Document:

Executive Severance Plan as amended on June 15, 2009

 Exhibit 10.34 
 CALIFORNIA MICRO DEVICES CORPORATION 
 EXECUTIVE SEVERANCE PLAN 
 AND SUMMARY PLAN DESCRIPTION 
 California Micro Devices
Corporation, a Delaware corporation (the “Company”), establishes the California Micro Devices Corporation Executive Severance Plan (the “Plan”), effective as of November 9, 2006 (the “Effective Date”), to
provide severance benefits to certain eligible employees whose employment with the Company is terminated. The Plan was amended on February 6, 2008, and June 15, 2009. 
 The Plan is designed to be an unfunded “employee welfare benefit plan,” as defined in Section 3(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and,
accordingly, the Plan is governed by ERISA. This document constitutes both the official plan document and the required summary plan description under ERISA. 
 I. ELIGIBILITY FOR BENEFITS 
 You will be eligible for severance benefits under the Plan if your employment with the
Company has ceased and: 
  

	 	•	 	 you are a party to an agreement by and between you and the Company entitled a “Supplemental Employment Terms Agreement” which has been executed on behalf
of the Company by an authorized officer other than yourself; 

  

	 	•	 	 you remain actively employed with the Company from the effective date of your Supplemental Employment Terms Agreement until your designated termination date;

  

	 	•	 	 you execute a release of claims in favor of the Company within 60 days of your termination of employment (or within such shorter period reasonably required by the
Company), the form of which is acceptable to the Company at such time, and do not revoke the release within the time mandated under applicable state and/or Federal law, and such release must become effective in accordance with its terms (the
“Release”); and 

  

	 	•	 	 either: 

  

	 	•	 	 you resign from the Company with Good Reason (for this purpose, “Good Reason” means: (i) any failure by the Company to comply with the material terms
of your Supplemental Employment Terms Agreement, (ii) any request by the Company that you perform any act which is illegal, (iii) a material reduction of your Base Pay (as defined below), except that neither a reduction proportionate to
reductions imposed on all other members of the Company’s executive management as part of a cost reduction effort nor a reduction of your Base Pay due to a change of duties as a result of disability will be a Good Reason for termination,
(iv) a material reduction in your bonus opportunity after adoption of a bonus plan for the then-current fiscal year which (a) would result in a material reduction in your expected overall compensation, (b) is made following a Change
in Control (as defined in your Supplemental Employment Terms Agreement), and (c) is not imposed on all other members of 

	 	 
the Company’s executive management, (v) relocation of the Company by more than fifty (50) miles from its current Milpitas location,
(vi) the assignment to you of duties which are inconsistent with your position, education, and experience, or (vii) any material reduction in your duties, provided that—for eligible employees other than the Chief Executive Officer and
the Chief Financial Officer—following a Change of Control, it shall not be a reduction of duties if you retain your duties as to the Company’s business as operated prior to the Change of Control although you do not have such duties as to
the balance of the successor parent corporation’s business) and provided further that for the Company’s Chief Financial Officer, even if s/he becomes the Chief Financial Officer of the surviving parent entity following a
Change in Control, it shall be a material reduction in duties if s/he does not report directly to the Chief Executive Officer of the surviving parent entity following the Change in Control and provided further that for the Company’s
Chief Executive Officer, it shall be a material reduction in duties if s/he is not the Chief Executive Officer of the surviving parent entity following the Change in Control. You shall give notice to the Company of your intent to resign for one
of the Good Reasons listed above not later than one (1) month after the occurrence of the circumstances giving rise to the claim of Good Reason, detailing such Good Reason with specificity. If the Company does not remedy the situation so as to
eliminate the Good Reason within thirty (30) days of receiving such notice, then your resignation from the Company within the one (1) month period beginning with the delivery of the notice shall be deemed a resignation for Good Reason; or

  

	 	•	 	 your employment with the Company is terminated by the Company without Cause (for this purpose, “Cause” means: (i) dishonesty, breach of loyalty or
breach of fiduciary duty, (ii) theft, embezzlement or fraud by you or falsification of any Company document or record, or your involvement in any other scheme or conspiracy pursuant to which the Company has lost or could reasonably be expected
to lose assets to you or to others calculated by you to receive such assets, (iii) use or abuse of alcohol or drugs on the job (except reasonable consumption of alcohol for business-related purposes), (iv) unexplained or excessive absences
from work, (v) employment-related misconduct by you, such as and including sexual harassment, threats of harm or acts of physical violence toward employees, customers, contractors, consultants or suppliers of the Company, or any form of
unlawful discrimination against any person or group of persons, (vi) conviction (including, but not limited to, any plea of guilty or nolo contendere) of any criminal act which impairs your ability to perform your duties with the Company or any
criminal act involving moral turpitude or any criminal act involving a felony, unless state or Federal law specifically prohibits consideration of the conviction in employment decisions, (vii) refusal to act in accordance with a lawful and good
faith direction of the Company’s Chief Executive Officer (except in the instance where the Chief Executive Officer’s termination of employment is at issue) or Board of Directors, or acting in a manner which exceeds the scope of your
authority, as specifically 

  

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delegated in writing from time to time by the Company’s Chief Executive Officer (except in the instance where the Chief Executive Officer’s
termination of employment is at issue) or the Company’s Board of Directors, which act or refusal to act is not inadvertent or the result of a failed good faith effort to comply but rather is knowing, intentional or willful (viii) breach of
the terms or conditions of your Confidentiality and Intellectual Property Agreement with the Company, a material corporation policy (such as insider trading, communications, ethics), or the material duties and obligations in the Company’s
employment manual, which breach is not curable, or if curable is not cured within two (2) weeks after the Company has given you written notice of the breach, or (ix) inducement of any customer, consultant, employee or supplier of the
Company to breach any contract with the Company or cease its business relationship with the Company); and 

  

	 	•	 	 you are not in one of the excluded categories listed below. 

 However, you will cease to be eligible to receive severance benefits under the Plan if: 
  

	 	•	 	 you directly or indirectly (i) hire or solicit, or attempt to hire or solicit, any employee, independent contractor, or consultant of the Company to perform
services elsewhere, including without limitation, advising, aiding, assisting, or otherwise participating in the hiring process, for example by interviewing or providing references as to such person, (ii) render services related to the design,
development, manufacture, or marketing of application specific analog semiconductor products which are competitive with those offered by the Company for the mobile handset, personal computer and digital consumer electronics markets, including
application specific integrated passive devices providing ESD and/or EMI protection, and selected high value mixed signal ICs which are competitive with those offered by the Company, including display controllers, or work for any other trade or
business with a line of business directly competitive with the Company in that line of business which is directly competitive, or (iii) take away, or attempt to take away, any customer of the Company or divert or reduce, or attempt to divert or
reduce, the business which the Company does with such customer; or 

  

	 	•	 	 you violate the terms of the Supplemental Employment Terms Agreement or any other agreement entered into by and between you and the Company; or

  

	 	•	 	 you refuse to provide Continued Assistance to the Company after your termination of employment and during the term in which you receive severance benefits hereunder
(for this purpose, “Continued Assistance” means that you agree to respond, with reasonable notice, to reasonable request for information and to provide reasonable levels of assistance on issues related to your work with the Company without
further Base Pay (as defined below) or compensation, such assistance shall not exceed eight (8) hours during the first week following your termination, four (4) hours per week during the next four (4) weeks and four (4) hours per
month thereafter). 

  

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 II. SEVERANCE BENEFITS 
 If you are eligible for severance benefits under the Plan, you will receive those benefits in monthly cash installments. However, if a delay is necessary (for example, as a result of the rescission period for the
Release), then you will receive a one-time catch-up payment following the period of delay and each subsequent payment will be made in accordance with the original installment schedule. Furthermore, as set forth in Part III below, a delay may be
necessary under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations issued thereunder so as to avoid such payments being taxable under Code Section 409A(a)(1)(B). 
 Notwithstanding the foregoing, if an eligible employee receives benefits under an agreement or plan which provides for a reduction, offset or decrease in the amount of
severance benefits and/or pay payable hereunder to such eligible employee under certain circumstances, then the amount of severance benefits and/or pay specified in this Section shall be reduced by any such specified amount under such circumstances
as so provided in such agreement or plan. 
 SEVERANCE PAY 
 Once you meet (and for so long as you continue to meet) the eligibility requirements in Part I, you will receive the following months of Base Pay: 
  

	 	•	 	 for the Chief Executive Officer, twelve (12) months of Base Pay or, in the case of a Change in Control (as defined in the Supplemental Employment Terms
Agreement), twenty-four (24) months of Base Pay; 

  

	 	•	 	 for the Chief Financial Officer, nine (9) months of Base Pay or, in the case of a Change in Control (as defined in the Supplemental Employment Terms
Agreement), eighteen (18) months of Base Pay; or 

  

	 	•	 	 for all other eligible employees, six (6) months of Base Pay or, in the case of a Change in Control (as defined in the Supplemental Employment Terms
Agreement), twelve (12) months of Base Pay. 

