Document:

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                                                                   EXHIBIT 10.65

                              EMPLOYMENT AGREEMENT

          THIS EMPLOYMENT AGREEMENT (this "AGREEMENT") is entered into as of
February 28, 2004 between Thomas A. Beaver (the "EXECUTIVE") and Fairchild
Semiconductor Corporation, a Delaware corporation (the "COMPANY").

          For ease of reference, this Agreement is divided into the following
parts, which begin on the pages indicated:

PART 1--   TERM, DUTIES AND SCOPE, COMPENSATION AND BENEFITS DURING EMPLOYMENT
           (Sections 1-4, beginning on page 2)

           -    Salary

           -    EFIP Bonus

           -    DSUs

           -    Options and Other Equity Awards

           -    Other Benefits

PART 2--   COMPENSATION AND BENEFITS IN CASE OF ACTUAL OR CONSTRUCTIVE
           TERMINATION (Sections 5-6, beginning on page 4)

           -    Termination

PART 3--   COMPENSATION AND BENEFITS IN CASE OF A CHANGE IN CONTROL
           (Section 7, beginning on page 5)

PART 4--   CONFIDENTIALITY AND NON-DISCLOSURE, FORFEITURE, INTELLECTUAL
           PROPERTY, NON-COMPETITION AND NON-SOLICITATION, REMEDIES, SUCCESSORS,
           MISCELLANEOUS PROVISIONS, SIGNATURE PAGE
           (Sections 8-14, beginning on page 7)

           -    Confidentiality and Non-Disclosure

           -    Forfeiture in Case of Certain Events

           -    Non-Competition and Non-Solicitation

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                                      TERMS

     For good and valuable consideration, the adequacy and receipt of which are
hereby acknowledged, the Company and the Executive, intending to be legally
bound, agree as follows:

PART 1 TERM OF EMPLOYMENT, DUTIES AND SCOPE, COMPENSATION AND BENEFITS DURING
       EMPLOYMENT

SECTION 1. TERM OF AGREEMENT

(a)  Term. Unless sooner terminated as provided in this Agreement, the term of
     this Agreement will begin on the effective date of this Agreement and will
     end on the second anniversary thereof (the "INITIAL TERM"). The term of
     this Agreement will be automatically extended for one or more successive
     one-year periods (each a "RENEWAL TERM") unless the Company or the
     Executive gives the other written notice of non-renewal at least six months
     before the end of the Initial Term or the applicable Renewal Term, provided
     that any such notice by the Company prior to the end of the Initial Term
     will constitute "Good Reason" hereunder. The Initial Term and any Renewal
     Term are collectively referred to as the "TERM."

(b)  Termination of Employment or Resignation. Subject to the other terms of
     this Agreement, including those in Part 2, either the Company or the
     Executive may terminate the Executive's employment with the Company at any
     time and for any reason or no reason upon written notice to the other
     party.

SECTION 2. DUTIES AND SCOPE OF EMPLOYMENT

(a)  Position. The Company will employ the Executive (or, if the Company is not
     the Executive's employer, the Company will cause its appropriate subsidiary
     to employ the Executive) during the Term in the position of Executive Vice
     President, Worldwide Sales and Marketing, reporting directly to the Chief
     Executive Officer. The Executive will be given duties, responsibilities and
     authorities that are appropriate to this position.

(b)  Obligations. During the Term, the Executive will devote the Executive's
     full business efforts and time to the business and affairs of the Company
     as needed to carry out his duties and responsibilities. The foregoing shall
     not preclude the Executive from engaging in appropriate civic, charitable,
     religious or other non-profit activities or from devoting a reasonable
     amount of time to private investments or from serving on the boards of
     directors of other entities, provided that those activities do not
     interfere or conflict with the Executive's duties or responsibilities to
     the Company.

SECTION 3. BASE COMPENSATION

During the Term, the Company will pay the Executive, as compensation for
services, a base salary at the annual rate of at least $315,000. Salary
increases will be considered after the first anniversary of this Agreement, or
sooner in the discretion of the Chief Executive Officer, on a basis consistent
with Company policies.

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SECTION 4. OTHER BENEFITS AND COMPENSATION

(a)  EFIP. During the Term the Executive will be enrolled in the Enhanced
     Fairchild Incentive Plan (EFIP), at a targeted participation level of 60%.
     With respect to the 2004 measurement period, the Company shall pay the
     Executive a minimum EFIP bonus equal to that which would be paid at the
     100% target level assuming the Executive would have been employed for the
     entire measurement period (or $189,000), regardless of whether the Company
     achieves its 100% target goal for that period and regardless of whether
     other EFIP participants receive an EFIP bonus for such period. If the
     Company exceeds the 100% target goal for that period, additional payments
     may be made to the Executive in accordance with the plan. The Executive
     shall be solely responsible for all income and other taxes based on EFIP
     bonus payments, and the Company will make all appropriate withholdings
     relating to such taxes.

