Document:

Prepared by R.R. Donnelley Financial -- Employ Agreement - Richard Beyer

  Exhibit 10.2 
  Intersil Corporation 
7585 Irvine Center Drive, Suite 100
Irvine, California 92618
 May 10, 2002
 Mr. Richard M. Beyer
 Employment Agreement
 Dear Rich:
             Intersil Corporation (“ Intersil ”) is pleased to offer you the position of President and Chief Executive Officer of Intersil on the terms set forth
below, effective immediately upon consummation of the Merger of Intersil and Elantec Semiconductor, Inc. (“ Elantec ”) pursuant to the Agreement and Plan of Merger (the “ Merger Agreement ”), dated March 10, 2002,
among Intersil, Elantec and Echo Acquisition, Inc.
             1.    Position; Term. 
             (a)   You will be employed by Intersil as its President and Chief Executive Officer effective on the Closing Date (as defined in the Merger Agreement) of
the Merger (the “ Commencement Date ”) and continuing until December 31, 2004, unless sooner terminated in accordance with Section 6 hereof (the “ Initial Term ”). The Initial Term will be automatically extended for
successive 1 year periods beginning January 1, 2005 unless either party gives prior written notice of non-renewal to the other party on or prior to October 1st of the preceding calendar year, or unless your employment is otherwise terminated in
accordance with Section 6 hereof (the Initial Term and any such extensions being your “ Term of Employment ”).
             (b)   You will have overall responsibility for the management of Intersil and will report directly to its Board of Directors. During your Term of
Employment, you will also be appointed to the Board of Directors of Intersil. You will be expected to devote your full working time and attention to the business of Intersil and its subsidiaries, and you will not render services to any other
business without the prior approval of the Board of Directors or, directly or indirectly, engage or participate in any business that is competitive in any manner with the business of Intersil or its subsidiaries. You will also be expected to comply
with and be bound by Intersil’s operating policies, procedures and practices that are from time to time in effect during your Term of Employment. Your principal location of employment will be at Intersil’s offices in Irvine,
California.
             2.    Base Salary . Your initial base salary will be $550,000 per year, payable in accordance with
Intersil’s normal payroll practices with such payroll deductions and withholdings as are required by law. Your base salary will be reviewed on an annual basis by the Compensation Committee of the Board of Directors and increased from time to
time, in the sole discretion of the Compensation Committee, but in any event such compensation shall not be reduced below $550,000 per year during your Term of Employment (“ Base Salary ”).
             3.    Bonus . You will be eligible to receive a target annual bonus of up to 100% of your Base Salary (“ Target Bonus ”), to be
determined on an annual basis by and at the sole discretion of the Compensation Committee or the Board of Directors of Intersil.
             4.    Equity Compensation. 
             (a)   The Compensation Committee of Intersil’s Board of Directors shall grant you stock options to purchase 600,000 shares of Intersil Class A Common
Stock (the “ New Intersil Options ”) at an exercise price equal to the closing price of Intersil Class A Common Stock as quoted on the NASDAQ on the Commencement Date. The

   Richard M. Beyer
 May 10, 2002
 Page 2             New Intersil Options will
vest over a 4 year period beginning on the Commencement Date, with 25% of the New Intersil Options vesting on the first anniversary of the Commencement Date and 6.25% of the New Intersil Options vesting in equal quarterly installments thereafter if
you have remained continuously employed by Intersil during such periods. Subject to the terms and conditions set forth in Section 7 hereof, all other terms and conditions of the New Intersil Options will be in accordance with Intersil’s equity
compensation plan and Intersil’s standard terms and conditions for option grants to its executive officers. The grant of the New Intersil Options will be the only options granted to you during calendar year 2002. In calendar year 2003, you will
be granted options to purchase a minimum of 200,000 shares of Intersil Class A Common Stock in the aggregate (made by quarterly grants at exercise prices equal to the fair market value of Intersil Class A Common Stock at the time of grant in
accordance with Intersil’s past practices), provided that you remain employed hereunder as Chief Executive Officer at the time of each quarterly grant.
             (b)   All of your shares of restricted Elantec Common Stock will be fully vested as of the Commencement Date and shall no longer be subject to any
repurchase rights of Intersil or Elantec. Your shares of Elantec Common Stock will be converted into 1.24 shares of Intersil Class A Common Stock and $8.00 cash per share in accordance with the terms and conditions of the Merger Agreement. Your
Restricted Stock Purchase Agreement with Elantec dated July 12, 2000 shall also terminate on the Commencement Date.
             (c)   All of your outstanding options to purchase Elantec Common Stock will be converted into options to purchase Intersil Class A Common Stock based on
the Option Exchange Ratio (as defined in the Merger Agreement) and will have the exercise prices and other terms provided for in the Merger Agreement (the “ Existing Options ” and together with the New Intersil Options, the
“ Intersil Options ”).
             5.    Other Benefits . You will be eligible for the normal vacation, health
insurance, 401(k), employee stock purchase plan and other benefits offered to all Intersil senior executives of similar rank and status.
             6.    Employment and Termination . Your Term of Employment may be terminated by you or by Intersil at any time for any reason as follows:

