delegate to them such administrative duties as it sees fit, and may from time to
time consult with counsel who may be counsel to the Company.

8.3 Binding Effect of Decisions.

Any decision or action of the Committee with respect to any question arising out
of or in connection with the administration, interpretation and application of
the Plan shall be final and binding upon all persons having any

<PAGE>

interest in the Plan.

8.4 Indemnification of Committee.

The Company shall indemnify and hold harmless the members of the Committee and
their duly appointed agents under Section 8.2 against any and all claims, loss,
damage, expense or liability arising from any action or failure to act with
respect to the Plan, except in the case of gross negligence or willful
misconduct by any such member or agent of the Committee.

                                   ARTICLE IX
                        AMENDMENT AND TERMINATION OF PLAN

9.1 Amendment.

The Company, on behalf of itself and of each Selected Affiliate may at any time
amend, suspend or reinstate any or all of the provisions of the Plan, except
that no such amendment, suspension or reinstatement may adversely affect any
Participant's Account, as it existed as of the day before the effective date of
such amendment, suspension or reinstatement, without such Participant's prior
written consent. The Committee or its delegatee as the case may be, in its sole
discretion, may accelerate the date of payment of a Participant's Account.
Written notice of any amendment or other action with respect to the Plan shall
be given to each Participant.

9.2 Termination.

The Company, on behalf of itself and of each Selected Affiliate, in its sole
discretion, may terminate this Plan at any time and for any reason whatsoever.
Upon termination of the Plan, the Committee shall take those actions necessary
to administer any Accounts existing prior to the effective date of such
termination; provided, however, that a termination of the Plan shall not
adversely affect the value of a Participant's Account, as it existed as of the
day before the effective date of such termination, or the timing or method of
distribution of a Participant's Account, without the Participant's prior written
consent. Notwithstanding the foregoing, a termination of the Plan shall not give
rise to accelerated or automatic vesting of any Participant's Account.

                                    ARTICLE X
                                  MISCELLANEOUS

10.1 Funding.

Participants, their Beneficiaries, and their heirs, successors and assigns,
shall have no secured interest or claim in any property or assets of the
Employer. The Employer's obligation under the Plan shall be merely that of an
unfunded and unsecured promise of the Employer to pay money in the future.
Notwithstanding the foregoing, in the event of a Change in Control, the Company
shall create an irrevocable trust, or before such time the Company may create an
irrevocable or revocable trust, to hold funds to be used in payment of the
obligations of Employers under the Plan. In the event of a Change in Control or
prior thereto, the Employers shall fund such trust in an amount equal to not
less than the total value of the Participants' Accounts under the Plan as of the
Valuation Date immediately preceding the Change in Control, provided that any
funds contained therein shall remain liable for the claims of the respective
Employer's general creditors.

<PAGE>

10.2 Nonassignability.

No right or interest under the Plan of a Participant or his or her Beneficiary
(or any person claiming through or under any of them) shall be assignable or
transferable in any manner or be subject to alienation, anticipation, sale,
pledge, encumbrance or other legal process or in any manner be liable for or
subject to the debts or liabilities of any such Participant or Beneficiary. If
any Participant or Beneficiary shall attempt to or shall transfer, assign,
alienate, anticipate, sell, pledge or otherwise encumber his or her benefits
hereunder or any part thereof, or if by reason of his or her bankruptcy or other
event happening at any time such benefits would devolve upon anyone else or
would not be enjoyed by him or her, then the Committee, in its discretion, may
terminate his or her interest in any such benefit (including the Deferral
Account) to the extent the Committee considers necessary or advisable to prevent
or limit the effects of such occurrence. Termination shall be effected by filing
a written "termination declaration" with the Clerk of the Company and making
reasonable efforts to deliver a copy to the Participant or Beneficiary whose
interest is adversely affected (the "terminated participant"). As long as the
terminated participant is alive, any benefits affected by the termination shall
be retained by the Employer and, in the Committee's sole and absolute judgment,
may be paid to or expended for the benefit of the terminated participant, his or
her spouse, his or her children or any other person or persons in fact dependent
upon him or her in such a manner as the Committee shall deem proper. Upon the
death of the terminated participant, all benefits withheld from him or her and
not paid to others in accordance with the preceding sentence shall be disposed
of according to the provisions of the Plan that would apply if he or she died
prior to the time that all benefits to which he or she was entitled were paid to
him or her.

10.3 Legal Fees and Expenses.

It is the intent of the Company and each Selected Affiliate that no Eligible
Employee or former Eligible Employee be required to incur the expenses
associated with the enforcement of his or her rights under this Plan by
litigation or other legal action because the cost and expense thereof would
substantially detract from the benefits intended to be extended to an Eligible
Employee hereunder. Accordingly, if after a Change in Control it should appear
that the Employer has failed to comply with any of its obligations under this
Plan or in the event that the Employer or any other person takes any action to
declare this Plan void or unenforceable, or institutes any litigation designed
to deny, or to recover from, the Eligible Employee the benefits intended to be
provided to such Eligible Employee hereunder, the Employer irrevocably
authorizes such Eligible Employee from time to time to retain counsel of his or
her choice, at the expense of the Employer as hereafter provided, to represent
such Eligible Employee in connection with the initiation or defense of any
litigation or other legal action, whether by or against the Employer or any
director, officer, stockholder or other person affiliated with the Employer in
any jurisdiction. Notwithstanding any existing or prior attorney-client
relationship between the Employer and such counsel, the Employer irrevocably
consents to such Eligible Employee's entering into an attorney-client
relationship with such counsel, and in that connection the Employer and such
Eligible Employee agree that a confidential relationship shall exist between
such Eligible Employee and such counsel. The Employer shall pay and be solely
responsible for any and all attorneys' and related fees and expenses incurred by
such Eligible Employee as a result of

<PAGE>

the Employer's failure to perform under this Plan or any provision thereof; or
as a result of the Employer or any person contesting the validity or
enforceability of this Plan or any provision thereof.

10.4 Captions.

The captions contained herein are for convenience only and shall not control or
affect the meaning or construction hereof.

10.5 Governing Law.

The provisions of the Plan shall be construed and interpreted according to the
laws of the Commonwealth of Massachusetts.

10.6 Successors.

The provisions of the Plan shall bind and inure to the benefit of the Company,
its Selected Affiliates, and their respective successors and assigns. The term
successors as used herein shall include any corporate or other business entity
which shall, whether by merger, consolidation, purchase or otherwise, acquire
all or substantially all of the business and assets of the Company or a Selected
Affiliate and successors of any such Company or other business entity.

10.7 Right to Continued Service.

Nothing contained herein shall be construed to confer upon any Eligible Employee
the right to continue to serve as an Eligible Employee of the Employer or in any
other capacity.

Executed this 29th day of November, 1995.

                        Analog Devices, Inc.

                        By: Joseph E. McDonough

                        Title:  Vice President - Finance and
                                Chief Financial Officer

<PAGE>

                                                                       EXHIBIT A

                                        Re:     Section 3.1 - Eligible Employees
                                                  Date:               , 19    .

The Committee has determined that the following named individuals or groups of
persons or descriptions of the components of compensation of an individual which
would qualify individuals which are eligible to participate in the Plan as
Eligible Employees:

ELIGIBLE FOR COMPANY CONTRIBUTION AMOUNTS:

Employees whose annual compensation in any calendar year exceeds the dollar
amount currently in effect for such calendar year under Section 401(a)(17) of
the Code. The Company reserves the right to make cash payments to individuals of
Company Contribution Amounts that are less than or equal to $500.

ELIGIBLE FOR DEFERRAL BENEFITS:

The following select group of highly compensated, management employees:

<PAGE>

                                                                       EXHIBIT B

                                        Re:     Section 4.1 - Amount of Deferral
                                                    Dated:               , 19__

As of the date above, and effective until this Exhibit is Modified by the
Committee, the table below indicates the types of compensation which are
eligible for income deferral at the assigned percentages as noted:

<TABLE>
<CAPTION>
                              Maximum Percentage
Type of Compensation          that can be deferred         Other Limitations
--------------------------------------------------------------------------------
<S>                           <C>                         <C>
Base Salary                        100%
--------------------------------------------------------------------------------
Bonus                              100%
--------------------------------------------------------------------------------
</TABLE>

<PAGE>

                                                                       EXHIBIT C

                                   Re:     Section 2.18 - Investment Return Rate
                                             Date:                     , 19    .

The following indicate the investment account equivalents available as of the
date indicated that are used in determining the Investment Return Rate.

<TABLE>
<CAPTION>
       Account Name                           Effective Date
<S>                                           <C>
Fidelity Income Fund                            12/1/95
Fidelity Equity Income Fund                     12/1/95
Fidelity Magellan Fund                          12/1/95
Fidelity Intermediate Bond Fund                 12/1/95
Fidelity Growth Company Fund                    12/1/95
Fidelity Overseas Fund                          12/1/95
Moody's Baa                                     12/1/95
Moody's Baa Index + 3%                          12/1/95
</TABLE>
<PAGE>

                              ANALOG DEVICES, INC.
                           DEFERRED COMPENSATION PLAN

                                 Amendment No. 1

                                December 3, 1996

         1.       Section 2.9 is hereby amended to read as follows:
"Compensation means the Base Salary, Bonus, Director's fees and meeting fees,
income recognized upon exercise of stock options and income recognized upon
vesting of restricted stock payable with respect to an Eligible Employee for
each plan year."