 “Base Pay” generally means one-twelfth ( 1/12) of your base salary in a normal month as of the time that your employment with the Company terminates. “Base Pay”
does not include, for example, overtime, bonuses, commissions, shift premiums or differentials, compensation associated with employee stock options, reimbursements, sales commission awards, employee benefits, expense allowances, or any other
incidental or additional compensation. Severance pay shall be made less any and all applicable deductions and withholdings, required and/or permitted by applicable law. 
  

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 COBRA 
 If you are eligible, then you may elect to receive your existing group health continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), as provided by the Company’s group
health plans. A separate election form and notice outlining continuation coverage under COBRA will be provided to each employee (and his/her eligible dependent(s)) who is eligible for COBRA continuation coverage and must be timely returned if you
(and/or your eligible dependent(s)) wish to enroll in COBRA continuation coverage; you (and/or your eligible dependent(s)) are solely responsible for the completion of all requisite forms and for the timely remittance of all premium contributions.

 If you so elect and pay to continue health insurance under COBRA, then the Company will reimburse you, as an eligible employee, in an amount equal to the
amount the Company was paying as the Company-portion of premium contributions for your health coverage immediately before your termination of employment, until the earlier of: (i) the end of the period that you receive severance installments
starting the next calendar month after your termination of employment with the Company; or (ii) the date you lose eligibility for COBRA continuation coverage. However, if after the age you become Medicare eligible, currently age 65, you choose
either not to elect COBRA or else to discontinue COBRA, then the Company will pay you the amount it otherwise would have reimbursed you until the end of the period that you receive severance installments up to the amount you pay for Medicare and
other health insurance unless and until you become eligible for group coverage from another employer. You, the employee (and/or your eligible dependent(s)), shall have an obligation to inform the Company if you/he/she is no longer eligible for COBRA
continuation coverage, as is generally the case when the employee receives group coverage from another employer while receiving COBRA continuation coverage. Any increase in the premium contribution and/or in the number of covered dependents by you
during this time will be at your own expense. The period of such Company-reimbursed COBRA continuation coverage shall be considered part of your (and your eligible dependents’) COBRA coverage entitlement period, and will, for tax purposes, be
considered taxable income to you. 
 III. GENERAL INFORMATION 
 Plan Administration. As the Plan Administrator, the Company has full discretionary authority to administer and interpret the Plan, including discretionary authority to determine eligibility for
participation and for benefits under the Plan, the amount of benefits (if any) payable per eligible employee, and to interpret ambiguous terms. Any authorized delegate acting on behalf of the Plan Administrator shall have full discretionary
authority to carry out the Plan Administrator’s delegated duties. Any determination by the Plan Administrator or its authorized delegate(s) will be final and binding upon all persons. The Company will indemnify and hold harmless all authorized
delegates for carrying out the responsibilities of the Plan Administrator; provided, however, that such person(s) do(es) not act with gross negligence or willful misconduct, or in willful violation of the law. 
 Payment of Severance Benefits; Compliance with Code Section 409A. When severance benefits are due, they will be paid from the general assets of the
Company. As previously stated, this Plan is intended to be an “employee welfare benefit plan” under ERISA; 

  

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accordingly, in order to ensure that this Plan does not constitute an “employee pension benefit plan” under ERISA, the following additional
restriction applies to the maximum severance amount: (i) in no event will the total amount of such payments exceed two (2) times your annual compensation during the year immediately preceding your termination date, and (ii) all
payments under the Plan shall be completed within twenty-four (24) months of your termination date. 
 The expenses of operating and administering the
Plan shall be borne entirely by the Company. 
 To the fullest extent applicable, amounts and other benefits payable under the Plan are intended to be exempt
from the definition of “nonqualified deferred compensation” under Section 409A of the Code in accordance with one or more of the exemptions available under the applicable guidance under Section 409A. In this regard, each payment
under the Plan that is made in a series of scheduled installments shall be deemed a separate payment for purposes of Code section 409A. 
 To the extent that
any amounts or benefits payable under the Plan are or become subject to Section 409A due to a failure to qualify for an exemption from the definition of nonqualified deferred compensation, the Plan is intended to comply with the applicable
requirements of Section 409A with respect to such amounts or benefits. The Plan shall be interpreted and administered to the extent possible in a manner consistent with the foregoing statement of intent. 
 In each case where the Plan provides for the payment of an amount that constitutes nonqualified deferred compensation under Section 409A to be made to you within a
designated period (e.g., within 60 days after the date of termination) and such period begins and ends in different calendar years, the exact payment date within such range shall be determined by the Company, in its sole discretion, and you shall
have no right to designate the year in which the payment shall be made. 
 Notwithstanding anything in the Plan or elsewhere to the contrary, so long as the
Company is a public company on your date of termination and you are a “specified employee” (within the meaning of Section 409A of the Code, as determined by the Company’s Compensation Committee) on such date, and the Company
reasonably determines that any amount or other benefit payable under the Plan on account of your separation from service, within the meaning of Section 409A, constitutes nonqualified deferred compensation that will subject you to
“additional tax” under Section 409A(a)(1)(B) (together with any interest or penalties imposed with respect to, or in connection with, such tax, a “409A Tax”) with respect to the payment of such amount or the provision of
such benefit if paid or provided at the time specified in Plan, then the payment or provision thereof shall be postponed to the first business day of the seventh month following the date of termination or, if earlier, the date of your death (the
“Delayed Payment Date”). The Company and you may agree to take other actions to avoid the imposition of a 409A Tax at such time and in such manner as permitted under Section 409A. In the event that the Section 409A requires a
delay of any payment, such payment shall be accumulated and paid in a single lump sum on the Delayed Payment Date, without interest. 
  

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 Your date of termination for purposes of determining the date that any payment or benefit that is treated as nonqualified
deferred compensation under Section 409A is to be paid or provided (or in determining whether an exemption to such treatment applies), and for purposes of determining whether you are a “specified employee” on the date of termination,
shall be the date on which you have incurred a “separation from service” within the meaning of applicable guidance under Section 409A. 
 Other Terms and Conditions. The Company is not required to establish a trust to fund the Plan. The benefits provided under this Plan are not assignable and may be conditioned upon other agreements that you have entered into with the
Company or upon your compliance with any Company policy or program. 
 Taxes and Withholdings. Notwithstanding any other provision of the Plan,
all severance benefits shall be reduced by any applicable Federal, state, or local tax withholdings and any applicable payroll deductions, as required and/or permitted by law. If the employee is indebted to the Company at his/her termination date,
then the Company reserves the right to offset any severance benefits payable under the Plan by the amount of such indebtedness to the extent permitted by law (but not below one dollar ($1.00)). 
 No Other Similar Benefits. The severance benefits provided by the Plan are in lieu of any other severance benefits provided by the Company under any other
applicable practice or policy. This Plan expressly supersedes any and all other group severance and salary continuation plans, arrangements, practices or policies applicable to an eligible employee who receives notice hereunder. If an eligible
employee has a written employment agreement which provides for severance benefits (other than option acceleration which is not addressed in this Plan), that employee shall receive the greater of the severance benefits under his/her employment
agreement or under this Plan, but shall not receive both. 
 Set-Off; Termination of Severance Benefits. The benefits provided
under this Plan are intended to satisfy any and all statutory obligations that may arise out of your involuntary termination of employment, including, without limitation, the obligations of the Company (or its affiliates) under the Federal Worker
Adjustment and Retraining Notification (“WARN”) Act or a similar state law (collectively, the “WARN Act”). In the event that an eligible employee’s termination is deemed covered by the WARN Act, the benefits payable under
the Plan shall be reduced and offset (but not below zero (0)) by an amount equal to up to sixty (60)-days’ pay and benefits. In the event that the severance benefits hereunder are used to satisfy such statutory obligation(s), then the
consideration for the Release will also be reduced accordingly. The Plan Administrator shall construe and interpret the terms and conditions of the Plan in order to comply with such intention. 
 Limitation of Transferability. The interest of any employee in the severance benefits described in this Plan may not be sold, assigned, transferred
or otherwise disposed of in any way, and any attempted sale, assignment, transfer or other disposition shall be null and void. If an employee attempts to sell, assign, transfer or otherwise encumber his/her rights or interest in the Plan, then such
act will be treated as an election by the employee not be eligible to participate in the Plan. 
  