(b)  DSUs. The Company shall grant the Executive 20,000 deferred stock units
     ("DSUS"), subject to the applicable Company plan governing such award and
     an award agreement under such plan not inconsistent with the terms of this
     paragraph. The grant date of this grant of deferred stock units will be on
     or about the effective date of this Agreement. This grant will vest in 25%
     increments on the first four anniversaries of the grant date. The Executive
     will be solely responsible for any taxes associated with the receipt,
     vesting, or delivery of shares or cash under, this grant, and the Company
     will make appropriate withholdings from any distributions of shares or cash
     thereunder.

(c)  Options and Other Equity Awards. The Executive will be eligible to receive
     a grant of options to purchase up to 35,000 shares of the Common Stock of
     the Company's parent, Fairchild Semiconductor International, Inc., as part
     of the general grant of equity awards to officers and key employees of the
     Company in 2004, subject to the applicable Company plan governing such
     award and an award agreement under such plan not inconsistent with the
     terms of this paragraph, and subject, further, to the receipt of
     stockholder approval of amendments to such plan at the 2004 annual meeting
     of stockholders. This grant, if made, will vest in 25% increments on the
     first four anniversaries of the grant date. The Executive will be solely
     responsible for any taxes associated with the receipt, vesting, or delivery
     of shares or cash under this grant, and the Company will make appropriate
     withholdings from any distributions of shares or cash thereunder. In
     addition, the Executive will be eligible to receive grants of options, DSUs
     and other awards under and subject to the Company's Stock Plan and other
     equity compensation plans at times and levels consistent with the
     Executive's authority and responsibility under applicable Company policies
     and practices, subject to the receipt of stockholder approval as necessary.
     In the aggregate all such grants shall be made, or be subject to such
     terms, so that the Executive shall receive the benefit of full vesting upon
     his retirement upon or after attaining age 65. The Executive shall have up
     to five years, or the remainder of the term of the award grant, whichever
     is less, to exercise vested equity awards after the effective date of such
     retirement. All such grants shall be evidenced by customary award
     agreements under the applicable plans, containing terms not inconsistent
     with the terms of this paragraph.

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(d)  Sign-On Bonus. The Company shall pay the Executive a one-time recruitment
     bonus equal to $100,000 after the payment of income and other taxes based
     on the Executive's receipt of such bonus, which taxes shall be paid by the
     Company. Half of this bonus will be paid promptly following the effective
     date of this Agreement and the remainder will be paid promptly following
     September 1, 2004.

(e)  Vacation. The Executive will be entitled to four weeks of vacation per
     year, accrued and taken in accordance with applicable Company policies.

(f)  Relocation and Other Benefits. The Executive will be entitled to
     participate in all of the Company's other benefit plans in accordance with
     their eligibility and other terms and applicable Company policies as
     amended from time to time, including relocation, medical and dental
     insurance, vision care, supplemental life insurance, short- and long-term
     disability insurance, the Fairchild Semiconductor Personal Retirement and
     Savings (401(k)) Plan, and the Fairchild Semiconductor Employee Stock
     Purchase Plan.

PART 2 COMPENSATION AND BENEFITS IN CASE OF TERMINATION WITHOUT CAUSE OR FOR
       GOOD REASON

SECTION 5. TERMINATIONS AND RELATED DEFINITIONS

Part 2 of the Agreement, consisting of Sections 5 and 6, describes the benefits
and compensation, if any, payable in case of certain terminations of employment.

In this Agreement,

(a)  "CAUSE" means (1) a willful failure by the Executive to substantially
     perform the Executive's duties under this Agreement, other than a failure
     resulting from the Executive's complete or partial incapacity due to
     physical or mental illness or impairment, (2) a willful act by the
     Executive that constitutes gross misconduct and that is materially
     injurious to the Company, (3) a willful breach by the Executive of a
     material provision of this Agreement (including Sections 8 and 10) or (4) a
     material and willful violation of a federal or state law or regulation
     applicable to the business of the Company that is materially and
     demonstrably injurious to the Company, provided that no act, or failure to
     act, by the Executive shall be considered "willful" unless committed
     without good faith and without a reasonable belief that the act or omission
     was in the Company's best interest; and provided, further, that, if the
     failure, act, breach or other basis for finding Cause under this Agreement
     is capable of being cured, then no finding of Cause shall be made unless
     the Executive has failed to cure such failure, act, breach or other basis
     within 30 days after receiving written notice thereof from the Company and

(b)  "GOOD REASON" means any of the following or as otherwise provided in this
     Agreement: (1) a reduction in the Executive's base salary other than as
     part of a broader executive pay reduction, (2) a reduction in the
     Executive's incentive compensation (EFIP) target other than as part of a
     broader executive reduction, (3) a material change in the employment
     benefits available to the Executive, if such change does not similarly
     affect all employees of the Company eligible for such benefits, or (4) a
     material reduction in the

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     Executive's duties, responsibilities or authority, including but not
     limited to modifying the Executive's direct supervisor specified in Section
     2(a) other than to include the Board of Directors or the Chairman of the
     Board of Directors.