         2.       Section 2.19 is hereby amended by adding the following
sentence at the end thereof: "The term 'Eligible Employee' shall include any
director of the Company."

         3.       Section 5.6 of the Company's Deferred Compensation Plan is
hereby amended to read in its entirety as follows:

                           "5.6     The Plan may accept the transfer of amounts
                  or assets deferred by a Participant under any other deferral
                  arrangement provided by the Company, including without
                  limitation, any shares of Company Common Stock which but for
                  such deferral, would (i) be issued to the Participant upon
                  exercise of stock options granted by the Company or (ii) be
                  vested and nonforfeitable in the case of restricted stock
                  issued to the Participant. In the case of amounts deferred in
                  the form of units of Company Common Stock pursuant to a stock
                  option exercise, where shares of Company Common Stock have
                  been issued to a trust established by the Company to provide a
                  source of funds to assist it in meeting its obligations under
                  the Plan, a change in the investment measurement medium from
                  units of Company Common Stock to another form of investment
                  measurement medium shall not be effective until such stock has
                  been disposed of by such trust. Notwithstanding the preceding
                  provisions of this Article V, any amounts deferred in the form
                  of units of Company Common Stock shall be accounted for on a
                  share by share basis until a change in the investment
                  measurement medium is made pursuant to Section 5.5 above."

         4.       The Table on Exhibit B is hereby amended to read in its
entirety as follows:

<TABLE>
<CAPTION>
                                           MAXIMUM PERCENTAGE
       TYPE OF COMPENSATION                THAT CAN BE DEFERRED       OTHER LIMITATIONS
<S>                                        <C>                        <C>
Base Salary.........................            100%
Bonus...............................            100%
Director's fees and meeting fees....            100%
Shares otherwise
issuable upon
stock option exercise...............            100%
Restricted shares that would
 otherwise vest and be
 nonforfeitable.....................            100%
</TABLE>

         5.       The following line is added to the Table on Exhibit C:

                  "Analog Devices, Inc. Common Stock          December 1, 1996."

<PAGE>

                              ANALOG DEVICES, INC.
                           DEFERRED COMPENSATION PLAN

                                 Amendment No. 2

                                 March 11, 1997

1.       The list of "Eligible Employees" on Exhibit A is hereby amended in its
         entirety as follows:

         Bowers, Derek
         Brennan, Russell
         Brokaw, A. Paul
         Brown, Ross E.
         Buss, Dennis D.
         Counts, Lewis
         Fishman, Jerald
         French, David D.
         Gilbert, Barrie
         Johnsen, Russell K.
         Lapham, Jerome F.
         Mapplebeck, Fred
         Martin, William A.
         McAloon, Brian
         McDonough, Joseph E.
         Memishian, John
         Mercer, Doug
         Nasser, Mohammad S.
         Norton, Mark R.
         Palmer, Wyn T.
         Payne, Richard S.
         Roberts Jr., Carl M.
         Ruggerio, Paul
         Scharf, Brad W.
         Stata, Ray
         Suttler, Henry Goodloe
         Thomas, Geoffrey R.
         Timko, Michael P.
         Tsang, Wei Kong
         Weigold, Franklin
         Wilson, James
         Doyle, John
         Fuller, Samuel
         Holliday Jr., Charles O.
         Lowe, Philip L.
         McKeague, Gordon C.
         Moses, Joel
         Thurow, Lester C.

<PAGE>

2.       The table on Exhibit C is hereby amended in its entirety as follows:

<TABLE>
<CAPTION>
    ACCOUNT NAME                    EFFECTIVE DATE
    ------------                    --------------
<S>                                 <C>
Fidelity Income Fund                    12/1/95
Fidelity U.S. Bond Index                3/11/97
Fidelity Equity Income                  12/1/95
Fidelity U.S. Equity Index              3/11/97
Fidelity Growth & Income                3/11/97
Fidelity Magellan                       12/1/95
Fidelity Growth Company                 12/1/95
Fidelity Low Priced Stock               3/11/97
Templeton Foreign I                     3/11/97
Moody's Baa Index                       12/1/95
Moody's Baa Index + 3%*                 12/1/95
Analog Common Stock                     12/1/96
</TABLE>

<PAGE>

                              ANALOG DEVICES, INC.
                           DEFERRED COMPENSATION PLAN

                                 AMENDMENT NO. 3

                                November 5, 1997

         Section 5.6 of the Company's Deferred Compensation Plan is amended to
read in its entirety as follows:

                  "5.6     The Plan may accept the transfer of amounts or assets
         deferred by a Participant under any other deferral arrangement provided
         by the Company, including without limitation, any shares of Company
         Common Stock which, but for such deferral, (i) would be issued to the
         Participant upon exercise of stock options granted by the Company or
         (ii) be vested and nonforfeitable in the case of restricted stock
         issued to the Participant. In the case of amounts deferred in the form
         of units of Company Common Stock pursuant to a stock option exercise,
         where shares of Company Common Stock have been issued to a trust
         established by the Company to provide a source of funds to assist it in
         meeting its obligations under the Plan, a change in the investment
         measurement medium from units of Company Common Stock to another form
         of investment measurement medium shall not be effective until such
         stock has been disposed of by such trust. Notwithstanding the preceding
         provisions of this Article V, any amounts deferred in the form of units
         of Company Common Stock shall be accounted for on a share by share
         basis until a change in the investment measurement medium is made
         pursuant to Section 5.5, above, and no change in the investment medium
         may be made with respect to amounts deferred in the form of units of
         Company Common Stock arising out of stock options or restricted stock
         granted or issued by the Company after July 23, 1997."

<PAGE>

                              ANALOG DEVICES, INC.
                           DEFERRED COMPENSATION PLAN

                                 Amendment No. 4

                               September 10, 2003

         The Analog Devices, Inc. Deferred Compensation Plan is hereby amended
as follows, effective as of the above date, except as otherwise provided:

         1.       Section 2.17 is hereby amended to read in its entirety as
                  follows:

                  "Disability" means a Participant's Disability as defined by
                  the Company.

         2.       Section 2.29 is hereby amended to read in its entirety as
                  follows:

                  "Retirement" means the termination of a Participant who has
                  reached age 62 and completed 10 years of vesting service under
                  the Company's The Investment Partnership Plan.

         3.       Section 6.4 is hereby deleted; provided, however, that the
                  deletion of Section 6.4 shall have no effect on any election
                  to receive an in-service distribution that had been made prior
                  to the above effective date.

         4.       Section 6.6 is hereby amended by inserting the following
                  sentences at the end thereof, to be effective with respect to
                  Participants who terminate due to Retirement, Disability, or
                  death after January 31, 2004:

                  Notwithstanding any provision of this Plan to the contrary,
                  the Moody's Baa investment vehicle shall not be available to
                  be elected by a Participant who is receiving payment in the
                  form of annual payments under this Section 6.6(a). From and
                  after the date payment begins under this Section 6.6(a), an
                  election of the Moody's Baa investment vehicle shall be deemed
                  to be an election of the Fidelity Retirement Money Market
                  Portfolio.<PAGE>

                                                                   EXHIBIT 10.28

                                 TRUST AGREEMENT

                                     BETWEEN

                 ----------------------------------------------

                              ANALOG DEVICES, INC.

                                       AND

                        FIDELITY MANAGEMENT TRUST COMPANY

                 ----------------------------------------------

                 ANALOG DEVICES, INC. DEFERRED COMPENSATION PLAN

                                      TRUST

                           DATED AS OF OCTOBER 1, 2003

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
SECTION                                                                                                PAGE
-------                                                                                                ----
<S>                                                                                                    <C>
1   DEFINITIONS....................................................................................     2

2   TRUST..........................................................................................     3
    (a) Establishment
    (b) Grantor Trust
    (c) Trust Assets
    (d) Non-Assignment
    (e) Change in Control

3   PAYMENTS TO SPONSOR............................................................................     4

4   DISBURSEMENT...................................................................................     4
    (a) Directions from Administrator
    (b) Limitations

5   INVESTMENT OF TRUST............................................................................     4
    (a) Selection of Investment Options
    (b) Available Investment Options
    (c) Investment Directions
    (d) Mutual Funds
    (e) Trustee Powers

6   RECORDKEEPING AND ADMINISTRATIVE SERVICES TO BE PERFORMED......................................     7
    (a) General
    (b) Accounts
    (c) Inspection and Audit
    (d) Effect of Plan Amendment
    (e) Returns, Reports and Information

7   COMPENSATION AND EXPENSES......................................................................     8

8   DIRECTIONS AND INDEMNIFICATION.................................................................     9
    (a) Identity of Administrator
    (b) Directions from Administrator
    (c) Directions from Participants
    (d) Indemnification
    (e) Survival

9   RESIGNATION OR REMOVAL OF TRUSTEE..............................................................    10
    (a) Resignation & Removal
    (b) Termination
    (c) Notice Period
    (d) Transition Assistance
    (e) Failure to Appoint Successor

10   SUCCESSOR TRUSTEE.............................................................................    11
    (a) Appointment
    (b) Acceptance
    (c) Corporate Action
</TABLE>