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 Claims and Review Procedures. If you (or your beneficiary or authorized representative) believe that you
are incorrectly denied a benefit or that have not received the proper benefit under the Plan, then you may submit a signed, written application to the Plan Administrator within ninety (90) days of the expiration date of the revocation period
for the Release mandated by state or Federal law. When you submit such application, you may indicate that you wish accelerated resolution in which case the time periods and process shown in brackets in the three below paragraphs shall apply rather
than those not shown in brackets. 
 The Plan Administrator will review the claim and notify you of its decision in writing or electronically within
ninety (90) days [fourteen (14) days if accelerated resolution] after the claim is received (or within one hundred eighty (180) days [fourteen (14) days if accelerated resolution] after such receipt if special circumstances
require an extension of time for processing the claim). If the Plan Administrator denies your claim, in whole or in part, then the Plan Administrator’s notice will state: (i) specific reason(s) for the denial, (ii) reference to
the specific Plan provision(s) on which the denial is based, (iii) description of any material or information necessary for you to perfect the claim, and an explanation of why such material or information is necessary, (iv) a statement
that you will be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information (except to the extent legally-privileged) relevant to your claim, and (v) explanation of how you may
appeal the denial of your claim, and the time limits applicable to such procedures, including a statement of your right to bring a civil action under ERISA Section 502(a) following an adverse decision under review (as discussed below). 

 You (or your beneficiary or authorized representative) will have sixty (60) days from receipt of the written notification of the denial of your claim
to file a signed, written request for a review of the denial with the Plan Administrator. This request should include the reason(s) that you are requesting a review, facts supporting your request, and any other relevant information and/or documents.
Pursuant to its discretionary authority to administer and interpret the Plan and to determine eligibility for benefits under the Plan, the Plan Administrator will generally furnish you with a final written or electronic decision within sixty
(60) days [fourteen (14) days if accelerated resolution] of receipt after your request for review (or within one hundred twenty (120) days [fourteen (14) days if accelerated resolution] after such receipt if special circumstances
require an extension of time for processing the claim). 
 If the Plan Administrator denies your appeal in whole or in part, then the Plan Administrator will
provide you with an explanation of the subsequent denial, this explanation will include a statement regarding your right to bring a civil action under ERISA Section 502(a). Pursuant to this Plan and applicable law, no legal action for benefits
under the Plan may be brought until this claims procedure has been exhausted. In addition, no action in law or equity shall be brought more than one (1) year after the Plan Administrator’s affirmation of a denial of the claim or, if
earlier, more than four (4) years after the facts or events giving rise to the employee’s allegation(s) or claim(s) first occurred under the Plan. [If accelerated resolution has been elected, then the arbitration provision of Exhibit B of
your Supplemental Employment Terms Agreement with the Company shall apply in lieu of your ability to bring an action in law or equity unless there has been a Change of Control, in which case you may choose either arbitration or litigation (and the
Company shall be bound by such choice).] 
  

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 Address and Notice. You must file in writing with the Plan Administrator and the Company your mailing address when
requested to do so. A communication, statement, or notice addressed to you at your last known mailing address as filed with the Plan Administrator and/or the Company will be binding on you for all purposes under the Plan, and neither the Company,
nor the Plan Administrator shall be obligated to conduct any further search to determine how you may be contacted. 
 Plan Termination or
Amendment. The Plan may be amended by the Company or the Administrator, as applicable, at any time for any reason in any manner; provided, however, as to any employee who is a party to an agreement with the Company entitled a
“Supplemental Employment Terms Agreement”, the amendment shall not reduce such employee’s potential severance benefits under the Plan unless such employee consents to such amendment hereunder. No agent or employee other than a duly
authorized officer of the Company has the authority to change or waive any provision of the Plan. The Plan may be terminated by the Company at any time provided that such termination will not be effective as to any employee who is a party to an
agreement with the Company entitled a “Supplemental Employment Terms Agreement” unless such employee consents to such termination. 
 No Right
to Employment. No provision of this Plan is intended to provide you or any other employee with any right to continue employment with the Company or affect the Company’s right, which right is hereby expressly reserved, to terminate
the employment of any individual at any time for any reason, with or without cause. 
 Governing Law and Miscellaneous. This Plan shall be
governed and construed in accordance with ERISA and, to the extent not preempted by ERISA, the laws of the State California (other than the choice of law principles). If any provision of this Plan or the application thereof to any individual or
circumstance, is deemed invalid or unenforceable by a court of competent jurisdiction, then the remainder of the Plan or the application of such term or provisions to individuals or circumstances shall be valid and enforceable to the fullest extent
permitted by law. No right hereunder shall inure to any third party beneficiary. 
  

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 IV. STATEMENT OF ERISA RIGHTS 
 As a participant in the California Micro Devices Corporation Executive Severance Plan (the “Plan”), you are entitled to certain rights and protections under the Employee Retirement Income Security Act of
1974, as amended (“ERISA”). ERISA provides that all Plan participants shall be entitled to: 
 Receive Information About Your Plan and Benefits

  

	 	•	 	 Examine, without charge, at the Plan Administrator’s office and at other specified locations, such as worksites, all documents governing the Plan, including a
copy of the latest annual report (Form 5500 Series)(if any) filed by the Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration. 

  

	 	•	 	 Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the Plan, including copies of the latest annual report (Form
5500 Series) (if any), and updated summary plan description. The Plan Administrator may make a reasonable charge for the copies. 

  

	 	•	 	 Receive a summary of the Plan’s annual financial report (if required to be filed). The Plan Administrator is required by law to furnish each participant with a
copy of this summary annual report (if filed). 

 Continue Group Health Plan Coverage 
  

	 	•	 	 Please note that this summary plan does not address the rules governing your COBRA continuation coverage rights—such rules can be found in the summary plan
description and the documents governing the group health plan. 

 Prudent Actions by Plan Fiduciaries 
 In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the Plan. The people who operate your
Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in the interest of you and other Plan participants (and their beneficiaries). No one, including your employer, or any other person, may fire you or otherwise
discriminate against you in any way to prevent you from obtaining a welfare benefit or exercising your rights under ERISA. 
 Enforce Your Rights 

 If your claim for a welfare (severance) benefit is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of
documents relating to the decision without charge, and to appeal any denial, all within certain time schedules. 
  

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 Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a copy of plan
documents or the latest annual report (if any) from the Plan and do not receive them within thirty (30) days, you may file suit in a Federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay
you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator. If you have a claim for benefits that is denied or ignored, in whole or in part, you may file
suit in a state or Federal court. If it should happen that the Plan fiduciaries misuse the Plan’s money (if any) or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you
may file suit in a Federal court. The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these
costs and fees, for example, if it finds that your claim is frivolous. 
 Assistance with Your Questions 
 If you have any questions about your Plan, you should contact the Plan Administrator. If you have any questions about this statement or about your rights under ERISA, or
if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division of
Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington D.C. 20210. You may also obtain certain publications about your rights and responsibilities under ERISA
by calling the publications hotline of the Employee Benefits Security Administration. 
  

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 V. ADDITIONAL PLAN INFORMATION 
  

			
	Name of Plan:	    	California Micro Devices Corporation Executive Severance Plan
		
	Plan Sponsor:	    	 California Micro Devices Corporation
 490 North
McCarthy Boulevard, Number 100
 Milpitas, California 95035-5116

		
	Employer Identification Number:	    	94-2672609
		
	Plan Number:	    	507
		
	Plan Year:	    	The first plan year is a short plan year from November 9, 2006 through December 31, 2006. Subsequent plan years are the twelve (12)-consecutive month calendar year.
		