SECTION 6. TERMINATION BY COMPANY WITHOUT CAUSE OR BY EXECUTIVE FOR GOOD REASON

(a)  Severance. If, during the Term, the Company terminates the Executive's
     employment for any reason other than Cause (including as a result of the
     Executive's death or disability), or if the Executive terminates his
     employment for Good Reason, then, provided the Executive (or his legal
     representative, if applicable) executes the release of claims described in
     Section 6(b), the Company will pay the Executive, in a lump sum or, at the
     Company's option, in installments over 12 months following the effective
     date of such termination, an amount equal to two times the Executive's base
     salary in effect on such termination date. The Executive will be
     responsible for all taxes relating to such payments and the Company will
     make all required withholdings of all such taxes. In addition, for a period
     of one year following such termination, the Company shall provide continued
     medical and dental insurance benefits, for the benefit of the Executive and
     his eligible dependents, on the same terms and conditions as available to
     executives of the Company in comparable positions (viewing the Executive
     for this purpose as if he had remained employed by the Company following
     such termination). At the time of such termination, the Company shall pay
     the Executive in cash for all accrued and unused vacation time.

(b)  Release of Claims. As a condition to the receipt of the payments and
     benefits described in Section 6(a), the Executive (or his legal
     representative, if applicable) shall be required to execute a release of
     all claims arising out of the Executive's employment or the termination
     thereof, including any claim of discrimination under U.S. state or federal
     law or any non-U.S. law, but excluding claims for indemnification from the
     Company under any indemnification agreement with the Company, its
     certificate of incorporation or bylaws (or equivalent organizing
     instruments), or claims under applicable directors' and officers'
     insurance. If the Executive executes such a release, then the Company shall
     release the Executive from all claims arising out of the Executive's
     employment with the Company, other than any claims arising (before or after
     termination) under Sections 8 or 10 of this Agreement.

(c)  Conditions to Receipt of Payments. Without limiting the Company's other
     rights or remedies in the even of the Executive's breach of any provision
     of this Agreement, the obligation of the Company to provide the payments
     described in this Section 6 shall cease if the Executive breaches any of
     the provisions of Section 8 or 10.

PART 3 COMPENSATION AND BENEFITS IN CASE OF A CHANGE IN CONTROL

SECTION 7. CHANGE IN CONTROL

(a)  Payment. In the event of a Change in Control, if the Executive's employment
     is terminated by the Company other than for Cause (including as a result of
     the Executive's

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     death or disability), or by the Executive for Good Reason, in either case
     within the time period beginning six months before the Change in Control
     and ending 12 months after the Change in Control, the cash payment under
     Section 6(a) will be paid in a lump sum within 14 days after the date of
     such termination. Any obligation of the Company under this Section 7 will
     survive any termination of this Agreement.

(b)  Definition. A "CHANGE IN CONTROL" means the happening of any of the
     following events (for purposes of this Section 7 only, the "COMPANY" means
     Fairchild Semiconductor International, Inc., a Delaware corporation, and
     not any of its subsidiaries):

     (1)  An acquisition by any individual, entity or group (within the meaning
          of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of
          1934, as amended (the "EXCHANGE ACT")) (any of which, a "PERSON") of
          beneficial ownership (within the meaning of Rule 13d-3 promulgated
          under the Exchange Act) of 25% or more of either (i) the
          then-outstanding shares of common stock of the Company (the
          "OUTSTANDING COMPANY COMMON STOCK") or (ii) the combined voting power
          of the then-outstanding voting securities of the Company entitled to
          vote generally in the election of directors (the "OUTSTANDING COMPANY
          VOTING SECURITIES"); excluding, however, the following: (A) Any
          acquisition directly from the Company, other than an acquisition by
          virtue of the exercise of a conversion privilege unless the security
          being so converted was itself acquired directly from the Company, (B)
          Any acquisition by the Company, (C) Any acquisition by any employee
          benefit plan (or related trust) sponsored or maintained by the Company
          or any entity controlled by the Company, or (D) Any acquisition
          pursuant to a transaction which complies with clauses (i), (ii) and
          (ii) of Section 7(b)(3); or

     (2)  A change in the composition of the board of directors of the Company
          (the "BOARD") such that the individuals who, as of the effective date
          of this Agreement, constitute the Board (such Board shall be
          hereinafter referred to as the "INCUMBENT BOARD") cease for any reason
          to constitute at least a majority of the Board; provided, however, for
          purposes of this definition, that any individual who becomes a member
          of the Board subsequent to the effective date of this Agreement, whose
          election, or nomination for election by the Company's shareholders,
          was approved by a vote of at least a majority of those individuals who
          are members of the Board and who were also members of the Incumbent
          Board (or deemed to be such pursuant to this proviso) shall be
          considered as though such individual were a member of the Incumbent
          Board; but, provided further, that any such individual whose initial
          assumption of office occurs as a result of either an actual or
          threatened election contest (as such terms are used in Rule 14a-11 of
          Regulation 14A promulgated under the Exchange Act) or other actual or
          threatened solicitation of proxies or consents by or on behalf of a
          Person other than the Board shall not be so considered as a member of
          the Incumbent Board; or

