Document:

Exhibit 10.1

 

 

Silicon Laboratories Inc.

 

2021 Bonus Plan

 

Overview

 

Silicon Laboratories Inc. (“Silicon Labs”) is committed
to sharing its success with the people who make it possible — the Silicon Labs employees. The purpose of the 2021 Bonus Plan
(the “Plan”) is to encourage the Silicon Labs employees to participate in the achievement of the company’s goals
and to permit Silicon Labs employees to share in the rewards of our success. The term of this Plan is for the 2021 fiscal year.

 

Eligible Employees

 

To be eligible to participate in the Plan, a person must be
a regular full-time or part-time employee of Silicon Labs or one of its wholly-owned subsidiaries and not a participant in any
other bonus plan or cash incentive plan (including any sales commission plan) unless participation under the Plan is permitted
under the terms of such other plan.

 

Bonus Calculation

 

Bonuses and applicable bonus metrics shall be determined by
the Compensation Committee (with respect to executive officers and other members of management designated by the Compensation Committee)
or by the CEO of Silicon Labs after consultation with the Chief People Officer (with respect to other Eligible Employees). Bonuses
may be made dependent on individual or company performance criteria such as, without limitation, adjusted operating income, earnings
per share, revenue, revenue by product area(s), gross margin, gross margin by product area(s) or management-based objectives
such as the introduction of new products or diversity, equity and inclusion metrics. Adjustments may be made from time to time
at the sole discretion of the Compensation Committee (or its designee) to include or exclude certain items in the calculations.
An example of a potential adjustment would be the exclusion of an expense item such as an unusual tax charge.

 

Eligible Earnings

 

Bonuses are paid as a percentage of Eligible Earnings earned
by such employee during the applicable period. Eligible Earnings include only an employee’s base salary or hourly wages,
including such wages earned while on short-term leaves (90 days or less). Eligible Earnings do not include, among other things,
 “extra months” bonuses or payments, disability pay for leaves greater than 90 days except as required by local regulation,
personal leave, bonus payments from a previous bonus period or other payments that are taxable but not considered regular base
earnings. For non-exempt employees, overtime pay would be considered Eligible Earnings.

 

Timing of Payments

 

Bonus checks will generally be issued between four and six weeks
after the end of the applicable measurement period but in no event later than the 15th day of the third month following
the end of the applicable measurement period. Bonus payments are not considered earned by the employee until the payment is received.

 

     

     

    

 

 

General Provisions

 

		·	Bonuses are subject to all applicable taxes and other
required deductions. Bonus payments are not subject to benefit plan deductions or 401(k) plan contributions.

 

		·	The Plan will not be available to employees subject
to the laws of any jurisdiction which prohibits any provisions of this Plan or in which tax or other business considerations make
participation impracticable in the judgment of the Compensation Committee.

 

		·	The Plan does not constitute a guarantee of employment
nor does it restrict Silicon Labs’ rights to terminate employment at any time or for any lawful reason.

 

		·	The Plan does not create vested rights of any nature
nor does it constitute a contract of employment or a contract of any other kind. The Plan does not create any customary concession
or privilege to which there is any entitlement from year-to-year, except to the extent required under applicable law. Nothing in
the Plan entitles an employee to any remuneration or benefits not set forth in the Plan nor does it restrict Silicon Labs’
rights to increase or decrease the compensation of any employee, except as otherwise required under applicable law.

 

		·	The Plan shall not become a part of any employment
condition, regular salary, remuneration package, contract or agreement, but shall remain gratuitous in all respects. Bonuses are
not to be taken into account for determining severance pay, termination pay, “extra months” bonuses or payments, or
any other form of pay or compensation.

 

		·	The Plan is provided at Silicon Labs’ sole
discretion and Silicon Labs may modify or eliminate it at any time, individually or in the aggregate, prospectively or retroactively,
without notice or obligation. In addition, there is no obligation to extend or establish a similar plan in subsequent years.