	Effective Date:	    	November 9, 2006
		
	Plan Administrator:	    	 California Micro Devices Corporation
 490 North
McCarthy Boulevard, Number 100
 Milpitas, California 95035-5116
 (408) 263-3214

		
	Agent for Service of Legal Process:	    	Legal process may be served on the Board of Directors of California Micro Devices Corporation
		
	Plan Costs:	    	Paid entirely by California Micro Devices Corporation as Plan sponsor
		
	Type of Plan:	    	Employee welfare benefit plan

  

 12Employment Agreement between Ajaypal Banga and MasterCard International

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 Agreement made and entered into this 16th day of June, 2009, (the
“Effective Date”) by and between MasterCard International Incorporated, a Delaware corporation (the “Company”) and Ajaypal Banga (the “Executive”). 
 W I T N E S S E T H: 
 WHEREAS, the Executive wishes to become employed by the Company
and the Company wishes to employ the Executive on the terms and conditions specified herein; 
 NOW THEREFORE, in consideration of the mutual
covenants hereinafter set forth, the parties agree as follows: 
 1. Term of Employment. 
 1.1 The term of the Executive’s employment hereunder shall commence on a date after the Effective Date, but not later than October 1, 2009 (the
“Employment Term Effective Date”), and shall continue through December 31 of the calendar year in which the second anniversary of the Employment Term Effective Date occurs (the “Initial Term of Employment”); provided,
however, that unless the Company or the Executive provides the other with written notice of termination of this Agreement at least ninety (90) days prior to any date on which this Agreement would otherwise expire, the term of employment
hereunder shall be automatically extended for a one (1) year period from each such date (each such one year period, an “Extended Term of Employment”) (the Initial Term of Employment, together with any Extended Term(s) of Employment,
shall be hereinafter referred to collectively as the “Term of Employment”). 
 2. Capacities, Duties and Authority. 
 2.1 Effective on the Employment Term Effective Date, the Executive shall serve the Company in the position of President and Chief Operating Officer
(“COO”). 
 2.2 During the Term of Employment, the Executive shall be employed and have such titles and authority, perform such
duties, discharge such responsibilities and render such services as are assigned to the Executive from time to time by the Company. 
 2.3
During the Term of Employment, the Executive shall render his services diligently, faithfully and to the best of his ability, devoting thereto substantially all of his business time, energy and skills to the Company; provided, however, that nothing
herein shall preclude the Executive from (i) making and managing personal investments, (ii)

 
serving in any capacity with any civic, educational or charitable organization so long as such activities are disclosed, in writing, to the Company’s
Global Compliance Officer in accordance with the terms of the Company’s Code of Conduct, as may be amended from time to time, (the “Company’s Code of Conduct”) and do not conflict with the interests of the Company, the terms of
the Company’s Code of Conduct or interfere with the performance of the Executive’s duties and obligations hereunder, including, but not limited to the obligations set forth in Paragraph 6 hereof; or (iii) serving as an outside
corporate director so long as such service is disclosed, in writing, to and approved, in writing, by the Company’s Global Compliance Officer in accordance with the terms of the Company’s Code of Conduct. 
 3. Compensation. 
 3.1 During the Term of Employment,
the Executive shall be paid a base salary, payable in accordance with the regular payroll practices of the Company. During the Term of Employment, the Human Resources and Compensation Committee of the Board of Directors (the “Compensation
Committee”) shall annually review the Executive’s performance and determine, in its sole discretion, whether or not to increase the Executive’s base salary and, if so, the amount of such increase. Once increased, the Executive’s
base salary hereunder may not thereafter be decreased, except if the Compensation Committee determines, in its sole discretion, to reduce the base salary of substantially all members of the Executive Committee of the Company (“EC”),
excluding the CEO, provided, however, in no event shall such reduction(s) of base salary by the Compensation Committee exceed, in the aggregate during the Term of Employment, ten (10%) percent of the Executive’s base salary then in effect.
The Executive’s base salary as in effect from time to time is hereinafter referred to as the “Base Salary.” 
 3.2 During the
Term of Employment, the Executive shall be eligible to participate in such annual and/or long-term bonus or incentive plan(s) as is or may be generally made available to other employees of the Company at the Executive’s level, based upon
performance goals or other criteria, terms and conditions as may be established by the Company, in its sole discretion. Such bonus or incentive payment will be payable on terms as may be established by the Company, in accordance with the terms and
conditions of such plans as may be in effect from time to time. 
 3.3 The Executive shall be eligible, annually during the Term of
Employment, for vacation, without loss or diminution of compensation, in accordance with Company policy then in effect. 
  

 2 

 4. Employee Benefit Programs. 
 4.1 During the Term of Employment, the Executive shall be eligible to participate in and shall have the benefit of all the Company’s employee compensation or benefit plans and programs as are or may be generally
made available to other employees of the Company at the Executive’s level, subject to the eligibility criteria set forth therein, as such compensation or benefit plans or programs may be amended or terminated in the sole discretion of the
Company from time to time. 
 4.2 During the Term of Employment, the Executive shall be eligible to participate in the Company’s
executive perquisite program, in accordance with the terms and conditions of such program as may be in effect from time to time, and as approved by the Compensation Committee. 
 4.3 Nothing in this Paragraph 4 shall be construed to require the Company to establish, maintain or continue any compensation or benefit plan, program or
arrangement. Except as otherwise expressly provided by their terms, such compensation or benefit plans, programs or arrangements are subject to modification or termination by the Company at any time. 
 5. Termination of Employment; Change in Control. 
 5.1
The Executive’s employment hereunder shall terminate: 
 5.1.1 upon the death of the Executive; 
 5.1.2 at the option of the Company, upon the disability of the Executive, which for the purposes of this Agreement shall be defined as set forth under
the MasterCard Long-Term Disability Benefits Plan, as it may be amended from time to time (“Disability”). Any dispute concerning whether the Executive is deemed to have suffered a Disability for purposes of this Agreement shall be resolved
in accordance with the dispute resolution procedures set forth in the MasterCard Long-Term Disability Benefits Plan. 
 5.1.3 at the option
of the Company, and effective upon the giving of written notice by the Company to the Executive of such exercise, for “Cause”, or effective on such other date as may be specified in such written notice (“Notice of Termination for
Cause”), which, for purposes of this Agreement, shall mean: 
 (a) the willful failure by the Executive to perform his duties or
responsibilities (other than due to Disability); 
 (b) the Executive’s engaging in serious misconduct that is injurious to the Company
including, but not limited to, damage to its reputation or standing in its industry; 
  

 3 

 (c) the Executive’s having been convicted of, or entered a plea of guilty or nolo contendere
to, a crime that constitutes a felony, or a crime that constitutes a misdemeanor involving moral turpitude; 
 (d) the material breach by
the Executive of any written covenant or agreement with the Company not to disclose any information pertaining to the Company; or 
 (e) the
breach by the Executive of the Code of Conduct, the Supplemental Code of Conduct, any material provision of this Agreement, or any material provision of the following Company policies: non-discrimination, substance abuse, workplace violence,
nepotism, travel and entertainment, corporation information security, antitrust/competition law, enterprise risk management, accounting, contracts, purchasing, communications, investor relations, immigration, privacy, insider trading, financial
process and reporting procedures, financial approval authority, whistleblower, anti-corruption and other similar Company policies, whether currently in effect or adopted after the date of this Agreement. 
 The Company’s Notice of Termination For Cause shall state the date of termination and identify the grounds upon which the termination is based. 
 5.1.4 at the option of the Company, for a reason other than death, Disability or Cause, effective ninety (90) days after the giving of written
notice of such exercise or immediately upon the Company’s tender to the Executive of written notice and ninety (90) days’ Base Salary in lieu of such notice period, which shall be payable in a lump sum on the Date of Termination;

 5.1.5 at the option of the Executive, effective ninety (90) days after the giving of written notice to the Company of the grounds for
termination for Good Reason by the Executive, which grounds, as specified by the Executive, have not been cured by the Company during such ninety (90) day period; provided, however, that the Executive gave notice to the Company of the event(s)
constituting Good Reason within sixty (60) days after such event(s) (or within sixty (60) days after a Change in Control, which for purposes of this Agreement shall be defined as set forth under the MasterCard Incorporated 2006 Long-Term
Incentive Plan as it may be amended from time to time (“LTIP”), if the events giving rise to the Executive’s termination for Good Reason occurred during the six (6) month period preceding a Change in Control), failing which the
Executive will be deemed to have waived his rights with respect to such event(s). The Company may waive all or part of the ninety (90) day notice required to be given by the Executive hereunder by giving written notice to the Executive. Unless
waived by the Company, failure by the Executive to give notice of termination for Good Reason in compliance with this Paragraph, shall render the Executive ineligible to receive the payment and benefits provided under Paragraphs 5.2.5(b)-(e). For
purposes of this Agreement “Good Reason” shall mean the occurrence at any time of any of the following without the Executive’s prior written consent: 
 (a) the assignment to a position for which the Executive is not qualified or a materially lesser position than the position held by the Executive (although duties may differ without giving rise to a termination by the
Executive for Good Reason); 
  