            (a)   You may terminate your employment upon written notice to the Board of Directors at any time in your discretion without reason
( “Voluntary Termination” );
             (b)   You may terminate your employment upon written notice to the Board of
Directors at any time in your discretion because of (i) any material and substantial diminution of your duties and authorities or a demotion from the office of Chief Executive Officer and/or removal of your position as a Director of Intersil or (ii)
any failure by Intersil to comply with the terms of this Employment Agreement, which failure is not cured within 30 days from the date you send notice to Intersil of such non-compliance (“ Involuntary Termination ”).
             (c)   Intersil may terminate your employment upon written notice to you at any time following a determination by the Board of Directors
that there is “Cause” for such termination ( “Termination for Cause” ). “ Cause ” means (i) your conviction of a felony which constitutes a crime involving moral turpitude and results in harm to Intersil
or any of its affiliates; (ii) a judicial determination that you have committed fraud, misappropriation or embezzlement against any person; or (iii) your willful or gross and repeated misconduct in the performance of your duties in each instance so
as to cause material harm to Intersil or any of its affiliates.
             (d)   Intersil may terminate your employment upon written
notice to you at any time in the sole discretion of the Board of Directors without a determination that there is Cause for such termination ( “Termination without Cause” ); and
             (e)   Your employment will automatically terminate upon your death or upon your disability as determined by the Board of Directors (“Termination
for Death or Disability”); provided that “disability” shall mean your complete inability to perform your job responsibilities for a period of 180 consecutive days or 180 days in the aggregate in any 12-month period.

  Richard M. Beyer
 May 10, 2002
 Page 3
 In no event shall the expiration of the Initial Term or the Term of Employment (giving effect to any extension of the
Initial Term), by virtue of either party’s having given notice of non-renewal pursuant to Section 1(a) hereof, constitute Termination without Cause, an Involuntary Termination or Termination for Death or Disability. Upon any termination or
expiration of your employment with Intersil, if requested by Intersil, you shall resign from the Board of Directors of Intersil.
             7.    Separation Benefits . Upon termination of your employment with Intersil for any reason, you will receive payment for all unpaid salary and
vacation accrued to the date of your termination of employment; and your benefits will be continued under Elantec’s then existing benefit plans and policies for so long as provided under the terms of such plans and policies and as required by
applicable law. Under certain circumstances, you will also be entitled to receive severance benefits as set forth below, but you will not be entitled to any other compensation, award or damages with respect to your employment or termination (except
to the extent you are entitled to benefits under your Executive Change in Control Severance Benefits Agreement with Intersil dated the date hereof (the “ Severance Benefits Agreement ”), in lieu of any benefits provided below, in
the event of a Covered Termination (as defined in the Severance Benefits Agreement)).
             (a)   In the event of your Voluntary
Termination or Termination for Cause, you will not be entitled to any cash severance benefits or additional vesting of shares of restricted stock or options.
             (b)   In the event of your Involuntary Termination or Termination without Cause, you will be: (i) entitled to a single lump sum severance payment equal to
12 months of your Base Salary then in effect (less applicable deductions and withholdings) payable within 30 days after the effective date of your termination; (ii) entitled to a single lump sum payment equal to a pro-rata portion (based on the
number of days you were employed by Intersil during the calendar year of termination divided by 365) of your Target Bonus for the year of termination, without regard to satisfaction of any target performance objectives, payable within 30 days
following your termination; (iii) granted full acceleration of vesting on all of your Intersil Options or any other equity grants made by Intersil to you after the Commencement Date; and (iv) you will have (x) twelve (12) months from your
termination date (or the remaining term of the applicable option grant if shorter than 12 months) to exercise any outstanding Existing Options and (y) twenty-four (24) months from your termination date (or the remaining term of the applicable option
grant if shorter than 24 months) to exercise any outstanding New Intersil Options or any other option grants made by Intersil to you after the Commencement Date.
             (c)   In addition to the benefits set forth in subsection (b) above, in the event of your Involuntary Termination, or Termination without Cause (as defined
in this subsection (c) below), on or before the date twelve (12) months following the Commencement Date, you will be: (i) entitled to a single lump sum payment of $200,000 (less applicable deductions and withholdings) payable within 30 days after
the effective date of your termination; and (ii) eligible to continue your benefits providing for coverage or payment in the event of your (or your covered dependents’) death, disability, illness or injury that were provided to you, whether
taxable or non-taxable and whether funded through insurance or otherwise (the “ Welfare Benefits ”) under any Welfare Benefits plan or program maintained by Intersil on the same terms and conditions (including cost to you) as in
effect immediately prior to your termination for a period of one (1) year following your termination. With respect to any Welfare Benefits provided through an insurance policy, Intersil’s obligation to provide such Welfare Benefits following
your termination shall be limited by the terms of such policy; provided that (A) Intersil shall make reasonable efforts to amend such policy to provide the continued coverage described in this subsection (c), and (B) if a policy providing health
benefits is not amended to provide the continued benefits described in this subsection (c), Intersil shall pay for the cost of comparable replacement coverage (or Medigap insurance if you qualify for Medicare) until the end of the one year period
following your termination. Additionally, Intersil shall reimburse you for any income tax liability due as a result of the provision of Welfare Benefits under this subsection (c) (and as a result of any payments due under this provision) in order to
put you in the same after-tax position as if no taxable Welfare Benefits had been provided.