 

		·	The Plan shall not be pre-funded. Silicon Labs shall
not be required to establish any special or separate fund or to make any other segregation of assets to assure the payment of bonuses.

 

		·	All references to a quarterly or annual period refer
to fiscal quarters or years of Silicon Labs.

 

		·	This Plan constitutes the entire arrangement regarding
the Plan, supersedes any prior oral or written description of the Plan and may not be modified except by a written document that
specifically references this Plan and is signed by the Silicon Labs CEO.

 

		·	Employees who resign or are terminated prior to the
actual payment of a bonus shall not receive a bonus except in jurisdictions where required by regulation.

 

		·	Eligible employees who begin employment with Silicon
Labs after the first day of a fiscal period for which a bonus is paid shall be eligible to receive a bonus for such fiscal period.
The bonus will be based on actual Eligible Earnings earned by such employee during such fiscal period.

 

		·	Employees who are separated from employment with
Silicon Labs due to divestiture, closure, or dissolution of a business are not eligible to receive a bonus except in jurisdictions
where required by regulation.

 

		·	Independent contractors, consultants, individuals
who have entered into an independent contractor or consultant agreement, temporary employees, contract employees and interns are
not eligible to participate in the Plan.

 

		·	The bonus for an otherwise eligible employee who
has died prior to the end of a fiscal period while employed will be paid to the decedent’s estate.Exhibit 10.2

 

CHANGE IN CONTROL AGREEMENT

 

This Change in Control Agreement (“Agreement”)
is made and entered into effective as of _____________________ (the “Effective Date”) by and between Silicon
Laboratories Inc., a Delaware corporation, and ______________ (the “Employee”).

 

WHEREAS, the Company considers the continued availability
of the Employee’s services to be in the best interest of the Company and its stockholders, and desires to reduce (a) the
potential distraction of the Employee occasioned by the possibility of a Change in Control of the Company and (b) the likelihood
that the Employee would seek other employment following the announcement of a Change in Control of the Company and if such announced
transaction were not consummated, the Company would be seriously harmed.

 

NOW, THEREFORE, in consideration of these premises, the parties
agree that the following shall constitute the agreement between the Company and the Employee:

 

1.             Definitions.
Whenever the following terms are used in this Agreement, they shall have the meaning specified below unless the context clearly
indicates to the contrary:

 

		1.01	“Administrator” shall mean the Board or its
delegate.

 

		1.02	“Board” shall mean the Board of Directors
of the Company.

 

1.03        “Cause”
shall mean the commission of any act of fraud, embezzlement or dishonesty by the Employee, any unauthorized use or disclosure by
Employee of confidential information or trade secrets of the Company or any intentional wrongdoing by Employee, whether by omission
or commission, which adversely affects the business or affairs of the Company in a material manner.

 

		1.04	“Change in Control” means and includes each
of the following:

 

(a)A transaction or series of transactions
(other than an offering of the Company’s shares of Common Stock to the general public through a registration statement filed
with the United States Securities and Exchange Commission) whereby any “person” or related “group” of “persons”
(as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than the Company, any of its subsidiaries,
an employee benefit plan maintained by the Company or any of its subsidiaries or a “person” that, prior to such transaction,
directly or indirectly controls, is controlled by, or is under common control with, the Company) directly or indirectly acquires
beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more
than 40% of the total combined voting power of the Company’s securities outstanding immediately after such acquisition; or

 

(b)During any period of two consecutive years,
individuals who, at the beginning of such period, constitute the Board together with any new director(s) (other than a director
designated by a person who shall have entered into an agreement with the Company to effect a transaction described in Section 1.04(a) or
Section1.04(c) hereof) whose election by the Board or nomination for election by the Company’s stockholders was approved
by a vote of at least a majority of the directors then still in office who either were directors at the beginning of the two-year
period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof;
or

 