 4 

 (b) a material reduction in the Executive’s annual Base Salary except that a 10 percent reduction,
in the aggregate, over the Term of Employment as set forth in Section 3.1 hereof shall not be treated as a material reduction; 
 (c)
the relocation of the Executive’s principal place of employment to a location more than fifty (50) miles from the Executive’s principal place of employment (unless such relocation does not increase the Executive’s commute by more
than twenty (20) miles), except for required travel on the Company’s business to an extent substantially consistent with the Executive’s business travel obligations as of the date of relocation; 
 (d) the failure by the Company to obtain an agreement from any successor to the Company to assume and agree to perform any employment agreement between
the Executive and the Company; or 
 (e) the failure by the Company to offer the Executive a promotion to Chief Executive Officer of the
Company on or before June 30, 2010, provided however, that any such offer need not become effective prior to January 1, 2011. 
 5.1.6 at the option of the Executive, effective ninety (90) days after the giving of written notice to the Company of the exercise of such option for a reason other than Good Reason as set forth in Paragraph 5.1.5, above
(“Voluntary Resignation”). The Company may waive all or part of the ninety (90) day notice required to be given by the Executive hereunder by giving written notice to the Executive. Unless waived by the Company, failure by the
Executive to give notice of termination by Voluntary Resignation in compliance with this Paragraph, shall render the Executive ineligible to receive the payment and benefits provided under Paragraphs 5.2.4(c). 
 5.1.7 if within sixty (60) days subsequent to the termination of the Executive’s employment for death, Disability, Good Reason, Voluntary
Resignation or otherwise, it is determined that the Executive could have been terminated for Cause hereunder, such voluntary termination shall be recharacterized and treated as a termination for Cause for all purposes hereunder. Prior to the
implementation of such recharacterization, the Company shall provide the Executive with notice and the reason(s) for the recharacterization and at least five (5) days to provide a written response to the Company. Thereafter, the Company may
take appropriate legal action to seek recompense for any payments or benefits improperly paid to the Executive, his estate or beneficiaries hereunder, as the case may be. Following a judicial determination, the prevailing party in any action under
this Paragraph 5.1.7, shall be entitled to be reimbursed by the non-prevailing party for reasonable legal fees and expenses incurred by the prevailing party in connection with the judicial proceeding seeking to enforce the provisions of this
Paragraph 5.1.7. 
  

 5 

 5.1.8 on the last day of the calendar year in which the Executive attains the age of sixty-five
(65) (“Mandatory Retirement”), at which time the Executive shall be required to retire. 
 5.2 Obligations of the Company
upon Termination of Employment. 
 5.2.1 Death. In the event of the Executive’s death during the Term of Employment, the Term
of Employment shall end as of the date of the Executive’s death and his estate or beneficiaries, as the case may be, shall be entitled to receive the following lump sum payment (subject to any previously elected deferrals under the MasterCard
Incorporated Deferral Plan), as soon as practicable, but in no event later than thirty (30) days following the Date of Termination: 
 (a) Base Salary earned but not paid prior to the date of his death; 
 (b) payment for all accrued but unused vacation time up to
the date of his death; 
 (c) the target annual incentive bonus payable for the year in which the Executive’s death occurs and the
prior year, if not already paid; and 
 (d) such additional benefits, if any, to which the Executive is expressly eligible following the
termination of the Executive’s employment on account of death, payable or made available under such terms and conditions as may be provided by the then existing plans, programs and/or arrangements of the Company. 
 5.2.2 Disability. If the Executive’s employment is terminated due to Disability during the Term of Employment, either by the Company or by
the Executive, the Term of Employment shall end as of the date of the termination of the Executive’s employment (as provided in Paragraph 5.1.2 of this Agreement) and the Executive shall be entitled to receive the following lump sum payment
(subject to any previously elected deferrals under the MasterCard Incorporated Deferral Plan), as soon as practicable, but in no event later than thirty (30) days following the Date of Termination: 
 (a) Base Salary earned but not paid prior to the Date of Termination; 
 (b) payment for all accrued but unused vacation time up to the Date of Termination; 
 (c) a pro rata
portion (based upon completed calendar months worked prior to the date of disability) of the annual incentive bonus payable for the year in which the Executive’s termination of employment occurs and the prior year, if not already paid, based
upon the actual performance of the Company for the applicable 

  

 6 

 
performance period (and taking into account the terms of the Plan including but not limited to the discretion of the Compensation Committee to reduce such
bonus amount) as contemplated in accordance with the requirements of Section 162(m) of the Code, with such amount payable when the incentive bonus is regularly paid to similarly situated employees for such year; and 
 (d) such additional benefits, if any, to which the Executive is expressly eligible following the termination of the Executive’s employment on
account of Disability, payable or made available under such terms and conditions as may be provided by the then existing plans, programs and/or arrangements of the Company. 
 5.2.3 Cause. If the Company terminates the Executive’s employment for Cause in accordance with the terms set forth in Paragraph 5.1.3 above,
the Term of Employment shall end as of the Date of Termination and the Executive shall be entitled to receive the following lump sum payment, as soon as practicable, but in no event later than thirty (30) days following the Date of Termination:

 (a) Base Salary earned but not paid prior to the Date of Termination; 
 (b) payment for all accrued but unused vacation time up to the Date of Termination; and 
 (c) such additional benefits, if any, to which the Executive is expressly eligible following the termination of the Executive’s employment by the
Company for Cause, payable or made available under such terms and conditions as may be provided by the then existing plans, programs and/or arrangements of the Company. 
 5.2.4 Voluntary Resignation or Non Renewal by The Executive. If the Executive terminates his employment by Voluntary Resignation, in accordance with the terms set forth in Paragraph 5.1.6 above or elects not to
renew the Term of Employment in accordance with Section 1.1, the Term of Employment shall end as of the Date of Termination; and the Executive shall be entitled to receive the following lump sum payment, as soon as practicable, but in no event
later than thirty (30) days following the Date of Termination: 
 (a) Base Salary earned but not paid prior to the Date of Termination;

 (b) payment for all accrued but unused vacation time up to the Date of Termination; and 
 (c) such additional benefits, if any, to which the Executive is expressly eligible following the termination of the Executive’s employment by
Voluntary Resignation, payable or made available under such terms and conditions as may be provided by the then existing plans, programs and/or arrangements of the Company. 
  

 7 

 5.2.5 Without Cause, With Good Reason or Upon Non-Renewal by the Company. If, during the Initial
Term of Employment or any Extended Term of Employment ending on or before December 31 of the calendar year in which the fifth anniversary of the Employment Term Effective Date occurs: (i) the Executive’s employment is terminated by
the Company (other than for Cause or Disability) in accordance with the terms set forth in Paragraph 5.1.4 above; (ii) the Executive terminates his employment with Good Reason in accordance with the terms set forth in Paragraph 5.1.5 above; or
(iii) the Company elects to not extend the Term of Employment in accordance with Paragraph 1.1 (whether before or after a Change in Control), the Term of Employment shall end as of the Date of Termination and the Executive shall be entitled to:

 (a) the following payments following the Date of Termination: (i) a lump sump payment (subject to any previously elected deferrals
under the MasterCard Incorporated Deferral Plan), within thirty (30) days following the Date of Termination of all Base Salary earned but not paid prior to the Date of Termination; (ii) a lump sum payment within thirty (30) days
following the Date of Termination equal to all accrued but unused vacation time up to the Date of Termination; and (iii) a pro rata portion (based upon actually completed calendar months worked) of the annual incentive bonus payable for the
year in which the Executive’s termination of employment occurs based on the actual performance of the Company for the applicable performance period as determined by the Compensation Committee and payable in accordance with the regular bonus pay
practices of the Company, as contemplated in accordance with the requirements of Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”) and to the extent not already paid, the annual incentive bonus for the year
immediately preceding the year in which the Executive’s Date of Termination occurs, payable in the amount and at the time such bonus would have been paid per the terms of the existing plan; 
 (b) subject to the Executive’s execution (without revocation) of the Separation Agreement and Release as set forth in Paragraph 5.2.5(f), severance
pay, in the form of Base Salary continuation and payment (subject to any previously elected deferrals under the MasterCard Incorporated Deferral Plan), of an amount equivalent to the average annual incentive bonus received by the Executive with
respect to the prior two years of the Executive’s employment by the Company (the “Average Bonus Payment”), payable on a schedule in accordance with the regular payroll practices (but in no event less frequently than monthly) and
annual incentive bonus pay practices of the Company (such Base Salary continuation and Average Bonus Payment being collectively referred to herein as “Severance Pay”) for a twenty-four (24) month period following the Executive’s
Date of Termination (the “Severance Pay Period”). If the Executive’s employment terminates under the circumstances set forth in Paragraph 5.2.5 above, prior to the payment of an annual 2009 bonus, the Executive’s Severance Pay
shall include a payment of $1,200,000.00 (one million two hundred thousand dollars) in lieu of the Average Bonus Payment. If the Executive’s employment terminates under the circumstances set forth in Paragraph 5.2.5 above, after the payment of
an annual 2009 bonus, but prior to the payment of an annual 2010 bonus, the Executive’s Severance Pay 

  

