Document:

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                                                                   Exhibit 10.17

                              EMPLOYMENT AGREEMENT

      This Agreement made as of November 1,2005, by and among Gerald T. Mulligan
(the "Executive"), LSB Corporation ("LSB") and Lawrence Savings Bank (the
"Bank") shall be effective as of January 3,2006 (the "Effective Date").

      WHEREAS, the Boards of Directors of LSB and the Bank (collectively with
any subsidiaries and affiliates thereof, the "Company") recognize the
Executive's potential contribution to the growth and success of the Company and
desire to assure the Company of the Executive's employment in an executive
capacity and to compensate him therefore; and

      WHEREAS, the Executive is desirous of being employed by the Company and of
committing himself to serve both LSB and the Bank on the terms herein provided;

      NOW THEREFORE, in consideration of the foregoing and of the respective
covenants and agreements of the parties herein contained, the parties hereto
agree as follows:

      1. Position, Responsibilities and Term of Employment.

      1.01 Position. The Executive shall serve as President and Chief Executive
Officer of LSB and the Bank and in such additional management position(s) as the
Boards of Directors of LSB and the Bank (the "Boards" or, as appropriate,
individually the "Board") shall designate. In this capacity the Executive shall,
subject to the By-Laws of LSB and the Bank, and to the direction of the Boards,
serve LSB and the Bank by performing such duties and carrying out such
responsibilities as are normally related, in accordance with the standards of
the banking industry, to the Executive's position, level of experience and
training.

      1.02 Best Efforts Covenant. The Executive will, to the best of his
ability, devote his full professional and business time and best efforts to the
performance of his duties for, and in the business and affairs of, the Company
and any subsidiaries and affiliates thereof.

      1.03 Exclusivity Covenant. While employed by the Company, the Executive
will not undertake or engage in any other employment, occupation or business
enterprise without providing prior notice to the Board of Directors, or if,
after receiving such notice, the Board of Directors objects to such outside
undertaking or engagement. Further, while employed by the Company, the Executive
will not acquire, assume or participate in, directly or indirectly, any
position, investment or interest adverse or antagonistic to, or competitive with
the Company, its business or prospects, financial or otherwise, or take any
action toward any of the foregoing, except investments representing less than 1%
of the outstanding voting shares of any publicly-held corporation.

      1.04 Initial Term and Extensions. Subject to the provisions of this
section and Section 3.03 hereof, the term of this employment agreement shall be
for three years commencing with the Effective Date hereof, provided, however,
that the term shall be extended automatically for periods of one year commencing
on the second anniversary of the Effective Date and on each

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subsequent anniversary thereafter (meaning that commencing on the second
anniversary of the Effective Date, this agreement will have a two-year term from
such renewal), unless either party gives written notice to the other, prior to
the date of such anniversary, of such party's election not to extend the term of
this agreement; provided, however, that in no event will the term of this
agreement extend beyond the date on which the Executive attains the age of 65
without the affirmative approval of the Boards.

      2. Compensation.

      2.01 Base Salary.

      a) Commencing on the Effective Date hereof, the Company shall pay to the
Executive for the services to be rendered hereunder a base annual salary of
$335,000.

      b) There shall be an annual review for merit by the Boards and the
Executive's Base Salary may be adjusted up or down if the Boards deem such an
adjustment to be appropriate to reflect the value of the services of the
Executive.

      c) The Executive's base salary shall be payable in periodic installments
in accordance with the Bank's usual practice for its senior executive officers.

      2.02 Incentive Compensation. In addition to a base salary, the Executive
shall be entitled to receive payments under the incentive compensation bonus
program(s) (as in effect from time to time) maintained by either, or both, LSB
or the Bank, if any, in such amounts as are determined by the Company to be
appropriate for senior executive officers.

      2.02 Participation in Benefit Plans.

      (a) The Executive shall be entitled to participate in, and receive
benefits under, all employee benefit plans and arrangements maintained by
either, or both, LSB or the Bank in effect on the Effective Date for as long as
such plans and arrangements may remain in effect (including, but not limited to,
participation in any other pension, profit sharing, stock bonus or employee
stock ownership plan adopted by LSB and/or the Bank, and all group life, health,
dental, disability and other insurance) or any substitute or additional plans,
policies or arrangements made available in the future to the similarly situated
employees of the Company, subject to and on a basis consistent with the terms,
conditions and overall administration of such plans, policies and arrangements.
At the date the Executive begins employment with the Company and to the extent
permitted by the documents governing the plans, he shall participate in (at the
cost and expense of the Company) the group life insurance, health plans, and
other health and welfare plans maintained by LSB and/or the Bank,
notwithstanding any waiting period otherwise provided for in such plans.

