Document:

Employement Agreement - Richard Hood

 Exhibit 10.36 
 EMPLOYMENT AGREEMENT 
 between 
 MAXIM INTEGRATED PRODUCTS, INC., 
 a Delaware Corporation 
 and 
 Richard Hood 
 April 1, 1995 

 TABLE OF CONTENTS 
  

			
	 Section
	  	Page
	 1.        Employment
	  	1
		
	 2.        Noncompetition
	  	1
		
	 3.        Compensation of Employee
	  	2
		
	 4.        Expense Reimbursement
	  	2
		
	 5.        Stock Options
	  	2
		
	 6.        Proprietary Information and Inventions
	  	3
		
	 7.        Termination by Company
	  	3
		
	 8.        Termination by Employee
	  	4
		
	 9.        Arbitration
	  	6
		
	 10.      Assignment and Binding Effect
	  	7
		
	 11.      Notices
	  	7
		
	 12.      Choice of Law
	  	8
		
	 13.      Integration
	  	8
		
	 14.      Amendment
	  	8
		
	 15.      Termination of Agreement
	  	8
		
	 16.      Waiver
	  	8
		
	 17.      Severability
	  	8
		
	 18.      Interpretation; Construction
	  	8

 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into effective as of April 1, 1995 by and between Maxim Integrated Products, Inc., a Delaware corporation (the
“Company”), and Richard Hood (“Employee”). 
 RECITALS: 
 A. The Company and the Employee wish to set forth the terms and conditions of the Employee’s continued employment by the Company.

 B. The Company would like to retain Employee’s services as a consultant to the President of the Company following
Employee’s termination of employment with the Company in exchange for making health insurance coverage (medical and dental) available to Employee and his spouse and dependents, if any, following his termination of employment. 
 AGREEMENT: 
 In consideration
of the foregoing and of the mutual covenants and conditions herein contained, the parties hereto agree as follows: 
 1. Employment.

 1. Employee is Managing Director Operations at this time and shall serve in that or in such other function as may be
assigned from time to time by the Company and shall perform the duties customarily associated with such function from time to time and at such place or places as the Company shall reasonably designate or as shall be reasonably appropriate and
necessary in connection with such employment. This Agreement shall not affect the Company’s right to demote or promote Employee or to change Employee’s function within the Company. 
 2. Employee will to the best of Employee’s ability, devote his best efforts and substantially all of his business time and
attention to the performance of his duties hereunder and the business and affairs of the Company. 
 3. Employee will duly,
punctually and faithfully perform and observe any and all rules and regulations which the Company may now or shall hereafter establish governing the conduct of its business. 
 2. Noncompetition. During the period of Employee’s employment with the Company and during the period in which Employee is a consultant to the President of the Company, Employee
shall not engage in competition with the Company, either directly or indirectly, in any manner or 

  

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capacity, as adviser, principal, agent, partner, officer, director, employee, member of any association or otherwise, in any phase of the business of
developing, manufacturing or marketing products which are in the same field as, or which otherwise compete with, the products or proposed products of the Company. Ownership by Employee, as a passive investment, of less than one percent (1%) of the
outstanding shares of capital stock of any corporation with one or more classes of its capital stock listed on a national securities exchange or publicly traded in the over-the-counter market shall not constitute a breach of this section.

 3. Compensation of Employee. 
 1. As of the date of this Agreement, the Company pays Employee a base salary of One Hundred and Thirty Thousand Dollars ($130,000.00) per year, payable in installments consistent with the Company’s normal payroll
practices for its employees. 
 2. The Company will consider raising Employee’s salary from time-to-time, but any
decision in respect thereof shall be at the Company’s sole discretion. 
 3. Employee’s performance shall be
reviewed by the Company on a periodic basis (but not less than once in each fiscal year) and the Company may, in its sole discretion, award such bonuses to Employee as shall be appropriate or desirable based on Employee’s performance.