  Richard M. Beyer
 May 10, 2002
 Page 4
             Solely for purposes of this Section 7(c),
“Termination without Cause” shall mean Intersil’s termination of your employment at any time on or before the date twelve (12) months following the Commencement Date for any reason other than fraud, misappropriation or embezzlement by
you which results in material loss, damage or injury to Intersil as determined by a resolution passed by at least a 3/4 vote of the Board of Directors (excluding you if you are a member at such time) that you were guilty of such conduct and
specifying the particulars thereof in detail.
             (d)   In the event of your Termination for Death or Disability, you will be:
(i) entitled to a single lump sum severance payment equal to 12 months of your Base Salary then in effect (less applicable deductions and withholdings) payable within 30 days after the effective date of your termination; (ii) entitled to a single
lump sum payment equal to a pro-rata portion (based on the number of days you were employed by Intersil during the calendar year of termination divided by 365) of your Target Bonus for the year of termination, without regard to satisfaction of any
target performance objectives, payable within 30 days following your termination; and (iii) you will be (x) granted full acceleration of vesting on all of your Existing Options and (y) credited with twelve (12) additional months of employment
service after your termination date for purposes of your vesting with respect to the New Intersil Options or any other equity grants made by Intersil to you after the Commencement Date.
             (e)   If all or any portion of the amounts payable or benefits provided to you under this Employment Agreement or otherwise (other than payments pursuant
to this Section 7(e)) are deemed to be “excess parachute payments” made in connection with the Merger and are subject to the excise tax imposed by Section 4999 of the Internal Revenue Code, Intersil shall pay you the amount of any such
excise tax; provided, however, that no payment shall be made under this subsection (e) to the extent that it would reduce your after-tax income.
             (f)   No payments due you hereunder shall be subject to mitigation or offset.
             8.    Indemnification Agreement . Effective on the Commencement Date, Intersil hereby assumes and agrees to be bound by the terms and conditions of
the Indemnification Agreement you entered into with Elantec.
             9.    Proprietary Information Agreement . Effective on
the Commencement Date, you hereby acknowledge and agree that your Agreement Regarding Proprietary Information and Inventions you entered into with Elantec shall inure to the benefit of Intersil, and shall be fully enforceable by, and apply in all
respects with respect to, Intersil.
             10.    Non-compete/Non-solicitation. 
             (a)   During your Term of Employment and for one year thereafter, you will not engage in any activity which is directly competitive with the business of
Intersil or its subsidiaries and you will not, on behalf of yourself or any third party, solicit or attempt to induce any employee of Intersil or its subsidiaries to terminate his or her employment with Intersil or its subsidiaries. The non-compete
covenant in the preceding sentence shall apply in the geographic areas of: (i) the counties of Santa Clara, San Mateo, San Diego, Orange and San Francisco counties of California; (ii) California; (iii) the United States of America; and (iv) the
world.
             (b)   If the provisions of this Section 10 should ever be adjudicated to exceed any maximum time, geographic, service
or other limitations permitted by applicable law in any jurisdiction, then such provisions shall be deemed reformed in such jurisdiction to the maximum limitations permitted by applicable law. You acknowledge that the provisions of this Section 10
are, in view of the nature of the business of Intersil and its subsidiaries, reasonable and necessary to protect the legitimate interests of Intersil and its subsidiaries and that any violation of this Section 10 may result in irreparable injury to
Intersil or its subsidiaries entitling Intersil to temporary or permanent injunctive relief, without the necessity of proving actual damages, which rights shall be 
  

  Richard M. Beyer
 May 10, 2002
 Page 5
 cumulative with and in addition to any other rights or remedies to which Intersil may be entitled hereunder
or at law or in equity.
             11.    Arbitration . The parties agree that any dispute regarding the interpretation or
enforcement of this Employment Agreement shall be decided by confidential, final and binding arbitration conducted by Judicial Arbitration and Mediation Services (“ JAMS ”) under the then existing JAMS rules rather than by
litigation in court, trial by jury, administrative proceeding or in any other forum.
             12.    Miscellaneous
.
             (a)    Effectiveness of Agreement . This Employment Agreement shall be deemed effective at the Effective Time
(as defined in the Merger Agreement) of the Merger. If the Merger does not occur and the Merger Agreement is terminated, this Employment Agreement shall have no force or effect and shall be void ab initio.
             (b)    Authority to Enter into Agreement . Intersil represents that it is has duly authorized the execution and delivery of this Employment
Agreement on behalf of Intersil.
             (c)    Absence of Conflicts; Termination of Prior Agreement . You represent that
upon the Commencement Date your performance of your duties under this Employment Agreement will not breach any other agreement as to which you are a party. Upon the Commencement Date, your prior employment agreement with Elantec dated July 12, 2000
(the “ Prior Agreement ”) and your Executive Change in Control Severance Benefits Agreement with Elantec dated February 13, 2001, as amended, shall terminate and be of no further force or effect without any liabilities of the
parties thereto or Intersil or its affiliates.
             (d)    Attorneys Fees . If a legal action or other proceeding is
brought for enforcement of this Employment Agreement because of an alleged dispute, breach, default, or misrepresentation in connection with any of the provisions of this Employment Agreement, the successful or prevailing party shall be entitled to
recover reasonable attorneys’ fees and costs incurred, both before and after judgment, in addition to any other relief to which they may be entitled.
             (e)    Successors . This Employment Agreement is binding on and may be enforced by Intersil and its successors and assigns and is binding on and may
be enforced by you and your heirs and legal representatives. Any successor to Intersil or substantially all of its business (whether by purchase, merger, consolidation or otherwise) will in advance assume in writing and be bound by all of
Intersil’s obligations under this Employment Agreement.
             (f).    Notices . Notices under this Employment
Agreement must be in writing and will be deemed to have been given when personally delivered or two days after mailed by U.S. registered or certified mail, return receipt requested and postage prepaid. Mailed notices to you will be addressed to you
at the home address which you have most recently communicated to Intersil in writing. Notices to Intersil will be addressed to its General Counsel at Intersil’s corporate headquarters.
             (g).    Waiver . No provision of this Employment Agreement will be modified or waived except in writing signed by you and an officer of Intersil
duly authorized by its Board of Directors. No waiver by either party of any breach of this Employment Agreement by the other party will be considered a waiver of any other breach of this Employment Agreement.
             (h).    Entire Agreement . This Employment Agreement, including such other agreements expressly referred to herein and including the applicable
stock option plans, option agreements and related documents with respect to your equity grants, and your Executive Change of Control Severance Benefits Agreement with Intersil dated the date hereof, represent the entire agreement between us
concerning the subject matter of your employment by 