     (3)  Consummation of a reorganization, merger or consolidation or sale or
          other disposition of all or substantially all of the assets of the
          Company ("CORPORATE TRANSACTION"); excluding, however, such a
          Corporate Transaction pursuant to

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          which (i) all or substantially all of the individuals and entities who
          are the beneficial owners, respectively, of the Outstanding Company
          Common Stock and Outstanding Company Voting Securities immediately
          prior to such Corporate Transaction will beneficially own, directly or
          indirectly, more than 50% of, respectively, the outstanding shares of
          common stock, and the combined voting power of the then outstanding
          voting securities entitled to vote generally in the election of
          directors, as the case may be, of the corporation resulting from such
          Corporate Transaction (including a corporation which as a result of
          such transaction owns the Company or all or substantially all of the
          Company's assets either directly or through one or more subsidiaries)
          in substantially the same proportions as their ownership, immediately
          prior to such Corporate Transaction, of the Outstanding Company Common
          Stock and Outstanding Company Voting Securities, as the case may be,
          (ii) no Person (other than the Company, any employee benefit plan (or
          related trust) of the Company or such corporation resulting from such
          Corporate Transaction) will beneficially own, directly or indirectly,
          25% or more of, respectively, the outstanding shares of common stock
          of the corporation resulting from such Corporate Transaction or the
          combined voting power of the outstanding voting securities of such
          corporation entitled to vote generally in the election of directors
          except to the extent that such ownership existed prior to the
          Corporate Transaction, and (iii) individuals who were members of the
          Incumbent Board will constitute at least a majority of the members of
          the board of directors of the corporation resulting from such
          Corporate Transaction; or

     (4)  The approval by the stockholders of the Company of a complete
          liquidation or dissolution of the Company.

PART 4 CONFIDENTIALITY AND NON-DISCLOSURE, FORFEITURE, INTELLECTUAL PROPERTY,
       NON-COMPETITION AND NON-SOLICITATION, REMEDIES, SUCCESSORS, MISCELLANEOUS
       PROVISIONS, SIGNATURE PAGE

SECTION 8. CONFIDENTIAL INFORMATION

(a)  Acknowledgement. The Company and the Executive acknowledge that the
     services to be performed by the Executive under this Agreement are unique
     and extraordinary and that, as a result of the Executive's employment, the
     Executive will be in a relationship of confidence and trust with the
     Company and will come into possession of Confidential Information (as
     defined below) that is (1) owned or controlled by the Company, (2) in the
     possession of the Company and belonging to third parties or (3) conceived,
     originated, discovered or developed, in whole or in part, by the Executive.
     "CONFIDENTIAL INFORMATION" means trade secrets and other confidential or
     proprietary business, technical, personnel or financial information,
     whether or not the Executive's work product, in written, graphic, oral or
     other tangible or intangible forms, including specifications, samples,
     records, data, computer programs, drawings, diagrams, models, customer
     names, ID's or e-mail addresses, business or marketing plans, studies,
     analyses,

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     projections and reports, communications by or to attorneys (including
     attorney-client privileged communications), memos and other materials
     prepared by attorneys or under their direction (including attorney work
     product), and software systems and processes. Any Confidential Information
     that is not readily available to the public shall be considered to be a
     trade secret and confidential and proprietary, even if it is not
     specifically marked as such, unless the Company advises the Executive
     otherwise in writing.

(b)  Nondisclosure. The Executive agrees that the Executive will not, without
     the prior written consent of the Company, directly or indirectly, use or
     disclose Confidential Information to any person, during or after the
     Executive's employment, except as may be necessary in the ordinary course
     of performing the Executive's duties under this Agreement. The Executive
     will keep the Confidential Information in strictest confidence and trust.
     This Section 8(b) shall apply indefinitely, both during and after the Term.

(c)  Surrender Upon Termination. The Executive agrees that in the event of the
     termination of the Executive's employment for any reason, whether before or
     after the Term, the Executive will immediately deliver to the Company all
     property belonging to the Company, including documents and materials of any
     nature pertaining to the Executive's work with the Company, and will not
     take with the Executive any documents or materials of any description, or
     any reproduction thereof of any description, containing or pertaining to
     any Confidential Information. It is understood that the Executive is free
     to use information that is in the public domain, but not as a result of a
     breach of this Agreement.

