Document:

Exhibit

Exhibit 4.4

[Form of 2046 Global Note]

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY NAMED BELOW OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES. 
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (THE “DEPOSITARY”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE DEPOSITARY, TO THE DEPOSITARY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE. 

	
			
	 
	 
	 

	No. ___
	 
	$____________________

CUSIP:  437076BH4
ISIN NUMBER: US437076BH45
The Home Depot, Inc. 
Dated: _________ __, 2016
4.250% Senior Note due April 1, 2046
The Home Depot, Inc., a Delaware corporation (the “Company”), for value received hereby promises to pay to Cede & Co. or registered assigns the principal sum of _____________ MILLION DOLLARS ($______________) at the Company’s office or agency for said purpose in the City of New York, on April 1, 2046 (the “Maturity”), in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest, semiannually on April 1 and October 1 (each an “Interest Payment Date”) of each year, commencing on April 1, 2016, on said principal sum in like coin or currency at the rate per annum set forth above at said office or agency from October 1, 2015. The interest so payable on any Interest Payment Date will, except as otherwise provided in the Indenture referred to on the reverse hereof, be paid to the person in whose name this Security is registered at the close of business on the March 15 or September 15, as the case may be, immediately preceding the relevant Interest Payment Date (the “Regular Record Date”) whether or not such day is a Business Day, provided that interest may be paid, at the option of the Company, by mailing a check therefor payable to the registered holder entitled thereto at such holder’s last address as it appears on the Security Register or by wire transfer, in immediately available funds, to such bank or other entity in the continental United States as shall be designated in writing by such holder prior to the relevant Regular Record Date and shall have appropriate facilities for such purpose. If and for so long as all of the Securities of this series are represented by Securities in global form, the principal of, premium, if any, and interest on this Global Security shall be paid in same day funds to the Depositary, or to such name or entity as is requested by an authorized representative of the Depositary.
Reference is made to the further provisions set forth on the reverse hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 

This Security shall not be valid or obligatory until the certificate of authentication hereon shall have been duly signed by the Trustee acting under the Indenture.

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
 
	
			
	 
	THE HOME DEPOT, INC.

	 
	 
	 

	 
	By:
	 

	 
	Name:
	Dwaine A. Kimmet

	 
	Title:
	Treasurer and Senior Vice
President – Payments

TRUSTEE’S CERTIFICATE OF AUTHENTICATION
This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

	
			
	 
	DEUTSCHE BANK TRUST COMPANY AMERICAS,
   as Trustee

	 
	 
	 

	 
	By:
	 

	 
	 
	Authorized Signatory

	 
	 
	 

	 
	Date: __________ ___, 2016

Signature Page to 4.250% Senior Notes due 2046

REVERSE OF SECURITY
The Home Depot, Inc.
4.250% Senior Note due April 1, 2046
This Security is one of a duly authorized issue of debt securities of the Company, issued or to be issued in one or more series pursuant to an indenture dated as of August 24, 2012 (the “Indenture”), duly executed and delivered by the Company to Deutsche Bank Trust Company Americas, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture). This Security shall constitute part of the same series as the 4.250% Senior Note due April 1, 2046 and issued by the Company on June 2, 2015 for all purposes including under the Indenture.  Reference is hereby made to the Indenture and all indentures supplemental thereto for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the holders (the words “holders” or “holder” meaning the registered holders or registered holder) of the Securities of this series. 
This Security will bear interest until final Maturity at the rate per annum shown above. If any Interest Payment Date, redemption date or the Maturity of this Security is not a Business Day, then payment of principal, premium, if any, and interest will be made on the next succeeding Business Day. No interest will accrue on the amount so payable for the period from such Interest Payment Date, redemption date or Maturity, as the case may be, to the date payment is made. Interest will be computed on the basis of a 360-day year consisting of 12 months of 30 days each. The Company will pay interest on overdue principal of, premium, if any, and to the extent lawful, interest on overdue installments of interest on this Security, at the same rate.  The Company hereby initially designates the Corporate Trust Office of the Trustee in the City of New York as the office or agency to be maintained by it where this Security may be presented for payment, registration of transfer, or exchange and where notices or demands to or upon the Company in respects of this Security or the Indenture may be served.
In case an Event of Default, as defined in the Indenture, shall have occurred and be continuing with respect to this series of Securities, the principal of all the outstanding Securities of this series may be declared due and payable, in the manner and with the effect, and subject to the conditions, provided in the Indenture. The Indenture provides that in certain events such declaration and its consequences may be waived by the holders of a majority in aggregate principal amount of the Securities of this series then outstanding and that, prior to any such declaration, such holders may waive any past default under the Indenture and its consequences except a default in the payment of principal of, premium, if any, or interest on any of the Securities of this series. Any consent or waiver by the holder of this Security (unless revoked as provided in the Indenture) shall be conclusive and binding upon such holder and upon all future holders and owners of this Security and any Security of this series which may be issued in exchange or substitution herefor, whether or not any notation thereof is made upon this Security or such other Securities of this series. 