(c)The consummation by the Company (whether
directly involving the Company or indirectly involving the Company through one or more intermediaries) of (x) a merger, consolidation,
reorganization, or business combination or (y) a sale or other disposition of all or substantially all of the Company’s
assets in any single transaction or series of related transactions or (z) the acquisition of assets or stock of another entity,
in each case other than a transaction:

 

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(i)Which results in the Company’s
voting securities outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by
being converted into voting securities of the Company or the person that, as a result of the transaction, controls, directly or
indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s assets or otherwise succeeds
to the business of the Company (the Company or such person, the “Successor Entity”)) directly or indirectly,
at least 60% of the combined voting power of the Successor Entity’s outstanding voting securities immediately after the
transaction, and

 

(ii)After which no person or group beneficially
owns voting securities representing 40% or more of the combined voting power of the Successor Entity; provided, however,
that no person or group shall be treated for purposes of this Section 1.04(c)(ii) as beneficially owning 40% or more
of combined voting power of the Successor Entity solely as a result of the voting power held in the Company prior to the consummation
of the transaction;

 

(d)The Company’s stockholders approve
a liquidation or dissolution of the Company; or

 

		(e)	A Significant Business Unit Sale.

 

Notwithstanding anything to the contrary
in the foregoing, a transaction shall not constitute a Change in Control hereunder (a) if it is effected for the purpose of
changing the place of incorporation or form of organization of the ultimate parent entity (including where the Company is succeeded
by an issuer incorporated under the laws of another state, country or foreign government for such purpose and whether or not the
Company remains in existence following such transaction) where all or substantially all of the persons or group that beneficially
own all or substantially all of the combined voting power of the Company’s voting securities immediately prior to the transaction
beneficially own all or substantially all of the combined voting power of the Company in substantially the same proportions of
their ownership after the transaction, (b) the distribution of stock of a Significant Business Unit to the Company’s
stockholders, or (c) the initial public offering of the stock of a Significant Business Unit of the Company, and any subsequent
sale of less than 50% of the stock of the Significant Business Unit by the Company.

 

1.05            A
 “Change in Control Termination” shall mean a termination of employment of the Employee during the Protected Period
for which a Notice of Termination has been provided to the other party where such termination results from (a) termination
by the Company or a party effecting a Change in Control of the Company other than for Employee’s death, Employee’s
Permanent Disability or for Cause, or (b) the Employee resigns with Good Reason. In connection with a Significant Business
Unit Sale, Employee’s termination by the Company shall not be deemed a Change in Control Termination if the purchaser in
such Significant Business Unit Sale offers the Employee employment on terms that would not constitute Good Reason.

 

		1.06	“Code” shall mean the Internal Revenue Code
of 1986, as amended.

 

1.07        “Company”
shall mean Silicon Laboratories Inc., a Delaware corporation, and, following any Change in Control, any Successor Entity.

 

1.08        “Date
of Termination” shall mean the date, as the case may be, for the following events: (a) if the Employee’s employment
is terminated by death, the date of death; (b) if the Employee’s employment is terminated due to a Permanent Disability,
30 days after the Notice of Termination is given (provided that the Employee shall not have returned to the performance of his
or her duties on a full-time basis during such period); (c) if the Employee’s employment is terminated pursuant to a
termination for Cause, the date specified in the Notice of Termination; (d) if the Employee’s employment is terminated
in a Change in Control Termination, the date specified in the Notice of Termination; and (e) if the Employee’s employment
is terminated for any other reason, 15 days after delivery of the Notice of Termination unless otherwise agreed by the Employee
and the Company.

 

1.09        “Disability”
shall mean that the Employee is unable, by reason of injury, illness or other physical or mental impairment, to perform the essential
functions of the position for which the Employee is employed, even with a reasonable accommodation, which inability is certified
by a licensed physician reasonably acceptable to the Company.

 

		1.10	“Exchange Act” shall mean the Securities
Exchange Act of 1934, as amended.