(d)  Forfeiture in Certain Events. The Company may, in its sole discretion, in
     the event of serious misconduct by the Executive (including any misconduct
     prejudicial to or in conflict with the Company or its subsidiaries, any
     breach by the Executive of Sections 8 or 10 of this Agreement or any
     termination of employment of the Executive for Cause), (A) cancel any
     outstanding award of stock options, restricted stock, deferred stock units
     or other award granted to the Executive under a Company plan or otherwise
     (an "AWARD"), in whole or in part, whether or not vested or deferred, or
     (B) following the exercise or payment of an Award, within a period of time
     specified by the Company, require the Executive to repay to the Company any
     gain realized or payment received upon the exercise or payment of such
     Award (with such gain or payment valued as of the date of exercise or
     payment). Such cancellation or repayment obligation shall be effective as
     of the date specified by the Company, which may provide for an offset to
     any future payments owed by the Company or any subsidiary to the Executive
     if necessary to satisfy the repayment obligation. Any determination of
     whether the Executive has engaged in a serious breach of conduct or, if
     applicable, any activity in competition with the business of the Company or
     any subsidiary, will be determined by the Company in good faith and in its
     sole discretion. This Section 8(d) shall apply during and following the
     Term of this Agreement, but shall have no application following a Change in
     Control.

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SECTION 9. ASSIGNMENT OF RIGHTS OF INTELLECTUAL PROPERTY

The Executive will promptly and fully disclose all Intellectual Property to the
Company. The Executive hereby assigns and agrees to assign to the Company (or as
otherwise directed by the Company) the Executive's full right, title and
interest in and to all Intellectual Property. The Executive will execute any and
all applications for domestic and foreign patents, copyrights or other
proprietary rights and to do such other acts (including the execution and
delivery of instruments of further assurance or confirmation) requested by the
Company to assign the Intellectual Property to the Company and to permit the
Company and its affiliates to enforce any patents, copyrights or other
proprietary rights to the Intellectual Property. "INTELLECTUAL PROPERTY" means
inventions, discoveries, developments, methods, processes, compositions, works,
concepts and ideas (whether or not patentable or copyrightable or constituting
trade secrets) conceived, made, created, developed or reduced to practice by the
Executive (whether alone or with others, whether or not during normal businesses
hours or on or off Company premises) during the Executive's employment that
relate to any business, venture or activity being conducted or proposed to be
conducted by the Company or its subsidiaries at any time during the term of the
Executive's employment with the Company.

SECTION 10. RESTRICTIONS ON ACTIVITIES OF THE EXECUTIVE

(a)  Acknowledgments. The Executive agrees that he is being employed under this
     Agreement in a key management capacity with the Company, that the Company
     is engaged in a highly competitive business and that the success of the
     Company's business in the marketplace depends upon its goodwill and
     reputation for quality and dependability. The Executive further agrees that
     reasonable limits may be placed on his ability to compete against the
     Company and its affiliates as provided in this Agreement so as to protect
     and preserve their legitimate business interests and goodwill.

(b)  Agreement Not to Compete or Solicit.

     (1)  During the Non-Competition Period (as defined below), the Executive
          will not engage or participate in, directly or indirectly, as
          principal, agent, employee, corporation, consultant, investor or
          partner, or assist in the management of, any business which is
          Competitive with the Company (as defined below).

     (2)  During the Non-Competition Period, the Executive will not, directly or
          indirectly, through any other entity, hire or attempt to hire, any
          officer, director, consultant, executive or employee of the Company or
          any of its affiliates during his or her engagement with the Company or
          such affiliate. During the Non-Competition Period, the Executive will
          not call upon, solicit, divert or attempt to solicit or divert from
          the Company or any of its affiliates any of their customers or
          suppliers or potential customers or suppliers of whose names he was
          aware during his term of employment (other than customers or suppliers
          or potential customers or suppliers contacted by the Executive solely
          in connection with a business that is not Competitive with the
          Company).

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     (3)  The "NON-COMPETITION PERIOD" means the period during which Executive
          is employed by the Company and the following 12 months.

     (4)  A business shall be considered "COMPETITIVE WITH THE COMPANY" if it is
          engaged in any business, venture or activity in the Restricted Area
          (as defined below) which competes or plans to compete with any
          business, venture or activity being conducted or actively and
          specifically planned to be conducted within the Non-Competition Period
          (as evidence by the Company's internal written business plans or
          memoranda) by the Company, or any group, division or affiliate of the
          Company, at the date the Executive's employment under this Agreement
          is terminated.

     (5)  The "RESTRICTED AREA" means the United States of America and any other
          country where the Company, or any group, division or affiliate of the
          Company, is conducting, or has proposed to conduct within the
          Non-Competition Period (as evidenced by the Company's internal written
          business plans or memoranda), any business, venture or activity, at
          the date the Executive's employment under this Agreement is
          terminated.