 

  Richard M. Beyer
 May 10, 2002
 Page 6
 Intersil, and expressly supersede all other promises or understandings, oral or written, including without limitation
the Prior Agreement.
             (i)    Governing Law . This Employment Agreement will be governed by the laws of the State of
California without reference to conflict of laws provisions.
                         
Severability . If any portion of this Employment Agreement shall be determined to be unenforceable, the remaining provisions of this Employment Agreement shall remain in force.
             Rich, we very much look forward to your joining Intersil as its President and Chief Executive Officer. Please indicate your acceptance of the terms of this Employment
Agreement by signing in the place indicated below.

	

	 	Sincerely,
 INTERSIL CORPORATION 

	 	 	By:  	/s/ Stephen M. Moran
		 	 	

	 	 	 	Name: Stephen M. Moran
Title: Vice President

	Acknowledged and Agreed:

	 	 	

	/s/ Richard M. Beyer	 	   	 
	
	 	 	
	Richard M. BeyerPrepared by R.R. Donnelley Financial -- Severance Benefits Agreement - Richard Beyer

  Exhibit 10.3 
  EXECUTIVE 
 CHANGE IN CONTROL 
 SEVERANCE BENEFITS AGREEMENT 
              THIS EXECUTIVE CHANGE IN CONTROL SEVERANCE BENEFITS AGREEMENT  (the  “AGREEMENT” ) is entered into on May 10, 2002, between Richard M. Beyer
(“Executive”) and  INTERSIL CORPORATION , a Delaware corporation (the  “COMPANY” ).
             WHEREAS, under the
Agreement and Plan of Merger (the “Merger Agreement”) dated March 10, 2002, by and among the Company, Echo Acquisition, Inc. and Elantec Semiconductor, Inc. (“Elantec”), the Company has agreed to acquire Elantec pursuant to the
Merger (as defined in the Merger Agreement) on the terms and conditions set forth in the Merger Agreement.
             WHEREAS, this Agreement is
intended to provide Executive with the compensation and benefits described herein upon the occurrence of specific events after the Merger.
             NOW THEREFORE, The Company and Executive hereby agree as follows:
             Certain capitalized terms used in this Agreement are defined in Article VI.
  ARTICLE I 
 EMPLOYMENT BY THE COMPANY

              1.1    Executive will be employed as President and Chief Executive Officer of the Company subject to and upon
the occurrence of the Closing (as defined in the Merger Agreement) of the Merger, on the terms and conditions set forth in the Employment Agreement (the “Employment Agreement”) dated the date hereof between the Company and Executive, which
is being executed concurrently herewith.
              1.2    This Agreement shall be deemed effective at the Effective Time (as
defined in the Merger Agreement) of the Merger and shall remain in full force and effect so long as Executive is employed by Company; provided, however, that the rights and obligations of the parties hereto contained in Articles II through VII shall
survive Two and One Half (2-1/2) years following a Covered Termination (as hereinafter defined). Notwithstanding the foregoing, if the Closing of the Merger does not occur and the Merger Agreement is terminated, this Agreement shall have no force or
effect and shall be void ab initio.
              1.3    The Company and Executive wish to set forth the compensation and benefits
which Executive shall be entitled to receive if Executive’s employment with the Company terminates following a Change in Control under the circumstances described in Article II of this Agreement.
              1.4    The duties and obligations of the Company to Executive under this Agreement shall be in consideration for Executive’s past services to
Elantec, Executive’s continued employment with the Company and, in the event a Covered Termination occurs, Executive’s execution of the general waiver and release described in Section 3.2.