 

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1.11        “Good
Reason” shall mean the occurrence of any of the following, without the Employee’s express written consent, within
a Protected Period:

 

(a)            a
material diminution in any of the Employee’s authority, duties, or responsibilities compared to the time immediately prior
to the Protected Period. For the avoidance of doubt, if the Employee is serving as the Chief Executive Officer or Chief Financial
Officer of the Company immediately prior to Protected Period and such Employee ceases to serve in such position with the Company,
such event shall constitute a material diminution in the Employee’s authority, duties and responsibilities;

 

(b)            a
reduction in the Employee’s (i) base salary by 10% or more or (ii) a reduction in total target cash compensation
(including base salary and Target Variable Compensation) by more than 10%, in each case, compared to the time immediately prior
to the Protected Period;

 

(c)            a
material diminution in the budget over which the Employee retains authority; or

 

(d)           a
material change in the geographic location at which the Employee must perform the services (including, without limitation, a change
in the Employee’s assigned workplace that increases the Employee’s one-way commute by more than 35 miles).

 

No termination of employment with the Company by the Employee
shall be treated as being for Good Reason unless the Employee gives written notice to the Administrator advising the Company of
such resignation (along with the reason for such resignation) within 60 days after the time that the facts or circumstances constituting
Good Reason initially arise and provides the Company a cure period of 30 days following such date and such resignation is effective
prior to the 60th day following the end of such cure period.

 

Notwithstanding the foregoing, any sale by the Company of all
or substantially all of the stock or assets of a Significant Business Unit shall not constitute Good Reason under clause (a) or
(c) above unless responsibility for such Significant Business Unit was the primary duty of such Employee (e.g., as the General
Manager or similar position for such Significant Business Unit) and clauses (a) or (c) are otherwise satisfied.

 

1.12        “Notice
of Termination” shall mean a written notice that indicates the Date of Termination and the basis for termination, including
in the case of resignation for Good Reason, the particular facts and circumstances asserted as giving rise to Good Reason.

 

1.13        “Permanent
Disability” shall mean if, as a result of the Employee’s Disability, the Employee shall have been absent from his or
her duties with the Company on a full-time basis for a total of 6 months of any consecutive 8 month period.

 

1.14       “Protected
Period” shall mean a period (a) commencing upon the earlier of (i) execution by the Company of a definitive agreement,
the consummation of which would constitute a Change in Control (and such Change in Control contemplated by the definitive agreement
does in fact occur) or (ii) 90 days prior to a Change in Control and (b) ending 18 months after such Change in Control.

 

1.15        “Significant
Business Unit” shall mean a business unit with revenue of at least $100 million during the 12 months preceding the date of
the sale of such business unit.

 

1.16        “Significant
Business Unit Sale” shall mean the sale by the Company of all or substantially all of the stock or assets of a Significant
Business Unit, responsibility for which was the primary duty of such Employee (e.g., as the General Manager or similar position
for such Significant Business Unit), or a similar transaction as the Board, in the case of such sale or similar transaction, in
its sole discretion, may determine to be a Significant Business Unit Sale under this Agreement

 

1.17        “Separation
from Service” means the date upon which the Employee dies, retires, or otherwise has a termination of employment with the
Company that constitutes a “separation from service” within the meaning of Treasury Regulation Section 1.409A-1(h)(1),
without regard to the optional alternative definitions available thereunder. To the greatest extent permissible consistent with
Section 409A, a Separation from Service shall include any termination of the employee-employer relationship between the Employee
and the Company for any reason, voluntary or involuntary, with or without Cause, including, without limitation, a termination by
reason of resignation (whether for Good Reason or otherwise), discharge (with or without Cause), Permanent Disability, death or
retirement.

 

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1.18        “Target
Variable Compensation” shall mean total annual bonus, commission or other short term cash incentive compensation at 100%
of targeted performance.

 

1.19        “Willful”
shall mean not in good faith and without reasonable belief that an act or omission was in the best interest of the Company.