      (b) The Company shall pay all reasonable costs associated with an annual
physical examination for the Executive.

                                      -2-

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      (c) Nothing paid to the Executive under any plan, policy or arrangement
presently in effect or made available in the future shall be deemed to be in
lieu of other Compensation to the Executive hereunder as described in this
Section 2.

      2.04 Vacation Days. The Executive shall be entitled to the number of paid
vacation days and paid holidays in each year as are determined by the Company
from time to time for senior executive officers, provided that the aggregate
annual number of such vacation days exclusive of paid holidays shall at no time
fall below twenty per calendar year.

      2.05 Expenses. During the term of his employment hereunder, the Executive
shall be entitled to receive prompt reimbursement for all reasonable expenses
incurred by him (in accordance with the policies and procedures established by
the Boards for the senior executive officers of the Company) in performing
services hereunder.

      3. Termination.

      3.01 Termination by the Company Other Than for Cause.

      (a)   If during the term of this Agreement the Company terminates the
            employment of the Executive and such termination is not for "cause"
            (as defined in Section 3.02):

            (1)   The Company shall pay to the Executive an amount equal to the
                  Executive's monthly base salary (as defined in Section 2.01
                  and at the monthly salary rate in effect on the date of such
                  termination) multiplied by the greater of: (i) 12 months; or
                  (ii) the number of months remaining in the term of this
                  Agreement. This amount shall be paid to the Executive in one
                  lump sum as soon as practicable, but in no event later than 60
                  days after the date of termination.

            (2)   The Company shall also pay the Executive, throughout the
                  remainder of the term of this Agreement (as defined in Section
                  1.04) following the date of termination, such Compensation as
                  is provided to the Executive pursuant to Section 2.02 (to the
                  extent that incentive compensation relates to a period prior
                  to termination), Section 2.03 (except where continuation of
                  benefits cannot be provided as contemplated by this Section
                  3.01 by reason of a prohibition in the terms of the benefit
                  plan) and Section 2.05. For the purposes of determining the
                  amount of benefits to which the Executive shall continue to be
                  entitled to pursuant to Section 2.03, the Executive shall be
                  deemed, throughout the period of his entitlement pursuant to
                  this Section 3.01, to have continued employment by the Company
                  at a rate of total compensation equal to the rate in effect on
                  the date of termination.

      (b)   If LSB or the Bank fails to reappoint (or reelect) the Executive to
            the position or positions listed in Section 1-01, fails to comply
            with the provisions of Section 2 or engages in any other material
            breach of the terms of this Agreement, a termination of the
            Executive's employment shall be considered to be a termination of
            the

                                      -3-

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            Executive's employment by the Company for reasons other than "cause"
            (as defined in Section 3.02 below) pursuant to this Section 3.01.

      3.02 Termination by the Company for Cause.

            (a) The Company shall have the right to terminate the employment of
            the Executive for cause only after (i) giving written notice to the
            Executive setting forth in reasonable detail the nature of such
            cause, and (ii) giving the Executive a reasonable and fair
            opportunity to respond to such written notice. Effective as of the
            date that the employment of the Executive terminates by reason of
            cause, this Agreement shall terminate and no further payments of the
            Compensation described in Section 2 (except for such remaining
            payments of Base Salary under Section 2.01 relating to periods
            during which the Executive was employed by LSB or the Bank, benefits
            under Section 2.03 which are required by applicable law to be
            continued, and reimbursement of proper expenses under Section 2.05)
            shall be made.

            (b) For the purposes of this Section, "cause" shall mean willful or
            gross neglect of duties for which the Executive is employed (other
            than on account of a medically determinable disability which renders
            the Executive incapable of performing such services); commission of
            fraud, misappropriation or embezzlement in the performance of the
            Executive's duties hereunder (irrespective of any criminal
            prosecution therefore); conviction of a criminal offense involving a
            finding or admission of personal dishonesty, breach of trust or
            moral turpitude; removal or prohibition from office by federal or
            state financial institution regulatory authorities, which removal or
            prohibition has become final and not subject to further appeal;
            material failure to follow proper instructions of either Board; or
            willfully engaging in conduct materially injurious to the Company
            and in violation of the covenants contained in Sections 1.03 or
            5.04.

      3.03 Termination Following Change in Control. If there is a "change of
control" (as defined in subsection (a) below) while this Agreement is in effect,
the provisions of this Section 3.03 shall apply and shall continue to apply for
a two-year period following the "change of control" (as defined subsection (a)
below) regardless of whether the Agreement is terminated. If during the two-year
period following a "change of control" the Executive's employment is terminated
by the Executive following the occurrence of any of the events listed in
subsection (b) below, the Executive shall receive the compensation provided in
subsection (c) below. Similarly, if the Executive's employment is terminated
without "cause" (as defined in Section 3.02 above) by LSB or the Bank during the
two-year period following a "change of control", the Executive shall receive the
compensation provided in subsection (c) below.