               1.5    Executive acknowledges and agrees that this Agreement supersedes Executive’s prior
Executive Change in Control Severance Benefits Agreement dated February 13, 2001, as amended, by and between Executive and Elantec (the “Prior Agreement”). The Prior Agreement shall terminate and be of no further force or effect
concurrently with (and shall be deemed to be terminated immediately prior to) the Effective Time of the Merger, and Executive waives any rights or benefits that would be payable under the Prior Agreement and forever releases and discharges the
Company, Elantec and each of their affiliates from any obligations or liabilities relating to the Prior Agreement. Executive’s rights and benefits with respect to the subject matter of the Prior Agreement shall be exclusively governed by the
terms and conditions of this Agreement.
  ARTICLE II 
 SEVERANCE BENEFITS 
              2.1
    Entitlement To Severance Benefits. If Executive’s employment terminates due to an Involuntary Termination or a Voluntary Termination for Good Reason within twelve (12) months following the effective date of a
Change in Control, the termination of employment will be a Covered Termination and the Company shall pay Executive the compensation and benefits described in this Article II. If Executive’s employment terminates, but not due to an Involuntary
Termination or a Voluntary Termination for Good Reason within twelve months following the effective date of a Change in Control, then the termination of employment will  not  be a Covered Termination and Executive will  not  be
entitled to receive any payments or benefits under this Article II.
             Payment of any benefits described in this Article II shall be subject
to the restrictions and limitations set forth in Article III.
              2.2     Lump Sum Severance Payment. The Company
shall pay to the Executive his base pay through the Date of Covered Termination at the rate in effect at the time Notice of Termination is given, subject to any applicable withholding of federal, state or local taxes, plus (i) that portion of
Executive’s targeted cash bonus prorated through the Date of Covered Termination, and (ii) all other amounts to which Executive is entitled under any compensation plan or practice of the Company at the time such payments are due. In
addition, within thirty (30) days following a Covered Termination, Executive shall receive a lump sum payment equal to one hundred percent (100%) of the sum of Annual Base Pay and Annual Bonus, subject to any applicable withholding of federal, state
or local taxes.
              2.3     Stock Options and Restricted Stock. In accordance with Section 4.3, outstanding stock
options and any outstanding restricted stock granted by the Company (or Elantec to the extent assumed by the Company) and held by the Executive shall become fully vested and exercisable and the period of time for exercise of stock options following
termination of employment shall be extended if a Covered Termination occurs.
              2.4     Welfare Benefits.
Following a Covered Termination, Executive and his covered dependents will be eligible to continue their Welfare Benefits coverage under any Welfare Benefits plan or program maintained by the Company on the same terms and conditions

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 (including cost to Executive) as in effect immediately prior to the Covered Termination, for a period of one (1) year following the Covered Termination.
             With respect to any Welfare Benefits provided through an insurance policy, the Company’s obligation to provide such Welfare Benefits following a Covered Termination
shall be limited by the terms of such a policy; provided that (i) the Company shall make reasonable efforts to amend such policy to provide the continued coverage described in this Section 2.4, and (ii) if a policy providing health
benefits is not amended to provide the continued benefits described in this Section 2.4, the Company shall pay for the cost of comparable replacement coverage (or Medigap insurance if Executive qualifies for Medicare) until the end of the one year
period following the Covered Termination.
             The Company shall reimburse Executive for any income tax liability due as a result of the
provision of Welfare Benefits under this Article II (and as a result of any payments due under this paragraph) in order to put Executive in the same after-tax position as if no taxable Welfare Benefits had been provided.
             This Section 2.4 is not intended to affect, nor does it affect, the rights of Executive, or Executive’s covered dependents, under any applicable law
with respect to health insurance continuation coverage.
              2.5     Mitigation. Except as otherwise specifically
provided herein, Executive shall not be required to mitigate damages or the amount of any payment provided under this Agreement by seeking other employment or otherwise, nor shall the amount of any payment provided for under this Agreement be
reduced by any compensation earned by Executive as a result of employment by another employer or by retirement benefits after the date of the Covered Termination, or otherwise.
  ARTICLE III 