 

2.             Term.
This Agreement shall be effective until October 31, 2024. Notwithstanding the foregoing, this Agreement shall not terminate
and the Company shall not be entitled to deliver such notice of termination (a) while the Company is party to a definitive
agreement, the consummation of which would constitute a Change in Control or (b) during the 18 month period following a Change
in Control. Notwithstanding the foregoing, this Agreement shall terminate earlier if (a) the Agreement is mutually terminated
by the parties or (b) Employee’s employment is terminated in a manner that does not constitute a Change in Control Termination.

 

3.             Compensation
and Benefits Upon Termination of Employment.

 

3.01        Severance
Benefits. If there is a Change in Control Termination, then, subject to Section 3.02 and provided that the
Employee executes and does not revoke the release of claims and separation agreement attached hereto as Exhibit A (the
 “Release”) and provided such Release becomes effective (without having been revoked) by the 60th day following
Employee’s Separation from Service or such earlier date required by the release (such effectiveness deadline, the “Release
Deadline”), the Employee shall receive the following payments and benefits, which are in addition to any amounts owed
to Employee as earned but unpaid wages through the Date of Termination and accrued but unused vacation, if any, through the Date
of Termination. Notwithstanding any provision of this Agreement to the contrary, no payment or benefit shall be provided to the
Employee pursuant to this Agreement unless a Change in Control is consummated within the Protected Period. No severance benefits
will be paid or provided until the Release becomes effective. If the Release does not become effective and irrevocable by the Release
Deadline, Employee will forfeit any rights to severance or benefits under this Agreement.

 

(a)            An
amount equal to 100% of the Employee’s annual base salary. For purposes of this clause, base salary shall be defined as the
greater of (x) the Employee’s base salary at the time of the Change in Control or (y) the Employee’s base
salary at the time of the Change in Control Termination. Such cash payment shall be payable in a single sum on the later of (i) sixtieth
(60th) day following the Employee’s Separation from Service or (ii) the date of the Change in Control.

 

(b)            An
amount equal to the greatest of (x) 100% of the Employee’s full Target Variable Compensation for the last full fiscal
year of the Company preceding the Change in Control, (y) 100% of the Employee’s full Target Variable Compensation for
the last full fiscal year of the Company preceding the Change in Control Termination or (z) 100% of the Employee’s full
Target Variable Compensation for the full fiscal year of the Company in which the Change in Control Termination occurs. Such cash
payment shall be payable in a single sum on the later of (i) sixtieth (60th) day following the Employee’s
Separation from Service or (ii) the date of the Change in Control.

 

(c)            Any
stock options granted to the Employee by the Company that are outstanding immediately prior to but have not vested as of the date
of the Change in Control Termination shall become 100% vested as of the later of the Date of Termination or the date of the Change
in Control (but immediately prior to the consummation thereof). Any stock option may be exercised by the Employee until the earlier
of (i) one year following the Date of Termination, or (ii) the original expiration date of the award (subject to any
right that the Company may have to terminate such awards in connection with the Change in Control).

 

(d)            Any
restricted stock or restricted stock units granted to the Employee by the Company that are outstanding immediately prior to but
have not vested as of the date of the Change in Control Termination shall become 100% vested as of the date of the later of the
Date of Termination or the date of the Change in Control (but immediately prior to the consummation thereof).

 

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(e)            Any
market stock unit awards granted to the Employee by the Company that are outstanding immediately prior to, but have not fully
vested as of, the date of the Change in Control Termination shall become vested as follows: the greater of (i) 100% of the
Target Units (as defined in the market stock unit award agreement) less any previously vested units or (ii) the actual Earned
Units (as defined in the market stock unit award agreement) less any previously vested units, shall be deemed Vested Units (as
defined in the market stock unit award agreement) as of the later of the Date of Termination or the date of the Change in Control
(but immediately prior to the consummation thereof).