      (a) For the purposes of this Section 3.03, a "change of control" shall
mean the occurrence of any one or more of the following events:

            (1) after the Effective Date, any "person" (as such term is used in
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended),
other than LSB or the

                                      -4-

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Bank, becomes a beneficial owner (as such term is defined in Rule 13d-3 as
promulgated under the Securities Exchange Act of 1934, as amended) directly or
indirectly of securities representing 15% or more of the total number of votes
that may be cast for the election of directors of either LSB or the Bank and
two-thirds of the directors of the Boards, or the appropriate Board, have not
consented to such event prior to its occurrence or within 60 days thereafter,
provided that if the consent occurs after the event, it shall only be valid for
the purposes of this paragraph (1) if a majority of the consenting Board or
Boards are comprised of directors of either, or both, LSB and the Bank, as
appropriate, who were directors of either, or both, LSB or the Bank, as
appropriate immediately prior to the event;

            (2) within two years after a merger, consolidation or sale of assets
(other than in the ordinary course of business of LSB or the Bank, as
appropriate), involving LSB or the Bank, or a contested election of a director
of either, or both, LSB or the Bank, as appropriate, or any combination of the
foregoing, the individuals who were directors of LSB or the Bank immediately
prior thereto shall cease to constitute a majority of the respective Boards;

            (3) within two years after a tender offer or exchange offer for
voting securities of LSB or the Bank (other than by LSB or the Bank, as
appropriate), the individuals who were directors of LSB or the Bank, as
appropriate, immediately prior thereto shall cease to constitute a majority of
the appropriate Board or the Boards.

      (b) The events referred to in this Section 3.03 shall be as follows:

            (1) a reduction of the Executive's Compensation (as described in
Section 2 above) other than a reduction which is based on the financial
performance of the Company and is similar to the reduction made to the
compensation provided to each other senior executive officer of the Company,
provided that such reduction does not exceed 25%;

            (2) in the reasonable good faith judgment of the Executive, a
significant change in the Executive's responsibilities and/or duties which
constitutes, when compared to the Executive's responsibilities and/or duties
before the "change of control," a demotion;

            (3) a loss of title or office;

            (4) an increase in the Executive's Compensation following a "change
of control" that, when compared to the increase in Compensation received by the
Executive in the prior three years, is a lower dollar amount or percentage
increase, except that such reduced increase in the Executive's Compensation
shall not be considered an "event" for purposes of this subsection (b) if such
reduction is based on the financial performance of the Company and is similar to
the reduction in increases in compensation provided to each other senior
executive officer of the Company; or

            (5) a requirement that the Executive report to work at a location
that is more than 25 miles from the main office of the Company immediately prior
to the "change in control".

                                       -5-

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      (c) If the Executive becomes entitled to receive compensation pursuant to
this Section 3.03, he shall receive a lump-sum payment from the Bank within 60
days of the termination of his employment. Such lump-sum payment shall equal the
amount which is $20 less than 300% of the Executive's "base amount" (as defined
in Section 280G(b)(3) of the Internal Revenue Code of 1986, as amended (the
"Code")), provided that the Boards shall have discretion, without the prior
consent of the Executive, to reduce the amount of such payment to the extent
necessary to ensure that such lump-sum payment is not subject to tax pursuant to
Section 4999 of the Code.

      (d) If the Executive's termination of employment is covered by both
Section 3.01 and this Section 3.03, the Executive shall receive the compensation
described in subsection (c) above.

      3.04 Termination by Death or Disability. If the Executive dies or becomes
disabled (within the meaning of Section 72(m)(7) of the Code), this Agreement
shall terminate and the Executive shall then be entitled to such compensation
described in Section 2 that relates to the period that he performed services for
the Company plus all applicable benefits to which the Executive is entitled
under employee benefit plans maintained by the Company, incentive compensation
or bonus plans, other benefit plans or programs maintained by the Company and
all such other benefits from employment policies and practices of the Company.

      4. Assignment.

      This Agreement and the rights and obligations of the parties hereto shall
bind and inure to the benefit of each of such parties and shall also bind and
inure to the benefit of any successor or successors of LSB or the Bank by
reorganization, merger or consolidation and any assignee of all or substantially
all of the business and properties of LSB or the Bank, but, except as to any
such successor or assignee of LSB or the Bank, neither this Agreement nor any
rights or benefits hereunder may be assigned by LSB, the Bank or the Executive.