                                        i

<PAGE>

                                TABLE OF CONTENTS
                                   (CONTINUED)

<TABLE>
<CAPTION>
SECTION                                                                                               PAGE
-------                                                                                               ----
<S>                                                                                                   <C>
11   RESIGNATION, REMOVAL, AND TERMINATION NOTICES..................................................   11

12   DURATION.......................................................................................   11

13   INSOLVENCY OF SPONSOR..........................................................................   11

14   AMENDMENT OR MODIFICATION......................................................................   13

15   ELECTRONIC SERVICES ...........................................................................   13

16   CHANGE IN CONTROL..............................................................................   14
     (a)  Definition
     (b)  Notification
     (c) Duty

17   GENERAL........................................................................................   15
     (a) Performance by Trustee, its Agent or Affiliates
     (b) Entire Agreement
     (c) Waiver
     (d) Successors and Assigns
     (e) Partial Invalidity
     (f) Section Headings

18   GOVERNING LAW..................................................................................   16
     (a) Massachusetts Controls
     (b) Trust Agreement Controls
</TABLE>

SCHEDULES

A. Recordkeeping and Administrative Services

B. Fee Schedule

C. Administrator's Authorization Letter

D. Operational Guidelines for Non-Fidelity Mutual Funds

E. Exchange Guidelines

F. Operating Procedures for Moody's Baa Benchmark Fund

G. Operating Procedures for Merrill Lynch Semiconductor HOLDRS(sw) Fund

                                       ii

<PAGE>

         TRUST AGREEMENT, dated as of the first day of October 2003, between
ANALOG DEVICES, INC., a Massachusetts corporation, having an office at Three
Technology Way, Norwood, MA 02062 (the "Sponsor"), and FIDELITY MANAGEMENT TRUST
COMPANY, a Massachusetts trust company, having an office at 82 Devonshire
Street, Boston, Massachusetts 02109 (the "Trustee").

                                   WITNESSETH:

         WHEREAS, the Sponsor is the sponsor of the Analog Devices, Inc.
Deferred Compensation Plan (the "Plan"); and

         WHEREAS, the Sponsor wishes to establish an irrevocable trust and to
contribute to the trust assets that shall be held therein, subject to the claims
of Sponsor's creditors in the event of Sponsor's Insolvency, as herein defined,
until paid to Participants and their beneficiaries in such manner and at such
times as specified in the Plan; and

         WHEREAS, it is the intention of the parties that this Trust shall
constitute an unfunded arrangement and shall not affect the status of the Plan
as an unfunded plan maintained for the purpose of providing deferred
compensation for a select group of management or highly compensated employees
for purposes of Title I of the Employee Retirement Income Security Act of 1974
("ERISA"); and

         WHEREAS, it is the intention of the Sponsor to make contributions to
the trust to provide itself with a source of funds to assist it in the meeting
of its liabilities under the Plan; and

         WHEREAS, the Trustee is willing to hold and invest the aforesaid plan
assets in trust among several investment options selected by the Sponsor; and

         WHEREAS, the Sponsor wishes to have the Trustee perform certain
ministerial recordkeeping and administrative functions under the Plan; and

         WHEREAS, the Sponsor (the "Administrator") is the administrator of the
Plan; and

         WHEREAS, the Trustee is willing to perform recordkeeping and
administrative services for the Plan if the services are purely ministerial in
nature and are provided within a framework of plan provisions, guidelines and
interpretations conveyed in writing to the Trustee by the Administrator.

                                       1
<PAGE>

         NOW, THEREFORE, in consideration of the foregoing premises and the
mutual covenants and agreements set forth below, the Sponsor and the Trustee
agree as follows:

SECTION 1. DEFINITIONS. The following terms as used in this Trust Agreement have
the meaning indicated unless the context clearly requires otherwise:

(a)      "Administrator" shall mean, with respect to the Plan, the person or
         entity which is the "administrator" of such Plan.

(b)      "Agreement" shall mean this Trust Agreement, as the same may be amended
         and in effect from time to time.

(c)      "Code" shall mean the Internal Revenue Code of 1986, as it has been or
         may be amended from time to time.

(d)      "ERISA" shall mean the Employee Retirement Income Security Act of 1974,
         as it has been or may be amended from time to time.

(e)      "Fidelity Mutual Fund" shall mean any investment company advised by
         Fidelity Management & Research Company or any of its affiliates.

(f)      "Mutual Fund" shall refer both to Fidelity Mutual Funds and
         Non-Fidelity Mutual Funds.

(g)      "Non-Fidelity Mutual Fund" shall mean certain investment companies not
         advised by Fidelity Management & Research Company or any of its
         affiliates.

(h)      "Participant" shall mean, with respect to the Plan, any employee (or
         former employee) with an account under the Plan, which has not yet been
         fully distributed and/or forfeited, and shall include the
         beneficiary(ies) with respect to the account of any deceased employee
         (or deceased former employee) until such account has been fully
         distributed and/or forfeited.

(i)      "Participant Recordkeeping Reconciliation Period" shall mean the period
         beginning on the date of the initial transfer of assets to the Trust
         and ending on the date of the completion of the reconciliation of
         Participant records.

(j)      "Plan" shall mean the Analog Devices, Inc. Deferred Compensation Plan.

(k)      "Plan Administration Manual" shall mean the document which sets forth
         the administrative and recordkeeping duties and procedures to be
         followed by the Trustee in administering the Plan, as such document may
         be amended and in effect from time to time.

(l)      "Reporting Date" shall mean the last day of each fiscal quarter, the
         date as of which the Trustee resigns or is removed pursuant to Section
         9 hereof and the date as of which this Agreement terminates pursuant to
         Section 11 hereof.

(m)      "Sponsor" shall mean Analog Devices, Inc., a Massachusetts corporation,
         or any successor to all or substantially all of its businesses which,
         by agreement, operation of law or otherwise, assumes the responsibility
         of the Sponsor under this Agreement.

(n)      "Trust" shall mean the Analog Devices, Inc. Deferred Compensation Plan
         Trust, being the trust established by the Sponsor and the Trustee
         pursuant to the provisions of this Agreement.

                                       2
<PAGE>

(o)      "Trustee" shall mean Fidelity Management Trust Company, a Massachusetts
         trust company and any successor to all or substantially all of its
         trust business. The term Trustee shall also include any successor
         trustee appointed pursuant to this agreement to the extent such
         successor agrees to serve as Trustee under this Agreement.

SECTION 2. TRUST.

                  (a) Establishment. The Sponsor hereby establishes the Trust,
with the Trustee. The Trust hereby established shall be irrevocable. The Trust
shall consist of an initial contribution of money or other property acceptable
to the Trustee in its sole discretion, made by the Sponsor or transferred from a
previous trustee under the Plan, such additional sums of money as shall from
time to time be delivered to the Trustee under the Plan, all investments made
therewith and proceeds thereof, and all earnings and profits thereon, less the
payments that are made by the Trustee as provided herein, without distinction
between principal and income. The Trustee hereby accepts the Trust on the terms
and conditions set forth in this Agreement. In accepting this Trust, the Trustee
shall be accountable for the assets received by it, subject to the terms and
conditions of this Agreement.

                  (b) Grantor Trust. The Trust is intended to be a grantor
trust, of which the Sponsor is the grantor, within the meaning of subpart E,
part I, subchapter J, chapter 1, subtitle A of the Internal Revenue Code of
1986, as amended, and shall be construed accordingly.

                  (c) Trust Assets. The principal of the Trust, and any earnings
thereon shall be held separate and apart from other funds of the Sponsor and
shall be used exclusively for the uses and purposes of Participants and general
creditors as herein set forth. Participants and their beneficiaries shall have
no preferred claim on, or any beneficial ownership interest in, any assets of
the Trust. Any rights created under the Plan and this Agreement shall be mere
unsecured contractual rights of Participants and their beneficiaries against the
Sponsor. Any assets held by the Trust will be subject to the claims of the
Sponsor's general creditors under federal and state law in the event of
Insolvency, as defined in Section 13(a).

                  (d) Non-Assignment. Benefit payments to Participants and their
beneficiaries funded under this Trust may not be anticipated, assigned (either
at law or in equity), alienated, pledged, encumbered, or subjected to
attachment, garnishment, levy, execution, or other legal or equitable process.

                  (e) Change in Control. Upon a Change in Control, the Sponsor
shall, as soon as possible, but in no event longer than thirty (30) days
following the Change in Control, as defined herein, make an irrevocable
contribution to the Trust in an amount that is sufficient to pay each
Participant the benefits to which Participants would be entitled pursuant to the
terms of the Plan as of the date on which the Change in

                                       3
<PAGE>

Control occurred. The Sponsor shall also provide additional funding in such
amounts as are reasonably estimated to cover any expenses of the Trust for five
(5) years after such Change in Control.

SECTION 3. PAYMENTS TO SPONSOR. Except as provided under Section 13, the Sponsor
shall have no right to retain or divert to others any of the Trust assets before
all payment of benefits have been made to the Participants and their
beneficiaries pursuant to the terms of the Plan.

SECTION 4. DISBURSEMENTS.