 4. All of Employee’s compensation shall be subject to customary withholding taxes and any other employment taxes as
are commonly required to be collected or withheld by the Company. 
 5. For so long as Employee is employed by the Company,
Employee shall be entitled to fringe benefits, vacation and holidays in accordance with the Company’s standard employment policies and practices for all employees. 
 4. Expense Reimbursement. The Company shall reimburse Employee from time to time, in accordance with its normal practice and subject to its normal policies and procedures as to expense reimbursement, for all
reasonable and necessary travel expenses, disbursements and other reasonable and necessary incidental expenses incurred by him on behalf of the Company in the performance of his duties hereunder. 
 5. Stock Options. In consideration of the services performed and to be performed by Employee for the Company, pursuant to the Company’s stock
option plans, the Company has granted to Employee options to purchase common shares of the Company. 
  

 2 

 6. Proprietary Information and Inventions. Employee has previously executed a Proprietary
Information and Inventions Agreement. The terms of said agreement are incorporated by reference in this Agreement, and Employee hereby confirms his agreement to be bound thereby. 
 7. Termination by Company. This Agreement does not grant the Employee any right or entitlement to be retained by the Company, and shall not affect or prejudice the Company’s right to
discharge the Employee in accordance herewith. The Company may terminate Employee’s employment either for cause or other than for cause. 
 1. Termination With Cause. The Company may terminate Employee’s employment with Company at any time for cause, immediately upon notice to Employee of the circumstances leading to such termination for
cause. In the event that Employee’s employment is terminated for cause, all compensation and benefits, except benefits provided by law (e.g., COBRA health insurance continuation benefits), will immediately cease to accrue, and all compensation
and benefits accrued through the date of termination shall be paid promptly to Employee as required by law. The date of termination shall be the date upon which notice of termination is given. The Company shall have no further obligation to pay
severance of any kind nor to make any payment in lieu of notice; and neither Employee nor the Company shall have any obligations under Section 8 below. 
 2. Termination Without Cause. The Company may terminate Employee’s employment with the Company at any time, upon advance written notice to the Employee, without cause. Such notice
shall specify the effective date of termination. Notice or severance payments in lieu of notice shall be in accordance with the Company’s normal policy or as mutually agreed between Company and Employee. Except for any such severance payments
and except benefits provided by law (e.g., COBRA health insurance continuation benefits), all compensation and benefits will immediately cease to accrue after the effective date of termination; and neither Employee nor the Company shall have any
obligations under Section 8 below. All compensation and benefits accrued through the date of termination shall be paid promptly to Employee as required by law. 
 3. Definition of Cause. For purposes of this Agreement, “cause” shall mean: (a) actions not specifically authorized by an officer senior to Employee that are knowingly for
the pecuniary benefit of Employee or members of his family, and that materially and adversely affect the business or affairs of the Company or any subsidiary or affiliate thereof; (b) willful and material violation of Company policies or
procedures; (c) the commission by Employee of an act involving embezzlement or fraud against the Company or commission or conviction of a felony or of any crime involving moral turpitude; or (d) the repeated use by Employee of either
(i) alcohol or (ii) an illegal substance (other than under a physician’s prescription) in a manner which impairs his carrying out his duties. 
  

 3 

 8. Termination by Employee. This Agreement shall not interfere in any way with Employee’s
right to terminate his employment with the Company at any time, upon at least one hundred twenty (120) days advance written notice. 
 8.1 Post-Employment Consultation. In the event Employee terminates his full-time employment with the Company in accordance with Section 8 and provides in his written notice of termination notice to the
President of the Company or the Board of Directors that he is willing and able to act as a consultant to the President of the Company on terms to be mutually agreed upon, the Company will make Health Insurance Coverage available to Employee and his
spouse and/or dependents, if any, in accordance with this Section 8. The compensation and other terms of such consultancy shall, unless otherwise agreed provide for part-time consulting (up to one (1) day per month) at compensation equal
to at least five percent (5%) of Employee’s base salary at the time of termination. 
 8.2 Health Insurance
Coverage. For purposes of this Agreement, Health Insurance Coverage shall mean coverage under any group health plan(s), as defined in Section 5000(b)(1) of the Internal Revenue Code of 1986, as amended (the “Code”) that the
Company maintains for its employees and that is available to consultants to the President of the Company. Health Insurance Coverage shall be the same as the group health plan coverage the Company provides its employees. In the event the group health
plan coverage provided to employees of the Company changes, Health Insurance Coverage shall change in the same manner. A change to group health plan coverage includes, but is not limited to, a change in covered medical expenses, a change in
deductibles, copayments or coverage limits, and a change in the insurance provider. In the event the Health Insurance Coverage is to be provided under a new insurance contract, the Company will include consultants to the President of the Company
among those eligible for coverage under such contract. 
 8.3 Cost of Health Insurance Coverage. 
 (a) During the ten (10) year period following Employee’s notice of willingness and ability to act as a consultant to the
President pursuant to Section 8.1 above, Employee shall be required to pay the same amount for the Health Insurance Coverage as a similarly situated full-time employee would be required to pay for coverage under the Company’s group health
plan(s). The amount Employee is required to pay for Health Insurance Coverage shall be adjusted in the same amount and at the same time as the amount employees of the Company are required to pay for similar coverage under the Company’s group
health plan(s). Employee shall pay his cost for the Health Insurance Coverage not less frequently than monthly by submitting a personal check for the appropriate amount to the Company. 
 (b) After the expiration of the ten (10) year period covered by Section 8.3(a), Employee shall be required to reimburse the
Company for the Health Insurance Coverage in an amount equal to the cost to the Company of covering an employee with similar coverage under the Company’s group health plan(s). Such reimbursement shall be paid not less frequently than monthly by
personal check. 
  