 

(f)            With
respect to any performance stock unit awards granted to the Employee by the Company that are outstanding immediately prior to,
but have not fully vested as of, the date of the Change in Control Termination shall become vested as follows: the greater of (i) 100%
of the Target Units (as defined in the performance stock unit award agreement) less any previously vested units or (ii) the
actual Eligible Units (as defined in the performance stock unit award agreement) less any previously vested units shall be deemed
Vested Units (as defined in the performance stock unit award agreement) as of the later of the Date of Termination or the date
of the Change in Control (but immediately prior to the consummation thereof).

 

(g)            The
Company will pay Employee a fully taxable lump sum amount that, after deduction of federal, state and local income and employment
taxes determined at the highest marginal rates applicable to the Employee, will result in the Employee retaining an amount equal
to 12 months of the premiums that would be charged, as of the Date of Termination, for group health continuation coverage for Employee
and Employee’s covered dependents pursuant to Title X of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended
and any state law equivalent (“COBRA”). The Employee may, but is not obligated to, use such payment toward the
cost of COBRA premiums. Such amount shall be paid in cash in a single lump sum on the later of (i) sixtieth (60th)
day following the Employee’s Separation from Service or (ii) the date of the Change in Control.

 

In the case of a Change in Control as defined in item (e) of
Section 1.4, in lieu of providing the benefits set forth under items (c), (d), (e) and/or (f) above, the Company
may instead cause the acquiror of the Significant Business Unit to provide cash or other equity awards of substantially equivalent
value, as determined in the sole discretion of the Administrator and consistent with Section 409A of the Code or an exemption
therefrom.

 

3.02        Federal
Excise Tax Under Section 4999 of the Code.

 

(a)            Excess
Parachute Payments. Notwithstanding any provision of this Agreement to the contrary, if any payment or benefit Employee would
receive pursuant to this Agreement or otherwise (collectively, the “Payments”) would constitute a “parachute
payment” within the meaning of Section 280G of the Code, and, but for this Section 3.02(a), would be subject to
the excise tax imposed by Section 4999 of the Code or any similar or successor provision (the “Excise Tax”), then
the aggregate amount of the Payments will be either (i) the largest portion of the Payments that would result in no portion
of the Payments (after reduction) being subject to the Excise Tax or (ii) the entire Payments, whichever amount after taking
into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest
applicable marginal rate, net of the maximum reduction in federal income taxes which could be obtained from a deduction of such
state and local taxes), results in Employee’s receipt, on an after-tax basis, of the greatest amount of the Payments. Any
reduction in the Payments required by this Section will be made in the following order: (i) reduction of cash payments;
(ii) reduction of accelerated vesting of equity awards other than stock options; (iii) reduction of accelerated vesting
of stock options; and (iv) reduction of other benefits paid or provided to Employee. In the event that acceleration of vesting
of equity awards is to be reduced, such acceleration of vesting will be cancelled in the reverse order of the date of grant of
Employee’s equity awards. If two or more equity awards are granted on the same date, the accelerated vesting of each award
will be reduced on a pro-rata basis.

 

(b)            Determination
by Tax Firm. The professional firm engaged by the Company for general tax purposes as of the day prior to the date of the event
that might reasonably be anticipated to result in Payments that would otherwise be subject to the Excise Tax will perform the foregoing
calculations. If the tax firm so engaged by the Company is serving as accountant or auditor for the acquiring company, the Company
will appoint a nationally recognized tax firm to make the determinations required by this Section. The Company will bear all expenses
with respect to the determinations by such firm required to be made by this Section. The Company and Employee shall furnish such
tax firm such information and documents as the tax firm may reasonably request in order to make its required determination. The
tax firm will provide its calculations, together with detailed supporting documentation, to the Company and Employee as soon as
practicable following its engagement. Any good faith determinations of the tax firm made hereunder will be final, binding and conclusive
upon the Company and Employee.