                  (a) Directions from Administrator. The Trustee shall disburse
monies to the Sponsor for benefit payments in the amounts that the Administrator
directs from time to time in writing. The Trustee shall have no responsibility
to ascertain whether the Administrator's direction complies with the terms of
the Plan or any applicable law. Notwithstanding any other agreements between the
Sponsor and any affiliates of the Trustee as documented in the Plan
Administration Manual, the Trustee shall not be responsible for: (i) making
benefit payments to Participants under the Plan, (ii) any Federal, State or
local income tax reporting or withholding with respect to such Plan benefits,
and (iii) FICA (Social Security and Medicare) or any Federal or State
unemployment tax with respect to Plan distributions.

                  (b) Limitations. The Trustee shall not be required to make any
disbursement in excess of the net realizable value of the assets of the Trust at
the time of the disbursement. The Trustee shall not be required to make any
disbursement in cash unless the Administrator has provided a written direction
as to the assets to be converted to cash for the purpose of making the
disbursement.

SECTION 5. INVESTMENT OF TRUST.

                  (a) Selection of Investment Options. The Trustee shall have no
responsibility for the selection of investment options under the Trust and shall
not render investment advice to any person in connection with the selection of
such options.

                  (b) Available Investment Options. The Sponsor shall direct the
Trustee as to what investment options the Trust shall be invested in (i) during
the Participant Recordkeeping Reconciliation Period, and (ii) following the
Participant Recordkeeping Reconciliation Period, subject to the following
limitations. The Sponsor may determine to offer as investment options to
Participants only (i) Mutual Funds and (ii) Benchmark Funds identified on
Schedule "A" attached hereto; provided, however, that the Trustee shall not be
considered a fiduciary with investment discretion. The Trust shall be invested
in Mutual Funds or other registered securities as directed by the Sponsor,
however, the Trustee shall not be considered a fiduciary with investment
discretion. The Sponsor may add or remove investment options with

                                       4
<PAGE>

the consent of the Trustee and upon mutual amendment of this Agreement and the
Schedules thereto to reflect such additions.

                  (c) Investment Directions. In order to provide for an
accumulation of assets comparable to the contractual liabilities accruing under
the Plan, the Sponsor may direct the Trustee in writing to invest the assets
held in the Trust to correspond to the hypothetical investments made for
Participants under the Plan. Such directions may be made by Participants by use
of a Participant service representative, the Voice Response System ("VRS"), the
internet or such other electronic means as may be agreed upon from time to time
by the Sponsor and the Trustee, maintained for such purposes by the Trustee or
its agents, in accordance with Schedule "E." In the event that the Trustee fails
to receive a proper direction from the Sponsor or from Participants regarding
investments for Participant deferrals, the deferrals shall be invested in the
Moody's Baa Index until the Trustee receives a proper direction. However for
assets in the TIP Restoration source, in the event that the Trustee fails to
receive a proper direction from the Sponsor or from Participants, regarding
investments for Participant deferrals, the deferrals shall be invested in the
Fidelity Money Market Trust: Retirement Money Market Portfolio until the Trustee
receives a proper direction. All assets received into the Trust for which no
direction has been received by the Trustee shall be invested in Fidelity
Institutional Money Market: Portfolio Class I.

                  The Sponsor's designation of available investment options
under paragraphs (a) and (b) above, the maintenance of accounts for each
Participant and the crediting of investments to such accounts, the giving of
investment directions by Participants under this paragraph (c), and the exercise
by Participants of any other powers relating to investments under this Section 5
are solely for the purpose of providing a mechanism for measuring the obligation
of the Sponsor to any particular Participant under the applicable Plan. As
provided in Section 2(c) above, no Participant or beneficiary will have any
preferential claim to or beneficial ownership interest in any asset or
investment, and the rights of any Participant and his or her beneficiaries under
the applicable Plan and this Agreement are solely those of an unsecured general
creditor of the Sponsor with respect to the benefits of the Participant under
the Plan.

                  (d) Mutual Funds. On the effective date of this Agreement, in
lieu of receiving a printed copy of the prospectus for each Fidelity Mutual Fund
selected by the Sponsor as a Plan investment option or short-term investment
fund, the Sponsor hereby consents to receiving such documents electronically.
The Sponsor shall access each prospectus on the internet after receiving notice
from the Trustee that a current version is available online at a website
maintained by the Trustee or its affiliate. Trustee represents that on the
effective date of this Agreement, a current version of each such prospectus is
available at https://www.fidelity.com or such successor website as Trustee may
notify the Sponsor of in writing from time to time. Named Fiduciary represents
that it has accessed/will access each such prospectus at

                                       5
<PAGE>

https://www.fidelity.com or such successor website as Trustee may notify the
Sponsor of in writing from time to time as of the effective date of this
Agreement. Trust investments in Mutual Funds shall be subject to the following
limitations:

                           (i) Execution of Purchases and Sales. Purchases and
sales of Fidelity Mutual Funds (other than for Exchanges) for both Participant
activity and those necessary for assetizing the Trust shall be made on the date
on which the Trustee receives from the Sponsor in good order all information and
documentation necessary to accurately effect such purchases and sales (or in the
case of a purchase, the subsequent date on which the Trustee has received a wire
transfer of funds necessary to make such purchase). Transactions involving
Mutual Funds not advised by Fidelity Management & Research Company shall be
executed in accordance with the operating procedures set forth in Schedule "D"
attached hereto. Exchanges of Mutual Funds shall be done in accordance with
Schedule "E" attached hereto.

                           (ii) Voting. At the time of mailing of notice of each
annual or special stockholders' meeting of any Mutual Fund, the Trustee shall
send a copy of the notice and all proxy solicitation materials to the Sponsor
for the shares of the Mutual Fund held in the Trust together with a voting
direction form for return to the Trustee or its designee. The Sponsor shall have
the right to direct the Trustee as to the manner in which the Trustee is to vote
the shares held in the Trust. The Trustee shall vote the shares held in the
Trust in the same manner as directed by the Sponsor under the Plan. The Trustee
shall not vote shares for which it has received no corresponding directions from
the Sponsor. With respect to all rights other than the right to vote, the
Trustee shall follow the directions of the Sponsor. The Trustee shall have no
duty to solicit directions from the Sponsor.

                  (e) Trustee Powers. The Trustee shall have the following
powers and authority:

                           (i) Subject to paragraphs (b), (c) and (d) of this
Section 5, to sell, exchange, convey, transfer, or otherwise dispose of any
property held in the Trust, by private contract or at public auction. No person
dealing with the Trustee shall be bound to see to the application of the
purchase money or other property delivered to the Trustee or to inquire into the
validity, expediency, or propriety of any such sale or other disposition.

                           (ii) To cause any securities or other property held
as part of the Trust to be registered in the Trustee's own name, in the name of
one or more of its nominees, or in the Trustee's account with the Depository
Trust Company of New York and to hold any investments in bearer form, but the
books and records of the Trustee shall at all times show that all such
investments are part of the Trust.

                                       6
<PAGE>

                           (iii) To keep that portion of the Trust in cash or
cash balances as the Sponsor or Administrator may, from time to time, deem to be
in the best interest of the Trust.

                           (iv) To make, execute, acknowledge, and deliver any
and all documents of transfer or conveyance and to carry out the powers herein
granted.

                           (v) With the prior consent of the Sponsor, to settle,
compromise, or submit to arbitration any claims, debts, or damages due to or
arising from the Trust; to commence or defend suits or legal or administrative
proceedings; to represent the Trust in all suits and legal and administrative
hearings; and to pay all reasonable expenses arising from any such action, from
the Trust if not paid by the Sponsor.

                           (vi) With the prior consent of the Sponsor, to employ
legal, accounting, clerical, and other assistance as may be required in carrying
out the provisions of this Agreement and to pay their reasonable expenses and
compensation from the Trust if not paid by the Sponsor.

                           (vii) With notice to the Sponsor, to do all other
acts although not specifically mentioned herein, as the Trustee may deem
necessary to carry out any of the foregoing powers and the purposes of the
Trust.

                  Trustee will file an annual fiduciary return to the extent
required by law.

SECTION 6. RECORDKEEPING AND ADMINISTRATIVE SERVICES TO BE PERFORMED.

                  (a) General. The Trustee shall perform those recordkeeping and
administrative functions described in Schedule "A" attached hereto. These
recordkeeping and administrative functions shall be performed within the
framework of the Administrator's written directions regarding the Plan's
provisions, guidelines and interpretations.

                  (b) Accounts. The Trustee shall keep accurate accounts of all
investments, receipts, disbursements, and other transactions hereunder, and
shall report the value of the assets held in the Trust as of the last day of
each fiscal quarter of the Plan and, if not on the last day of a fiscal quarter,
the date on which the Trustee resigns or is removed as provided in Section 9 of
this Agreement or is terminated as provided in Section 11. Within three (3)
Business Days following each Reporting Date the Trustee shall file with the
Administrator a written account setting forth all investments, receipts,
disbursements, and other transactions effected by the Trustee between the
Reporting Date and the prior Reporting Date, and setting forth the value of the
Trust as of the Reporting Date. Except as otherwise required under applicable
law, upon the expiration of six (6) months from the date of filing such account
with the Administrator, the

                                       7
<PAGE>

Trustee shall have no liability or further accountability to anyone with respect
to the propriety of its acts or transactions shown in such account, except with
respect to such acts or transactions as to which the Sponsor shall within such
six (6) month period file with the Trustee written objections.