The Indenture permits, with certain exceptions as therein provided, the Company and the Trustee, with the consent of the holders of at least a majority in aggregate principal amount of the Securities at the time outstanding, evidenced as provided in the Indenture, to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of the holders of the Securities. 
Notwithstanding the foregoing, without the consent of any holder of Securities of this series, the Company and the Trustee may amend or supplement the Indenture or the Securities of this series to cure any ambiguity, defect or inconsistency, to provide for uncertificated Securities of this series in addition to or in place of certificated Securities of this series, to provide for the assumption of the Company’s obligations to holders of Securities of this series in the case of a transaction described in Section 10.01 of the Indenture, to evidence and provide for the acceptance of appointment by a successor trustee and to add to or change any of the provisions of the Indenture necessary to provide for or facilitate the administration of the trusts by more than one trustee, to make any change that would provide any additional rights or benefits to the holders of Securities of this series or that does not adversely affect the legal rights under the Indenture of any such holder, or to 

comply with requirements of the Commission in order to maintain the qualification of the Indenture under the Trust Indenture Act. 
No reference herein to the Indenture and no provision of this Security shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Security at the place, times, and rate, and in the currency, herein prescribed. 
The Securities of this series are issuable only as registered Securities without coupons in denominations of $2,000 and any multiple of $1,000 in excess thereof. 
At the office or agency of the Company referred to on the face hereof and in the manner and subject to the limitations provided in the Indenture and this Security, Securities of this series may be exchanged for a like aggregate principal amount of Securities of this series of other authorized denominations. 
Upon due presentment for registration of transfer of this Security at the above-mentioned office or agency of the Company, a new Security or Securities of this series of authorized denominations, for a like aggregate principal amount, will be issued to the transferee as provided in the Indenture. No service charge shall be made for any such transfer, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto. 
Default in the performance, or breach, of the covenant set forth under “Offer to Repurchase Upon a Change of Control” will be an “Event of Default” under Section 5.01 of the Indenture, and the covenant set forth under such section will be subject to defeasance in accordance with Section 12.03 of the Indenture.
The Company, the Trustee, and any authorized agent of the Company or the Trustee, may deem and treat the registered holder hereof as the absolute owner of this Security (whether or not this Security shall be overdue and notwithstanding any notation of ownership or other writing hereon made by anyone other than the Company, the Trustee or any authorized agent of the Company or the Trustee), for the purpose of receiving payment of, or on account of, the principal hereof and premium, if any, and interest hereon and for all other purposes, and none of the Company, the Trustee nor any authorized agent of the Company or the Trustee shall be affected by any notice to the contrary. 
The Securities of this series are subject to defeasance as described in the Indenture. 
No recourse shall be had for the payment of the principal of, premium, if any, or the interest on this Security, for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any Indenture supplemental thereto, against any incorporator, shareholder, officer or director, as such, past, present or future, of the Company or of any successor corporation, either directly or through the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released. 
The Indenture is hereby incorporated by reference and, to the extent of any conflict between the provisions hereof and the Indenture, the Indenture shall control. Terms used but not defined herein have the meanings assigned to such terms in the Indenture. 
This Security shall be deemed to be a contract under the laws of the State of New York, and for all purposes shall be construed in accordance with the laws of said State, except as may otherwise be required by mandatory provisions of law. 
Optional Redemption
The Securities of this series are redeemable in whole or in part, at the option of the Company at any time and from time to time, on not less than 30 nor more than 60 days’ prior notice mailed to the holders of the Securities.  Prior to October 1, 2045 (six months prior to the date of Maturity of the Securities of this series), the Securities of this series will be redeemable at a redemption price, plus accrued interest to the date of redemption, equal to the greater of (1) 100% of the principal amount of the Securities of this series to be 

redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest on the Securities of this series to be redeemed that would be due if the Securities of this series matured on the Par Call Date (except that, if the redemption date is not an Interest Payment Date, the amount of the next succeeding scheduled interest payment will be reduced (solely for the purpose of this calculation) by the amount of interest accrued thereon to the redemption date), discounted to the redemption date (using the discount rate set forth below) on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months).  The discount rate for the Securities of this series will be the Treasury Rate plus 25.0 basis points.
At any time on or after October 1, 2045 (six months prior to the date of Maturity of the Securities of this series), the Securities of this series are redeemable, in whole or in part at any time and from time to time, at the Company’s option at a redemption price equal to 100% of the principal amount of the Securities of this series to be redeemed plus accrued interest thereon to the date of redemption.  
“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Securities of this series. “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company. 
“Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations obtained, or (3) if only one Reference Treasury Dealer Quotation is obtained, such Reference Treasury Dealer Quotation. 
“Par Call Date” means, the date that is six months prior to the date of Maturity of the Securities of this series.
“Reference Treasury Dealer” means Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co., J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated and their successors and two other nationally recognized investment banking firms that are Primary Treasury Dealers specified from time to time by the Company, except that if any of the foregoing ceases to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company shall be required to designate as a substitute another nationally recognized investment banking firm that is a Primary Treasury Dealer. 
“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer as of 3:30 p.m., New York City time, on the third Business Day preceding such redemption date. 
“Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semiannual equivalent yield to maturity (computed as of the second Business Day immediately preceding such redemption date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. 
Prior to any redemption date, the Company shall be required to deposit with a paying agent money sufficient to pay the redemption price of, and accrued interest on, the Securities of this series to be redeemed on such date. If the Company is redeeming less than all the Securities of this series, the Trustee must select the Securities to be redeemed, either pro rata, by lot or by such other method as the Trustee deems fair and appropriate, provided, that so long as the Securities of this series are represented by one or more Global Securities, interests in such Securities will be selected for redemption by the Depositary in accordance with its standard procedures therefor. Subject to payment by the Company of a sum sufficient to pay the amount due on redemption, interest on this Security (or portion hereof if this Security is redeemed in part) shall cease to accrue upon the date duly fixed for redemption of this Security (or portion hereof if this Security is redeemed in part). In the event of redemption of this Security in part only, a new Security or Securities of this series for 

