Document:

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                                                                   EXHIBIT 10.12

                              ANALOG DEVICES, INC.

                       2001 BROAD-BASED STOCK OPTION PLAN

                         EFFECTIVE DATE: DECEMBER 5, 2001

1. Purpose.

      The purpose of this 2001 Broad-Based Stock Option Plan (the "Plan") of
Analog Devices, Inc. a Massachusetts corporation (the "Company"), is to advance
the interests of the Company's stockholders by enhancing the Company's ability
to attract, retain and motivate persons who make (or are expected to make)
important contributions to the Company by providing such persons with equity
ownership opportunities and thereby better aligning the interests of such
persons with those of the Company's stockholders. Except where the context
otherwise requires, the term "Company" shall include any present or future
subsidiaries of Analog Devices, Inc. as defined in Section 424(f) of the
Internal Revenue Code of 1986, as amended, and any regulations promulgated
thereunder (the "Code") and any other business venture (including, without
limitation, joint venture or limited liability company) in which the Company has
a controlling interest, as determined by the Board of Directors of the Company
(the "Board").

2. Eligibility of Optionees.

         All of the Company's employees, consultants and advisors are eligible
to be granted options (each, an "Option") under the Plan; provided, however, no
Options may be granted under the Plan to any directors of the Company or to any
employees who are also officers of the Company as the term "officer" is defined
by the Securities and Exchange Commission in Rule 16a-l(f) promulgated under the
Securities Exchange Act of 1934, or any successor rule. Each person who has been
granted an Option under the Plan is hereinafter referred to as "Optionee".

3. Administration; Delegation.

      (a) Administration by Board of Directors. The Plan will be administered by
the Board. The Board shall have authority to grant Options and to adopt, amend
and repeal such administrative rules, guidelines and practices relating to the
Plan as it shall deem advisable. The Board may correct any defect, supply any
omission or reconcile any inconsistency in the Plan or any Option in the manner
and to the extent it shall deem expedient to carry the Plan into effect and it
shall be the sole and final judge of such expediency. All decisions by the Board
shall be made in the Board's sole discretion and shall be final and binding on
all persons having or claiming any interest in the Plan or in any Option. No
director or person acting pursuant to the authority delegated by the Board shall
be liable for any action or determination relating to or under the Plan made in
good faith.

      (b) Appointment of Committees. To the extent permitted by applicable law,
the Board may delegate any or all of its powers under the Plan to one or more
committees or subcommittees of the Board (a "Committee"). All references in the
Plan to the "Board" shall ) mean the Board, the Committee or the executive
officer referred to in Section 3(c) to the extent
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that the Board's powers or authority under the Plan have been delegated to the
Committee or executive officer.

      (c) Delegation to Executive Officers. To the extent permitted by
applicable law, the Board may delegate to one or more executive officers of the
Company the power to grant Options and exercise such other powers under the Plan
as the Board may determine, provided that the Board shall fix the maximum number
of shares subject to Options and the maximum number of shares for any one
Optionee to be made by such executive officers.

4. Stock Available for Options. Subject to adjustment pursuant to Section 6(a),
Options may be granted under the Plan for up to 50,000,000 shares of common
stock, $0.16-2/3 par value of the Company ("Common Stock"). If any Option
expires or is terminated, surrendered or canceled without having been fully
exercised or is forfeited in whole or in part or results in any Common Stock not
being issued, the unused Common Stock covered by such Option shall again be
available for the grant of Options under the Plan. Shares issued under the Plan
may consist in whole or in part of authorized but unissued shares or treasury
shares.

5. Option Terms.

      (a) General. The Board may grant Options to purchase Common Stock and
determine the number of shares of Common Stock to be covered by each Option, the
exercise price of each Option and the conditions and limitations applicable to
the exercise of each Option, including conditions relating to applicable federal
or state securities laws, as it considers necessary or advisable.

      (b) Exercise Price. The Board shall establish the exercise price at the
time each Option is granted and specify it in the applicable Option Agreement;
provided, however, that the exercise price shall be not less than 100% of the
fair market value of the Common Stock, as determined by the Board, at the time
of the Option grant ("Fair Market Value").

      (c) Option Agreement; Duration of Options. Each Option may be evidenced by
(i) an Option Agreement in such form and containing such provisions as the Board
from time to time shall approve or (ii) a written confirming memorandum to the
Optionee setting forth the material terms of the Option. (For purposes of the
Plan, Option Agreement, as defined herein, shall also include any such
confirming memorandum.) Each Option Agreement shall specify the period or
periods during which the Option may be exercised and shall specify the effect of
termination of employment on the exercisability of the Option. The Option
Agreement may also include, without limitation, provisions relating to (i)
subject to the provisions of Section 7, the acceleration and vesting of Options,
(ii) a provision that permits Options to vest and remain exercisable after the
Optionee ceases to be employed by, or retained as a consultant or advisor to,
the Company or any subsidiary or affiliate of the Company, and (iii) any other
matters not inconsistent with the terms and provisions of the Plan that the
Board shall, in its sole discretion, determine. The terms and conditions of the
respective Option Agreements need not be identical.

      (d) Exercise of Option. Options may be exercised by delivery to the
Company of a written notice of exercise, e-mail or other form of notice
(including electronic notice) approved

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by the Board together with payment as specified in Section 5(e) for the number
of shares for which the Option is exercised.

      (e) Payment Upon Exercise. Payment for Common Stock purchased upon the
exercise of an Option granted under the Plan shall be made as follows:

            (1) in cash or by check, payable to the order of the Company;

            (2) except as the Board may, in its sole discretion, otherwise
provide in an Option Agreement, (i) delivery of an irrevocable and unconditional
undertaking by a creditworthy broker to deliver promptly to the Company
sufficient funds to pay the exercise price or (ii) delivery by the Optionee to
the Company of a copy of irrevocable and unconditional instructions to a
creditworthy broker to deliver promptly to the Company cash or a check
sufficient to pay the exercise price and any required withholding;

            (3) delivery of shares of Common Stock owned by the Optionee valued
at their Fair Market Value as determined by (or in a manner approved by) the
Board in good faith, provided (i) such method of payment is then permitted under
applicable law and (ii) such Common Stock, if acquired directly from the
Company, was owned by the Optionee for at least six months prior to such
delivery;

            (4) to the extent permitted by the Board, in its sole discretion,
(i) by delivery of a promissory note of the Optionee to the Company on terms
determined by the Board or (ii) by payment of such other lawful consideration as
the Board may determine; or

            (5) by any combination of the above permitted forms of payment.

      (f) Substitute Options. In connection with a merger or consolidation of an
entity with the Company or the acquisition by the Company of property or stock,
the Board may grant options in substitution for any stock options or other stock
or stock-based awards granted by such entity or an affiliate thereof. Substitute
Options may be granted on such terms as the Board deems appropriate in the
circumstances, notwithstanding any limitations on Options contained in the other
sections of this Section 5.

6. Adjustments for Changes in Common Stock; Liquidation.

      (a) Changes in Capitalization. In the event of any stock split, reverse
stock split, stock dividend, recapitalization, combination of shares,
reclassification of shares, liquidation, spin-off or other similar change in
capitalization or event, or any distribution to holders of Common Stock other
than a normal cash dividend, (i) the number and class of securities available
under the Plan and (ii) the number and class of securities and exercise price
per share subject to each outstanding Option shall be appropriately adjusted by
the Company to the extent the Board shall determine, in good faith, that such an
adjustment is necessary and appropriate. If this Section 6(a) applies and
Section 7 also applies to any event, Section 7 shall be applicable to such
event, and this Section 6(a) shall not be applicable.