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 8.4 Spousal Coverage. In the event of Employee’s death while receiving Health
Insurance Coverage, Employee’s spouse, if any, shall be eligible for Health Insurance Coverage until her death so long as she pays for the Health Insurance Coverage in an amount equal to the cost of coverage under the Company’s group
health plan(s) for an employee with identical coverage. 
 8.5 Disability of Employee. In the event Employee becomes
disabled while receiving Health Insurance Coverage, Employee shall be deemed to be a consultant to the President of the Company during Employee’s disability. For purposes of this Agreement, “disabled” means Employee is incapacitated
or disabled by accident, sickness or otherwise so as to render him mentally or physically incapable of performing the services required of him as a consultant to the President of the Company. 
 8.6 Termination of Coverage. Employee’s and his spouse’s and/or dependent’s, if any, Health Insurance Coverage
shall terminate upon the occurrence of the earliest of the following events: 
  

	 	(a)	 Employee again becomes an employee of the Company eligible for coverage under the Company’s group health plans; 

  

	 	(b)	 Employee becomes a full-time employee of another company or a part-time employee of another company in which he is eligible for coverage under that
company’s health plan; 

  

	 	(c)	 Employee breaches Section 2 of this Agreement regarding noncompetition; 

  

	 	(d)	 Employee elects to terminate this Agreement in accordance with Section 15 of this Agreement; 

  

	 	(e)	 Employee is able, but unwilling to act as a consultant to the President of the Company; 

  

	 	(f)	 Employee does not pay the cost of Health Insurance Coverage for three (3) months; or 

  

	 	(g)	 the Company does not provide group health plan coverage to its employees. 

 Employee agrees to notify the Company in writing of the occurrence of any of the events described in (b) through (e), above. The Company agrees to notify Employee in writing of the
occurrence of any of the events described in (f) and (g), above. 
  

 5 

 In the event, Employee’s and his spouse’s and/or dependent’s, if any,
Health Insurance Coverage terminates in accordance with the previous paragraph, Employee and his spouse and/or dependents, if any, shall be offered COBRA health insurance continuation benefits to the extent required by Section 4980B(f) of the
Code. 
 9. Arbitration. Any and all claims, disputes or controversies, whether of law or fact of any nature whatsoever,
arising from or respecting the termination of this Agreement shall be decided exclusively by arbitration by the Judicial Arbitration and Mediation Service (“JAMS”) in accordance with the rules and regulations of the American Arbitration
Association (“AAA”), or by any other body mutually agreed upon by the parties. Pre-arbitration discovery shall be permitted at the request of either party under appropriate protection for proprietary and confidential business information.