LIMITATIONS AND CONDITIONS ON BENEFITS 
              3.1     Withholding of Taxes. The Company shall withhold
appropriate federal, state or local income and employment taxes from any payments hereunder.
              3.2     Employee
Agreement and Release Prior to Receipt of Benefits. Upon the occurrence of a Covered Termination, and prior to the receipt of any benefits under this Agreement on account of the occurrence of a Covered Termination, Executive shall, as of the
date of a Covered Termination, execute an employee agreement and release in the form attached hereto as  Exhibit A . Such employee agreement and release shall specifically relate to all of Executive’s rights and claims in existence at
the time of such execution and shall confirm Executive’s obligations under the Company’s proprietary information agreement (which Executive executed in favor of Elantec and which shall inure to the benefit of the Company and be fully
enforceable by, and apply in all respects with respect to, the Company). It is understood such employee release and agreement shall comply with applicable law. In the event Executive does not execute such release and agreement within the period
required by applicable law, or if Executive revokes such employee agreement and release within the period permitted by
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 applicable law, no benefits shall be payable under this Agreement and this Agreement shall be null and void.
  ARTICLE IV 
 OTHER
RIGHTS AND BENEFITS 
              4.1     Nonexclusivity. Nothing in the Agreement shall prevent or limit
Executive’s continuing or future participation in any benefit, bonus, incentive or other plans, programs, policies or practices provided by the Company and for which Executive may otherwise qualify, and except as expressly provided herein, nor
shall anything herein limit or otherwise affect such rights as Executive may have under any stock option or other agreements with the Company. Except as otherwise expressly provided herein, amounts which are vested benefits or which Executive is
otherwise entitled to receive under any plan, policy, practice or program of the Company at or subsequent to the date of a Covered Termination shall be payable in accordance with such plan, policy, practice or program.
              4.2     Parachute Payments. In the event that any amount or benefit received or to be received by Executive pursuant to this Agreement
(other than payment pursuant to this Section 4.2) would constitute an “excess parachute payment” subject to excise tax under Section 4999 of the Code, the Company shall pay to Executive the amount of any such excise tax; provided, however,
that no payment shall be made under this Section 4.2 to the extent that it would reduce Executive’s after-tax income.
              4.3
    Stock Options and Restricted Stock. The Company shall take all actions necessary to amend all outstanding stock option agreements evidencing outstanding stock options and any outstanding restricted stock grant
agreements granted by the Company (or Elantec to the extent assumed by the Company) to Executive such that: (i) in the event of a Covered Termination to provide for (a) full accelerated vesting and exercisability of all of the Executive’s
outstanding options to purchase Intersil Class A Common Stock that are issued in accordance with the Merger Agreement in exchange for Executive’s existing options to purchase Elantec Common Stock (the “Existing Options”) and (b) full
accelerated vesting and exercisability of any other of Executive’s options to purchase Intersil Class A Common Stock granted by Intersil on or after the Closing Date of the Merger (the “New Options”) or any restricted stock grants
granted by Intersil after the Closing Date; and (ii) to permit Executive to exercise (a) the Existing Options for twelve (12) months following a Covered Termination (or the remaining term of the applicable option grant if shorter than 12
months) and (b) the New Options for twenty-four (24) months following a Covered Termination (or the remaining term of the applicable option grant if shorter than 24 months). Notwithstanding the foregoing, the Company shall amend all such stock
option or restricted stock grants in a manner that will not adversely affect Executive’s financial position and that does not subject Executive to liability under Section 16(b) of the Securities Exchange Act of 1934, as amended. Any prior
amendments that have been made by Elantec with respect to Executive’s stock option agreements providing for accelerated vesting or other rights and benefits in accordance with the Prior Agreement are hereby superseded and made null and
void.
              4.4     Indemnity Agreement. The Indemnity Agreement signed by the Executive upon employment with
Elantec (which shall be binding on the Company and assumed by the
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 Company) will remain in full force and effect for 5 years following the Date of Covered Termination.
  ARTICLE V 
 NON-ALIENATION OF
BENEFITS 
             No benefit hereunder shall be subject to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge,
and any attempt to so subject a benefit hereunder shall be void.
  ARTICLE VI 
 DEFINITIONS 
             For purposes of the Agreement, the following terms shall have the meanings set forth below:
              6.1     “Agreement”  means this Executive Change in Control Severance Benefits Agreement.
              6.2     “Annual Base Pay”  means Executive’s annual base pay at the rate in effect during the last regularly scheduled
payroll period immediately preceding (i) the Change in Control, or (ii) the Covered Termination, whichever is greater.
              6.3
    “Annual Bonus”  means the Executive’s projected or estimated annual cash incentive bonus at target for the fiscal year of the Company in which termination of Executive’s employment occurs.

             6.4     “Change in Control”  means the consummation of any of the following transactions after the Effective
Time of the Merger:
                          (a)    the stockholders
of the Company approve a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent
(either by remaining outstanding or by being converted into voting securities of the surviving entity) at least fifty percent (50%)of the total voting power represented by the voting securities of the Company or such surviving entity outstanding
immediately after such merger or consolidation, or the stockholders of the Company approve a plan of liquidation or dissolution of the Company or an agreement for the sale, lease, exchange or other transfer or disposition by the Company of all or
substantially all (more than fifty percent (50%)) of the Company’s assets;
                          (b)    any person (as such term is used in Sections 13(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)), is or becomes the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act) directly or indirectly of 25% or more of the Company’s outstanding Common Stock;
or
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                          (c)    a change in
the composition of the Board of Directors of the Company within a three (3) year period, as a result of which fewer than a majority of the directors are Incumbent Directors. “Incumbent Directors” shall mean directors who either:

                                      (A)
   are directors of the Company at the Effective Time of the Merger;
                                       (B)
   are elected, or nominated for election, to the Board of Directors of the Company with the affirmative votes of at least a majority of the directors of the Company who are Incumbent Directors described in (A) above at the time
of such election or nomination; or
                                       (C)
   are elected, or nominated for election, to the Board of Directors of the Company with the affirmative votes of at least a majority of the directors of the Company who are Incumbent Directors described in (A) or (B) above at the
time of such election or nomination.
             Notwithstanding the foregoing, “Incumbent Directors” shall not include an individual whose
election or nomination is in connection with an actual or threatened proxy contest relating to the election of directors to the Company.
              6.5     “Company”  means Intersil Corporation, a Delaware corporation, and any successor thereto.
              6.6     “Covered Termination”  means an Involuntary Termination or a Voluntary Termination for Good Reason within twelve (12)
months following a Change in Control. No other event shall be a Covered Termination for purposes of this Agreement.
              6.7
    “Date of Covered Termination”  means the first date following the last date of Executive’s employment with the Company as a result of a Covered Termination. 
              6.8     “Involuntary Termination”  means Executive’s dismissal or discharge by the Company (or, if applicable, by the
successor entity) for reasons other than fraud, misappropriation or embezzlement on the part of Executive which resulted in material loss, damage or injury to the Company. Notwithstanding the foregoing, Executive shall not be deemed to have been
terminated for one of these reasons unless and until there shall have been delivered to Executive a copy of a resolution, duly adopted by the affirmative vote of not less than three-quarters of the entire membership of the Company’s Board of
Directors (excluding Executive if he is a member of the Board of Directors of the Company at that time) at a meeting of the Board called and held for the purpose (after reasonable notice to Executive and an opportunity for the Executive, together
with Executive’s counsel, to be heard before the Board of Directors), finding that in the good faith opinion of the Board of Directors, Executive was guilty of conduct set forth in the immediately preceding sentence and specifying the
particulars thereof in detail.
             The termination of an Executive’s employment would not be deemed to be an “Involuntary
Termination” or a “Covered Termination” if such termination occurs as a result of the death or disability of Executive.
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              6.9     “Voluntary Termination for Good Reason”  means that the Executive
voluntarily terminates his employment after any of the following are undertaken without Executive’s express written consent:
                          (a)    the assignment to Executive of any duties or responsibilities which
result in any diminution or adverse change of Executive’s position, status or circumstances of employment as in effect immediately prior to a Change in Control of the Company (notwithstanding the above, Voluntary Termination for Good Reason
pursuant to this subsection (a) shall not occur if Executive terminates employment and all that has occurred is that Executive does not hold the title of President and Chief Executive Officer of the surviving parent company after a Change in
Control);
                          (b)    a reduction by the Company
in Executive’s Annual Base Pay or targeted annual cash incentive bonus in effect at the time;
                          (c)    any failure by the Company to continue in effect any benefit plan or
arrangement, including incentive plans or plans to receive securities of the Company, in which Executive is participating immediately prior to a Change in Control of the Company (hereinafter referred to as “Benefit Plans”), or the taking
of any action by the Company which would adversely affect Executive’s participation in or reduce Executive’s benefits under any Benefit Plans or deprive Executive of any fringe benefit enjoyed by Executive immediately prior to a Change in
Control of the Company, provided, however, that Executive may not terminate for Good Reason pursuant to this subsection (c) following a Change in Control of the Company if the Company offers a range of benefit plans and programs which, taken as a
whole, are comparable to the Benefit Plans as determined in good faith by Executive;
                          (d)    a relocation of Executive, or the Company’s principal executive
offices if Executive’s principal office is at such offices, to a location more than fifteen (15) miles from the location at which Executive performed Executive’s duties immediately prior to a Change in Control of the Company, except for
required travel by Executive on the Company’s business to an extent substantially consistent with Executive’s business travel obligations immediately prior to the Change in Control of the Company;
                          (e)    any breach by the Company of any provision of this agreement;
or
                          (f)    any failure by the Company to
obtain the assumption of this agreement by any successor or assign of the Company.
              6.10     “Welfare
Benefits”  means benefits providing for coverage or payment in the event of Executive’s (or Executive’s covered dependent’s) death, disability, illness or injury that were provided to Executive or his covered dependent
immediately before a Change in Control, whether taxable or non-taxable and whether funded through insurance or otherwise.
  ARTICLE VII 
 GENERAL PROVISIONS 
              7.1     Employment Status. This Agreement does not constitute a contract of employment or impose on Executive any obligation to remain as an
employee, or impose on the
 - 7 -

 
 Company any obligation (i) to retain Executive as an employee, (ii) to change the status of Executive as an at-will employee, or (iii) to change the Company’s
policies regarding termination of employment.
              7.2     Notices. Any notices provided hereunder must be in
writing and such notices or any other written communication shall be deemed effective upon the earlier of personal delivery (including personal delivery by telex or facsimile) or the third day after mailing by first class mail, to the Company at its
primary office location and to Executive at his address as listed in the Company’s payroll records. Any payments made by the Company to Executive under the terms of this Agreement shall be delivered to Executive either in person or at his
address as listed in the Company’s payroll records.
              7.3     Severability. Whenever possible, each
provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule
in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provisions had never been contained herein.
              7.4     Waiver. If either party should waive any
breach of any provisions of the Agreement, he or it shall not thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision of this Agreement.
              7.5     Complete Agreement.  This Agreement, including  Exhibit A  and other written agreements referred to in this Agreement,
constitutes the entire agreement between Executive and the Company and it is the complete, final, and exclusive embodiment of their agreement with regard to the subject matter hereof, and expressly supersedes all other promises or understandings,
whether oral or written, including without limitation the Prior Agreement, Executive’s prior employment agreement with Elantec dated July 12, 2000, and (except to the extent provided below) Executive’s Employment Agreement. For the purpose
of clarity, the parties hereto acknowledge and agree that: (i) in the event of any termination of Executive’s employment with the Company which constitutes a Covered Termination hereunder, Executive shall be entitled to the rights and benefits
provided for in this Agreement in lieu of any rights or benefits provided for in Executive’s Employment Agreement;  provided, however,  in the event that the rights and benefits provided Executive by this Agreement are less than the
amount and value of the rights and benefits he would receive under Section 7 of his Employment Agreement were his Involuntary Termination or Termination without Cause (as such terms are defined in the Employment Agreement) to occur immediately prior
to a Change in Control, he will receive those payments and benefits provided by Section 7 of his Employment Agreement in lieu of the payments and benefits provided pursuant to this Agreement. The determination of whether the rights and benefits
provided by Section 7 of the Employment Agreement are paid in lieu of those provided under this Agreement shall be made by Executive; and (ii) in the event of any termination of Executive’s employment with the Company which does not constitute
a Covered Termination hereunder, Executive shall be entitled to any rights and benefits otherwise provided for in Executive’s Employment Agreement. This Agreement is entered into without reliance on any promise or representation other than
those expressly contained herein.
 - 8 -