      (b) Liquidation or Dissolution. In the event of a proposed liquidation or
dissolution of the Company, the Board shall upon written notice to the Optionees
provide that all then

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unexercised Options will (i) become exercisable in full as of a specified time
at least 10 business days prior to the effective date of such liquidation or
dissolution and (ii) terminate effective upon such liquidation or dissolution,
except to the extent exercised before such effective date.

7. Reorganization and Change in Control Events.

      (a) Definitions.

            (1) A "Reorganization Event" shall mean:

                  (A)   any merger or consolidation of the Company with or into
                        another entity as a result of which all of the Common
                        Stock of the Company is converted into or exchanged for
                        the right to receive cash, securities or other property;
                        or

                  (B)   any exchange of all of the Common Stock of the Company
                        for cash, securities or other property pursuant to a
                        share exchange transaction.

            (2) A "Change in Control Event" shall mean:

                  (A)   the acquisition by an individual, entity or group
                        (within the meaning of Section 13(d)(3) or 14(d)(2) of
                        the Securities Exchange Act of 1934, as amended (the
                        "Exchange Act")) (a "Person") of beneficial ownership of
                        any capital stock of the Company if, after such
                        acquisition, such Person beneficially owns (within the
                        meaning of Rule 13d-3 promulgated under the Exchange
                        Act) 30% or more of either (x) the then outstanding
                        shares of common stock of the Company (the "Outstanding
                        Company Common Stock") or (y) the combined voting power
                        of the then outstanding securities of the Company
                        entitled to vote generally in the election of directors
                        (the "Outstanding Company Voting Securities"); provided,
                        however, that for purposes of this subsection (A), the
                        following acquisitions shall not constitute a Change in
                        Control Event: (i) any acquisition directly from the
                        Company (excluding an acquisition pursuant to the
                        exercise, conversion or exchange of any security
                        exercisable for, convertible into or exchangeable for
                        common stock or voting securities of the Company, unless
                        the Person exercising, converting or exchanging such
                        security acquired such security directly from the
                        Company or an underwriter or agent of the Company), (ii)
                        any acquisition by any employee benefit plan (or related
                        trust) sponsored or maintained by the Company or any
                        corporation controlled by the Company, or (iii) any
                        acquisition by any corporation pursuant to a Business
                        Combination (as defined below) which complies with
                        clauses (x) and (y) of subsection (C) of this
                        definition; or

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                  (B)   such time as the Continuing Directors (as defined below)
                        do not constitute a majority of the Board (or, if
                        applicable, the Board of Directors of a successor
                        corporation to the Company), where the term "Continuing
                        Director" means at any date a member of the Board (x)
                        who was a member of the Board on the date of the initial
                        adoption of this Plan by the Board or (y) who was
                        nominated or elected subsequent to such date by at least
                        a majority of the directors who were Continuing
                        Directors at the time of such nomination or election or
                        whose election to the Board was recommended or endorsed
                        by at least a majority of the directors who were
                        Continuing Directors at the time of such nomination or
                        election; provided, however, that there shall be
                        excluded from this clause (y) any individual whose
                        initial assumption of office occurred as a result of an
                        actual or threatened election contest with respect to
                        the election or removal of directors or other actual or
                        threatened solicitation of proxies or consents, by or on
                        behalf of a person other than the Board; or

                  (C)   the consummation of a merger, consolidation,
                        reorganization, recapitalization or share exchange
                        involving the Company or a sale or other disposition of
                        all or substantially all of the assets of the Company (a
                        "Business Combination"), unless, immediately following
                        such Business Combination, each of the following two
                        conditions is satisfied: (x) all or substantially all of
                        the individuals and entities who were the beneficial
                        owners of the Outstanding Company Common Stock and
                        Outstanding Company Voting Securities immediately prior
                        to such Business Combination beneficially own, directly
                        or indirectly, more than 50% of the then outstanding
                        shares of common stock and the combined voting power of
                        the then outstanding securities entitled to vote
                        generally in the election of directors, respectively, of
                        the resulting or acquiring corporation in such Business
                        Combination (which shall include, without limitation, a
                        corporation which as a result of such transaction owns
                        the Company or substantially all of the Company's assets
                        either directly or through one or more subsidiaries)
                        (such resulting or acquiring corporation is referred to
                        herein as the "Acquiring Corporation") in substantially
                        the same proportions as their respective ownership of
                        the Outstanding Company Common Stock and Outstanding
                        Company Voting Securities immediately prior to such
                        Business Combination and (y) no Person (excluding the
                        Acquiring Corporation or any employee benefit plan (or
                        related trust) maintained or sponsored by the Company or
                        by the Acquiring Corporation) beneficially owns,
                        directly or indirectly, 30% or more of the then
                        outstanding shares of common stock of the Acquiring
                        Corporation, or of the combined voting power of the
                        then-outstanding securities of such corporation entitled
                        to vote generally in the election of directors (except
                        to the

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                        extent that such ownership existed prior to the Business
                        Combination).

            (3) "Good Reason" shall mean any significant diminution in the
Optionee's title, authority, or responsibilities from and after such
Reorganization Event or Change in Control Event, as the case may be, or any
reduction in the annual cash compensation payable to the Optionee from and after
such Reorganization Event or Change in Control Event, as the case may be, or the
relocation of the place of business at which the Optionee is principally located
to a location that is greater than 50 miles from the current site.

            (4) "Cause" shall mean any (i) willful failure by the Optionee,
which failure is not cured within 30 days of written notice to the Optionee from
the Company, to perform his or her material responsibilities to the Company or
(ii) willful misconduct by the Optionee which affects the business reputation of
the Company.

      (b) Effect on Options.

            (1) Reorganization Event. Upon the occurrence of a Reorganization
Event (regardless of whether such event also constitutes a Change in Control
Event), or the execution by the Company of any agreement with respect to a
Reorganization Event (regardless of whether such event will result in a Change
in Control Event), the Board shall provide that all of the outstanding Options
shall be assumed, or equivalent options shall be substituted, by the acquiring
or succeeding corporation (or an affiliate thereof); provided that if such
Reorganization Event also constitutes a Change in Control Event, except to the
extent specifically provided to the contrary in the instrument evidencing any
Option or any other agreement between an Optionee and the Company, (x) one-half
of the number of shares subject to the Option which were not already vested
shall be immediately exercisable upon the occurrence of such Reorganization
Event, and subject to (y) below, the remaining one-half of such number of shares
shall continue to become vested in accordance with the original vesting schedule
set forth in such option, with one-half of the number of shares that would
otherwise have become vested on each subsequent vesting date in accordance with
the original schedule becoming vested on each subsequent vesting date and (y)
such assumed or substituted options shall become immediately exercisable in full
if, on or prior to the first anniversary of the date of the consummation of the
Reorganization Event, the Optionee's employment with the Company or the
acquiring or succeeding corporation is terminated for Good Reason by the
Optionee or is terminated without Cause by the Company or the acquiring or
succeeding corporation. For purposes hereof, an Option shall be considered to be
assumed if, following consummation of the Reorganization Event, the Option
confers the right to purchase, for each share of Common Stock subject to the
Option immediately prior to the consummation of the Reorganization Event, the
consideration (whether cash, securities or other property) received as a result
of the Reorganization Event by holders of Common Stock for each share of Common
Stock held immediately prior to the consummation of the Reorganization Event
(and if holders were offered a choice of consideration, the type of
consideration chosen by the holders of a majority of the outstanding shares of
Common Stock); provided, however, that if the consideration received as a result
of the Reorganization Event is not solely common stock of the acquiring or
succeeding corporation (or an affiliate thereof), the Company may, with the
consent of the acquiring or succeeding corporation, provide for the
consideration to be received upon the exercise of Options to consist

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solely of common stock of the acquiring or succeeding corporation (or an
affiliate thereof) equivalent in fair market value to the per share
consideration received by holders of outstanding shares of Common Stock as a
result of the Reorganization Event.