 Before filing a demand for arbitration, a party must send the other party written notice identifying the matter in dispute
and invoking the procedures in this paragraph. Such written notice shall be sent promptly after the party knew or reasonably should have known of an alleged violation of this Agreement. Within fifteen (15) days after such written notice is
given, one or more principals of each party shall meet at a mutually agreeable location in Sunnyvale, California, for the purpose of determining whether they can resolve the dispute themselves by written agreement. If the parties fail to resolve the
dispute by written agreement within the fifteen (15) day period, the complaining party may then initiate the arbitration process by filing a demand with JAMS or such other body as the parties may agree upon. Nothing in this paragraph shall
prevent a party from seeking temporary equitable relief, from JAMS or such other body as the parties may mutually agree upon, during the fifteen (15) day period if necessary to prevent irreparable harm. 
 The arbitrator shall be selected as follows: The Company and the Employee shall each alternately strike a name from a list of seven
arbitrators supplied by JAMS, or by such other body as the parties may agree upon. Once the list of names is received, neither party may insist upon using a different source of arbitrators. The remaining named person shall be the arbitrator of the
matter. Either party may disqualify any individual arbitrator who is a present or past employee, owner, or consultant to the opposing party or a competing organization. Arbitration shall take place at Sunnyvale, California or any other location
mutually agreeable to the parties. At the request of either party, arbitration proceedings will be conducted in the utmost secrecy and, in such case, all documents, testimony and records shall be received, heard and maintained by the arbitrator in
secrecy under seal, available for inspection only by the Company, Employee, their respective attorneys, and heir respective experts, consultants or witnesses who shall agree, in advance and in writing, to receive all such information confidentially
and to maintain such information in secrecy, and make no use of such information except for the purposes of the arbitration, until such information shall become generally known. 
  

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 The arbitrator shall be able to decree any and all relief of an equitable nature,
including but not limited to such relief as a temporary restraining order, a temporary injunction, or a permanent injunction, and shall also be able to award compensatory damages, with or without an accounting and costs. However, the arbitrator
shall not be able to award punitive or exemplary damages. The arbitrator shall award reasonable attorneys fees, costs and disbursements to the party in the proceeding determined by the arbitrator to be the prevailing party. The decree or judgment of
an award rendered by the arbitrator shall not be appealable and may be entered in any court having jurisdiction over the parties. 
 Reasonable notice of the time and place of arbitration shall be given to persons other than the parties, if such notice is required by law, in which case such persons or their authorized representatives shall have the right to attend or
participate in the arbitration hearing in such manner as the law shall require. If any action is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, costs, and
necessary disbursements in addition to any other relief to which that party may be entitled. 
 10. Assignment and Binding Effect.
This Agreement shall be binding upon and inure to the benefit of Employee and Employee’s heirs, executors, administrators and legal representatives. As the services and duties to be performed by Employee are personal, neither this Agreement nor
any rights or obligations under this Agreement shall be assignable by Employee. This Agreement shall be binding upon and inure to the benefit of the Company and its successors, assigns and legal representatives. This Agreement shall be assignable by
the Company to any successor entity to the Company, or any entity controlled by or under common control with the Company. 
 11.
Notices. All notices or demands of any kind required or permitted to be given by the Company or Employee under this Agreement shall be given in writing and shall be personally delivered (and receipted for) or mailed by registered or certified
mail, return receipt requested, postage prepaid, addressed as follows: 
  

	 	(i)	 If to the Company: 

 President 
 Maxim Integrated Products, Inc. 
 120 San Gabriel Drive 
 Sunnyvale, CA 94086 
  

	 	(ii)	 If to Employee: 

 Richard Hood 
 [address] 
  

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 Any such written notice shall be deemed received when personally delivered or three (3) days after
its deposit in the United States mail as specified above. Either party may change its address for notices by giving notice to the other party in the manner specified in this section. 
 12. Choice of Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of California. 
 13. Integration. This Agreement, together with the Proprietary Information and Inventions Agreement and the stock option agreements between
employee and the Company, is the entire agreement of the parties with respect to the subject matter of this Agreement, and supersedes all prior oral and written employment agreements or arrangements between the parties. 
 14. Amendment. This Agreement cannot be amended or modified except by a written agreement signed by Employee and the Company. 
 15. Termination of Agreement. This Agreement shall terminate when Employee is no longer employed by the Company and Employee and his spouse and/or
dependents, if any, are no longer eligible for Health Insurance Coverage under Section 8 of this Agreement. In any event, the parties may mutually agree at any time to terminate this Agreement upon such terms and conditions as may be agreed
upon in writing. 
 16. Waiver. No term, covenant or condition of this Agreement or any breach thereof shall be deemed waived, except
with the written consent of the party against whom the waiver is claimed, and any waiver of any such term, covenant, condition or breach shall not be deemed to be a waiver of any preceding or succeeding breach of the same or any other term,
covenant, condition or breach. 
 17. Severability. The unenforceability, invalidity or illegality of any provision of this Agreement
shall not render any other provision of this Agreement unenforceable, invalid or illegal. 
 18. Interpretation; Construction. The
headings set forth in this Agreement are for convenience of reference only and shall not be used in interpreting this Agreement. This Agreement has been drafted by legal counsel representing the Company, but Employee has been encouraged, and has had
the opportunity, to consult with his own independent counsel and tax advisors with respect to the terms of this Agreement. The parties acknowledge that each party and its counsel has reviewed and revised, or had an opportunity to review and revise,
this Agreement, and the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement. 
  