     (6)  Notwithstanding the provisions of this Section 10, the parties agree
          that (A) ownership of not more than three percent (3%) of the voting
          stock of any publicly held corporation shall not, of itself,
          constitute a violation of this Section 10 and (B) working as an
          employee of an entity that has a stand-alone division or business unit
          which is Competitive with the Company shall not, of itself, constitute
          a violation of this Section 10 if the Executive is not, in any way
          (directly or indirectly, as principal, agent, employee, corporation,
          consultant, advisor, investor or partner), responsible for,
          compensated with respect to, or involved in the activities of such
          stand-alone division or business unit and does not (directly or
          indirectly) provide information or assistance to such stand-alone
          division or business unit.

SECTION 11. REMEDIES

It is specifically understood and agreed that any breach of the provisions of
Section 8 or 10 of this Agreement would likely result in irreparable injury to
the Company and that the remedy at law alone would be an inadequate remedy for
such breach, and that in addition to any other remedy it may have, the Company
shall be entitled to enforce the specific performance of this Agreement by the
Executive and to obtain both temporary and permanent injunctive relief without
the necessity of proving actual damages.

SECTION 12. SEVERABLE PROVISIONS

The provisions of this Agreement are severable and the invalidity of any one or
more provisions shall not affect the validity of any other provision. In the
event that a court of competent jurisdiction shall determine that any provision
of this Agreement or the application thereof is unenforceable in whole or in
part because of the duration of scope thereof, the parties hereby agree that
such court, in making such determination, shall have the power to reduce the
duration

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and scope of such provision to the extent necessary to make it enforceable and
that this Agreement in its reduced form shall be valid and enforceable to the
fullest extent permitted by law.

SECTION 13. SUCCESSORS

(a)  Company's Successors. The Company will require any successor (whether
     direct or indirect and whether by purchase, lease, merger, consolidation,
     liquidation or otherwise) to all or substantially all of the Company's
     business or assets, by an agreement in substance and form satisfactory to
     the Executive, to assume this Agreement and to agree expressly to perform
     this Agreement in the same manner and to the same extent as the Company
     would be required to perform it in the absence of a succession. The
     Company's failure to obtain such agreement prior to the effectiveness of a
     succession shall be a breach of this Agreement and shall entitle the
     Executive to all of the compensation and benefits to which the Executive
     would have been entitled under this Agreement if the Company had terminated
     the Executive's employment for any reason other than Cause, on the date
     when such succession becomes effective. For all purposes under this
     Agreement, except as otherwise provided in this Agreement, the term
     "Company" shall include any successor to the Company's business or assets
     that executes and delivers the assumption agreement described in this
     Section 13(a), or that becomes bound by this Agreement by operation of law.

(b)  Executive's Successors. This Agreement and all rights of the Executive
     under 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.

SECTION 14. GENERAL PROVISIONS

(a)  Waiver. No provision of this Agreement shall be modified, waived or
     discharged unless the modification, waiver or discharge is agreed to in
     writing and signed by the Executive and by an authorized officer of the
     Company (other than the Executive). No waiver by either party of any breach
     of, or of compliance with, any condition or provision of this Agreement by
     the other party shall be considered a waiver of any other condition or
     provision or of the same condition or provision at another time.

(b)  Whole Agreement; Interpretation. No agreements, representations or
     understandings (whether oral or written and whether express or implied)
     that are not expressly set forth in this Agreement have been made or
     entered into by either party with respect to the subject matter hereof. The
     reference table on the first page and the headings in this Agreement are
     for convenience of reference only and will not affect the construction or
     interpretation of this Agreement. The word "or" is used in its
     non-exclusive sense. Unless otherwise stated, the word "including" should
     be read to mean "including without limitation" and does not limit the
     preceding words or terms. All references to "Sections" or other provisions
     in this Agreement are to the corresponding Sections or provisions in this
     Agreement. All words in this Agreement will be construed to be of such
     gender or number as the circumstances require.

                                       11

<PAGE>

(c)  Notice. Notices and all other communications contemplated by this Agreement
     shall be in writing and shall be deemed to have been duly given when
     personally delivered, mailed by U.S. registered or certified mail, return
     receipt requested, or sent by a documented overnight courier service. In
     the case of the Executive, mailed notices shall be addressed to the
     Executive at the home address maintained in the Company's records. In the
     case of the Company, mailed notices shall be addressed to its corporate
     headquarters, and all notices shall be directed to the attention of its
     Chief Executive Officer.

(d)  Setoff. The Company may set off against any payments owed to the Executive
     under this Agreement any debt or obligation of the Executive owed to the
     Company.

(e)  Choice of Law. The validity, interpretation, construction and performance
     of this Agreement shall be governed by the laws of the State of Maine,
     irrespective of Maine's choice-of-law principles.

(f)  Arbitration. Except as otherwise provided with respect to the enforcement
     of Sections 8 and 10, any dispute or controversy arising out of the
     Executive's employment or the termination thereof, including any claim of
     discrimination under U.S. (state or federal) or non-U.S. law, shall be
     settled exclusively by arbitration in Portland, Maine, in accordance with
     the rules of the American Arbitration Association then in effect. Judgment
     may be entered on the arbitrator's award in any court having jurisdiction.