            Notwithstanding the foregoing, if the acquiring or succeeding
corporation (or an affiliate thereof) does not agree to assume, or substitute
for, such Options, then the Board shall, upon written notice to the Optionees,
provide that all then unexercised Options will become exercisable in full as of
a specified time prior to the Reorganization Event and will terminate
immediately prior to the consummation of such Reorganization Event, except to
the extent exercised by the Optionees before the consummation of such
Reorganization Event; provided, however, that in the event of a Reorganization
Event under the terms of which holders of Common Stock will receive upon
consummation thereof a cash payment for each share of Common Stock surrendered
pursuant to such Reorganization Event (the "Acquisition Price"), then the Board
may instead provide that all outstanding Options shall terminate upon
consummation of such Reorganization Event and that each Optionee shall receive,
in exchange therefor, a cash payment equal to the amount (if any) by which (i)
the Acquisition Price multiplied by the number of shares of Common Stock subject
to such outstanding Options (whether or not then exercisable), exceeds (ii) the
aggregate exercise price of such Options. To the extent all or any portion of an
Option becomes exercisable solely as a result of the first sentence of this
paragraph, upon exercise of such Option the Optionee shall receive shares
subject to a right of repurchase by the Company or its successor at the Option
exercise price. Such repurchase right shall lapse at the same rate as the Option
would have become exercisable under its terms and shall not apply to any shares
subject to the Option that were exercisable under its terms without regard to
the first sentence of this paragraph.

            (2) Change in Control Event that is not a Reorganization Event. Upon
the occurrence of a Change in Control Event that does not also constitute a
Reorganization Event, except to the extent specifically provided to the contrary
in the instrument evidencing any Option or any other agreement between an
Optionee and the Company, the vesting schedule of such Option shall be
accelerated in part so that one-half of the number of shares that would
otherwise have first become vested on any date or dates after the date of the
Change in Control Event shall immediately become exercisable. The remaining
one-half of such number of shares shall continue to become vested in accordance
with the original vesting schedule set forth in such Option with one-half of the
number of shares that would otherwise have become vested on each subsequent
vesting date; provided, however, that each such Option shall immediately become
exercisable in full if, on or prior to the first anniversary of the date of the
consummation of the Change in Control Event, the Optionee's employment with the
Company or the acquiring or succeeding corporation is terminated for Good Reason
by the Optionee or is terminated without Cause by the Company or the acquiring
or succeeding corporation.

8. General Provisions Applicable to Options.

      (a) Transferability of Options. Except as the Board may otherwise
determine or provide in an Option, Options shall not be sold, assigned,
transferred, pledged or otherwise encumbered by the person to whom they are
granted, either voluntarily or by operation of law, except by will or the laws
of descent and distribution, and, during the life of the Optionee, shall

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be exercisable only by the Optionee. References to an Optionee, to the extent
relevant in the context, shall include references to authorized transferees.

      (b) Board Discretion. Except as otherwise provided by the Plan, each
Option may be granted alone or in addition or in relation to any other Option.
The terms of each Option need not be identical, and the Board need not treat
Optionees uniformly.

      (c) Termination of Status. The Board shall determine the effect on an
Option of the disability, death, retirement, authorized leave of absence or
other change in the employment or other status of an Optionee and the extent to
which, and the period during which, the Optionee, the Optionee's legal
representative, conservator, guardian or designated beneficiary may exercise
rights under the Option.

      (d) Withholding. Each Optionee shall pay to the Company, or make provision
satisfactory to the Board for payment of, any taxes required by law to be
withheld in connection with Options granted to such Optionee no later than the
date of the event creating the tax liability. Except as the Board may otherwise
provide in an Option, Optionees may satisfy such tax obligations in whole or in
part by delivery of shares of Common Stock, including shares retained from the
Option creating the tax obligation, valued at their Fair Market Value; provided,
however, that the total tax withholding when stock is being used to satisfy such
tax obligations cannot exceed the Company's minimum statutory withholding
obligations (based on minimum statutory withholding rates for federal and state
tax purposes, including payroll taxes, that are applicable to such supplemental
taxable income). The Company may, to the extent permitted by law, deduct any
such tax obligations from any payment of any kind otherwise due to an Optionee.

      (e) Amendment of Option. The Board may amend, modify or terminate any
outstanding Option, including but not limited to, substituting therefor another
Option of the same or a different type and changing the date of exercise or
realization, provided that the Optionee's consent to such action shall be
required unless the Board determines that the action, taking into account any
related action, would not materially and adversely affect the Optionee.

      (f) Conditions on Delivery of Stock. The Company will not be obligated to
deliver any shares of Common Stock pursuant to the Plan or to remove any
restrictions from shares previously delivered under the Plan until (i) all
conditions of the Option have been met or removed to the satisfaction of the
Company, (ii) in the opinion of the Company's counsel, all other legal matters
in connection with the issuance and delivery of such shares have been satisfied,
including any applicable securities laws and any applicable stock exchange or
stock market rules and regulations, and (iii) the Optionee has executed and
delivered to the Company such representations or agreements as the Company may
consider appropriate to satisfy the requirements of any applicable laws, rules
or regulations.

      (g) Acceleration; Continued Vesting. The Board may at any time provide
that any Options shall become immediately exercisable in full or in part, and
may at any time provide for the continued vesting and exercisability of any
Options for such period of time after the Optionee's employment terminates as
the Board shall determine.

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9. Miscellaneous.

      (a) No Right To Employment or Other Status. No person shall have any claim
or right to be granted an Option, and the grant of an Option shall not be
construed as giving an Optionee the right to continued employment or any other
relationship with the Company. The Company expressly reserves the right at any
time to dismiss or otherwise terminate its relationship with an Optionee free
from any liability or claim under the Plan, except as expressly provided in the
applicable Option.

      (b) No Rights As Stockholder. Subject to the provisions of the applicable
Option, no Optionee or designated beneficiary of the Optionee shall have any
rights as a stockholder with respect to any shares of Common Stock to be
distributed with respect to an Option until becoming the record holder of such
shares. Notwithstanding the foregoing, in the event the Company effects a split
of the Common Stock by means of a stock dividend and the exercise price of and
the number of shares subject to such Option are adjusted as of the date of the
distribution of the dividend (rather than as of the record date for such
dividend), then an Optionee who exercises an Option between the close of
business on the record date for such stock dividend and the close of business on
the distribution date for such stock dividend shall be entitled to receive, on
the distribution date, the stock dividend with respect to the shares of Common
Stock acquired upon such Option exercise, notwithstanding the fact that such
shares were not outstanding as of the close of business on the record date for
such stock dividend.

      (c) Effective Date and Term of Plan. The Plan shall become effective on
the date on which it is adopted by the Board. No Option shall be granted under
the Plan after ten (10) years from the date on which the Plan was adopted by the
Board, but Options previously granted may extend beyond that date.

      (d) Amendment and Termination of Plan. The Board may amend, suspend or
terminate the Plan or any portion thereof at any time.

      (e) Governing Law. The provisions of the Plan and all Options granted
hereunder shall be governed by and interpreted in accordance with the laws of
the Commonwealth of Massachusetts, without regard to any applicable conflicts of
law.

                           Adopted by the Board of Directors on December 5, 2001

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                              ANALOG DEVICES; INC.