the unredeemed portion hereof will be issued in the name of the holder hereof upon the cancellation hereof.  On the redemption date, the Company shall deliver to the Trustee an Officers’ Certificate stating the redemption price.  The Trustee shall have no responsibility for determining the redemption price.  Notwithstanding Section 11.02 of the Indenture, the notice of such redemption need not set forth the redemption price but only the manner of calculation thereof if such redemption price is not then ascertainable.
Offer to Repurchase Upon a Change of Control
If a Change of Control Triggering Event (as defined below) occurs, unless the Company has exercised its right to redeem the Securities of this series as described above, holders of the Securities of this series will have the right to require the Company to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of their Securities pursuant to the offer described below (the “Change of Control Offer”). In the Change of Control Offer, the Company will be required to offer payment in cash equal to 101% of the aggregate principal amount of Securities of this series repurchased plus accrued and unpaid interest, if any, on the Securities of this series repurchased, to the date of purchase (the “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event, the Company will be required to mail a notice to holders of the Securities of this series describing the transaction or transactions that constitute the Change of Control Triggering Event and offering to repurchase such Securities on the date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”), pursuant to the procedures described herein and in such notice. The Company must comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Securities of this series as a result of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control provisions herein, the Company will be required to comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control provisions herein by virtue of such conflicts. 
On the Change of Control Payment Date, the Company will be required, to the extent lawful, to (i) accept for payment all Securities of this series or portions of such Securities properly tendered pursuant to the Change of Control Offer; (ii) deposit with the paying agent an amount equal to the Change of Control Payment in respect of all Securities of this series or portions of such Securities properly tendered; and (iii) deliver or cause to be delivered to the Trustee the Securities of this series properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Securities of this series or portions of such Securities being purchased. 
“Below Investment Grade Rating Event” means the Securities of this series are rated below an Investment Grade Rating by each of the Rating Agencies (as defined below) on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of the Change of Control (which 60-day period shall be extended so long as the rating of the Securities of this series is under publicly announced consideration for possible downgrade by any of the Rating Agencies). 
“Change of Control” means the occurrence of any of the following: (i) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its Subsidiaries taken as a whole to any Person other than the Company or one of its Subsidiaries; (ii) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any Person becomes the beneficial owner, directly or indirectly, of more than 50% of the then outstanding number of shares of the Company’s voting stock; or (iii) the first day on which a majority of the members of the Company’s Board of Directors are not Continuing Directors. 
“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating Event. 
“Continuing Directors” means, as of any date of determination, any member of the Board of Directors of the Company who (i) was a member of such Board of Directors on the date of original issue of this Security; 

or (ii) was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination or election (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for election as a director, without objection to such nomination). 
“Fitch” means Fitch Ratings. 
“Investment Grade Rating” means a rating equal to or higher than BBB- (or the equivalent) by Fitch, Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P. 
“Moody’s” means Moody’s Investors Service, Inc. 
“Person” means any individual, partnership, corporation, limited liability company, joint stock company, business trust, trust, unincorporated association, joint venture or other entity, or a government or political subdivision or agency thereof. 

“Rating Agencies” means (i) each of Fitch, Moody’s and S&P; and (ii) if any of Fitch, Moody’s or S&P ceases to rate the notes or fails to make a rating of the notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act, selected by the Company (as certified by a Board Resolution) as a replacement agency for Fitch, Moody’s or S&P, or all of them, as the case may be. 
“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. 

FORM OF TRANSFER NOTICE 
FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto _________________________________
Insert Taxpayer Identification No.:   
Please print or typewrite name and address including zip code of assignee of the within Security: 
and all rights thereunder, hereby irrevocably constituting and appointing _____________________ to transfer said Security on the books of the Company with full power of substitution in the premises. 

____________________________
By:
Date:

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 
The following increases or decreases in this Global Security have been made: 
	
					
	Date of Increase
or Decrease
	Amount of
decrease 
in Principal 
Amount
of the Global
Security
	Amount of
increase
in Principal 
Amount
of this Global
Security
	Principal Amount
of 
this Global
Security
following such decrease or
increase
	Signature of
authorized
signatory of
Trustee or
Securities
CustodianExhibit 1018

		
			AMENDED and RESTATED EXECUTIVE
CHANGE IN CONTROL
SEVERANCE BENEFITS AGREEMENT
		

		
			THIS AMENDED AND RESTATED EXECUTIVE CHANGE IN CONTROL SEVERANCE BENEFITS AGREEMENT (the “Agreement”) is entered into on _____________________, between ________________ (“Executive”) and INTERSIL CORPORATION, a Delaware corporation (the “Company”).
		

		
			WHEREAS, this Agreement is intended to provide Executive with the compensation and benefits described herein upon the occurrence of specific events after the date hereof.
		