 

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4.            No
Mitigation. The Employee shall not be required to mitigate the amount of any payments provided for by this Agreement
by seeking employment or otherwise, nor shall the amount of any cash payments or benefits provided under this Agreement be reduced
by any compensation or benefits earned by the Employee after his or her Date of Termination.

 

5.            Limitation
on Rights.

 

5.01        No
Employment Contract. This Agreement shall not be deemed to create a contract of employment between the Company and
the Employee and shall not create any right in the Employee to continue in the Company’s employment for any specific period
of time. This Agreement shall not restrict the right of the Company to terminate the employment of Employee for any reason, or
no reason at all, or restrict the right of the Employee to terminate his or her employment.

 

5.02        No
Other Exclusions. This Agreement shall not be construed to exclude the Employee from participation in any other
compensation or benefit programs in which he or she is specifically eligible to participate either prior to or following the Effective
Date of this Agreement, or any such programs that generally are available to other Employee personnel of the Company.

 

6.            Tax
Matters.

 

6.01        Tax
Withholding. All payments made and benefits provided pursuant to this Agreement will be subject to withholding of
applicable taxes.

 

6.02        Section 409A.

 

(a)            It
is intended that any amounts payable under this Agreement shall either be exempt from or comply with Section 409A of the Code
(including the Treasury regulations and other published guidance relating thereto, “Section 409A”) so as
not to subject the Employee to payment of any additional tax, penalty or interest imposed under Section 409A. The provisions
of this Agreement shall be construed and interpreted to avoid the imputation of any such additional tax, penalty or interest under
Section 409A yet preserve (to the nearest extent reasonably possible) the intended benefit payable to the Employee. However,
the Company does not guarantee any particular tax effect for income provided to the Employee pursuant to this Agreement. In any
event, except for the Company’s responsibility to withhold applicable income and employment taxes from compensation paid
or provided to the Employee, the Company shall not be responsible for the payment of any taxes, penalties, interest, costs, fees,
including attorneys’ fees or accountants’ fees, or other liability incurred by the Employee in connection with compensation
paid or provided to the Employee pursuant to this Agreement. Notwithstanding anything else contained herein to the contrary, nothing
in this Agreement is intended to constitute, nor does it constitute, tax advice, and in all cases, the Employee should obtain and
rely solely on the tax advice provided by the Employee’s own independent tax advisors (and not the Company, any of the Company’s
affiliates, or any officer, employee or agent of the Company or any of its affiliates).

 

(b)            Notwithstanding
anything to the contrary in this Agreement, no severance benefits to be paid or provided to Employee, if any, pursuant to this
Agreement that, when considered together with any other severance benefits, are considered deferred compensation under Section 409A
(together, the “Deferred Payments”) will be paid or otherwise provided until Employee has a Separation from
Service. Similarly, no severance payable to Employee, if any, pursuant to this Agreement that otherwise would be exempt from Section 409A
pursuant to Treasury Regulation Section 1.409A-1(b)(9) will be payable until Employee has a Separation from Service.

 

(c)            Any
severance benefits under this Agreement that would be considered Deferred Payments will be paid on, or, in the case of installments,
will not commence until, the 60th day following Employee’s Separation from Service. Any installment payments that would have
been made to Employee during the 60 day period immediately following Employee’s Separation from Service, but for the preceding
sentence, will be paid to Employee on the 60th day following Employee’s Separation from Service and the remaining payments
shall be made as provided in this Agreement.

 

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(d)            Notwithstanding
any provision of this Agreement to the contrary, if the Employee is a “specified employee” within the meaning of Treasury
Regulation Section 1.409A-l(i) as of the date of the Employee’s Separation from Service, the Employee shall not
be entitled to any payment or benefit that constitutes nonqualified deferred compensation under Section 409A until the earlier
of (1) the date which is 6 months and 1 day after the Employee’s Separation from Service for any reason other than death,
or (2) the date of the Employee’s death. Any amounts otherwise payable to the Employee upon or in the 6 month period
following the Employee’s Separation from Service that are not so paid by reason of this paragraph shall be paid (without
interest) on the first business day after the date that is 6 months after the Employee’s Separation from Service (or, if
earlier, as soon as practicable, and in all events within 10 business days, after the date of the Employee’s death). The
payment timing provisions of this paragraph shall only apply if, and to the extent, required to avoid the imputation of any tax,
penalty or interest pursuant to Section 409A.