           FIRST AMENDMENT TO THE 2001 BROAD-BASED STOCK OPTION PLAN

      The Analog Devices, Inc. 2001 Broad-Based Stock Option Plan, pursuant to
Section 9(d) thereof, is hereby amended as follows:

VOTED:   That the Corporation hereby adopts and approves a certain amendment to
         the Corporation's 2001 Broad-Based Stock Option Plan in substantially
         the form attached to the minutes of this meeting as Exhibit F (such
         amendment referred to as "Appendix A - Israel") to permit the
         Corporation's Israeli employees (specifically, employees, advisors and
         consultants of Analog Devices (Israel) Ltd. and Analog Development
         (Israel) 1999 Ltd.) to qualify for certain tax benefits under the tax
         laws of the country of Israel; and further that the Chairman of the
         Board, the President and Chief Executive Officer, Vice President,
         Finance and Chief Financial Officer, and the Treasurer of the
         Corporation, and any one of them acting singly, are hereby authorized
         and empowered to execute any document necessary or proper to give
         effect to "Appendix A - Israel" under the laws and regulations of the
         country of Israel, and further the aforementioned officers be, and each
         acting singly hereby is, authorized in the name and on behalf of the
         Corporation to sign, acknowledge, swear to and deliver any affidavit,
         agreement or other documents, the same being in such form as the
         authorized person or persons executing the same shall determine to be
         in the best interest of the Corporation to give proper effect to such
         "Appendix A - Israel", the execution of any such documents to be
         sufficient evidence of such determination; and that the Clerk and
         Assistant Clerks of the Corporation be, and each acting singly hereby
         is, authorized to attest, co-sign and affix the corporate seal to such
         documents.

FURTHER
VOTED:   That the President and Chief Executive Officer, Vice President, Finance
         and Chief Financial Officer, and the Treasurer of the Corporation, or
         any one of them acting singly, are hereby authorized and empowered to
         adopt and approve certain amendments to the Corporation's 2001
         Broad-Based Stock Option Plan relating to establishing conditions or
         provisions for the participation of eligible foreign employees in the
         2001 Broad-Based Stock Option Plan in order to comply with the tax,
         securities and other laws and regulations of the foreign countries in
         which such employees reside, even if such conditions or provisions
         increase the benefits accruing to such employees under the 2001
         Broad-Based Stock Option Plan; and further that the Chairman of the
         Board, the President and Chief Executive Officer, Vice President,
         Finance and Chief Financial Officer, and the Treasurer of the
         Corporation, and any one of them acting singly, are hereby authorized
         and empowered to execute any document necessary or proper to give
         effect to such
<PAGE>
         amendments under the laws and regulations of the appropriate country,
         and further the aforementioned officers be, and each acting singly
         hereby is, authorized in the name and on behalf of the Corporation to
         sign, acknowledge, swear to and deliver any affidavit, agreement or
         other documents, the same being in such form as the authorized person
         or persons executing the same shall determine to be in the best
         interest of the Corporation to give proper effect to such amendments,
         the execution of any such documents to be sufficient evidence of such
         determination; and that the Clerk and Assistant Clerks of the
         Corporation be, and each acting singly hereby is, authorized to attest,
         co-sign and affix the corporate seal to such documents.

         Subsection 5(d) of the Plan be and hereby is amended by adding the
following new sentence at the end thereof:

                  "The Corporation may direct that notice of option exercise be
                  delivered to an agent of the Corporation designated to receive
                  such delivery."

         Subsection 8(e) of the Plan be and hereby is amended by adding the
following new sentence at the end thereof:

                  "Notwithstanding the foregoing, the Board shall not amend any
                  outstanding option to provide an option exercise price per
                  share which is lower than the original option exercise price."

            Approved by the Board of Directors on December 10, 2002.
<PAGE>
                           AMENDED APPENDIX A - ISRAEL

                    TO THE 2001 BOARD-BASED STOCK OPTION PLAN

1.       GENERAL

         1.1.     This appendix (the "APPENDIX") shall apply only to optionees
                  who are employees/advisors/consultants of one of the two
                  following companies, Analog Devices (Israel) Ltd., Analog
                  Development (Israel) 1996 Ltd, and are residents of the state
                  of Israel for the payment of tax. The provisions specified
                  hereunder shall form an integral part of the 2001 Board-Based
                  Stock Option Plan of Analog Devices Inc. (hereinafter: the
                  "PLAN"), which applies to the issuance of options to purchase
                  Common Stock of Analog Devices Inc. (hereinafter: the
                  "COMPANY"). According to the Plan, options to purchase the
                  Company's Common Stock may be issued to employees, directors
                  and consultants and advisors of the Company or its Affiliates.

         1.2.     This Appendix is effective with respect to Options granted as
                  of January 1, 2003 and shall comply with Amendment no. 132 of
                  the Israeli Tax Ordinance.

         1.3.     This Appendix is to be read as a continuation of the Plan and
                  only modifies Options granted to Israeli optionees so that
                  they comply with the requirements set by the Israeli law in
                  general, and in particular with the provisions of Section 102
                  (as specified herein), as may be amended or replaced from time
                  to time. For the avoidance of doubt, this Appendix does not
                  add to or modify the Plan in respect of any other category of
                  optionees.

         1.4.     The Plan and this Appendix are complimentary to each other and
                  shall be deemed as one. In any case of contradiction, whether
                  explicit or implied, between the provisions of this Appendix
                  and the Plan, the provisions set out in the Appendix shall
                  prevail.

         1.5.     Any capitalized terms not specifically defined in this
                  Appendix shall be construed according to the interpretation
                  given to it in the Plan.

2.       DEFINITIONS

         2.1.     "AFFILIATE" means any "employing company" within the meaning
                  of Section 102(a) of the Ordinance.

         2.2.     "APPROVED 102 OPTION" means an Option granted pursuant to
                  Section 102(b) of the Ordinance and held in trust by a Trustee
                  for the benefit of the optionee.

                                       1
<PAGE>
         2.3.     "CAPITAL GAIN OPTION (CGO)" means an Approved 102 Option
                  elected and designated by the Company to qualify under the
                  capital gain tax treatment in accordance with the provisions
                  of Section 102(b)(2) of the Ordinance.

         2.4.     "CONTROLLING SHAREHOLDER" shall have the meaning ascribed to
                  it in Section 32(9) of the Ordinance.

         2.5.     "EMPLOYEE" means a person who is employed by the Company or
                  its Affiliates, including an individual who is serving as a
                  director or an office holder, but excluding any Controlling
                  Shareholder.

         2.6.     "TTA" means the Israeli Tax Authorities.

         2.7.     "NON-EMPLOYEE" means a consultant, adviser, service provider,
                  Controlling Shareholder or any other person who is not an
                  Employee.

         2.8.     "ORDINARY INCOME OPTION (OIO)" means an Approved 102 Option
                  elected and designated by the Company to qualify under the
                  ordinary income tax treatment in accordance with the
                  provisions of Section 102(b)(1) of the Ordinance.

         2.9.     "OPTION" means an option to purchase one or more Common Stock
                  of the Company pursuant to the Plan.

         2.10.    "102 OPTION" means any Option granted to Employees pursuant to
                  Section 102 of the Ordinance.

         2.11.    "3(I) OPTION" means an Option granted pursuant to Section 3(i)
                  of the Ordinance to any person who is a Non-Employee.

         2.12.    "OPTION AGREEMENT" means the share option agreement between
                  the Company and a optionee that sets out the terms and
                  conditions of an Option.

         2.13.    "ORDINANCE" means the 1961 Israeli Income Tax Ordinance [New
                  Version] 1961 as now in effect or as hereafter amended.

         2.14.    "SECTION 102" means section 102 of the Ordinance and any
                  regulations, rules, orders or procedures promulgated there
                  under as now in effect or as hereafter amended.

         2.15.    "TRUSTEE" means any individual or entity appointed by the
                  Company to serve as a trustee and approved by the ITA, all in
                  accordance with the provisions of Section 102(a) of the
                  Ordinance.