                  (c) Inspection and Audit. All records generated by the Trustee
in accordance with paragraphs (a) and (b) shall be open to inspection and audit,
during the Trustee's regular business hours prior to the termination of this
Agreement, by the Administrator or any person designated by the Administrator.
Upon the resignation or removal of the Trustee or the termination of this
Agreement, the Trustee shall provide to the Administrator, at no expense to the
Sponsor, in the format regularly provided to the Administrator, a statement of
each Participant's accounts as of the resignation, removal, or termination, and
the Trustee shall provide to the Administrator or the Plan's new recordkeeper
such further records as are reasonable, at the Sponsor's expense.

                  (d) Effect of Plan Amendment. The Trustee's provision of the
recordkeeping and administrative services set forth in this Section 6 shall be
conditioned on the Sponsor delivering to the Trustee a copy of any amendment to
the Plan as soon as administratively feasible following the amendment's
adoption, and on the Administrator providing the Trustee on a timely basis with
all the information the Administrator deems necessary for the Trustee to perform
the recordkeeping and administrative services and such other information as the
Trustee may reasonably request.

                  (e) Returns, Reports and Information. The Administrator shall
be responsible for the preparation and filing of all returns, reports, and
information required of the Trust or Plan by law, except for Form 1041 which
shall be prepared by the Trustee. The Trustee shall provide the Administrator
with such information as the Administrator may reasonably request to make these
filings. The Administrator shall also be responsible for making any disclosures
to Participants required by law.

SECTION 7. COMPENSATION AND EXPENSES. Sponsor shall pay to Trustee, within
thirty (30) days of receipt of the Trustee's bill, the fees for services in
accordance with Schedule "B". All fees for services are specifically outlined in
Schedule "B" and are based on any assumptions identified therein. However, in
the event that the Plan characteristics referenced in the assumptions outlined
in Schedule "B" change significantly by either falling below or exceeding
current or projected levels, such fees shall be subject to revision. To reflect
increased operating costs, Trustee may once each calendar year, amend Schedule
"B" without the Sponsor's consent upon ninety (90) days prior notice to the
Sponsor.

                                       8
<PAGE>

SECTION 8. DIRECTIONS AND INDEMNIFICATION.

                  (a) Identity of Administrator. The Trustee shall be fully
protected in relying on the fact that the Administrator under the Plan is the
individual or persons named as such above or such other individuals or persons
as the Sponsor may notify the Trustee in writing.

                  (b) Directions from Administrator. Whenever the Administrator
provides a direction to the Trustee, the Trustee shall not be liable for any
loss, or by reason of any breach, arising from the direction if the direction is
contained in a writing (or is oral and immediately confirmed in a writing)
signed by any individual whose name and signature have been submitted (and not
withdrawn) in writing to the Trustee by the Administrator in the form attached
hereto as Schedule "C", provided the Trustee reasonably believes the signature
of the individual to be genuine. Such direction may be made via electronic data
transfer ("EDT") in accordance with procedures agreed to by the Administrator
and the Trustee; provided, however, that the Trustee shall be fully protected in
relying on such direction as if it were a direction made in writing by the
Administrator. The Trustee shall have no responsibility to ascertain any
direction's (i) accuracy, (ii) compliance with the terms of the Plan or any
applicable law, or (iii) effect for tax purposes or otherwise.

                  (c) Directions from Participants. The Trustee shall not be
liable for any loss which arises from any Participant's exercise or non-exercise
of rights under Section 5 over the assets in the Participant's accounts.

                  (d) Indemnification. The Sponsor shall indemnify the Trustee
against, and hold the Trustee harmless from, any and all loss, damage, penalty,
liability, cost, and expense, including without limitation, reasonable
attorneys' fees and disbursements, that may be incurred by, imposed upon, or
asserted against the Trustee by reason of any claim, regulatory proceeding, or
litigation arising from any act done or omitted to be done by any individual or
person with respect to the Plan or Trust, excepting only any and all loss, etc.,
arising solely from the Trustee's negligence or bad faith.

         The Trustee shall indemnify the Sponsor against, and hold the Sponsor
harmless from, any and all loss, damage, penalty, liability, cost and expense,
including without limitation, reasonable attorneys' fees and disbursements, that
may be incurred by, imposed upon, or asserted against the Sponsor by reason of
any claim, regulatory proceeding, or litigation arising from Trustee's
negligence or bad faith.

                  (e) Survival. The provisions of this Section 8 shall survive
the termination of this Agreement.

                                       9
<PAGE>

SECTION 9. RESIGNATION OR REMOVAL OF TRUSTEE AND TERMINATION.

                  (a) Resignation and Removal. The Trustee may resign at any
time in accordance with the notice provisions set forth below. The Sponsor may
remove the Trustee at any time in accordance with the notice provisions set
forth below. However, upon a Change in Control, the Trustee may not be removed
by the Sponsor for five (5) years after such Change in Control.

                  (b) Termination. This Agreement may be terminated in full, or
with respect to only a portion of the Plan (i.e., a "partial deconversion") at
any time by the Sponsor upon prior written notice to the Trustee in accordance
with the notice provisions set forth below.

                  (c) Notice Period. In the event either party desires to
terminate this Agreement or any Services hereunder, the party shall provide at
least sixty (60) days prior written notice of the termination date to the other
party; provided, however, that the receiving party may agree, in writing, to a
shorter notice period.

                  (d) Transition Assistance. In the event of termination of this
Agreement, if requested by Sponsor, Fidelity shall assist Sponsor in developing
a plan for the orderly transition of the Plan data, cash and assets then
constituting the Trust and services provided by Fidelity hereunder to Sponsor or
its designee. Fidelity shall provide such assistance for a period not extending
beyond sixty (60) days from the termination date of this Agreement. Fidelity
shall provide to Sponsor, or to any person designated by Sponsor, at a mutually
agreeable time, one file of the Plan data prepared and maintained by Fidelity in
the ordinary course of business, in Fidelity's format. Fidelity may provide
other or additional transition assistance as mutually determined for additional
fees, which shall be due and payable by the Sponsor prior to any termination of
this Agreement.

                  (e) Failure to Appoint Successor. If, by the termination date,
the Sponsor has not notified the Trustee in writing as to the individual or
entity to which the assets and cash are to be transferred and delivered, the
Trustee may bring an appropriate action or proceeding for leave to deposit the
assets and cash in a court of competent jurisdiction. The Trustee shall be
reimbursed by the Sponsor for all costs and expenses of the action or proceeding
including, without limitation, reasonable attorneys' fees and disbursements.

SECTION 10. SUCCESSOR TRUSTEE.

                  (a) Appointment. If the office of Trustee becomes vacant for
any reason, the Sponsor may in writing appoint a successor trustee under this
Agreement. The successor trustee shall have all of the rights, powers,
privileges, obligations, duties, liabilities, and immunities granted to the
Trustee under this

                                       10
<PAGE>

Agreement. The successor trustee and predecessor trustee shall not be liable for
the acts or omissions of the other with respect to the Trust.

                  (b) Acceptance. When the successor trustee accepts its
appointment under this Agreement, title to and possession of the Trust assets
shall immediately vest in the successor trustee without any further action on
the part of the predecessor trustee. The predecessor trustee shall execute all
instruments and do all acts that reasonably may be necessary or reasonably may
be requested in writing by the Sponsor or the successor trustee to vest title to
all Trust assets in the successor trustee or to deliver all Trust assets to the
successor trustee.

                  (c) Corporate Action. Any successor of the Trustee or
successor trustee, through sale or transfer of the business or trust department
of the Trustee or successor trustee, or through reorganization, consolidation,
or merger, or any similar transaction, shall, upon consummation of the
transaction, become the successor trustee under this Agreement.

SECTION 11. RESIGNATION, REMOVAL, AND TERMINATION NOTICES. All notices of
resignation, removal, or termination under this Agreement must be in writing and
mailed to the party to which the notice is being given by certified or
registered mail, return receipt requested, to the Sponsor c/o Assistant
Treasurer, Three Technology Way, Norwood, MA 02062, and to the Trustee c/o FESCo
Business Compliance, Contracts Administration, 82 Devonshire Street, MM3H,
Boston, Massachusetts 02109, or to such other addresses as the parties have
notified each other of in the foregoing manner.

SECTION 12. DURATION. This Trust shall continue in effect without limit as to
time, subject, however, to the provisions of this Agreement relating to
amendment, modification, and termination thereof.

SECTION 13. INSOLVENCY OF SPONSOR.

                  (a) Trustee shall cease disbursement of funds for payment of
benefits to Participants and their beneficiaries if the Sponsor is Insolvent.
Sponsor shall be considered "Insolvent" for purposes of this Trust Agreement if
(i) Sponsor is unable to pay its debts as they become due, or (ii) Sponsor is
subject to a pending proceeding as a debtor under the United States Bankruptcy
Code.

                  (b) All times during the continuance of this Trust, the
principal and income of the Trust shall be subject to claims of general
creditors of the Sponsor under federal and state law as set forth below.