 8 

 
shall include a payment equivalent to the actual 2009 bonus received by the Executive in lieu of the Average Bonus Payment. Each Severance Pay installment
payment shall be deemed a separate payment for Section 409A of the Code. Notwithstanding the foregoing, to the extent required under Section 409A of the Code, payments of the Severance Pay shall commence no earlier than the first day of
the seventh month following the Executive’s Date of Termination (or such earlier date as is permitted under Section 409A of the Code) (with the first such payment being a lump sum equal to the aggregate payments the Executive would have
received during such six-month period if no such delay had been imposed) in accordance with Section 409A(a)(2)(B)(i) of the Code. In the event that the Executive dies prior to receipt of all Severance Pay due hereunder, any remaining Severance
Pay due to the Executive under this Paragraph 5.2.5(b) shall be paid to the Executive’s estate or beneficiaries, as the case may be, in a lump sum as soon as practicable following the Executive’s death but in no event later than ninety
(90) days following the date of the Executive’s death; 
 (c) subject to the Executive’s execution (without revocation) of
the Separation Agreement and Release, as set forth in Paragraph 5.2.5(f), payment on the Executive’s behalf, for the monthly cost of the premiums for coverage under the Consolidated Omnibus Reconciliation Act of 1985, as amended
(“COBRA”), for a period equivalent to the eighteen (18) month COBRA period (twenty-nine (29) month period, if the Executive is disabled under the Social Security Act within the first sixty (60) days of the continuation
period) or the Severance Pay Period, whichever is shorter (the “Medical Benefits”), provided, however, such coverage shall not be provided if during such period the Executive is or becomes ineligible under the provisions of COBRA for
continuing coverage; and provided, further, that if the Executive is eligible for Retiree Health Coverage under the MasterCard Retiree Health Plan, the Company shall pay the full cost of such Retiree Health or COBRA coverage, as applicable, during
the Severance Pay Period and thereafter, retiree contribution levels provided under the provisions of the Retiree Health Plan shall apply; 
 (d) subject to the Executive’s execution (without revocation) of the Separation Agreement and Release, as set forth in Paragraph 5.2.5 (f), reasonable outplacement services, to be provided by a firm selected by the Company, at a level
generally made available to executives of the Company for the shorter of the Severance Pay Period or the period he remains unemployed; 
 (e) such other benefits, if any, to which the Executive is expressly eligible following the termination of the Executive’s employment by the Company without Cause, by the Executive with Good Reason or by the Company Upon Non-Renewal,
payable or made available under such terms and conditions as may be provided by the then existing plans, programs and/or arrangements of the Company. (other than any severance payments payable under the terms of any benefit plan, including, but not
limited to, the MasterCard International Incorporated Severance Plan). 
 (f) The Company’s obligations to make payments and provide
benefits under Paragraphs 5.2.5(b)-(e) are conditioned on the Executive or his legal 

  

 9 

 
representative’s execution (without revocation) of a separation agreement and general release of claims (“Separation Agreement and Release”)
in substantially the form annexed hereto, provided that if the Executive should fail to execute such Separation Agreement and Release within sixty (60) days following the Date of Termination, the Company shall not have any obligation to make
the payments and provide the benefits contemplated under Paragraphs 5.2.5(b)-(e). 
 (g) If the Term of Employment ends following
December 31 of the calendar year in which the fifth anniversary of the Employment Term Effective Date occurs because: (i) the Executive’s employment is terminated by the Company (other than for Cause or Disability) in accordance with
the terms set forth in Paragraph 5.1.4 above; (ii) the Executive terminates his employment with Good Reason in accordance with the terms set forth in Paragraph 5.1.5 above; or (iii) the Company elects to not further extend the Term of
Employment in accordance with Paragraph 1.1 (whether before or after a Change in Control), the Term of Employment shall end as of the Date of Termination and the Executive shall be entitled to only those payments and benefits provided in Paragraphs
5.2.5(a) and (e) of this Agreement. 
 5.2.6 Termination Upon Mandatory Retirement. In the event the Executive’s employment
with the Company ends upon Mandatory Retirement, the Executive shall be eligible for the following lump sum payment (subject to any previously elected deferrals under the MasterCard Incorporated Deferral Plan) as soon as practicable, but in no event
later than thirty (30) days following the Date of Termination: 
 (a) Base Salary earned but not paid prior to the Date of Termination;

 (b) payment for all accrued but unused vacation time up to the Date of Termination; 
 (c) the annual incentive bonus payable for the year in which the Executive’s termination of employment occurs and the prior year, if not already
paid, based upon the actual performance of the Company for the applicable performance period (and taking into account the terms of the Plan including but not limited to the discretion of the Compensation Committee to reduce such bonus amount) as
contemplated in accordance with the requirements of Section 162(m) of the Code, with such amount payable when the incentive bonus is regularly paid to similarly situated employees for such year; and 
 (d) such additional vested benefits to which the Executive is expressly entitled following the termination of the Executive’s employment, payable
or made available under such terms and conditions as may be provided by the then existing plans, programs and/or arrangements of the Company, provided, however, in no event shall the Executive be entitled to any payment or benefit provided pursuant
to Paragraphs 5.2.5(b), (c) and (d) of this Agreement. 
  

 10 

 5.3 Except as expressly provided by Paragraph 5.2, any payment or benefit provided under Paragraph 5.2
hereof shall be in lieu of any other severance, bonus or other payments, perquisites or benefits, including any further accruals or vesting thereof, to which the Executive might then or, in the future, be eligible pursuant to this Agreement or any
statutory or common law claim. In order to preserve the parties’ respective legal rights in the event of a dispute, the Executive acknowledges and agrees that in the event the parties dispute whether the Executive shall be eligible to a payment
hereunder, such payment shall not be deemed to be earned or otherwise vest hereunder until such time as the dispute is determined by a final judgment of a court of competent jurisdiction or otherwise resolved. The foregoing shall not be deemed to
prohibit a court of competent jurisdiction from awarding prejudgment interest under circumstances in which it may deem it appropriate to do so. 
 5.4 Notwithstanding anything to the contrary herein, if the Company has reason to believe that there are circumstances which, if substantiated, would constitute Cause as defined herein, the Company may suspend the Executive from employment
immediately upon notice for such period of time as shall be reasonably necessary for the Company to ascertain whether such circumstances are substantiated. During such suspension, the Executive shall continue to be paid the compensation and provided
all benefits hereunder in accordance with the regular payroll and benefit practices of the Company, except that the Company’s obligation to pay any incentive bonus that would otherwise be payable during the period of suspension shall be held in
abeyance pending the conclusion of the Company’s investigation. If the Executive has been indicted or otherwise formally charged by governmental authorities with any felony, the Company may, in its sole discretion, and without limiting the
Company’s discretion to terminate the Executive’s employment for Cause (provided it has grounds to do so under the terms of Paragraph 5.1.3 hereof), suspend the Executive without continuation of any compensation or benefits hereunder
(except health benefits, which shall be continued during the period of suspension), pending final disposition of such criminal charge(s). Upon receiving notice of any such suspension, the Executive shall promptly leave the premises of the Company
and remain off such premises until further notice from the Company. In the event the Executive is suspended as a result of such charges, but is later acquitted or otherwise exonerated, the Company shall pay to the Executive any compensation withheld
pursuant to this Paragraph 5.4, with interest, calculated from the date such compensation was suspended at the prime lending rate in effect on the date the Executive is acquitted or exonerated, and provide benefits withheld from the Executive during
the period of the Executive’s suspension, if any. Such payments and benefits shall be paid and/or provided within thirty (30) days of the date of the Executive’s acquittal or exoneration and shall be limited with respect to the period
of up to two (2) years from the date of suspension. 
 5.5 Notwithstanding anything to the contrary contained herein, the date of
termination for purposes of payment of deferred compensation under any Company deferred compensation plans shall be determined in accordance with the terms of such plans. 
  