 8 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written. 
  

			
	 MAXIM INTEGRATED PRODUCTS, INC.

		
	 By:
	 	 /s/ John F. Gifford

	 Its:
	 	 Chairman of the Board, President and Chief Executive Officer

	
	 /s/ Richard Hood

	 Richard Hood

  

 9Memorandum of Understanding between the Company and Jack Gifford

 Exhibit 10.36 
 BINDING MEMORANDUM OF UNDERSTANDING 
 This BINDING MEMORANDUM OF UNDERSTANDING, dated this 5th
day of January, 2007 (“MOU”), states the terms of a binding agreement between John F. (“Jack”) Gifford (“Gifford”) and Maxim Integrated Products, Inc. (“Maxim”). 
 1. This MOU is entered into with reference to the following facts: 
 a. On December 8, 2006, Gifford notified Tunc Doluca, a Maxim group president, that he was seriously considering retirement based on the advice of his treating physician and his disability.
On December 15, 2006, Gifford notified the Board of Directors of Maxim that his treating physician had advised him that he is “disabled” as that term is defined in the Amended and Restated Employment Agreement (“1994 Employment
Agreement”) and Gifford proposed that, on the advice of his treating physician, he would voluntarily retire from his employment as Chairman, CEO, President, and member of the Board of Directors of Maxim, effective December 31, 2006, and
that he and the Company enter into a Retirement Agreement to address the issues related to his disability and the 1994 Employment Agreement. 
 b. Gifford has notified the Board of Directors of Maxim, pursuant to section 9.1 of the 1994 Employment Agreement between Gifford and Maxim, that he is willing and able to continue to be employed by Maxim on a
part-time basis as a consultant to Maxim advising on matters of Maxim’s choosing; 
 c. Maxim has agreed to waive the
120-day termination-notice requirement contained in section 9 of the 1994 Employment Agreement; and, 
 d. Maxim and Gifford
have agreed to enter into a retirement agreement that will include each of the terms set forth below. (“Retirement Agreement”) This MOU fully supersedes and replaces the 1994 Employment Agreement until the Retirement Agreement is signed,
at which time the Retirement Agreement will supercede and replace this MOU. 
 2. Termination Notice: Gifford hereby retires from his
positions as Chief Executive Officer, President, and Chairman of the Board of Directors effective December 31, 2006. Gifford also hereby retires from his position as a member of the Board of Directors of Maxim. Maxim waives any requirement of
120 days advance written notice by Gifford in Section 9 of 1994 Employment Agreement. 
 3. Employment Status: Gifford will be
employed by Maxim on a part-time basis (i.e., up to a maximum of 24 hours a week) as a consultant to Maxim, advising on matters of the company’s choosing, including, for example, product planning and direction, and business unit
management. 
 4. Termination of Part-Time Employment: Maxim may terminate Gifford’s part-time employment with or without
“cause.” For purposes of this MOU and the Retirement Agreement, “cause” shall mean (i) fraud or other illegal act; (ii) dishonesty against Maxim; or (iii) habitual drunkenness or drug dependency affecting
Gifford’s performance of the duties of his 