 
              7.6     Amendment or Termination of Agreement. This Agreement may be changed or
terminated only upon the mutual written consent of the Company and Executive. The written consent of the Company to a change or termination of this Agreement must be signed by an executive officer of the Company after such change or termination has
been approved by the Compensation Committee of the Company’s Board of Directors.
              7.7     Counterparts.
This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more than one party, but all of which taken together will constitute one and the same Agreement.
              7.8     Headings. The headings of the Articles and sections hereof are inserted for convenience only and shall not be deemed to constitute a
part hereof nor to affect the meaning thereof.
              7.9     Successors and Assigns. This Agreement is intended to
bind and inure to the benefit of and be enforceable by Executive and the Company, and their respective successors, assigns, heirs, executors and administrators, except that Executive may not assign any of his duties hereunder and Executive may not
assign any of his rights hereunder without the written consent of the Company, which consent shall not be withheld unreasonably.
              7.10
    Attorney Fees. If Executive brings any action to enforce his rights hereunder, Executive shall be entitled to recover his reasonable attorneys’ fees and costs incurred in connection with such action if Executive is
the prevailing party in such action.
              7.11     Choice of Law. All questions concerning the construction,
validity and interpretation of this Agreement will be governed by the law of the State of California.
              7.12    
Non-Publication. The parties mutually agree not to disclose publicly the terms of this Agreement except to the extent that disclosure is mandated by applicable law.
              7.13     Construction of Plan. In the event of a conflict between the text of the Agreement and any summary, description or other
information regarding the Agreement, the text of the Agreement shall control.
 - 9 -

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

	 INTERSIL CORPORATION 

	 	 EXECUTIVE 

	By:   /s/ Stephen M.
Moran                                	 	By:  	 /s/ Richard M.
Beyer                                 
		 	 	
	Name: Stephen M. Moran
Title: Vice President	 	 	Richard M. Beyer

 - 10 -

 
   Exhibit A  
  Intersil Corporation 
  Employee Agreement and Release

             I understand and agree completely to the terms set forth in the foregoing agreement.
             I hereby confirm my obligations under the Agreement Regarding Proprietary Information and Inventions (which I executed in favor of Elantec Semiconductor, Inc. and which
shall inure to the benefit of the Company and be fully enforceable by, and apply in all respects with respect to, the Company).
             I
acknowledge that I have read and understand Section 1542 of the California Civil Code which reads as follows: “A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of
executing the release, which if known by him must have materially affected this settlement with the debtor.” I hereby expressly waive and relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect
with respect to my release of any claims I may have against the Company.
             Except as otherwise set forth in this Agreement, I hereby release,
acquit and forever discharge the Company, its parents and subsidiaries, and their officers, directors, agents, servants, employees, shareholders, successors, assigns and affiliates, of and from any and all claims, liabilities, demands, causes of
action, costs, expenses, attorneys fees, damages, indemnities and obligations of every kind and nature, in law, equity, or otherwise, known and unknown, suspected and unsuspected, disclosed and undisclosed (other than any claim for indemnification I
may have as a result of any third party action against me based on my employment with the Company), arising out of or in any way related to agreements, events, acts or conduct at any time prior to and including the Effective Date of this Agreement,
including but not limited to: all such claims and demands directly or indirectly arising out of or in any way connected with my employment with the Company or the termination of that employment, including but not limited to, claims of intentional
and negligent infliction of emotional distress, any and all tort claims for personal injury, claims or demands related to salary, bonuses, commissions, stock, stock options, or any other ownership interests in the Company, vacation pay, fringe
benefits, expense reimbursements, severance pay, or any other form of compensation; claims pursuant to any federal, state or local law or cause of action including, but not limited to, the federal Civil Rights Act of 1964, as amended; the federal
Age Discrimination in Employment Act of 1967, as amended (“ADEA”); the federal American with Disabilities Act of 1990; the California Fair Employment and Housing Act, as amended; tort law; contract law; wrongful discharge; discrimination;
fraud; defamation; emotional distress; and breach of the implied covenant of good faith and fair dealing; provided, however, that nothing in this paragraph shall be construed in any way to release the Company from its obligation to indemnify you
pursuant to the Company’s Indemnification Agreement and to provide you with continued coverage under the Company’s directors and officers liability insurance policy to the same extent that it has provided such coverage to previously
departed officers and directors of the Company.
 - 11 -

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

	

	 	 	

	 	 	   	By: 
                                        
                          
		 	 	
	 	 	 	
Date: 
                                        
                       

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