         2.16.    "UNAPPROVED 102 OPTION" means an Option granted pursuant to
                  Section 102(c) of the Ordinance and not held in trust by a
                  Trustee.

                                       2
<PAGE>
3.       ISSUANCE OF OPTIONS

         3.1.     The persons eligible for participation in the Plan as
                  optionees shall include any Employees and/or Non-Employees of
                  the Company or of any Affiliate; provided, however, that (i)
                  Employees may only be granted 102 Options; and (ii) Non-
                  Employees and/or Controlling Shareholders may only be granted
                  3(i) Options

         3.2.     The Company may designate Options granted to Employees
                  pursuant to Section 102 as Unapproved 102 Options or Approved
                  102 Options.

         3.3.     The grant of Approved 102 Options shall be made under this
                  Appendix adopted by the Board, and shall be conditioned upon
                  the approval of this Appendix by the ITA.

         3.4.     Approved 102 Options may either be classified as Capital Gain
                  Options ("CGOs") or Ordinary Income Options ("OIOs").

         3.5,     No Approved 102 Options may be granted under this Appendix to
                  any eligible Employee, unless and until, the Company's
                  election of the type of Approved 102 Options as CGI or OIO
                  granted to Employees (the "ELECTION"), is appropriately filed
                  with the ITA. Such Election shall become effective beginning
                  the first Grant Date of an Approved 102 Option under this
                  Appendix and shall remain in effect until the end of the year
                  following the year during which the Company first granted
                  Approved 102 Options. The Election shall obligate the Company
                  to grant only the type of Approved 102 Option it has elected,
                  and shall apply to all optionees who were granted Approved 102
                  Options during the period indicated herein, all in accordance
                  with the provisions of Section 102(g) of the Ordinance. For
                  the avoidance of doubt, such Election shall not prevent the
                  Company from granting Unapproved 102 Options simultaneously.

         3.6.     All Approved 102 Options must be held in trust by a Trustee,
                  as described in Section 4 below.

         3.7.     For the avoidance of doubt, the designation of Unapproved 102
                  Options and Approved 102 Options shall be subject to the terms
                  and conditions set forth in Section 102.

4.       TRUSTEE

         4.1.     Approved 102 Options which shall be granted under this
                  Appendix and/or any Common Stock allocated or issued upon
                  exercise of such Approved 102 Options and/or other shares
                  received subsequently following any realization of rights,
                  shall be allocated or issued to the Trustee and held for the
                  benefit of the optionees for such period of time as required
                  by Section 102 or any regulations, rules or orders or
                  procedures promulgated there under. In the case the
                  requirements for Approved 102 Options are not met, then the
                  Approved 102 Options shall be regarded as Unapproved 102
                  Options, all in accordance with the provisions of Section 102.

                                       3
<PAGE>
         4.2.     Notwithstanding anything to the contrary, the Trustee shall
                  not release any Common Stock allocated or issued upon exercise
                  of Approved 102 Options prior to the full payment of the
                  optionee's tax liabilities arising from Approved 102 Options
                  which were granted to him and/or any Common Stock allocated or
                  issued upon exercise of such Options.

         4.3.     Upon receipt of Approved 102 Option, the optionee will sign an
                  undertaking to release the Trustee from any liability in
                  respect of any action or decision duly taken and bona fide
                  executed in relation with this Appendix, or any Approved 102
                  Option or Ordinary Share granted to him there under.

5.       THE OPTIONS

         The terms AND conditions upon which the Options shall be issued and
         exercised, shall be as specified in the Option Agreement to be executed
         pursuant to the Plan and to this Appendix. Each Option Agreement shall
         state, inter alia, the number of Common Stock to which the Option
         relates, the vesting provisions and the exercise price.

6.       OPTION EXERCISE PRICE

         Solely for the purpose of determining the tax liability pursuant to
         Section 102(b)(3) of the Ordinance, if at the date of grant the
         Company's shares are listed on any established stock exchange or a
         national market system or if the Company's shares will be registered
         for trading within ninety (90) days following the date of grant of the
         CGOs, the option exercise price of the Common Stock at the date of
         grant shall be determined in accordance with the average value of the
         Company's New York Stock Exchange closing share price on the thirty
         (30) trading days preceding the date of grant or on the thirty (30)
         trading days following the date of registration for trading, as the
         case may be. In no case, however, shall the option exercise price be
         less than the closing share price of the Company's stock on the date of
         grant.

7.       EXERCISE OF OPTIONS

         Options shall be exercised by the optionee by giving notice to the
         Company and/or to any third party designated by the Company (the
         "REPRESENTATIVE"), in such form and method as may be determined by the
         Company and, when applicable, by the Trustee, in accordance with the
         requirements of Section 102, which exercise shall be effective upon
         receipt of such notice by the Company and/or the Representative and the
         payment of the exercise price for the number of Common Stock with
         respect to which the option is being exercised, at the Company's or the
         Representative's principal office. The notice shall specify the number
         of Common Stock with respect to which the option is being exercised.

8.       ASSIGNABILITY AND SALE OF OPTIONS

         8.1.     Notwithstanding any other provision of the Plan, no Option or
                  any right with respect thereto, purchasable hereunder, whether
                  fully paid or not, shall be assignable, transferable or given
                  as collateral or any right with respect to them given to any
                  third party whatsoever, and during the lifetime of the
                  optionee each

                                       4
<PAGE>
                  and all of such optionee's rights to purchase Common Stock
                  hereunder shall be exercisable only by the optionee.

                  Any such action made directly or indirectly, for an immediate
                  validation or for a future one, shall be void.

         8.2.     As long as Options or Common Stock purchased pursuant to
                  thereto are held by the Trustee on behalf of the optionee, all
                  rights of the optionee over the shares are personal, can not
                  be transferred, assigned, pledged or mortgaged, other than by
                  will or laws of descent and distribution.

9.       INTEGRATION OF SECTION 102 AND TAX ASSESSING OFFICER'S PERMIT

         9.1.     With regards to Approved 102 Options, the provisions of the
                  Plan and/or the Appendix and/or the Option Agreement shall be
                  subject to the provisions of Section 102 and the Tax Assessing
                  Officer's permit, and the said provisions and permit shall be
                  deemed an integral part of the Plan and of the Appendix and of
                  the Option Agreement.

         9.2.     Any provision of Section 102 and/or the said permit which is
                  necessary in order to receive and/or to keep any tax benefit
                  pursuant to Section 102, which is not expressly specified in
                  the Plan or the Appendix or the Option Agreement, shall be
                  considered binding upon the Company and the optionees.

10.      DIVIDEND

         10.1.    Subject to the incorporation documents, with respect to all
                  Common Stock (but excluding, for avoidance of any doubt, any
                  unexercised options) allocated or issued upon the exercise of
                  options and held by the optionee or by the Trustee as the case
                  may be, the optionee shall be entitled to receive dividends in
                  accordance with the quantity of such shares, and subject to
                  any applicable taxation on distribution of dividends.

         10.2.    During the period in which Common Stocks are held by the
                  Trustee on behalf of the optionee, the cash dividends paid
                  with respect thereto shall be paid directly to the optionee.

11.      TAX CONSEQUENCES

         11.1.    Any tax consequences arising from the grant or exercise of any
                  Option, from the payment for Common Stock covered thereby or
                  from any other event or act (of the Company, and/or its
                  Affiliates, and the Trustee or the optionee), hereunder, shall
                  be borne solely by the optionee. The Company and/or its
                  Affiliates, and/or the Trustee shall withhold taxes according
                  to the requirements under the applicable laws, rules, and
                  regulations, including withholding taxes at source.
                  Furthermore, the optionee shall agree to indemnify the Company
                  and/or its Affiliates and/or the Trustee and hold them
                  harmless against and from any and all liability for any such
                  tax or interest or penalty thereon, including without

                                       5
<PAGE>
                  limitation, liabilities relating to the necessity to withhold,
                  or to have withheld, any such tax from any payment made to the
                  optionee.