                           (i) The Board of Directors and the Chief Executive
Officer of the Sponsor shall have the duty to inform Trustee in writing of
Sponsor's Insolvency. If a person claiming to be a creditor of the

                                       11
<PAGE>

Sponsor alleges in writing to Trustee that Sponsor has become Insolvent, Trustee
shall determine whether Sponsor is Insolvent and, pending such determination,
Trustee shall discontinue disbursements for payment of benefits to Participants
or their beneficiaries.

                           (ii) Unless Trustee has actual knowledge of Sponsor's
Insolvency, or has received notice from Sponsor or a person claiming to be a
creditor alleging that Sponsor is Insolvent, Trustee shall have no duty to
inquire whether Sponsor is Insolvent. Trustee may in all events rely on such
evidence concerning Sponsor's solvency as may be furnished to Trustee and that
provides Trustee with a reasonable basis for making a determination concerning
Sponsor's solvency.

                           (iii) If at any time Trustee has determined that
Sponsor is Insolvent, Trustee shall discontinue disbursements for payments to
Participants or their beneficiaries and shall hold the assets of the Trust for
the benefit of Sponsor's general creditors. Nothing in this Agreement shall in
any way diminish any rights of Plan Participants or their beneficiaries to
pursue their rights as general creditors of Sponsor with respect to benefits due
under the Plan or otherwise.

                           (iv) Trustee shall resume disbursement for the
payment of benefits to Participants or their beneficiaries in accordance with
Section 4 of this Agreement only after Trustee has determined that Sponsor is
not Insolvent (or is no longer Insolvent).

                  (c) Provided that there are sufficient assets, if Trustee
discontinues the payment of benefits from the Trust pursuant to (a) hereof and
subsequently resumes such payments, the first payment following such
discontinuance shall include the aggregate amount of all payments due to
Participants or their beneficiaries under the terms of the Plan for the period
of such discontinuance, less the aggregate amount of any payments made to
Participants or their beneficiaries by Sponsor in lieu of the payments provided
for hereunder during any such period of discontinuance.

SECTION 14. AMENDMENT OR MODIFICATION. This Agreement may be amended or modified
at any time and from time to time only by an instrument executed by both the
Sponsor and the Trustee.

SECTION 15. ELECTRONIC SERVICES.

                  (a) The Trustee may provide communications and services
("Electronic Services") and/or software products ("Electronic Products") via
electronic media, including, but not limited to Fidelity Plan Sponsor
WebStation. The Sponsor and its agents agree to use such Electronic Services and
Electronic Products only in the course of reasonable administration of or
participation in the Plan and to keep confidential and not publish, copy,
broadcast, retransmit, reproduce, commercially exploit or otherwise

                                       12
<PAGE>

redisseminate the Electronic Products or Electronic Services or any portion
thereof without the Trustee's written consent, except, in cases where Trustee
has specifically notified the Sponsor that the Electronic Products or Services
are suitable for delivery to Sponsor's Participants, for non-commercial personal
use by Participants or beneficiaries with respect to their participation in the
plan or for their other retirement planning purposes.

                  (b) The Sponsor shall be responsible for installing and
maintaining all Electronic Products, (including any programming required to
accomplish the installation) and for displaying any and all content associated
with Electronic Services on its computer network and/or Intranet so that such
content will appear exactly as it appears when delivered to Sponsor. All
Electronic Products and Services shall be clearly identified as originating from
the Trustee or its affiliate. The Sponsor shall promptly remove Electronic
Products or Services from its computer network and/or Intranet, or replace the
Electronic Products or Services with updated products or services provided by
the Trustee, upon written notification (including written notification via
facsimile) by the Trustee.

                  (c) All Electronic Products shall be provided to the Sponsor
without any express or implied legal warranties or acceptance of legal liability
by the Trustee, and all Electronic Services shall be provided to the Sponsor
without acceptance of legal liability related to or arising out of the
electronic nature of the delivery or provision of such Services. Except as
otherwise stated in this Agreement, no rights are conveyed to any property,
intellectual or tangible, associated with the contents of the Electronic
Products or Services and related material. The Trustee hereby grants to the
Sponsor a non-exclusive, non-transferable revocable right and license to use the
Electronic Products and Services in accordance with the terms and conditions of
this Agreement.

                  (d) To the extent that any Electronic Products or Services
utilize Internet services to transport data or communications, the Trustee will
take, and Sponsor agrees to follow, reasonable security precautions, however,
except as provided in Section 8(d), the Trustee disclaims any liability for
interception of any such data or communications. The Trustee reserves the right
not to accept data or communications transmitted via electronic media by the
Sponsor or a third party if it determines that the media does not provide
adequate data security, or if it is not administratively feasible for the
Trustee to use the data security provided. The Trustee shall not be responsible
for, and makes no warranties regarding access, speed or availability of Internet
or network services, or any other service required for electronic communication.
The Trustee shall not be responsible for any loss or damage related to or
resulting from any changes or modifications to the Electronic Products or
Services after delivering it to the Sponsor.

SECTION 16. CHANGE IN CONTROL.

                  (a) Definition. A "Change in Control" shall occur or be deemed
to have occurred only if

                                       13
<PAGE>

any of the following events occur: (i) any "person" as such term is used in
Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), (other than the Sponsor, any trustee or other fiduciary holding
securities under an employee benefit plan of the Sponsor, or any corporation
owned directed or indirectly by the stockholders of the Sponsor in substantially
the same proportion as their ownership of stock of the Sponsor) is or becomes
the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of securities of the Sponsor representing 30% or more of
the combined voting power of the Sponsor's then outstanding securities; (ii)
individuals who, as the date hereof, constitute the Board of Directors (as of
the effective date of this Agreement, the "Incumbent Board") cease for any
reason to constitute at least a majority of the Board of Directors, provided
that any person becoming a director subsequent to the effective date of this
Agreement whose election, or nomination for election by the Sponsor's
stockholders, was approved by a vote of at least a majority of the directors
then comprising the Incumbent Board (other than an election or nomination of an
individual whose initial assumption of office is in connection with an actual or
threatened election contest relating to the election of the directors of the
Sponsor, as such terms are used in Rule 14a-11 of Regulation 14A under the
Exchange Act) shall be, for purposes of this Agreement, considered as though
such person were a member of the Incumbent Board; or (iii) the stockholders of
the Sponsor approve a merger or a consolidation of the Sponsor with any other
corporation, other than (A) a merger or consolidation which would result in the
voting securities of the Sponsor outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity) more than 80% of the combined
voting power of the voting securities of the Sponsor or such surviving entity
outstanding immediately after such merger or consolidation or (B) as merger or
consolidation effected to implement a recapitalization of the Sponsor, (or
similar transaction) in which no "person" (as herein above defined) acquires
more than 50% of the combined voting power of the Sponsor's then outstanding
securities; or (iv) the stockholders of the Sponsor approve a plan of complete
liquidation of the Sponsor or an agreement for the sale or disposition by the
Sponsor of all or substantially all of the Sponsor's assets.

                  (b) Notification. The Sponsor shall notify the Trustee when a
Change in Control has occurred. The Trustee shall have no responsibility in
determining whether said Change in Control has in fact occurred.

                  (c) Duty. The Trustee shall have no additional responsibility
under this Agreement as result of a Change in Control.

SECTION 17. GENERAL.

                  (a) Performance by Trustee, its Agents or Affiliates. The
Sponsor acknowledges and authorizes that the services to be provided under this
Agreement shall be provided by the Trustee, its agents

                                       14
<PAGE>

or affiliates, including Fidelity Investments Institutional Operations Company,
Inc. or its successor, and that certain of such services may be provided
pursuant to one or more other contractual agreements or relationships.

                  (b) Entire Agreement. This Agreement contains all of the terms
agreed upon between the parties with respect to the subject matter hereof.

                  (c) Waiver. No waiver by either party of any failure or
refusal to comply with an obligation hereunder shall be deemed a waiver of any
other or subsequent failure or refusal to so comply.

                  (d) Successors and Assigns. The stipulations in this Agreement
shall inure to the benefit of, and shall bind, the successors and assigns of the
respective parties.

                  (e) Partial Invalidity. If any term or provision of this
Agreement or the application thereof to any person or circumstances shall, to
any extent, be invalid or unenforceable, the remainder of this Agreement, or the
application of such term or provision to persons or circumstances other than
those as to which it is held invalid or unenforceable, shall not be affected
thereby, and each term and provision of this Agreement shall be valid and
enforceable to the fullest extent permitted by law.

                  (f) Section Headings. The headings of the various sections and
subsections of this Agreement have been inserted only for the purposes of
convenience and are not part of this Agreement and shall not be deemed in any
manner to modify, explain, expand or restrict any of the provisions of this
Agreement.

SECTION 18. GOVERNING LAW.

                  (a) Massachusetts Law Controls. This Agreement is being made
in the Commonwealth of Massachusetts, and the Trust shall be administered as a
Massachusetts trust. The validity, construction, effect, and administration of
this Agreement shall be governed by and interpreted in accordance with the laws
of the Commonwealth of Massachusetts, except to the extent those laws are
superseded under Section 514 of ERISA.

                  (b) Trust Agreement Controls. The Trustee is not a party to
the Plan, and in the event of any conflict between the provisions of the Plan
and the provisions of this Agreement, the provisions of this Agreement shall
control.

                                       15
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their duly authorized officers as of the day and year first above
written.