(g)  No Assignment of Benefits. The rights of any person to payments or benefits
     under this Agreement shall not be made subject to option or assignment,
     either by voluntary or involuntary assignment or by operation of law,
     including bankruptcy, garnishment, attachment or other creditor's process,
     and any action in violation of this Section 14(g) shall be void.

(h)  Limitation of Remedies. If the Executive's employment terminates for any
     reason, the Executive shall not be entitled to any payments, benefits,
     damages, awards or compensation other than as provided by this Agreement,
     including under the severance policies of the Company or any subsidiary.

(i)  Taxes. Except where specified in this Agreement as "tax protected," all
     payments made pursuant to this Agreement shall be subject to withholding of
     applicable taxes.

(j)  Discharge of Responsibility. The payments under this Agreement, when made
     in accordance with the terms of this Agreement, shall fully discharge all
     responsibilities of the Company to the Executive that existed at the time
     of termination of the Executive's employment.

     IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the
case of the Company by its duly authorized officer, as of the day and year first
written above. The Executive has consulted, or has had the opportunity to
consult, with counsel (who is other than the Company's counsel) prior to
execution of this Agreement.

                                       12

<PAGE>

                                        EXECUTIVE

                                        /s/ Thomas A. Beaver
                                        ----------------------------------------
                                        Thomas A. Beaver

                                        FAIRCHILD SEMICONDUCTOR CORPORATION

                                        By /s/ Kirk Pond
                                           -------------------------------------
                                        Its Chief Executive Officer

                                       13Exhibit
4.3

Mr.  Andrew  Pritchard
Cantor
Fitzgerald & Co.
110 East 59th Street
New York,
New York 10022

Re: YUPS Indicative Value Index
Calculation

Dear Mr.
Pritchard:

You have advised us that a series of YUPS
Trusts (the ‘‘Trusts’’) are expected to
issue Depositary Receipts, representing an undivided beneficial
ownership in the common stock of a publicly-traded company (the
‘‘Common Stock’’) and a series of
zero-coupon U.S. Treasury Securities maturing quarterly during the
three-year term of the Trusts, as more fully described in each of the
prospectuses (such Depositary Receipts hereinafter being referred to as
the ‘‘YUPS’’). Since you intend to list the
YUPS for trading on the American Stock Exchange (the
‘‘Amex’’), you have requested that the Amex
act as the daily Calculation Agent (the ‘‘Calculation
Agent’’) for each Trust of a per-share estimate of the
portfolio of securities represented by a round lot of 100 YUPS, the
YUPS Indicative Value Index, (the
‘‘Index’’) and that we disseminate each
Index on an ongoing basis over the Consolidated Tape
Association’s Network B (‘‘Network
B’’).

This letter responds to your request
and is intended to set forth the terms and conditions under which the
Amex will act as the Calculation Agent in connection with the listing
and trading on the Amex of the YUPS.

1.    On each day the Amex
is open for business (a ‘‘Business Day’’),
the Amex, as Calculation Agent, will (i) calculate and disseminate over
Network B to market data vendors a per-share estimate of one (1) YUPS
determined with respect to a calculation of the value of the Index
based on the most recent sale prices of the underlying Common Stock
reported by the primary exchange, trading systems or markets on which
the Common Stock is listed or traded, and the midpoint of the most
recently reported bid and ask prices for the U.S. Treasury Securities
in the Trust at approximately 15-second intervals during regular Amex
business hours; and (ii) calculate and disseminate over Network B to
market data vendors a per-share estimated closing value of one (1) YUPS
determined with respect to the closing value of the Index on such
Business Day based on the closing prices of the underlying securities
in the Index. In addition, on each Business Day the Amex will make
available to the public, on request, the current formula used by the
Amex to calculate the Index.

2.    As more fully described in
the prospectuses for each Trust, the shares of Common Stock in each
Index remain fixed during the life of the Trust, except for changes due
to corporate events, such as stock splits or reverse stock splits, on
the underlying securities. The U.S. Treasury Securities included in
each Index will decrease each quarter as the Trust distributes proceeds
from the maturity of a series of the zero-coupon U.S. Treasury
Securities.

3.    The Amex acknowledges that Cantor Fitzgerald
owns all proprietary rights to the Indexes and that the Amex has no
property interest whatsoever therein. The Amex agrees not to knowingly
take any action which would interfere with the ability of Cantor
Fitzgerald to exercise all of its proprietary rights with respect to
the Indexes.

4.    In all references to each Index in any
registration statement, prospectus, or other document relating to the
Trust, where appropriate, it shall be made clear that the Amex in no
way sponsors, endorses or is otherwise involved in the Trust and that
it disclaims any liability to any party for any inaccuracy in the data
on which the Index is based, for any mistakes, errors, or omissions in
the calculation and/or dissemination of the Index, or for the manner in
which it is applied in connection with the YUPS. The Amex shall be
furnished with a copy of any offering documents as soon as they are
available for distribution.