 employment. Gifford may voluntarily terminate his part-time employment for “good reason” or for
no reason. For purposes of this MOU and the Retirement Agreement, “good reason” shall exist if (1) Maxim materially diminishes Gifford’s responsibilities related to his part-time employment, (2) Maxim requires that Gifford
relocate his residence as a condition of continuing his part-time employment with Maxim, (3) Maxim materially breaches any of the provisions of this MOU, or (4) Gifford is determined by a qualified physician (to be mutually agreed upon by
Gifford and Maxim, which agreement shall not be unreasonably withheld) to be disabled by accident, or sickness, or otherwise so as to render him mentally or physically incapable of performing the services required of him as described in paragraph 3
of this MOU for a period of at least ninety (90) consecutive days. Gifford will not be entitled to terminate for good reason based on disability for 90 days from the date of execution of this MOU. If Maxim terminates Gifford’s part-time
employment without “cause” or Gifford terminates his part-time employment for “good reason,” Gifford shall be entitled to a one-time lump-sum payment of $300,000. 
 5. Compensation: $300,000.00 annually, based upon full-time employment and payable in proportion to hours worked (i.e., 20 hours a week for an entire year equates to $150,000 in
compensation). 
 6. Vesting: During such period as Gifford remains employed by Maxim, his Maxim stock options and shares of
restricted Maxim stock shall remain outstanding and shall vest at a rate equal to a percentage of their former vesting rate, which percentage shall be determined by dividing by 65 the number of days worked by Gifford in the relevant quarter. With
respect to the stock options and restricted stock that did not vest but would have vested had Gifford remained employed full-time, they will not be cancelled, but will remain outstanding (respectively, “remaining non-qualified stock
options” and “remaining restricted stock units”). The vesting schedule for the remaining non-qualified stock options will be revised so that each will be scheduled to vest in the equivalent fiscal quarter of the first fiscal year in
which Gifford has no non-qualified stock options scheduled to vest and will vest according to the percentage calculation set forth above (i.e., if fiscal year 2011 is the first fiscal year in which Gifford has no options scheduled to vest,
non-qualified stock options remaining after a vesting calculation performed in Q3 ‘07 will be rescheduled to vest in Q3 ‘11; options remaining after a vesting calculation performed in Q4 ‘07 will be rescheduled to vest in Q4 ‘11,
and so forth). Similarly, the vesting schedule for the remaining restricted stock units will be revised so that each will be scheduled to vest in the equivalent fiscal quarter of the first fiscal year in which Gifford has no restricted stock units
scheduled to vest and will vest according to the percentage calculation set forth above. Each year, prior to the anniversary of this MOU, Maxim’s Board of Directors will meet to evaluate Gifford’s relative contribution to the success of
Maxim during the preceding year and will grant to Gifford such new options as it deems appropriate. Should Maxim terminate Gifford’s part-time employment without “cause” (as defined above) or should Gifford resign for “good
reason” (as defined above), all of Gifford’s then-outstanding stock options and restricted stock units shall immediately and fully vest. 
 7. Health and Other Insurance Coverage: Gifford and his wife shall be entitled to Maxim health insurance coverage for the remainder of each of their lives, consistent with the definition of “coverage” set forth in
Section 9.2 of the 1994 Employment Agreement, regardless of the reason for the termination of Gifford’s part-time employment, or the expiration of the 