		
			NOW THEREFORE, the Company and Executive hereby agree as follows:
		

			
	
			
				Article I
			
EMPLOYMENT BY THE COMPANY

			
	
			
				 1.1
			Executive is currently employed as an executive of the Company.

			
	
			
				 1.2
			This Agreement shall remain in full force and effect during its term as described in Section 7.7, below.

			
	
			
				 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 continued employment with the Company and Executive’s execution of the general waiver and release as provided in 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 (as hereinafter defined), in either case, immediately prior to, on, or 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 severance benefits subject to the terms of this Agreement.  If Executive’s employment terminates, but not due to an Involuntary Termination or a Voluntary Termination for Good Reason, in either case, immediately prior to, on, or within twelve (12) 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 severance benefits under this Agreement.  For clarity, regardless of the reason for or timing of termination of employment, the Company shall pay Executive his or her accrued but unpaid wages through his Date of Termination and all other vested amounts to which Executive is due as of the Date of Covered Termination under the Company’s compensation plans and 
		

		 

 

			programs, regardless of whether Executive signs the general waiver and release of claims attached to this Agreement.

			
	
			
				 2.2
			Lump Sum Severance Payment.  If Executive experiences a Covered Termination, the Company shall pay to the Executive, as cash severance, the sum of (i) Executive’s Annual Bonus, pro-rated for the year of termination, based on service through the Date of Covered Termination and (ii) 150% of the sum of the Executive’s Annual Base Pay and Annual Bonus (the “Cash Severance”).  The Company will pay the Cash Severance on the 60th day following the Date of Covered Termination (the “First Payment Date”), unless extension of the payment date is required under Section 7.1 of this Agreement.

			
	
			
				 2.3
			COBRA Benefits.  If Executive experiences a Covered Termination, and provided Executive (and, if applicable, Executive’s covered dependents) elects to continue Executive’s group health insurance coverage (as in effect immediately prior to the Covered Termination) under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company will pay the applicable premiums for such coverage (less the portion of the monthly payment Executive was responsible for paying immediately prior to his termination) directly to the applicable benefit plan administrator for the period running from the Date of Covered Termination until the earliest to occur of (i) the date Executive (and, if applicable, Executive’s covered dependents) ceases to be eligible for COBRA, (ii) the date Executive obtains comparable coverage from a subsequent employer, and (iii) the date that is 18 months after the Date of the Covered Termination (the “COBRA Benefit”).  The Company will pay the COBRA Benefit as and when due to the applicable carrier (which may include medical, prescription drug, dental, and vision, depending on Executive’s participation as of immediately prior to the Covered Termination), provided no payment will be made prior to the First Payment Date, and on the First Payment Date, the Company will make payments in respect of any premiums due prior to such date, with the balance paid thereafter as and when due, in each case, unless extension of the payment date is required under Section 7.1 of this Agreement.

			
	
			
				 2.4
			Other Insurance Benefits.  If Executive experiences a Covered Termination, and provided Executive (and, if applicable, Executive’s covered dependents) elects to convert Executive’s life, disability, or other Company-sponsored insurance benefits into an individual policy as of the Date of Covered Termination, the Company will pay the applicable premiums for such coverage (less the portion of the monthly premium payments that Executive was responsible for paying immediately prior to Executive’s termination) directly to the applicable benefit plan administrator for the period running from the Date of Covered Termination until the earliest to occur of (i) the date Executive (and, if applicable, Executive’s covered dependents) ceases to be eligible for such coverage, (ii) the date Executive obtains comparable coverage from a subsequent employer, and (iii) the date that is 18 months after the Date of the Covered Termination (the “Insurance Benefit”).  The Company will pay the Insurance Benefit as and when due to the applicable carrier, provided no payment will be made prior to the First Payment Date, and on the First Payment Date, the Company will make payments in respect of any premiums due prior to such date, with the balance paid thereafter as and when due, in each case, unless extension of the payment date is required under Section 7.1 of this Agreement.

			
	
			
				 2.5
			Accelerated Vesting of Equity Awards.  If Executive experiences a Covered Termination, and after taking into account the determinations required to be made under Section 
		

		 

 

			4.2, below, the Company shall accelerate in full the vesting and exercisability of all of Executive’s then-outstanding compensatory equity awards, effective as of the Date of Covered Termination.

			
	
			
				 2.6
			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, and local income and employment taxes from any payments hereunder.