         11.2.    The Company and/or, when applicable, the Trustee shall not be
                  required to release any share certificate to an optionee until
                  all required payments have been fully made.

                                       6<PAGE>
                                                                   EXHIBIT 10.31

ANALOG DEVICES, INC. CODE OF BUSINESS CONDUCT AND ETHICS

TO ALL EMPLOYEES:

We all face choices in our jobs every day. The purpose of this Code of Business
Conduct and Ethics (the "Code") is to help you make the right choices -- those
that will help maintain the integrity and reputation of Analog Devices (ADI).

ADI expects honest and ethical conduct from all its personnel. Good ethics are
good business. Whether you work in manufacturing, finance, engineering,
marketing, sales or in an administrative or executive function, you should
consider yourself a guardian of ADI's good name. The trust and respect of all
stakeholders -- co-workers, customers, shareholders, suppliers, our communities
and the general public -- are assets that cannot be purchased and can only be
sustained through our continued vigilance. Only by maintaining the highest
ethical standards can we preserve, and grow, these crucial relationships.

This Code is based on ethical guidelines that have been in place for years at
ADI. Ethical business practices have been and will continue to be the foundation
of all ADI policies and procedures.

Of course, no code of business conduct and ethics can replace the thoughtful
behavior of an ethical director, officer or employee. However, this Code is
intended to help you focus on areas of ethical risk, provide you with guidance,
help you recognize and deal with ethical issues, provide ways for you to report
unethical conduct, and enlist your help in fostering a culture of honesty and
accountability here at ADI.

I encourage you to review this information and to familiarize yourself with the
standards we expect to achieve at ADI.

Jerald G. Fishman
President & Chief Executive Officer
<PAGE>
ABOUT THIS CODE OF BUSINESS CONDUCT AND ETHICS

THIS CODE OF BUSINESS CONDUCT AND ETHICS APPLIES TO ALL

This Code of Business Conduct and Ethics (the "Code") applies to everyone who
works for ADI, including its subsidiaries. This includes the Chief Executive
Officer, the Chief Financial Officer, members of the board of directors, other
senior financial, business and technical management, and every employee.

OUR OPEN DOOR

ADI has an open door policy to hear from you about issues that may arise under
this Code and about any violations of any law, rule or regulation. You may bring
these issues to your supervisor or you may contact your Human Resources
department or ADI's legal counsel. We hope that your involvement in this process
will be a positive experience for you and ADI as we work together to prevent or
eliminate any unethical or illegal practices that you bring to ADI's attention.
While it is the company's desire to address matters internally, nothing in this
Code should discourage you from reporting any illegal activity or any violation
of law, rule or regulation to the appropriate governmental authority. Employees
who in good faith assist ADI in identifying or investigating violations or
suspected violations of law, rule, regulation or this Code will not be subject
to any retaliation by ADI or its employees.

ADI's legal counsel can be reached by fax, mail or email at:

         Analog Devices, Inc.
         Legal Department, Confidential
         One Technology Way, PO Box 9106
         Norwood, MA 02062

         Fax: 781-461-3491

         Email: William.Wise@analog.com

In addition, ADI has established a toll-free phone line- 1-800-xxx-xxxx, where
you can speak to a person about any issue under this Code or any actual or
suspected violations of any law, rule or regulation. While we prefer that you
identify yourself when reporting, you can also decline to identify yourself if
you wish.

CONCERNS REGARDING ACCOUNTING OR AUDITING MATTERS

Employees with concerns regarding questionable accounting or auditing matters or
complaints regarding accounting, internal accounting controls or auditing
matters may confidentially, and anonymously if they wish, submit such concerns
or complaints in writing to ADI's legal counsel or may use the toll-free phone
line shown above under "About this Code of Business Conduct and Ethics - Our
Open Door." All such complaints will be forwarded to the Audit Committee of the
Board of Directors. Such complaints will be forwarded promptly, except that any
complaint
<PAGE>
determined to be without merit by both ADI's legal counsel and internal auditor
may instead be reported at the next regularly scheduled meeting of the Audit
Committee. The Audit Committee will evaluate the merits of any complaints
received and authorize such follow-up actions, if any, as it deems necessary or
appropriate to address the substance of the complaint. ADI will not discipline,
discriminate against or retaliate against any employee who reports a complaint
or concern in good faith.
<PAGE>
ETHICS IN THE MARKETPLACE

ADI's reputation for integrity in all aspects of business is a priceless asset.
Our promotional literature must protect and enhance this image by providing
complete and unambiguous performance information regarding ADI's products.
Statements regarding ADI's products and offerings, and those of our competitors,
must be based on factual data and avoid deliberately misleading information.

These principles of truthfulness and integrity apply equally to verbal
discussions with customers. ADI employees must never disparage our competitors
or their products to customers. Comparative presentations of ADI's products
versus those of competitors' must be based on factual engineering analysis. ADI
employees should also not reveal to outside parties any information that might
affect prices.

Our customers are not naive. Product interest created by misleading or
untruthful statements will ultimately work to the company's disadvantage. Our
actions can serve to either enhance or damage ADI's reputation and it is the
responsibility of each employee to always represent the company with the
greatest possible integrity.

RECIPROCAL DEALINGS

It is ADI's policy to sell its products and services by meeting customers'
needs, rather than by using its purchasing power as a weapon. ADI does not
require its vendors to buy from ADI under any manner of coercion, either
expressed or implied. Similarly, ADI selects its vendors solely on the basis of
their superior ability to service our needs. The fact that a potential vendor
may be a large customer of ADI must not be a factor in the consideration of that
vendor.

OPEN AND FAIR COMPETITION

It is unlawful in the United States and many other countries to collaborate with
competitors or anyone representing them for the purposes of establishing or
maintaining prices, division of markets or customers, group boycotts or
restraining trade. It is also unlawful to collaborate with competitors or anyone
representing them to restrain competition in other ways such as restricting
production or agreeing not to do business with specific customers. ADI and its
employees fully and unreservedly comply with the laws of the United States
including, but not limited to, the laws associated with export of commodities,
antitrust laws and the laws of the states and countries where ADI does business.
Accordingly, it is unlawful to discuss prices with competitors under any
circumstances other than those in connection with legitimate sales or purchase
transactions. Employees who are involved in trade associations and professional
groups should be vigilant that discussions in these forums do not violate
ethical or legal standards. If you have doubts as to whether a contemplated
action may have the effect of restraining competition, you should consult ADI's
legal counsel.
<PAGE>
REASONABLE ESTIMATES

Many employees are responsible for providing prices, cost and expense estimates
to government procurement personnel, taxing authorities and audit agencies, as
well as to other customers and suppliers. Similar estimates are also used daily
in ADI's internal operations. Estimates should be reasonable and based upon
known facts, or upon the estimator's plausible and honest judgment in the
absence of facts.

Government regulations often exist that govern development of estimates. These
regulations may allow for judgment and interpretation of costs and allocation of
costs by the estimator as a basis for price negotiation. ADI's policy is to
ensure that price estimates will provide a fair profit, taking into account
various factors such as risk, technical innovation and product demand.

FAIR DEALING GENERALLY

In general, each employee should deal fairly with the company's customers,
suppliers, competitors and employees. Statements regarding the company's
products and services should not be intentionally deceptive or fraudulent. None
should take unfair advantage of anyone through manipulation, concealment, abuse
of privileged information, misrepresentation of material facts, or any other
unfair-dealing practice.