      5. Miscellaneous.

      5.01 Governing Law. This Agreement shall be construed in accordance with
and governed for all purposes by the laws of The Commonwealth of Massachusetts

      5.02 Interpretation. In case any one or more of the provisions contained
in this Agreement shall, for any reason, be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provisions of this Agreement, but this Agreement
shall be construed as if such invalid, illegal or unenforceable provision had
never been contained herein.

      5.03 Notices. Any notice required or permitted to be given hereunder shall
be effective when received and shall be sufficient if in writing and if
personally delivered or sent by pre-paid registered or certified mail, return
receipt requested, or by recognized commercial courier with proof of delivery to
the party entitled to receive same.

                                      -6-

<PAGE>

      5.04 Confidential Information. The Executive will not disclose to any
other person or entity (except as required by applicable law or in connection
with the performance of his responsibilities hereunder), or use for his own
benefit or for the benefit of others, any confidential information of the
Company obtained by him incident to his employment with LSB or the Bank. The
term "confidential information" includes, without limitation, financial
information, business plans, prospects and opportunities which have been
discussed or considered by the Boards or management of the Company but does not
include any information which the Company or the Boards have authorized to be
made public other than on account of the Executive's failure to comply with the
provisions of this Section.

      5.05 Amendment and Waiver. This Agreement may not be amended, supplemented
or waived except by a writing signed by the party against whom such amendment or
waiver is to be enforced. The waiver by any party of a breach of any provision
of this Agreement shall not operate or be construed as a waiver of any other
breach of that provision or as a waiver of any breach of any other provision.

      5.06. Binding Effect. Subject to the provisions of Section 4 hereof, this
Agreement shall be binding on the successors and assigns of the parties hereto.

      5.07 Survival of Rights and Obligations. All rights and obligations of the
Executive, LSB or the Bank arising during the term of this Agreement shall
continue to have full force and effect after the termination of this Agreement.

      5.08 Entire Agreement. This Agreement constitutes and defines the entire,
complete and final agreement and understanding of the parties with respect to
the terms and conditions of the Executive's employment by the Company, the
Executive's compensation and benefits therefor, the circumstances and manner in
which said employment may be terminated, and the consequences of such
termination. By signing below, the Executive acknowledges and represents that
the Company and its representatives have made no other representations,
promises, or commitments to, and have entered into no separate or unwritten
understandings or agreements with, the Executive or the Executive's
representatives with respect to the Executive's employment by the Company or any
of the terms or conditions thereof.

      6. Arbitration

      6.01  Arbitration of Disputes. Any controversy or claim arising out of or
            relating to this Agreement or the breach thereof shall be settled by
            arbitration in accordance with the laws of the Commonwealth of
            Massachusetts by three arbitrators, one of whom shall be appointed
            by the Company, one by the Executive and the third by the first two
            arbitrators. If the first two arbitrators cannot agree on the
            appointment of a third arbitrator, then the third arbitrator shall
            be appointed by the American Arbitration Association in the City of
            Boston. Such arbitration shall be conducted in the City of Boston in
            accordance with the rules of the American Arbitration Association,
            except with respect to the selection of arbitrators which

                                      -7-

<PAGE>

            shall be as provided in this Section 6.01. Judgment upon the award
            rendered by the arbitrators may be entered in any court having
            jurisdiction thereof.

            In any arbitration proceeding brought pursuant to this Section 6.01,
            or in any court proceeding to enforce or review an award of the
            arbitrators, each of the parties shall pay his or its own legal
            costs, expenses and attorneys' fees, provided, that if the issue or
            one of the issues if there be more than one, between the parties is
            whether the termination or dismissal of the Executive was for
            "cause," and the ultimate conclusion, whether made by the
            arbitrators, or by a court (in a proceeding to enforce or review the
            arbitration award) is that the termination or dismissal was not for
            "cause," then the Bank shall pay (or the Executive shall be entitled
            to recover from the Bank, as the case may be) all of the Executive's
            reasonable legal costs, expenses and attorneys' fees incurred in the
            arbitration and court proceedings. The provisions of this Section
            6.01 shall apply regardless of whether the termination or dismissal
            of the Executive for cause was made after or as a result of a
            "change of control."

                                    Execution

            Upon execution below by all parties, this Agreement will enter into
full force and effect on the Effective Date.