 11 

 6. Acknowledgements; Confidential Information; Competitive Activities; Non Solicitation. 
 6.1 The Executive acknowledges and agrees as follows: 
 6.1.1 The Company is in the payments industry and provides such services both nationally and internationally without limitation to any geographic area. 
 6.1.2 Since the Company would suffer irreparable harm if the Executive left the Company’s employ and solicited the business and/or employees of the
Company or otherwise interfered with business relationships of the Company, it is reasonable to protect the Company against such activities by the Executive for a limited period of time after the Executive leaves the Company. 
 6.1.3 The covenants contained in Paragraphs 6.2, 6.3, 6.4 and 6.5 below are reasonably necessary for the protection of the Company and are reasonably
limited with respect to the activities they prohibit, their duration, their geographical scope and their effect on the Executive and the public. The purpose and effect of the covenants simply are to protect the Company for a limited period of time
from unfair competition by the Executive. 
 6.2 Confidentiality. 
 6.2.1 For the purposes of this Agreement, all confidential or proprietary information concerning the business and affairs of the Company, including,
without limitation, all trade secrets, know-how and other information generally retained on a confidential basis by the Company concerning its designs, products, methods, techniques, systems, engineering data, software codes and specifications,
formulae, processes, inventions and discoveries, business plans, pricing, product plans and the identities of, and the nature of the Company’s dealings with, its members, suppliers and customers, whether or not such information shall, in whole
or in part, be subject to or capable of being protected by patent, copyright or trademark laws, shall constitute “Confidential Information.” The Executive acknowledges that he has had and, will from time to time have access to and has
obtained and will in the future obtain knowledge of certain Confidential Information, and that improper use or revelation thereof by the Executive, during or after the termination of his employment by the Company, could cause serious injury to the
business of the Company. Accordingly, the Executive agrees that, unless otherwise required by law, he will forever keep secret and inviolate all Confidential Information which shall have come or shall hereafter come into his possession, and that he
will not use the same for his own private benefit, or directly or indirectly for the benefit of others, and that he will not disclose such Confidential Information to any other person. If the Executive is legally compelled (by deposition,
interrogatory, request for documents, subpoena, civil investigative demand or similar process) to disclose any of the Confidential Information, he shall provide the Company with prompt prior written 

  

 12 

 
notice of such legal requirement, so that the Company may seek a protective order or other appropriate remedy and/or waive compliance with the terms of this
paragraph. In any event, the Executive may furnish only that portion of the Confidential Information which the Executive is advised by legal counsel is required, and he shall exercise his best efforts to obtain an order or assurance that
confidential treatment will be accorded such Confidential Information as is disclosed. Notwithstanding anything contained herein which may be to the contrary, the term “Confidential Information” does not include any information which at
the time of disclosure is generally available to and known by the public, other than as a result of a disclosure directly or indirectly by the Executive. 
 6.2.2 Notwithstanding the foregoing, nothing herein shall preclude the Executive from (i) making any disclosure as required by law or legal process; or (ii) participating, cooperating, or testifying in any
action, investigation, or proceeding by or before, or providing information to, any governmental agency or legislative body, any self-regulatory organization, or the Company’s Law Department or the Global Ethics and Compliance Officer in the
General Counsel’s Office; provided, however, that upon the Executive’s obtaining notice of a requirement to take any action pursuant to Section 6.2.2(i) or (ii), the Executive shall, to the extent permitted by law, provide the Company
with immediate written notice of any required disclosures, subpoenas, or any other legal process, which notice shall include a copy of any such disclosure request, subpoena, or other legal process. 
 6.3 In addition to the acknowledgments by the Executive set forth in Paragraph 6.1 above, the Executive acknowledges that the services provided by him
for the Company are a significant factor in the creation of valuable, special and unique assets which are expected to provide the Company with a competitive advantage. Accordingly, the Executive agrees that for the Term of Employment through the
duration of the Severance Pay Period or in the event the Executive is ineligible for Severance Pay pursuant to Paragraphs 5.2.3, 5.2.4 or 5.2.5 (g) above or fails to execute (without revocation) a Separation Agreement and Release in accordance
with Paragraph 5.2.5(f) above, notwithstanding the Executive’s eligibility for Severance Pay, for a period of twelve (12) months, the Executive will not directly or indirectly for himself or any third party invest in, own, become employed
by, or render any consulting, advisory or other services to, or for the benefit of, any business or activity that competes with any business or activity (i) engaged in by the Company or, (ii) to the knowledge of the Executive, that the
Company has undertaken efforts to engage in and/or plan, without regard to geographic limitation. This prohibition includes, but is not limited to the Executive becoming an investor in, owner of, employed by, or directly or indirectly performing
services for the following, including their subsidiaries, affiliates, and successors: (i) VISA Inc., VISA Europe, American Express, Discover, China Union Pay, JCB, Diners Club International, PayPal, Revolution, Tempo, Bill Me Later, Inc., First
Data Corporation, Metevant, Star Network Inc. or NYCE (ii) any other payment card business or processor; (iii) any company or other entity in the payments business that holds a seat on the Board of Directors of VISA Inc. or VISA Europe; or
(iv) any company or other entity that is a party to a brand dedication agreement (the term of which is two years or 

  

 13 

 
more) with VISA Inc., VISA Europe or American Express and (x) whose VISA or American Express branded volume, as of the Date of Termination of the
Executive’s employment, is equal to or greater than 75% of the total volume generated by cards issued by such company or (y) pursuant to the terms of such brand dedication agreement is contractually obligated to increase its VISA or
American Express branded volume up to an amount equal to or greater than 75% of the total volume generated by cards issued by such company during the term of such brand dedication agreement. Notwithstanding the foregoing, in the event the Executive
terminates his employment pursuant to Paragraph 5.1.5(e) above, the restrictions contained in this Paragraph 6.3 shall be limited to the following entities: VISA Inc., VISA Europe, American Express, Discover, China Union Pay, JCB, Diners Club
International, PayPal, Revolution, Tempo, Bill Me Later, Inc., First Data Corporation, Metevant, Star Network Inc. and NYCE. Further, it shall not be deemed a violation of the Agreement for the Executive to have beneficial ownership of less than 1%
of the outstanding amount of any class of securities of any enterprise (but without otherwise participating in the activities of such enterprise) if such securities are listed on a national securities exchange or quoted on an inter-dealer quotation
system. The Executive acknowledges and agrees that the non-compete provision set forth herein is intended to limit competition by the Executive to the maximum extent permitted by law. If it shall be finally determined by any court of competent
jurisdiction that the scope or duration of any limitation contained herein is too extensive to be legally enforceable, then the Executive agrees that the provisions shall instead be construed to be confined to such lesser scope or duration as shall
be legally enforceable, and the Executive hereby consents to the enforcement of such limitation as so modified. 
 6.4 During the Term of
Employment, and thereafter for the duration of the Severance Pay Period, or in the event that the Executive is ineligible for Severance Pay pursuant to Paragraphs 5.2.3, 5.2.4 or 5.2.5 (g) above or fails to execute (without revocation) a
Separation Agreement and Release in accordance with Paragraph 5.2.5(f) above, notwithstanding the Executive’s eligibility for Severance Pay, for a period of twelve (12) months following the Executive’s Date of Termination, the
Executive shall not himself, or by assisting any other person to, directly or indirectly, (a) hire or cause to be hired any level 5 or higher level employee, agent, consultant or representative of the Company, (b) solicit, induce, recruit
or encourage any other level 5 or higher level employee, agent, consultant or representative to leave the service of the Company for any reason, or (c) induce any customer, supplier or other person with whom the Company is engaged in business,
or to the knowledge of the Executive planned or proposed to engage in business, to terminate any commercial relationship with the Company or cease to accept or issue its products and/or use its services. 
 6.5 The Executive acknowledges and agrees as follows: 
 6.5.1 The Executive agrees to promptly disclose to the Company any and all discoveries, developments, inventions, products, services, processes, formulas, and improvements thereof, (“Inventions”) whether or
not patentable, relating to the products, services, commercial or other endeavors of the Company, its subsidiaries and 

  

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affiliates, which the Executive may invent, discover, develop or learn in connection with the Executive’s employment. The Executive agrees that such
inventions are the exclusive and absolute property of the Company and that the Company will be the sole and absolute owner of all intellectual property rights, including patent and any and all other rights in connection therewith. The Executive
agrees to give all reasonable assistance in the preparation and/or execution of any papers the Company may request to reflect such interest and to secure patent or other protection for such Inventions. 
 6.5.2 The Executive understands that in the course of employment, the Executive may prepare writings, drawings, diagrams, designs, specifications,
manuals, instructions and other materials, and computer code and programs (“Works”). Such Works are “works made for hire “under United States copyright law and the Company shall be the owner of the Executive’s entire right
of authorship in such Works. If such Works are deemed by operation of law not to be “works made for hire,” the Executive hereby assigns to the Company the Executive’s entire right of authorship, including copyright ownership in such
Works and agrees to execute any document deemed necessary by the Company in connection therewith. 
 6.6 In the event that the Company
determines, in good faith, that the Executive has breached his obligations under Paragraphs 6.2, 6.3, 6.4 or 6.5, the Company shall be under no obligation to provide any further Severance Pay or provide any further payments or benefits otherwise due
under Paragraphs 5.2.5(b)–(d) above, during the remainder of the Severance Pay Period. In the event of a judicial determination that the Executive has breached his obligations under Paragraphs 6.2, 6.3, 6.4 or 6.5, in addition to any damages or
other relief otherwise available to the Company, the Executive shall be obligated to reimburse the Company for the Severance Pay previously received from the Company with respect to any period of time during the Severance Pay Period in which the
Executive has been found by the court to have been in breach. In addition, following a judicial determination, the prevailing party shall be entitled to be reimbursed by the non-prevailing party for reasonable legal fees and expenses incurred by the
prevailing party in connection with the judicial proceeding seeking to enforce the provisions of Paragraph 6 hereof. 
 6.7 For the purposes
of this Agreement, the period of restriction of confidentiality or proprietary information and competition is intended to limit disclosure and competition by the Executive to the maximum extent permitted by law. If it shall be finally determined by
any court of competent jurisdiction ruling on this Agreement that the scope or duration of any limitation contained in this Agreement is too extensive to be legally enforceable, then the parties hereby agree that the provisions hereof shall be
construed to be confined to such scope or duration (not greater than that provided for herein) as shall be legally enforceable, and the Executive hereby consents to the enforcement of such limitations as so modified. 
 6.8 The Executive acknowledges that any violation by him of the provisions of this Paragraph 6 would cause serious and irreparable damage to the Company.
He further acknowledges that it might not be possible to measure such damage in money. 