COMPLIANCE WITH APPLICABLE LAWS

ADI expects that all officers, members of the board of directors, and employees
(and sales representatives, consultants, vendors and customers engaged in
business activities with ADI) in the course of their services for ADI will
comply with the law, including all applicable statutes, rules and regulations.
<PAGE>
ETHICS WITH PROPRIETARY INFORMATION

ADI's trade secrets, proprietary information and most other internal information
are valuable assets. Protection of this information is vital for ADI's continued
growth and competitiveness. Under the laws of most countries, a trade secret is
treated as property, usually in the form of information, knowledge or know-how.
The possession of a trade secret gives the owner some advantage over competitors
who do not possess the information. A trade secret must not be publicly known.
But it does not need to be patentable subject matter to qualify as a trade
secret.

Except when disclosure is legally mandated (and then only to the extent required
by law), our obligations regarding proprietary and trade secret information of
ADI are:

1. Not to disclose this information to persons or organizations outside of ADI,
such as in conversations with visitors, suppliers or family;

2. Not to use trade secrets for our own benefit or for the profit or benefit of
persons or organizations outside ADI, and;

3. To only disclose this information to other ADI employees on a "need to know"
or "need to use" basis and then only with a positive statement that the
information is an ADI trade secret.

ADI's trade secret and proprietary information is not always of a technical
nature. Typical trade secret information includes ADI's strategic, business,
marketing, financial and product plans; divisional and departmental sales,
profits and any unpublished financial or pricing information; yields, designs,
efficiencies and capacities of ADI's production facilities, methods and systems;
employee rosters; customer and vendor lists and detailed information regarding
customer requirements, preferences, business habits and plans. This list, while
not complete, suggests the wide scope and variety of ADI's proprietary
information that needs to be safeguarded.

A person leaving the employment of ADI has an obligation to protect ADI's trade
secrets and proprietary information until the information becomes publicly
available or until ADI no longer considers it a trade secret or proprietary. You
should also remember that correspondence, printed matter, documents or records
of any kind, describing specific process knowledge, procedures, special ADI ways
of doing things, whether classified or not, are all the property of and must
remain at ADI. Of course, personal skills acquired or improved on the job are
personal assets of the individual.

INFORMATION FROM OUTSIDE ADI

It is ADI's policy and practice to respect trade secrets of other companies and
individuals. Never reveal to any person at ADI any information that you believe
is a trade secret, whether it belongs to a former employer, customer or
supplier. If you have questions about what constitutes a trade secret, consult
the company's legal counsel for guidance.

It is ADI's policy to refuse to receive or consider any information regarding
trade secrets, such as ideas, inventions, patent applications that are submitted
from companies or individuals outside
<PAGE>
ADI without the prior written approval of ADI's patent counsel. It is also ADI's
policy that software licensed by the company should not be used in any manner
inconsistent with ADI's rights and the vendor's rights as described in the
licensing agreements.
<PAGE>
ETHICS IN THE STOCK MARKET

Occasionally we have information about ADI that is not known to the investing
public, such as bookings levels, prospects for sales or profitability,
acquisitions, new product line development, specific technological achievements,
major financial problems at a division, etc. Until disclosure to the public
takes place, employees with knowledge of material information, and their
immediate families, have a two-fold responsibility under U.S. law and Securities
and Exchange Commission (SEC) rules:

1. They cannot buy or sell ADI's stock until after the material information has
been released to the public, and;

2. They cannot disclose the information to others who might use it to their
advantage in buying or selling ADI stock until after it has been released to the
public.

If, in the course of their jobs, employees of ADI learn of material non-public
information from another company, they may be considered an insider of that
company and be subject to trading restrictions for that company's stock. Insider
trading is both unethical and illegal, and will be dealt with decisively. If a
question arises concerning whether or not information is material or if the
information has been released to the public, please consult the company's legal
counsel.

Short sale or derivative transactions may have the potential of placing an
employee's personal financial concerns in direct conflict with the concerns of
ADI since short sale and derivative transactions are much more valuable if ADI
stock declines in value. Employees should consider whether engaging in short
sale or derivative transactions could adversely influence, or create the
appearance of adversely influencing, judgments, decisions or actions in meeting
responsibilities to ADI.

Officers and members of the board of directors of the company and certain other
employees who have access to financial information have additional restrictions
on their freedom to purchase and sell stock, including a prohibition against
"short-swing trading" or "selling short" or "trading options." These trading
restraints are imposed by Section 16(b) of the Securities Exchange Act and SEC
rules. In addition, officers, members of the board of directors and certain
other employees may not buy and sell the company's stock during the ADI-imposed
non-trading period. If you have questions about restrictions on stock trading,
please contact ADI's legal counsel.

For a more detailed discussion of these policies, please see the company's
Insider Trading Policy, which is available at
http://www-corp.analog.com/company/policy/stocktra.shtml on ADI's Intranet.

FAIR AND ACCURATE FILINGS

ADI has an obligation to make full, fair, accurate, timely and understandable
disclosures in the reports and documents filed with, or submitted to, the SEC,
as well as in other public
<PAGE>
communications. Employees involved in the creation, assembly and approval of
these reports and documents should, at all times, discharge their duties
consistently with this obligation.

ACCURACY OF BOOKS AND RECORDS

Employees, officers and directors must honestly and accurately report all
business transactions. You are responsible for the accuracy of your records,
time sheets and reports. Accurate information is essential to ADI's ability to
meet legal and regulatory obligations.

All company books, records and accounts must accurately reflect the true nature
of the transactions they record. The financial statements of the company shall
conform to generally accepted accounting rules and the company's accounting
policies. No undisclosed or unrecorded account or fund shall be established for
any purpose. No false or misleading entries shall be made in the company's books
or records for any reason, and no disbursement of corporate funds or other
corporate property shall be made without adequate supporting documentation or
for any purpose other than as described in the documents. If you believe that
the company's books and records are not being maintained in accordance with
these requirements, you should report the matter to your supervisor or ADI's
legal counsel.

RELEASE OF COMPANY INFORMATION

All requests for information from the media, market professionals (i.e.,
securities analysts, institutional investors, investment advisers, broker and
dealers) and holders of securities of ADI should be directed to the Director of
Corporate Communications.
<PAGE>
ETHICS WITH ADI PROPERTY AND OPPORTUNITIES

The equipment, tools, materials and supplies with which we accomplish our jobs
have been purchased for a specific purpose. Unauthorized removal or purposeful
misapplication or waste of these items places an unnecessary financial burden on
ADI, handicapping the company's ability to operate profitably and may be a
violation of criminal law.

All employees, officers and directors should seek to protect the company's
assets. Theft, carelessness and waste have a direct impact on ADI's
profitability. All company assets should be used only for the legitimate
business purposes of ADI.