			
	
			
				 3.2
			Employee Agreement and Release Prior to receipt of Benefits.  Not later than the First Payment Date, Executive must sign, return, and allow to become effective the general waiver and release of claims in substantially 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 relating to Executive’s employment with and rights to receive compensation from the Company (and any successor thereto) and shall confirm Executive’s obligations under the Company’s standard form of proprietary information agreement.  It is understood such employee release and agreement shall comply with applicable law.  In the event Executive does not execute and allow such release to become and remain effective by the First Payment Date, Executive will have no rights to receive the severance payments and benefits under this Agreement and this Agreement shall be null and void.

			
	
			
				 3.3
			Section 280G/4999.    If any payment or benefit that Executive would receive from the Company or otherwise in connection with a Change in Control or other similar transaction (“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”) and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment will be equal to the Reduced Amount.  The “Reduced Amount” will be either (x) the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax, or (y) the largest portion, up to and including the total, of the Payment, whichever amount ((x) or (y)), after taking into account all applicable federal, state, and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in Executive’s receipt of the greater economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax.  If a Reduced Amount will give rise to the greater after tax benefit, the reduction in the Payments will occur in the following order: (a) reduction of cash payments; (b) cancellation of accelerated vesting of equity awards other than stock options; (c) cancellation of accelerated vesting of stock options; and (d) reduction of other benefits.  Within any such category of payments and benefits (that is, (a), (b), (c) or (d)), a reduction will occur first with respect to amounts that are not “deferred compensation” within the meaning of Section 409A and then with respect to amounts that are.  If acceleration of 
		

		 

 

			compensation from equity awards is to be reduced, such acceleration of vesting will be canceled, subject to the immediately preceding sentence, in the reverse order of the date of grant.  These calculations shall be prepared by the Company and reviewed for accuracy by Executive and the Company’s regular certified public accountants (or nationally recognized accounting firm of similar stature selected by the Company).

			
	
			
				Article IV
			
OTHER RIGHTS AND BENEFITS

			
	
			
				 4.1
			Nonexclusivity.  Nothing in this 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, 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
			Performance-Based Equity Awards.  With respect to compensatory equity awards that were granted to Executive by the Company during Executive’s employment with the Company, and that remain unvested and subject to an on-going performance-based vesting condition as of immediately prior to the Change in Control (including but not limited to market stock units (“MSUs”) and market stock options (“MSOs”) (any such awards, the “Performance-Based Equity Awards”)), the Company shall take the following actions, effective as of immediately prior to the Change in Control:

		
			(i)with respect to any Performance-Based Equity Awards as to which the performance period has been completed prior to the Change in Control, but as to which performance has not yet been measured or certified, the Company shall determine the number of shares, units, or options to be credited to Executive as having satisfied the performance conditions based on the actual performance during the completed performance period, and Executive shall continue to vest in such credited Performance-Based Equity Awards from and after the closing of the Change in Control based on the original time-based vesting schedule applicable to such awards (subject to the full acceleration of vesting on a Covered Termination as set forth in Section 2.5); and
		

		
			(ii)with respect to any Performance-Based Equity Awards as to which the performance period remains in progress as of immediately prior to the closing of the Change in Control, the Company shall determine the number of shares, units, or options to be credited to Executive as having satisfied the performance conditions based on the actual performance through the day immediately preceding the Change in Control (by way of example, performance under the MSUs shall be measured against the average closing price of the Company’s common stock over the 90 calendar days immediately preceding the Change in Control), and Executive shall continue to time-vest in such credited Performance-Based Equity Awards from and after the closing of the Change in Control based on the original time-based vesting schedule 
		

		 

 

		applicable to such awards (subject to the full acceleration of vesting on a Covered Termination as set forth in Section 2.5).
		

			
	
			
				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 Amended and Restated 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 (disregarding any reduction in base pay that forms the basis for the Covered Termination), whichever is greater.

			
	
			
				 6.3
			“Annual Bonus” means the Executive’s target annual cash incentive bonus 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 date hereof:

			
	
			
				 (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

		 

 

			
	
			
				 (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 as of the effective date of this Agreement;

			
	
			
				 (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.  In addition, to the extent necessary for compliance with Code Section 409A, a Change in Control will not be deemed to occur unless such transaction also satisfies the requirements of Treasury Regulations Section 1.409A-3(i)(5).  
		