  

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Accordingly, the Executive agrees that, in the event of a breach or threatened breach by the Executive of the provisions of this Paragraph, the Company may
seek, in addition to any other rights or remedies, including money damages or specific performance, an injunction or restraining order, without the need to post any bond or other security, prohibiting the Executive from doing or continuing to do any
acts constituting such breach or threatened breach. 
 7. Reimbursement of Business Expense. 
 During the Term of Employment, subject to and in accordance with the Company’s policies with regard to such matters, the Executive is authorized to
incur reasonable business expenses in carrying out his duties and responsibilities under the Agreement, and the Company shall promptly reimburse him for all such properly documented business expenses incurred in accordance with the Company’s
travel and business expense reimbursement policy in connection with carrying out the business of the Company. 
 8. Indemnity. 
 The Company shall indemnify the Executive, to the fullest extent permitted by the General Corporation Law of the State of Delaware, for any acts or
omissions taken or made by the Executive during the Term of Employment, within the scope of his authority under this Agreement. 
 9. Miscellaneous.

 9.1 This Agreement shall be construed and enforced in accordance with the laws of the State of New York without reference to principles of
conflict of laws. Any legal suit, action or proceeding by or against any party hereto arising out of or relating to this Agreement and/or the Separation Agreement and Release shall be instituted in a federal or state court in the State of New York,
and each party hereto waives any objection which it may now or hereafter have to the laying of venue of any such suit, action or proceeding and each party hereto irrevocably submits to the jurisdiction of any such court in any suit, action or
proceeding. 
 9.2 The Executive acknowledges and agrees that he is and will be bound to the terms of the Company’s Code of Conduct,
Supplemental Code of Conduct and any other agreements he has executed or may execute in the future regarding confidentiality, trade secrets, inventions restrictions on competition, solicitation or which create other post-employment obligations,
including, but not limited to any agreement executed in connection with the Executive’s past or future participation in the Company’s LTIP. 
  

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 9.3 Upon the Effective Date, this Agreement, the offer letter to the Executive from the Company, dated
June 15, 2009, the MasterCard Incorporated Long Term Incentive Plan Non-Competition and Non-Solicitation Agreement, dated June 15, 2009, and the MasterCard International Incorporated Non-Disclosure Agreement and Assignment, dated
June 15, 2009, shall incorporate the complete understanding and agreement between the parties with respect to the subject matter hereof and thereof and supersede any and all other prior or contemporaneous agreements, written or oral, between
the Executive and the Company or any predecessor thereof, with respect to such subject matter. No provision hereof may be modified or waived except by a written instrument duly executed by the Executive and the Company. 
 9.4 The Executive acknowledges that before entering into this Agreement he has received a reasonable period of time to consider this Agreement and has
had sufficient time and an opportunity to consult with any attorney or other advisor of his choice in connection with this Agreement and all matters contained herein, and that he has been advised to do so if he so chooses. The Executive further
acknowledges that this Agreement and all terms hereof are fair, reasonable and are not the result of any fraud, duress, coercion, pressure or undue influence exercised by the Company, that he has approved and entered into this Agreement and all of
the terms hereof on his own free will, and that no promises or representations have been made to him by any person to induce him to enter into this Agreement other than the express terms set forth herein. 
 9.5 The Company shall be eligible to deduct and withhold from all compensation payable to the Executive pursuant to this Agreement all amounts required
to be deducted and withheld therefrom pursuant to any present or future law, regulation or ordinance of the United States of America or any state or local jurisdiction therein or any foreign taxing jurisdiction. 
 9.6 Paragraph headings are included in this Agreement for convenience of reference only and shall not affect the interpretation of the text hereof.

 9.7 Any and all notices, demands or other communications to be given or made hereunder shall be in writing and shall be deemed to have
been fully given or made when personally delivered, or on the third business day after mailing from within the continental United States by registered mail, postage prepaid, addressed as follows: 
 If to the Company: 
 MasterCard
International Incorporated 
 2000 Purchase Street 
 Purchase, New York 10577 
 Attention: General Counsel 
  

 17 

 with a copy to: 
 MasterCard International Incorporated 
 2000 Purchase Street 
 Purchase, New York 10577 
 Attention: Chief
Human Resources Officer 
 If to the Executive: 
 Ajaypal Banga 
 Either party may change the address to which any notices to it shall be sent by giving to the other party
written notice of such change in conformity with the foregoing. 
 9.8 This Agreement may be executed in two or more counterparts, each of
which shall constitute an original but all of which together shall constitute one and the same instrument. 
 9.9 This Agreement may be
assigned by the Company to, and shall inure to the benefit of, any successor to substantially all the assets and business of the Company as a going concern, whether by merger, consolidation or purchase of substantially all of the assets of the
Company or otherwise, provided that such successor shall assume the Company’s obligations under this Agreement. This Agreement shall inure to the benefit of and be enforceable by the Executive’s personal or legal representatives,
executors, administrators, successors, heirs, distributees, devisees and legatees. 
 9.10 Notwithstanding any other provision of this
Agreement, if any payment, compensation or other benefit provided to the Executive in connection with his employment termination is determined, in whole or in part, to constitute “nonqualified deferred compensation” within the meaning of
Section 409A of the Code and the Executive is a specified employee as defined in Section 409A(a)(2)(b)(i) of the Code, no part of such payments shall be paid before the day that is six (6) months plus one (1) day after the Date
of Termination (such date, the “New Payment Date”). The aggregate of any payments that otherwise would have been paid to the Executive during the period between the Date of Termination and the New Payment Date shall be paid to the
Executive in a lump sum on such New Payment Date. Thereafter, any payments that remain outstanding as of the day immediately following the New Payment Date shall be paid without delay over the time period originally scheduled, in accordance with the

  

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terms of this Agreement. If the Executive dies during the period between the Date of Termination and the New Payment Date, the amounts withheld on account of
Section 409A of the Code shall be paid to the Executive’s estate or beneficiaries, as the case may be, within thirty (30) days of the Executive’s death. 
 9.11 This Agreement is intended to comply with the requirements of Section 409A of the Code, and, specifically, with the separation pay exemption
and short term deferral exemption of Section 409A, and shall in all respects be administered in accordance with Section 409A. Notwithstanding anything in the Agreement to the contrary, distributions may only be made under the Agreement
upon an event and in a manner permitted by Section 409A of the Code or an applicable exemption. All payments to be made upon a termination of employment under this Agreement may only be made upon a “separation from service” under
Section 409A. For purposes of Section 409A of the Code, the right to a series of installment payments under this Agreement shall be treated as a right to a series of separate payments. In no event may the Executive, directly or indirectly,
designate the calendar year of a payment. All reimbursements and in-kind benefits provided under this Agreement and the Separation Agreement and Release shall be made or provided in accordance with the requirements of Section 409A of the Code,
including, where applicable, the requirement that (i) any reimbursement shall be for expenses incurred during the Executive’s lifetime (or during a shorter period of time specified in this Agreement or the Separation Agreement and General
Release, as applicable), (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other
calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred, and (iv) the right to reimbursement or in-kind benefits is not
subject to liquidation or exchange for another benefit. 
 IN WITNESS WHEREOF, each of the Company and the Executive has executed this
Agreement to become effective on the Effective Date. 
  

							
		 		 	MASTERCARD INTERNATIONAL INCORPORATED
				
	 /s/ Ajaypal Banga
	 		 	By:	 	 /s/ Robert W. Selander

	Ajaypal Banga	 		 		 	Robert W. Selander
		 		 		 	Chief Executive Officer

  

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