You should not take for yourself personally business or financial opportunities
that are discovered through the use of ADI's property or information or your
position at ADI. These opportunities belong to ADI. You should never use ADI's
property or information for personal gain or the personal benefit of anyone
else.
<PAGE>
ETHICS WITH ADI TECHNOLOGY RESOURCES

The use of technology resources including e-mail, voice mail, Internet and
Intranet access to generate and communicate business-related data has become
central to our business. ADI provides technology resources to help employees
accomplish job responsibilities, achieve business objectives and otherwise
further our collective success. At the same time, we cannot ignore the reality
that technology resources in the workplace raise serious concerns about the
accuracy, security and control of company information, including confidential
and proprietary matters. This is especially true because electronic
communications tend to be more immediate and informal than traditional
paper-based communications and because passwords and delete functions create an
illusion of privacy, control and confidentiality. Usage of ADI technology
resources thus must be ethical and in full compliance with ADI's technology
resources policy. ADI's policy may be found at:
http://www-corp.analog.com/company/policy/technology/.
<PAGE>
ETHICS WITH GIFTS AND ENTERTAINMENT

It is ADI's policy that you or members of your immediate family may not give or
accept gifts if such gifts would influence or appear to influence business
decisions or judgments by our customers, competitors, suppliers of others doing
business with ADI. Employees of ADI may not accept gifts from anyone with whom
ADI does business, other than promotional items of limited value and infrequent
business entertainment that is modest and clearly intended to serve legitimate
business goals. Employees of ADI must not solicit gifts from anyone with whom we
do business. Similarly, employees of ADI may not offer gifts to employees of
customers, competitors, suppliers or others doing business with ADI, except for
promotional items of limited value and business entertainment meeting the
standards set forth above. Common sense and moderation should prevail in
entertaining customers or others on behalf of ADI. In addition, employees should
make sure that all gifts and entertainment expenses are properly recorded in
ADI's records and accounts. If you have any questions about the appropriateness
of a specific gift or entertainment activity, you should discuss it with your
supervisor or ADI's legal counsel.
<PAGE>
ETHICS WITH CONFLICT OF INTEREST

GENERAL POLICY

Employees, officers and directors must act in the best interests of ADI. You
must refrain from engaging in any activity or having a personal interest that
presents a "conflict of interest." A conflict of interest occurs when your
private interest interferes, or appears to interfere, with the interests of ADI.
A conflict of interest can arise whenever you, as an officer, director or
employee, take action or have interests that prevent you from performing your
ADI duties and responsibilities honestly, objectively and effectively.

For example:

         -        No employee, officer or director shall perform services as a
                  consultant, employee, officer or director of a significant and
                  direct competitor of ADI, other than services performed at the
                  request of the Company; and

         -        No employee, officer or director shall use his or her position
                  with ADI to influence a transaction with a supplier or
                  customer in which such person has any personal interest, other
                  than a financial interest representing less than one percent
                  (1%) of the outstanding shares of a publicly-held company.

It is your responsibility to disclose any material transaction or relationship
that reasonably could be expected to give rise to a conflict of interest to
ADI's legal counsel or, if you are an officer or director, to the Board of
Directors, which shall be responsible for determining whether such transaction
or relationship constitutes a conflict of interest.

LOANS TO EXECUTIVE OFFICERS AND DIRECTORS

ADI will not, directly or indirectly, extend or maintain credit, or arrange for
an extension of credit, in the form of a personal loan to or for any executive
officer or director.
<PAGE>
ETHICS IN GOVERNMENT RELATIONS

ADI's products are frequently purchased by agencies of state and national
governments and are used in equipment that is purchased by these agencies. Our
policy is to seek our fair share of this business solely on the basis of
superior price, performance, reliability, delivery or customer service versus
our competitors.

It is ADI's policy to prohibit the payment or gift, whether made directly or
indirectly, of corporate funds or other assets to any political party or
committee, to any candidate for public office and to any official or employee of
any local, state or federal government agency of the United States or of any
foreign country in which we do business. The prohibition of payments shall apply
to employees or persons acting on behalf of ADI, its divisions and its
subsidiaries. It also extends to any payment or gift granted to a third party,
whether it be an individual or a corporation, in which there is an understanding
or presumption that part of or all of the payment or gift may ultimately be paid
to any political party or committee, candidate for public office, governmental
official or employee. This policy does not prohibit infrequent modest business
meals or infrequent modest entertainment that is permitted by law and meets the
criteria of ADI's policy on gifts and entertainment.
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ETHICS WITH WORKPLACE SAFETY AND NATURAL RESOURCES

It is ADI's policy to conduct its business in compliance with all applicable
laws, regulations and standards regarding workplace safety and the preservation
of our natural resources. It is the responsibility of all employees of ADI to
ensure that all ADI policies, procedures and guidelines regarding workplace
safety and the preservation of our natural resources are fully implemented and
observed. Unsafe conditions in the workplace and conditions that endanger our
employees or other parties, or endanger the quality of our air, water or land,
will not be tolerated. ADI managers have a responsibility to be vigilant about
preserving safe working conditions and our environment. In turn, managers also
have a responsibility to correct the situation and restore safe working and
environmental conditions in a timely manner. Each ADI facility has developed
specific site guidelines to implement this corporate policy. You may consult the
appropriate ADI facility health and safety manager with respect to any safety or
environmental issue. In the event of uncertainty regarding workplace safety or
the preservation of our natural resources, please consult ADI's legal counsel.
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COMPLIANCE

IF ISSUES OR QUESTIONS ARISE

If you become aware of any violation or suspected violation of this Code by any
person, you have a right and a responsibility to point it out promptly to ADI's
legal counsel or your supervisor.

If you are asked to depart from this Code, whether by your supervisor, another
employee or anyone else, you have a right and a responsibility to seek
clarification and/or guidance as to the propriety of the actions in question
from ADI's legal counsel.

ACCOUNTABILITY

The company has assigned to ADI's legal counsel overall accountability for
tracking and responding to issues and questions relating to, and reported
violations of, this Code. If ADI's legal counsel receives information regarding
an alleged violation of this Code, he or such other person authorized by the
board of directors to investigate alleged violations of this Code shall, as
appropriate, (a) evaluate such information, (b) if the alleged violation
involves an executive officer or a member of the board of directors, inform the
Chief Executive Officer and board of directors of the alleged violation, (c)
determine whether it is necessary to conduct an inquiry or investigation and, if
so, conduct such inquiry or investigation as he deems to be appropriate and (d)
report the results of such inquiry or investigation (if any), together with a
recommendation as to disposition of the matter, to the appropriate executive
officer or member(s) of the board of directors for action, or if the alleged
violation involves an executive officer or a member of the board of directors,
report the results of such inquiry or investigation to the board of directors.
Employees, officers and members of the board of directors are expected to
cooperate fully with any inquiry or investigation by the company regarding an
alleged violation of this Code. Failure to cooperate with any such inquiry or
investigation may result in disciplinary action, up to and including discharge.

CONSEQUENCES OF VIOLATION OF THE CODE

ADI's policy is to take prompt and consistent action to enforce this Code.
Depending on the seriousness of the violation and the other relevant
circumstances, violations of this Code may result in warnings, reprimands,
demotion, suspension, dismissal, or other disciplinary action. Certain
violations of this Code may require the company to refer the matter to the
appropriate authorities for criminal prosecution. Moreover, any supervisor who
directs or approves of any conduct in violation of this Code, or who has
knowledge of such conduct and does not immediately report it, also will be
subject to disciplinary action, up to and including discharge.

WAIVER

There may be circumstances where a waiver of the Code is appropriate. Any
request for a waiver should be in writing and should be presented to ADI's legal
counsel, who is responsible for maintaining a complete record of all requests
for waivers to any of these policies and the
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disposition of such requests. No waiver will be effective unless from an
authorized representative of ADI. Any waiver of the Code for executive officers
or members of the board of directors or any change to this Code that applies to
executive officers or members of the board of directors may be made only by the
board of directors or a board committee and will be disclosed as required by law
or stock exchange regulation.

DISSEMINATION AND AMENDMENT

This Code shall be distributed periodically to each employee, officer and member
of the board of directors of the company. To ensure the continued dissemination
and communication of this Code, ADI's legal counsel shall take, or cause to be
taken, reasonable steps to communicate effectively the standards and procedures
included in this Code to employees, officers and members of the board of
directors of the company.

The company reserves the right to amend or alter this Code at any time for any
reason. The most current version of this Code can be found at:
http://www-corp.analog.com/company/emp_comm/ethical/ on the company's Intranet.

This document is not an employment contract between the company and any of its
employees, officers or members of the board of directors and does not alter the
company's policy of at-will employment.

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