			
	
			
				 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, in either case, immediately prior to, on, or 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 date termination of Executive’s employment with the Company or its subsidiaries as a result of a Covered Termination, which termination is also a “separation from service” within the meaning of Treasury Regulations Section 1.409A-1(h), without regard to any alternative definition thereunder.

			
	
			
				 6.8
			“Involuntary Termination” means Executive’s dismissal or discharge by the Company or its subsidiaries (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 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 Executive’s employment would not be deemed to be an “Involuntary Termination” if such termination occurs as a result of the death or disability of Executive.
		

			
	
			
				 6.9
			“Voluntary Termination for Good Reason” means that Executive voluntarily terminates his employment after any of the following are undertaken without Executive’s express written consent, provided that Executive (i) gives written notice to the Company within 90 days after the occurrence of the event giving rise to Good Reason, (ii) the Company has failed to cure the event within 30 days after receipt of the written notice, and (iii) Executive resigns from all positions Executive then holds with the Company within 30 days after the expiration of the cure period:

			
	
			
				 (a)
			the assignment to or removal from 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 the Change in Control of the Company, except in connection with the termination of his employment for death, disability, retirement, fraud, misappropriation, embezzlement, or any other voluntary termination of employment by Executive other than Voluntary Termination for Good Reason;

			
	
			
				 (b)
			a reduction by the Company in Executive’s Annual Base Pay or Annual 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 at the time of the 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 at the time of the Change in Control of the Company, provided, however, that Executive may not terminate for Good Reason 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 the Company’s Board of Directors;

			
	
			
				 (d)
			a relocation of Executive’s principal work place, or the Company’s principal executive offices if Executive’s principal office is at such offices, to a location more than 30 miles from the location at which Executive performed Executive’s duties immediately prior to the Change in Control of the Company, which relocation increases Executive’s one way commute by more than 30 miles, except for required travel by Executive on the Company’s business to an extent substantially consistent with Executive’s business travel obligations at the time of 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.

		 

 

			
	
			
				Article VII
			
GENERAL PROVISIONS

			
	
			
				 7.1
			Section 409A.

			
	
			
				 (a)
			The Company and Executive intend that all of the benefits and payments under this Agreement satisfy, to the greatest extent possible, the exemptions from the application of Code Section 409A provided under Treasury Regulations 1.409A‐1(b)(4), 1.409A‐1(b)(5), and 1.409A‐1(b)(9), and this Agreement will be construed to the greatest extent possible as consistent with those provisions.  For purposes of Code Section 409A (including, without limitation, for purposes of Treasury Regulation Section 1.409A‐2(b)(2)(iii)), Executive’s right to receive any installment payments under this Agreement (whether severance payments, reimbursements, or otherwise) and any affected compensatory equity agreement will be treated as a right to receive a series of separate payments and, accordingly, each installment payment will at all times be considered a separate and distinct payment.  Any amounts payable upon Executive’s termination of employment shall only be paid upon Executive’s “separation from service” as defined under Code Section 409A.

			
	
			
				 (a)
			If any amounts due under this Agreement are not exempt under Code Section 409A, the provisions of this Agreement applicable to such amounts will be construed in a manner that complies with Code Section 409A, and incorporates by reference all required definitions and payment terms.  If Executive is a “specified employee” within the meaning of Code Section 409A and the regulations issued thereunder, and a payment or benefit provided for in this Agreement would be subject to additional tax under Code Section 409A if the payment or benefit is paid within six (6) months after Executive’s “separation from service” (within the meaning of Code Section 409A), then such payment or benefit shall not be paid (or commence) until the first day which is six (6) months after Executive’s separation from service.  In such case, any payments that would otherwise have been made during such period shall be made to Executive in a lump sum as soon as administratively feasible upon the earlier of (i) the date that is six (6) months after termination of Executive’s separation from service or (ii) Executive’s death.  Furthermore, notwithstanding any other provision of this Agreement to the contrary, it is specifically understood and agreed that the Company may unilaterally amend this Agreement to the extent necessary to effect compliance with Section 409A of the Code.