ANALOG DEVICES, INC.                       FIDELITY MANAGEMENT TRUST
                                           COMPANY

By: ________________________________       By:  ________________________________
                                                   FMTC Authorized Signatory
Name: ______________________________       Name:  ______________________________

Title: _____________________________       Date:  ______________________________

Date: ______________________________

                                       16
<PAGE>

                                  SCHEDULE "A"

                    RECORDKEEPING AND ADMINISTRATIVE SERVICES

*    The Trustee will provide only the recordkeeping and administrative services
     set forth on this Schedule "A" and as documented in the Plan Administration
     Manual and no others.

Administration

*    Establishment and maintenance of Participant account and election
     percentages, including distribution elections and beneficiary designations.

*    Maintenance of the following Plan investment options:

         -    Fidelity Growth & Income Portfolio

         -    Fidelity Magellan(R) Fund

         -    Fidelity Equity-Income Fund

         -    Fidelity Growth Company Fund

         -    Fidelity Low-Priced Stock Fund

         -    Fidelity U.S. Bond Index Fund

         -    Fidelity Spartan(R) U.S. Equity Index Fund

         -    Fidelity Mid-Cap Stock Fund

         -    Fidelity OTC Portfolio

         -    Fidelity Money Market Trust: Retirement Money Market Portfolio

         -    Ariel Appreciation Fund - Investor Class

         -    Merrill Lynch Semiconductor Holder Fund (priced in accordance with
              Schedule "G")

         -    Templeton Foreign Fund - Class A

         -    Moody's Baa Index (priced in accordance with Schedule "F")

*    Maintenance of the following money classifications:

         -    Salary

         -    Company Match

         -    Stock Option Deferral

         -    Director Fees

         -    Bonus

         -    TIP Restoration DCP

         -    TIP Restoration

         -    Restricted Stock Option

Processing

*    Processing of mutual fund trades.

*    Maintain and process changes to Participants' prospective investment mix
     elections.

*    Process exchanges between investment options on a daily basis.

*    Provide processing consolidated payroll contribution data via a
     consolidated magnetic tape.

*    Provide reconciliation and processing of Participant withdrawal requests as
     approved and directed by the Sponsor. All withdrawal requests will be based
     on the current market values of the Participants' accounts, not advances or
     estimated values. The "current market value" of a Participant's account
     shall be the account value on the business day that direction is received
     from the Sponsor in good order by the Trustee, if such direction is
     confirmed before 4:00 p.m. (E.T.). If direction from the Sponsor is

                                       17
<PAGE>

     confirmed by the Trustee after 4:00 p.m. (E.T.) on a business day, then the
     current market value of a Participant's account shall be the account value
     on the next business day.

Other

*    Prepare, reconcile and deliver a monthly Trial Balance Report presenting
     all money classes and investments. This report is based on the market value
     as of the last business day of the month.

*    Prepare and mail to the Participant, a confirmation of the transactions
     exchanges and changes to investment mix elections) within five (5) business
     days of the Participants instructions.

*    Provide access to Plan Sponsor Webstation (PSW). PSW is a graphical,
     Windows-based application that provides current plan and Participant-level
     information, including indicative data, account balances, activity and
     history.

*    Prepare employee communications describing available investment options,
     including multimedia informational materials and group presentations,
     including communications for annual open enrollment and second half bonus
     enrollment.

ANALOG DEVICES, INC.                        FIDELITY MANAGEMENT TRUST
                                            COMPANY

By:  __________________________             By: ________________________________
                           Date                 FMTC Authorized Signatory   Date

                                       18
<PAGE>

                                  SCHEDULE "B"

                                  FEE SCHEDULE

Annual Recordkeeping and Trustee Fees:      Fee Waived.

Non-Fidelity Mutual Funds:                  Fees paid directly to Fidelity
                                            Investments Institutional Operations
                                            Company, Inc. ("FIIOC") or its
                                            affiliates by Non-Fidelity Mutual
                                            Fund vendors shall be posted and
                                            updated quarterly on Plan Sponsor
                                            Webstation at
                                            https://psw.fidelity.com or a
                                            successor site.

Other Fees:                                 Separate charges for extraordinary
                                            expenses resulting from large
                                            numbers of simultaneous manual
                                            transactions, from errors not caused
                                            by Fidelity, reports not
                                            contemplated in this Agreement,
                                            corporate actions, or the provision
                                            of communications materials in hard
                                            copy which are also accessible to
                                            Participants via electronic services
                                            in the event that the provision of
                                            such material in hard copy would
                                            result in an additional expense
                                            deemed to be material.

                                            Fees for corporate actions will be
                                            negotiated separately based on the
                                            characteristics of the project as
                                            well as the overall relationship at
                                            the time of the project.

ANALOG DEVICES, INC.                   FIDELITY MANAGEMENT TRUST
                                       COMPANY

By: _______________________            By: _________________________________
                       Date                FMTC Authorized Signatory   Date

                                       19
<PAGE>

                                  SCHEDULE "C"

                          [ADMINISTRATOR'S LETTERHEAD]

Ms. Rebecca Hays
FESCo Business Compliance
Contracts Administration
82 Devonshire Street, MM3H
Boston, Massachusetts  02109

                                 [NAME OF PLAN]

         *** NOTE: THIS SCHEDULE SHOULD CONTAIN NAMES AND SIGNATURES FOR ALL
         INDIVIDUALS WHO WILL BE PROVIDING DIRECTIONS TO FIDELITY
         REPRESENTATIVES IN CONNECTION WITH THE PLAN.

         FIDELITY REPRESENTATIVES WILL BE UNABLE TO ACCEPT DIRECTIONS FROM ANY
         INDIVIDUAL WHOSE NAME DOES NOT APPEAR ON THIS SCHEDULE.***

Dear Ms. Hays:

         This letter is sent to you in accordance with Section 8(b) of the Trust
Agreement, dated as of [date], between [name of Plan Sponsor] and Fidelity
Management Trust Company. [I or We] hereby designate [name of individual], [name
of individual], and [name of individual], as the individuals who may provide
directions upon which Fidelity Management Trust Company shall be fully protected
in relying. Only one such individual need provide any direction. The signature
of each designated individual is set forth below and certified to be such.

         You may rely upon each designation and certification set forth in this
letter until [I or we] deliver to you written notice of the termination of
authority of a designated individual.

                                                              Very truly yours,

                                                              [ADMINISTRATOR]

                                                              By

[signature of designated individual]
[name of designated individual]

[signature of designated individual]
[name of designated individual]

[signature of designated individual]
[name of designated individual]

                                       20
<PAGE>

                                  SCHEDULE "D"

              OPERATIONAL GUIDELINES FOR NON-FIDELITY MUTUAL FUNDS

Pricing

By 7:00 p.m. Eastern Time ("ET") each Business Day, the Non-Fidelity Mutual Fund
Vendor ("Fund Vendor") will input the following information ("Price
Information") into the Fidelity Participant Recordkeeping System ("FPRS") via
the remote access price screen that Fidelity Investments Institutional
Operations Company, Inc. ("FIIOC"), an affiliate of the Trustee, has provided to
the Fund Vendor: (1) the net asset value for each Fund at the Close of Trading,
(2) the change in each Fund's net asset value from the Close of Trading on the
prior Business Day, and (3) in the case of an income fund or funds, the daily
accrual for interest rate factor ("mil rate"). FIIOC must receive Price
Information each Business Day (a "Business Day" is any day the New York Stock
Exchange is open). If on any Business Day the Fund Vendor does not provide such
Price Information to FIIOC, FIIOC shall pend all associated transaction activity
in the Fidelity Participant Recordkeeping System ("FPRS") until the relevant
Price Information is made available by Fund Vendor.

Trade Activity and Wire Transfers

By 7:00 a.m. ET each Business Day following Trade Date ("Trade Date Plus One"),
FIIOC will provide, via facsimile, to the Fund Vendor a consolidated report of
net purchase or net redemption activity that occurred in each of the Funds up to
4:00 p.m. ET on the prior Business Day. The report will reflect the dollar
amount of assets and shares to be invested or withdrawn for each Fund. FIIOC
will transmit this report to the Fund Vendor each Business Day, regardless of
processing activity. In the event that data contained in the 7:00 a.m. ET
facsimile transmission represents estimated trade activity, FIIOC shall provide
a final facsimile to the Fund Vendor by no later than 9:00 a.m. ET. Any
resulting adjustments shall be processed by the Fund Vendor at the net asset
value for the prior Business Day.

The Fund Vendor shall send via regular mail to FIIOC transaction confirms for
all daily activity in each of the Funds. The Fund Vendor shall also send via
regular mail to FIIOC, but no later than the fifth Business Day following
calendar month close, a monthly statement for each Fund. FIIOC agrees to notify
the Fund Vendor of any balance discrepancies within twenty (20) Business Days of
receipt of the monthly statement.

For purposes of wire transfers, FIIOC shall transmit a daily wire for aggregate
purchase activity and the Fund Vendor shall transmit a daily wire for aggregate
redemption activity, in each case including all activity across all Funds
occurring on the same day.