 Retirement Agreement. While Gifford remains employed by Maxim on a part-time basis, Maxim shall continue
to provide coverage to Gifford under Maxim’s then-existing life and disability insurance policies applicable to Maxim’s officers, consistent with the coverage currently being provided to Gifford so long as those terms are consistent with
Maxim’s insurance policies. While Gifford remains employed by Maxim on a part-time basis, Maxim shall continue to provide coverage to Gifford under Maxim’s then-existing personal liability insurance policies applicable to Maxim’s
chief executive officer, consistent with the coverage currently being provided to Gifford so long as those terms are consistent with Maxim’s insurance policies. Following the termination of Gifford’s employment with Maxim, Maxim shall
continue to provide to Gifford coverage under Maxim’s then-existing life and disability insurance policies applicable to retired officers of Maxim, consistent with the coverage provided to other retired Maxim officers, the terms of those
insurance policies and applicable law. Following the termination of Gifford’s employment with Maxim, Maxim shall continue to provide to Gifford coverage under Maxim’s then-existing personal liability insurance policies applicable to the
chief executive officer of Maxim, consistent with the coverage provided to Maxim’s chief executive officer, the terms of those insurance policies and applicable law. With respect to all of the insurance described in this paragraph 7, Gifford
shall be required to pay the same amount for such insurance coverage as a full-time Maxim officer would be required to pay for such coverage under the applicable Maxim plan and/or policy. 
 8. Bonus: Gifford will no longer be eligible for the Maxim officer or employee bonus program after December 31, 2007. Gifford will, however, be eligible for one half of the fiscal
year 2007 bonus based on the bonus plan that currently applies to the CEO and officers of Maxim. 
 9. Indemnity Agreement: This MOU
and the Retirement Agreement shall effect no change to the existing indemnity agreement between Gifford and Maxim. 
 10. D&O
Insurance Policy: Maxim will provide Gifford with all such “tail coverage” as is available to the CEO and the Board of Directors. 
 11. Deferred Compensation: The Board will approve, with Gifford’s consent, the further acceleration of the distribution of Gifford’s vested account balance under his Deferred Compensation Agreement at December 31, 2004
on or before January 31, 2007 (less amounts already distributed on September 21, 2006 and to be distributed on December 28, 2006). In addition, the Board will approve, with Gifford’s consent, the acceleration of the distribution
of his vested account balance for amounts deferred in 2005 and 2006 on January 24, 2008 to be paid in a lump sum; provided, however, that such amount will be distributed earlier in a lump sum in the event of Gifford’s death or his
retirement from part-time employment with Maxim. 
 12. Office and Assistant: Maxim will provide Gifford with the same office that
Gifford is utilizing now and Candy Flett (formerly Candy Beers) will continue to be his administrative assistant throughout the period he remains as a part-time employee. If Gifford’s part-time employment terminates through his retirement or
termination by Maxim without “cause,” Maxim will continue to provide his existing office space and Candy Flett as his administrative assistant provided he remains available to consult to Maxim. Candy Flett will be provided as
Gifford’s 

 
administrative assistant pursuant to this Section 12 to the extent she remains employed by Maxim, and is willing to do so; provided that if
Ms. Flett is not available for these reasons, Maxim will assign another administrative assistant acceptable to Gifford to work with Gifford pursuant to this Section 12. If Gifford’s part-time employment terminates through his
retirement or termination by Maxim without “cause” and Gifford is not providing services to Maxim, Maxim may, in lieu of providing Gifford with his current office, provide Gifford with office space comparable to his current office space
and located not on a Maxim campus but within a reasonable distance from Gifford’s residence, along with an administrative assistant acceptable to Gifford. If Gifford’s employment is terminated for “cause” (as defined above),
Gifford shall not be entitled to the above-referenced office space and assistant. 
 13. Competitive Activity. During the period while
Gifford is receiving salary from Maxim as a part-time employee, receiving insurance coverage from Maxim pursuant to paragraph 7, above, or receiving benefits pursuant to paragraph 12, above, Gifford will not directly engage in activities for, nor
render services to, any firm or business organization which directly competes with Maxim in any line of business then engaged in by Maxim. 
 14. This Memorandum of Understanding is fully binding upon the parties and all successors and assigns. Gifford and Maxim agree to subsequently enter into a mutually agreeable Retirement Agreement, which shall include each of the terms set
forth in this MOU. This MOU fully supersedes and replaces the 1994 Employment Agreement until the Retirement Agreement is signed, at which time the Retirement Agreement will supercede and replace this MOU. Gifford’s and Maxim’s rights and
responsibilities under the 1994 Employment Agreement will, therefore, be extinguished. 

 IN WITNESS WHEREOF, this MOU has been signed by or on behalf of each of the parties as of the day first
above written. The parties hereto agree that this MOU may be executed in counterparts. 
  

			
	 Dated: January     , 2007

	
	 JOHN F. GIFFORD

	
	 /s/ John F. Gifford

	
	 MAXIM INTEGRATED PRODUCTS, INC.

	
	 Dated: January 5, 2007

	
	 /s/ James R. Bergman

	 By James R. Bergman

	 Its Director

	
	 Dated: January 5, 2007

	
	 /s/ Michael J. Byrd

	 By Michael J. Byrd

	 Its Director

	
	 Dated: January 5, 2007

	
	 /s/ B. Kipling Hagopian

	 B. Kipling Hagopian

	 Its Director

	
	 Dated: January 5, 2007

	
	 /s/ A.R. Frank Wazzan

	 By A.R. Frank Wazzan

	 Its Director

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