			
	
			
				 7.2
			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 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.

			
	
			
				 7.3
			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 facsimile or national overnight delivery service such as FedEx) 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, by direct deposit into Executive’s bank account listed in the Company’s payroll records, or at his address as listed in the Company’s payroll records.

			
	
			
				 7.4
			Severability.  Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law.  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.  Instead, this Agreement will be reformed, construed, and enforced in such jurisdiction as if such invalid, illegal, or unenforceable provisions had never been contained herein.

			
	
			
				 7.5
			Waiver.  If either party should waive any breach of any provisions of the Agreement, that party shall not thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision of this Agreement.

			
	
			
				 7.6
			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 agreements, promises, or understandings, whether oral or written, including, but not limited to, the acceleration of vesting provisions set forth in compensatory equity awards granted prior to the date of this Agreement.  This Agreement supersedes and replaces the Executive Change in Control Severance Benefits Agreement entered into between the Company and Executive dated as of ___________________.  This Agreement is entered into without reliance on any promise or representation other than those expressly contained herein.

			
	
			
				 7.7
			Termination of Agreement.  This Agreement will expire automatically on March 1, 2020, provided that no such termination will result in Executive’s loss or forfeiture of payments and benefits hereunder, without his express written consent, if Executive has suffered a Covered Termination by such date.

			
	
			
				 7.8
			Amendment.  This Agreement may be amended only upon the mutual written consent of the Company and Executive.  The written consent of the Company must be signed by a duly authorized officer of the Company who is not a party to this Agreement, and only after such change has been approved by the Compensation Committee of the Company’s Board of Directors.

			
	
			
				 7.9
			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.

			
	
			
				 7.10
			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.

			
	
			
				 7.11
			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 
		

		 

 

			Executive’s duties hereunder without the written consent of the Company, which consent shall not be withheld unreasonably.

			
	
			
				 7.12
			Attorneys’ Fees.  If Executive brings any action to enforce Executive’s rights hereunder, Executive shall be entitled to recover Executive’s reasonable attorneys’ fees and costs incurred in connection with such action if Executive is the prevailing party in such action.

			
	
			
				 7.13
			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.

			
	
			
				 7.14
			Construction of Agreement.  In the event of a conflict between the text of this Agreement and any summary, description, or other information regarding this Agreement, the text of this Agreement shall control.

		
			[Signatures Appear on the Following Page]
		

		

		

		 

 

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

			
					
						INTERSIL CORPORATION
a Delaware Corporation

_____

					
					
						EXECUTIVE

_________________________________________

				

		
			Exhibit A:  Employee Agreement and Release
		

		
			 
		

		
			 
		

		

		

		 

 

		Exhibit A
		

		
			Intersil Corporation

Employee Agreement and Release (the “Release Agreement”)
		

		
			I understand and agree completely to the terms set forth in the Amended and Restated Executive Change in Control Severance Benefit Agreement between the Company and me dated _____________.
		

		
			I hereby confirm my obligations under the Company’s standard form of proprietary information agreement.
		

		
			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 or her favor at the time of executing the release, which if known by him or her must have materially affected his or her 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 Release 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 the termination of my employment with the Company and my rights to compensation from the Company at any time prior to and including the Effective Date of this Release 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.  However, I am not releasing any claims which, by law, cannot be released by me, and I am not releasing the Company from its obligation to indemnify me to the greatest extent permitted by law, or to provide me 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.
		

		
			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 Release Agreement; (b) I have the right to consult with an attorney prior to executing this Release Agreement; (c) I have twenty-one (21) days (unless, by law, I am required to be given forty-five (45) days) to consider this Release Agreement (although I may choose to voluntarily execute this Release Agreement earlier); (d) I have seven (7) days following the execution of this Release Agreement by the parties to revoke this Release Agreement; and (e) this Release Agreement shall not be effective until the date upon which the revocation period has expired, which shall be the eighth day after this Release Agreement is executed by me.
		

		
			By:_____________________________________________________
		

		
			Date:

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