LAWRENCE SAVING BANK                           EXECUTIVE

By: /S/ THOMAS J. BURKE                        /S/ GERALD T. MULLIGAN
    --------------------------------           --------------------------------
                                               Gerald T. Mulligan

                                      Witness: /S/ CYNTHIA J. MILNE
                                               --------------------------------

LSB CORPORATION

By: /S/ THOMAS J. BURKE
    --------------------------------

                                      -8-exv10w1

 

Exhibit 10.1

Fairchild Semiconductor Stock Plan

Performance Unit Award Agreement

	 	 	 	 	 
	PARTICIPANT:

	 	EMPLOYEE ID:
	 	               GLOBAL ID:
	 
	 	 	 	 
	GRANT DATE:

	 	 	 	                     ___, 2005
	 
	 	 	 	 
	TARGET NUMBER OF PERFORMANCE UNITS:	 	                                         units
	 
	 	 	 	 
	PERFORMANCE YEAR:

	 	 	 	Fiscal Year Ending December 25, 2005

THIS AGREEMENT, effective as of the Grant Date set forth above, is between Fairchild Semiconductor
International, Inc., a Delaware corporation (the “Company”, “we”, “our” or “us”) and the
Participant named above (“you” or “yours”), pursuant to the provisions of the Fairchild
Semiconductor Stock Plan (the “Plan”) with respect to the award of the number of performance units
(“Performance Units”) specified above. Capitalized terms used and not defined in this Agreement
shall have the meanings given to them in the Plan.

By accepting this Grant, you irrevocably agree, on your own behalf and on behalf of your heirs and
any other person claiming rights under this Agreement, to all of the terms and conditions of the
Performance Unit Award as set forth in or pursuant to this Agreement and the Plan (as such may be
amended from time to time). You and the Company agree as follows:

	 	 	 	 	 
	1.

	 	Application of Plan;
Administration
	 	This Agreement and your rights under this Agreement are subject to all the terms and conditions of the Plan, as it may be amended from time to
time, as well as to such rules and regulations as the Committee may adopt. It is expressly understood that the Committee that administers the
Plan is authorized to administer, construe and make all determinations necessary or appropriate to the administration of the Plan and this
Agreement, all of which shall be binding upon you to the extent permitted by the Plan. Any inconsistency between this Agreement and the Plan
shall be resolved in favor of the Plan.
	 
	 	 	 	 
	2.

	 	Performance Goal
	 	The issuance of Performance Units pursuant to this Agreement shall be subject to the Company achieving earnings before interest and taxes, as
determined by the Committee pursuant to the Plan, (“EBIT”) for the Performance Year set forth above equal to at least the 50% EBIT Target
established by the Committee and set forth in the table below. If EBIT for the Performance Year does not equal or exceed the 50% EBIT Target
threshold, the right to receive any Performance Units pursuant to this Agreement shall expire without consideration.
	 
	 	 	 	 
	 

	 	 	 	Subject to the foregoing paragraph and provided that you have remained in the full time employment or service of the Company or an Affiliate
from the Grant Date set forth above, the number of Performance Units issued to you under this Agreement (such units, the “Granted Performance
Units”) shall be determined in accordance with the following schedule:

	 	 	 	 	 
	 	 	EBIT Required to	 	 
	Percentage EBIT	 	Achieve Percentage	 	Number of Granted
	Target 	 	EBIT Target	 	Performance Units If Percentage EBIT Goal Achieved
	50% EBIT Target

	 	 	 	0.50 x the Target Number of Performance Units
	 
	 	 	 	 
	100% EBIT Target

	 	 	 	1.00 x the Target Number of Performance Units
	 
	 	 	 	 
	150% EBIT Target

	 	 	 	1.50 x the Target Number of Performance Units
	 
	 	 	 	 
	200% EBIT Target

	 	 	 	2.00 x the Target Number of Performance Units

	 	 	 	 	 
	 

	 	 	 	In the event that the Company’s EBIT for the Performance Year falls between two of the Percentage EBIT Targets listed in the table above, the
number of Granted Performance Units shall be determined by linear interpolation. Notwithstanding anything herein to the contrary, in no event
shall more that 2.00 times the Target Number of Performance Units be issued under this Agreement.

 

 

	 	 	 	 	 
	 

	 	 	 	Following the end of the Performance Year and the collection of relevant data necessary to determine the extent to which the performance goal
set forth in this Paragraph 2 has been satisfied, the Committee will determine: (a) the extent to which the performance goal was achieved by
the Company for the Performance Year; and (b) the percentage of the Target Number of Performance Units to be issued pursuant to the Performance
Unit Award program for the Performance Year. The Committee shall make these determinations in its sole discretion. The number and kind of
shares subject to or issued under the Performance Unit Award shall be subject to adjustment as provided for in Section 3(c) of the Plan. The
achievement of the performance goal (or lack thereof) shall be evidenced by the Committee’s written certification. For the avoidance of doubt,
the right to receive up to 200% of the Target Number of Performance Units shall expire without consideration to the extent that such units do
not become Granted Performance Units.
	 