Prospectus Delivery

FIIOC shall be responsible for the timely delivery of Fund prospectuses and
periodic Fund reports ("Required Materials") to Participants, and shall retain
the services of a third-party vendor to handle such mailings. The Fund Vendor
shall be responsible for all materials and production costs, and hereby agrees
to provide the Required Materials to the third-party vendor selected by FIIOC.
The Fund Vendor shall bear the costs of mailing annual Fund reports to
Participants. FIIOC shall bear the costs of mailing prospectuses to
Participants.

Proxies

The Fund Vendor shall be responsible for all costs associated with the
production of proxy materials. FIIOC shall retain the services of a third-party
vendor to handle proxy solicitation mailings and vote tabulation. Expenses
associated with such services shall be billed directly the Fund Vendor by the
third-party vendor.

Participant Communications

                                       21
<PAGE>

The Fund Vendor shall provide internally prepared fund descriptive information
approved by the Funds' legal counsel for use by FIIOC in its written Participant
communication materials. FIIOC shall utilize historical performance data
obtained from third-party vendors (currently Morningstar, Inc., FACTSET Research
Systems and Lipper Analytical Services) in telephone conversations with plan
Participants and in quarterly Participant statements. The Sponsor hereby
consents to FIIOC's use of such materials and acknowledges that FIIOC is not
responsible for the accuracy of third-party information. FIIOC shall seek the
approval of the Fund Vendor prior to retaining any other third-party vendor to
render such data or materials under this Agreement.

Compensation

FIIOC shall be entitled to fees as set forth in a separate agreement with the
Fund Vendor.

                                       22
<PAGE>

                                  SCHEDULE "E"

                               EXCHANGE GUIDELINES

The following exchange procedures are currently employed by Fidelity Investments
Institutional Operations Company, Inc. ("FIIOC").

Exchange hours, via a Fidelity Participant service representative, are 8:30 a.m.
(ET) to 12:00 midnight (ET) on each Business Day. A "Business Day" is any day on
which the New York Stock Exchange (NYSE) is open.

Exchanges via the internet may be made virtually 24 hours a day.

Exchanges via VRS may be made virtually 24 hours a day.

FIIOC reserves the right to change these Exchange Guidelines at its discretion.

Note: The NYSE's normal closing time is 4:00 p.m. (ET); in the event the NYSE
alters its closing time, all references below to 4:00 p.m. (ET) shall mean the
NYSE closing time as altered.

                               INVESTMENT OPTIONS

EXCHANGES BETWEEN INVESTMENT OPTIONS

In accordance with this Agreement, the Sponsor may direct that Participants
contact Fidelity on any day to exchange between investment options. If the
request is confirmed before the close of the market (generally, 4:00 p.m. ET) on
a Business Day, it will receive that day's trade date. Requests confirmed after
the close of the market on a Business Day (or on any day other than a Business
Day) will be processed on a next day basis.

EXCHANGE RESTRICTIONS

Exchanges into the Moody's Baa Index are not permitted for assets held in the
TIP Restoration source.

ANALOG DEVICES, INC.

By _________________________________________
                                   Date

                                       23
<PAGE>

                                  SCHEDULE "F"
              OPERATING PROCEDURES FOR THE MOODY'S BAA INDEX IN THE
                 ANALOG DEVICES, INC. DEFERRED COMPENSATION PLAN

THESE PROCEDURES, dated as of October 1, 2003, are among Analog Devices, Inc.
(the "Sponsor"), and FIDELITY INVESTMENTS INSTITUTIONAL OPERATIONS COMPANY, INC.
("FIIOC").

FIIOC shall provide the recordkeeping services set forth in these Operating
Procedures for the Cash Account ("the Fund").

SECTION 1. DEFINITIONS.

(a) "Business Day" shall mean any day the New York Stock Exchange ("NYSE") is
open for business.

(b) "Initial Fund Pricing Date" shall mean October 1, 2003, whereby the Sponsor
shall provide a letter to FIIOC detailing the daily mil rate for the Funds that
shall be in effect for the upcoming annual period.

(c) "Fund Pricing Date" shall mean the first calendar day of each year,
beginning in January 2004, whereby the Sponsor shall provide a letter to FIIOC
detailing the daily mil rate for the Fund that shall be in effect for the
upcoming annual period. The aforementioned letter shall be provided by the
Sponsor to FIIOC no later than five (5) Business Days prior to any Fund Pricing
Date.

SECTION 2. FUND PRICING.

FIIOC shall maintain a fixed unit value price of $1.00 for the Funds.

(a) A daily mil rate for the Fund shall be calculated by the Sponsor and
communicated to FIIOC via facsimile on the Sponsor's letterhead to (859)
491-9167 (primary) or (859) 291-6196 (back-up) no later than five (5) Business
Days prior to any Funds Pricing Date. The original letter shall be sent to FIIOC
as soon as practicable thereafter.

(b) FIIOC shall use the daily mil rates as calculated and provided by the
Sponsor, unless instructed otherwise by the Sponsor, in order to distribute
unfunded accrued income monthly to participants. In the event of a change in the
interest rate or daily mil rates prior to the end of any calendar year, the
Sponsor shall notify FIIOC via FIIOC's electronic spreadsheet as soon as
practicable and preferably at least five (5) Business Days prior to any such
change.

(c) The Sponsor agrees to compensate FIIOC for the cost of any adjustments made
to participant accounts due to the Sponsor's failure to provide the correct
annual simple interest rate or failure to provide the annual simple interest
rate in a timely manner to FIIOC for any Funds Pricing Date.

                                       24
<PAGE>

SECTION 3. INCOME ALLOCATION.

FIIOC shall reinvest unfunded accrued income on the last calendar day of each
month in additional units of the Funds at that Business Day's unit value.

The above Procedures and conditions are hereby confirmed by all parties.

FIDELITY INVESTMENTS INSTITUTIONAL OPERATIONS COMPANY, INC.

By: _______________________________

Name: _____________________________

Title: ____________________________

Date: _____________________________

ANALOG DEVICES, INC.

By: _______________________________

Name: _____________________________

Title: ____________________________

Date: _____________________________

                                       25
<PAGE>

                                  SCHEDULE "G"

                   OPERATING PROCEDURES FOR THE MERRILL LYNCH
           SEMICONDUCTOR HOLDRS(SW) FUND IN THE ANALOG DEVICES, INC.
                           DEFERRED COMPENSATION PLAN

THESE PROCEDURES, dated as of October 1, 2003, are among ANALOG DEVICES, INC.
(the "Sponsor"), and FIDELITY INVESTMENTS INSTITUTIONAL OPERATIONS COMPANY, INC.
("FIIOC").

FIIOC shall provide the recordkeeping services set forth herein for the Merrill
Lynch Semiconductor HOLDRS(sw) (the "Fund"):

SECTION 1. DEFINITIONS.

(a) "Business Day" shall mean any day the New York Stock Exchange ("NYSE") is
open for business.

(b) "Price Information" shall mean the 4:00 P.M. ET NYSE price for the Merrill
Lynch Semiconductor HOLDRS(sw) exchange traded mutual fund.

SECTION 2. FUND PRICING.

(a) Each Business Day by 7:00 P.M. ET, FIIOC shall download the Price
Information which will be used for all unfunded valuations and transactions
involving the Fund.

(b) The Sponsor agrees to indemnify and hold harmless FIIOC for any adjustments
to Participant accounts as a result of the Sponsor's failure to notify FIIOC of
any change to the manner in which the Price Information is determined.

                      THIS SECTION INTENTIONALLY LEFT BLANK

                                       26
<PAGE>

The above procedures and conditions are hereby confirmed by all parties.

FIDELITY INVESTMENTS INSTITUTIONAL OPERATIONS COMPANY, INC.

By: _____________________________________

Name: ___________________________________

Title: __________________________________

Date: ___________________________________

ANALOG DEVICES, INC.

By: _____________________________________

Name: ___________________________________

Title: __________________________________

Date: ___________________________________

                                       27
<PAGE>

                             SAMPLE DIRECTION LETTER

                             [EMPLOYER'S LETTERHEAD]

Ms. Rebecca Hays
FESCo Business Compliance
Contracts Administration
82 Devonshire Street, MM3H
Boston, Massachusetts  02109

        RE:  INVESTMENT INSTRUCTIONS FOR RABBI TRUST ASSETS

Dear Ms. Hays:

         The Participants under the ______________________________ Plan ("Plan")
have the right to direct the investment of their Plan account in hypothetical
investment options, which are currently based on a number of registered
investment companies advised by Fidelity Management & Research Company
("Fidelity Mutual Funds") (OPTIONAL LANGUAGE TO BE USED IF NON-FIDELITY MUTUAL
FUNDS ARE INVESTMENT OPTIONS UNDER THE PLAN: AND CERTAIN INVESTMENT COMPANIES
NOT ADVISED BY FIDELITY MANAGEMENT & RESEARCH COMPANY ("NON-FIDELITY MUTUAL
FUNDS"). Fidelity Management Trust Company has agreed pursuant to a Trust
Agreement with ____________________________ dated ____________, to receive such
Participant directions.

         The Sponsor hereby directs the Trustee to invest funds contributed to
the rabbi trust in a manner which corresponds directly to elections made by
Participants under the plan.

         This procedure will remain in effect until a revised instruction letter
is provided by the Sponsor and accepted by the Trustee.

                                                          Sincerely,

                                                          ______________________

____________________ (W/ENC.)

                                       28

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