1

5.    Cantor Fitzgerald acknowledges that
(i) the Amex may disseminate Index values and/or the results of the
trading of the YUPS, if applicable, on the Amex trading floor, over
Network B, and other Amex data feeds to news media and market data
vendors and receive any appropriate tape revenue, (ii) Cantor
Fitzgerald shall not be entitled to receive any payment with respect to
the aforementioned dissemination of Index values and/or results of YUPS
trading on the Amex, and (iii) the Amex has the right to refer to the
Indexes in connection with trading on the Amex of the YUPS, including
the use of advertisements, brochures, and other informational
materials.

6.    In order to avoid, insofar as reasonably
possible, any error, omission, or delay in the calculation and
dissemination of the Indexes, the Amex will obtain the information used
to compute the Index from sources believed to be reliable, will
maintain reasonable control checks on the procedures by which the
Indexes are computed, and will take all reasonable measures to maintain
its computer equipment and software in good operating condition. If
requested by Cantor Fitzgerald at its cost, as an additional safeguard,
the Amex will have a back-up calculation computed either on its own or
on its behalf as a means to cross-check the accuracy of the primary
calculation. The Amex does not, however, guarantee the accuracy and
completeness of the data on which the Indexes are based or the actual
computation of the Indexes, nor shall it be responsible for any delays
in the computation or dissemination of such Indexes. The Amex will
exercise its best efforts to correct or cause to be corrected any error
or omission in the Indexes and to minimize any delays in the
computation or dissemination thereof.

7.    Cantor Fitzgerald
agrees that the Amex shall not be liable for, and Cantor Fitzgerald
shall make no claim against the Amex with respect to, any error,
omission, or delay in computation or dissemination of the Indexes,
including any such error, omission, or delay (i) resulting from an act,
condition, or cause beyond the reasonable control of the Amex, or (ii)
alleged to be attributable to negligence on the part of the Amex and/or
its agents.

8.    Cantor Fitzgerald agrees to defend and
indemnify the Amex against any and all claims, liability, judgments,
costs or expenses of any kind (including reasonable attorneys’
fees and expenses) which it incurs as a result of any third party claim
against the Amex alleging liability for any damages, losses, or
expenses relating to any alleged infringement of such third
party’s proprietary rights in the Indexes, provided that Amex
notifies Cantor Fitzgerald promptly of any such claim and that Cantor
Fitzgerald may assume full control of its defense.

9.    In no
event will either party be liable to the other for special, incidental,
punitive, indirect or consequential damages or damages from loss of
use, profits, or business opportunities, in contract, tort or
otherwise, even if either party shall have been advised in advance of
the possibility of such loss, cost or damages, arising out of or in
connection with this agreement. Notwithstanding the foregoing, the
limitations on liability of this Paragraph 9 will not apply to the
indemnification obligations pursuant to Paragraph
8.

10.    Neither Cantor Fitzgerald nor Amex makes any
warranty, express or implied, as to results to be obtained by any
person or entity from the use of the Indexes, trading of any securities
(including derivative securities) based on the Indexes, or any data
included therein. Neither Cantor Fitzgerald nor Amex makes any
warranty, express or implied, and each hereby expressly disclaims all
warranties of merchantability or fitness for a particular purpose or
use, with respect to the Indexes or any data included
therein.

11.    It is understood that the Amex will be acting
as Calculation Agent solely with respect to the Indexes and solely in
connection with, and for the duration of, the listing of the YUPS
issued by the Trusts. In consideration for the calculation agent
services to be performed by the Amex under this letter agreement during
the three-year term of each Trust, Cantor Fitzgerald agrees to pay the
Amex a fee of $6,000 per year for each Index calculation payable first
on the date that each Trust is first listed for trading on the Amex and
thereafter on the first and second anniversaries of such date.

12.    The term of this Agreement shall cover Trusts issued within
five (5) years from the date hereof.

13.    Any communication
between Cantor Fitzgerald and the Amex relating to the Indexes should
be directed as follows:

2

							
	To
Cantor
Fitzgerald:		Cantor
Fitzgerald & Co.
	 		110 East
59th Street
	 		New York, New York
10022
	 		Attn: Andrew
Pritchard
	 		(212)
938-5000
	 		 
	To
Amex:		American Stock Exchange
	 		86 Trinity Place (10th
FL/22)
	 		New York, NY
10006-1881
	 		Attn: Scott
Ebner
	 		(212)
306-1805
	

If the terms of this Agreement are
acceptable to you, please so indicate by signing in the space provided
below and returning a copy of this letter to the
undersigned.

Sincerely,

Accepted
and Agreed to:

Cantor Fitzgerald & Co.,
Inc.

By:______________________________

  Name:________________________

  Title:________________________

Dated:____________________________

3

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