	 	 	 	 
	3.

	 	Vesting
	 	The Granted Performance Units will vest (becoming “Vested Performance Units”) on the following Vesting Dates provided that you have remained in
the full time employment or service of the Company or an Affiliate from the Grant Date set forth above until the respective Vesting Date,
provided that in no case shall the units vest before the date of the Committee’s written certification of the performance goal achievement
under Paragraph 2:

	 	 	 	 	 
	 	 	Percentage Vested
	Vesting Date 	 	(including portion that vested the preceding year)
	July __, 20__
	 	 	33	%
	February __, 20__
	 	 	66	%
	February __, 20__
	 	 	100	%

	 	 	 	 	 
	 

	 	 
	 	The vesting period set forth above may be adjusted by the Committee to reflect the decreased level of employment or service during any period
in which you are on an approved leave of absence or are employed on a less than full time basis.

	 
	 	 	 	 
	4.

	 	Termination of
Employment
	 	Except as otherwise provided in Paragraph 8 of this Agreement, the right to issuance of Performance Units and the rights under any Granted
Performance Units that have not become Vested Performance Units at the time your employment or service with the Company terminates for any
reason will be forfeited without consideration as of the date of termination.
	 
	 	 	 	 
	5.

	 	Settlement of
Granted
Performance Units
and Issuance of
Shares
	 	Each Vested Performance Unit will be settled by the delivery of one share of Common Stock (subject to adjustment under Section 3(c) of the
Plan, a “Share”) to you or, in the event of your death, to your designated beneficiary, promptly following the Vesting Date with respect to
such Shares, subject to your satisfaction of any tax withholding obligations as described in Paragraph 10 of this Agreement. You hereby
authorize any brokerage service provider determined acceptable to the Company, to open a securities account for you to be used for the
settlement of Vested Performance Units. The date on which Shares are issued may include a delay in order to provide the Company such time as
it determines appropriate to address tax withholding and other administrative matters.
	 
	 	 	 	 
	6.

	 	Rights as Stockholder
	 	Except as otherwise provided in this Agreement, you will not be entitled to any privileges of ownership of the shares of Common Stock
underlying your Performance Units unless and until Shares are actually delivered to you under this Agreement.
	 
	 	 	 	 
	7.

	 	Dividends
	 	From and after the date a number of Granted Performance Units are issued to you under Paragraph 2 or Paragraph 8, you will be credited with
additional Performance Units having a value equal to declared dividends, if any, with record dates that occur prior to the settlement of any
Granted Performance Units as if such Granted Performance Units had been actual shares of Common Stock, based on the Fair Market Value of a
share of Common Stock on the applicable dividend payment date. Any such additional Performance Units shall be considered Granted Performance
Units under this Agreement and shall also be credited with additional Performance Units as dividends, if any, are declared, and shall be
subject to the same restrictions and conditions (including the risk of forfeiture under Paragraph 4) as Granted Performance Units with respect
to which they were credited. Notwithstanding the foregoing, no such additional Performance Units will be credited with respect to any dividend
in connection with which Granted Performance Units are adjusted pursuant to Section 3(c) of the Plan.

2

 

	 	 	 	 	 
	8.

	 	Change in Control
	 	Notwithstanding anything to the contrary in this Agreement, the Granted Performance Units shall be subject to acceleration of vesting upon a
Change in Control as provided with respect to restricted stock under Section 11(a)(ii) of the Plan, and shall be settled as if pursuant to
Paragraph 5 of this Agreement, provided that if a Change in Control occurs during the Performance Year, a number of Performance Units equal to
100% of the Target Number of Performance Units shall be issued to you (and become Granted Performance Units) immediately prior to the Change in
Control.

	 	 	 	 	 	 	 
	9.

	 	Transferability
	 	(a)
	 	Your Performance Units are not transferable, whether voluntarily or involuntarily, by operation of law or otherwise, except as provided in
the Plan. Any assignment, pledge, transfer, or other disposition, voluntary or involuntary, of your Units made, or any attachment, execution,
garnishment, or lien issued against or placed upon the Units, other than as so permitted, shall be void.
	 	 	 	 	 	 	 
	 

	 	 	 	(b)
	 	You acknowledge that, from time to time, the Company may be in a “blackout period” and/or subject to applicable securities laws that could
subject you to liability for engaging in any transaction involving the sale of the Company’s shares. You further acknowledge and agree that,
prior to the sale of any Shares, it is your responsibility to determine whether or not such sale of Shares will subject you to liability under
insider trading rules or other applicable securities laws.
	 	 	 	 	 	 	 
	10.

	 	Taxes
	 	(a)
	 	General. You are ultimately liable and responsible for all taxes owed by you in connection with your Performance Units, regardless of any
action the Company takes or any transaction pursuant to this Paragraph 10 with respect to any tax withholding obligations that arise in
connection with the Performance Units. The Company makes no representation or undertaking regarding the treatment of any tax withholding in
connection with the grant, issuance, vesting or settlement of the Performance Units or Granted Performance Units or the subsequent sale of any
of the Shares underlying the Granted Performance Units that vest. The Company does not commit and is under no obligation to structure this
Agreement to reduce or eliminate your tax liability.
	 	 	 	 	 	 	 
	 

	 	 	 	(b)
	 	Taxes. You will be subject to federal and state income and other tax withholding requirements on a date (generally, the Vesting Date)
determined by applicable law (any such date, the “Taxable Date”), based on the Fair Market Value of the Shares underlying the Granted
Performance Units that vest. You will be solely responsible for the payment of all U.S. federal income and other taxes, including any state,
local or non-U.S. income or employment tax obligation that may be related to the Shares, including any such taxes that are required to be
withheld and paid over to the applicable tax authorities (the “Tax Withholding Obligation”). You will be responsible for the satisfaction of
such Tax Withholding Obligation in a manner acceptable to the Company in its sole discretion, including through payroll withholding.
	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(i) By Sale of Shares. Your acceptance of this Agreement constitutes your instruction and authorization to the Company and any brokerage firm
determined acceptable to the Company for such purpose to sell on your behalf a whole number of shares from those Shares issuable to you as the
Company determines to be appropriate to generate cash proceeds sufficient to satisfy the applicable Tax Withholding Obligation. Such shares
will be sold on the Taxable Date or as soon thereafter as practicable. You will be responsible for all brokers’ fees and other costs of sale,
which fees and costs may be deducted from the proceeds of the foregoing sale of Shares, and you agree to indemnify and hold the Company and any
brokerage firm selling such Shares harmless from any losses, costs, damages, or expenses relating to any such sale. To the extent the proceeds
of such sale exceed your Tax Withholding Obligation, such excess cash will be deposited into the securities account established with the
brokerage service provider for the settlement of your Vested Performance Units. Such Shares will be sold through the broker at market prices;
however the price you receive will reflect a weighted average sales price based on the sales price of Shares on behalf of you and others for
whom the designated broker may be selling shares on the relevant day(s), and you acknowledge that the Company or its designee is under no
obligation to arrange for such sale at any particular price, and that the proceeds of any such sale may not be sufficient to satisfy your Tax
Withholding Obligation. Accordingly, you agree to pay to the Company as soon as practicable, including through additional payroll withholding,
any amount of the Tax Withholding Obligation that is not satisfied by the sale of shares described above. Unless otherwise authorized by the
Committee in its sole discretion, the sale of shares will be the primary method used by the Company to satisfy the applicable Tax Withholding
Obligation, and accordingly you represent and warrant to the Company as follows:

	 	 	 	 	 	 	 
	 

	 	 	 	A.
	 	You are accepting this Agreement during a permitted trading period, and at the time of accepting this Agreement you are not aware of any
Material Nonpublic Information (as defined in the Company’s Corporate Legal Insider Trading and Tipping Policy) concerning the Company.

3

 

	 	 	 	 	 	 	 
	 

	 	 	 	B.
	 	You will not exercise any subsequent influence over the amount of Shares to be sold hereunder to generate funds for the Tax Withholding
Obligation or the price, date or time of such sale.
	 	 	 	 	 	 	 
	 

	 	 	 	C.
	 	You are entering into this Agreement in good faith and have a bona fide intention to carry out the terms of this Agreement, and you will not
enter into or alter a corresponding or hedging transaction or position with respect to the Shares.
	 	 	 	 	 	 	 
	 	 	 	 	(ii) By Share Withholding. If so elected in the sole discretion of the Committee, then in lieu of a market sale pursuant to Paragraph 10(b)(i)
you authorize the Company to withhold from the Shares issuable to you the whole number of shares with a value equal to the Fair Market Value of
the Shares on the Taxable Date or the first trading day before the Taxable Date, sufficient to satisfy the applicable Tax Withholding
Obligation. You acknowledge that the withheld shares may not be sufficient to satisfy your Tax Withholding Obligation. Accordingly, you agree
to pay to the Company as soon as practicable, including through additional payroll withholding, any amount of the Tax Withholding Obligation
that is not satisfied by the withholding of Shares described above.

	 	 	 	 	 
	11.

	 	Data Privacy
	 	As an essential term of this Agreement, you consent to the collection, use and transfer, in electronic or other form, of personal data as
described in this Agreement for the exclusive purpose of
implementing, administering and managing your participation in the
Plan.

By entering into this Agreement and accepting the Performance Units, you acknowledge that the Company holds certain personal information about
you, including, but not limited to, your name, home address and telephone number, date of birth, social insurance number or other
identification number, salary, tax rates and amounts, nationality, job title, any shares of stock or directorships held in the Company, details
of all awards or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding, for the purpose of
implementing, administering and managing the Plan (“Data”). You acknowledge that Data may be transferred to any third parties assisting in the
implementation, administration and management of the Plan, that these recipients may be located in jurisdictions that may have different data
privacy laws and protections, and you authorize the recipients to receive, possess, use, retain and transfer the Data, in electronic or other
form, for the purposes of implementing, administering and managing the Plan, including any requisite transfer of such Data as may be required
to a broker or other third party with whom you or the Company may elect to deposit any shares of stock acquired under this Agreement. You
acknowledges that Data may be held only as long as is necessary to implement, administer and manage your participation in the Plan as
determined by the Company, and that you may request additional information about the storage and processing of Data, require any necessary
amendments to Data or refuse or withdraw the consents herein, in any case without cost, provided however, that refusing or withdrawing your
consent may adversely affect your ability to participate in the Plan.
	 
	 	 	 	 
	12.

	 	Electronic
Delivery
	 	The Company may, in its sole discretion, decide to deliver any documents related to any awards granted under the Plan by electronic means or to
request your consent to participate in the Plan by electronic means. You hereby consent to receive such documents by electronic delivery and,
if requested, to agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or another
third party designated by the Company, and such consent shall remain in effect throughout your term of employment or service with the Company
and thereafter until withdrawn in writing by you.

4

 

	 	 	 	 	 	 	 
	13.

	 	Miscellaneous
	 	(a)
	 	This Agreement shall not confer upon you any right to continue as an employee, or otherwise in the service of, the Company or any
Affiliate, nor shall this Agreement interfere in any way with the Company’s or such Affiliate’s right to terminate your employment or service
at any time.
	 
	 	 	 	 	 	 
	 

	 	 	 	(b)
	 	Without limiting the generality of Paragraph 13(a) above, this Agreement and the Plan may be amended without your consent to the extent
provided in Section 14(b) of the Plan.
	 
	 	 	 	 	 	 
	 

	 	 	 	(c)
	 	This Agreement will be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or stock
exchanges as may be required. The Company may impose such restrictions, conditions or limitations as it determines appropriate as to the timing
and manner of any resales by you or other subsequent transfers by you of any shares of Common Stock issued as a result of or under this
Agreement, including without limitation (i) restrictions under an insider trading policy, (ii) restrictions that may be necessary in the
absence of an effective registration statement under the Securities Act of 1933, as amended, covering the Performance Units and (iii)
restrictions as to the use of a specified brokerage firm or other agent for such resales or other transfers. Any sale of shares of Common
Stock issued pursuant to this Agreement must also comply with other applicable laws and regulations governing the sale of such shares.
	 
	 	 	 	 	 	 
	 

	 	 	 	(d)
	 	To the extent not preempted by U.S. federal law, this Agreement shall be governed by, and construed in accordance with, the laws of the
State of Delaware.
	 
	 	 	 	 	 	 
	 

	 	 	 	(e)
	 	Any question concerning the interpretation of this Agreement or the Plan, any adjustments required to be made under the Plan, and any
controversy that may arise under the Plan or this Agreement shall be determined by the Committee (including any person(s) to whom the Committee
has delegated its authority) in its sole and absolute discretion. Such decision by the Committee shall be final and binding.
	 
	 	 	 	 	 	 
	14.	 	Signatures	 	By the signatures below, you and the authorized representative of the Company acknowledge agreement to this Performance Unit Award Agreement as
of the Grant Date specified above.

	 	 	 	 	 	 	 
	 	PARTICIPANT:	 	FAIRCHILD SEMICONDUCTOR INTERNATIONAL, INC.

 	 
	 	 	 	                                                                    /s/ Mark S. Thompson
 	 
	 	 	 	Mark S. Thompson 	 
	 	 	 	President and CEO 	 
	 	 	 

To accept your Performance Unit grant:

	(a)	 	Sign BOTH copies of this Performance Unit Award Agreement;
	 
	(b)	 	Retain one copy of each for your records;
	 
	(c)	 	Return one copy of each in the enclosed envelope by August 22, 2005.

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