 

7.             Miscellaneous.

 

7.01        Administration.
The Administrator shall administer this Agreement and the benefits provided for herein.

 

7.02        Assignment
and Binding Effect.

 

(a)            No
right or interest to or in this Agreement, or any payment or benefit to the Employee under this Agreement shall be assignable by
the Employee except by will or the laws of descent and distribution. No right, benefit or interest of the Employee hereunder shall
be subject to anticipation, alienation, sale, assignment, encumbrance, charge, pledge, hypothecation or set off in respect of any
claim, debt or obligation, or to execution, attachment, levy or similar process or assignment by operation of law. Any attempt,
voluntarily or involuntarily, to effect any action specified in the immediately preceding sentences shall, to the full extent permitted
by law, be null, void and of no effect; provided, however, that this provision shall not preclude the Employee from designating
one or more beneficiaries to receive any amount that may be payable to the Employee under this Agreement after his or her death
and shall not preclude the legal representatives of the Employee’s estate from assigning any right hereunder to the person
or persons entitled thereto under his or her will, or, in the case of intestacy, to the person or persons entitled thereto under
the laws of intestacy applicable to his or her estate. However, this Agreement shall be assignable by the Company to, binding upon
and inure to the benefit of any successor of the Company, and any successor shall be deemed substituted for the Company upon the
terms and subject to the conditions hereof.

 

(b)            The
Company will require any successor (whether by purchase of assets, merger, consolidation or otherwise) to all or substantially
all of the business and/or assets of the Company to expressly assume and agree to perform all of the obligations of the Company
under this Agreement (including the obligation to cause any subsequent successor to also assume the obligations of this Agreement)
unless such assumption occurs by operation of law. In connection with sale of a Significant Business Unit responsibility for which
was the primary duty of the Employee, the Company may assign its obligations hereunder to the purchaser of such Significant Business
Unit.

 

7.03         No
Waiver. No waiver of any term, provision or condition of this Agreement, whether by conduct or otherwise, in any
one or more instances shall be deemed or construed as a further or continuing waiver of any such term, provision or condition or
as a waiver of any other term, provision or condition of this Agreement. Without limiting the generality of the foregoing, the
failure by Employee to exercise his or her right to terminate his or her employment for Good Reason shall not operate as a waiver
by Employee of his or her right to terminate for Good Reason based upon any subsequent act or omission of the Company that constitutes
Good Reason.

 

    - 7 -

     

    

 

7.04        Rules of
Construction.

 

(a)            This
Agreement has been executed in, and shall be governed by and construed in accordance with the laws of the State of Texas without
regard to the principles of conflict of laws.

 

(b)            Captions
contained in this Agreement are for convenience of reference only and shall not be considered or referred to in resolving questions
of interpretation with respect to this Agreement.

 

(c)            If
any provision of this Agreement is held to be illegal, invalid or unenforceable under any present or future law, and if the rights
or obligations of any party hereto will not be materially or adversely affected thereby, (i) such provision will be fully
severable, (ii) this Agreement will be construed and enforced as if such illegal, invalid or unenforceable provision had never
comprised a part hereof, (iii) the remaining provisions of this Agreement will remain in full force and effect and will not
be affected by the illegal, invalid or unenforceable provision or by its severance herefrom and (iv) in lieu of such illegal,
invalid or unenforceable provision, there will be added automatically as a part of this Agreement a legal, valid and enforceable
provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible.

 

7.05        Notices.
Any notice required or permitted by this Agreement shall be in writing, delivered by hand or sent by registered or certified mail,
return receipt requested, postage prepaid, or by a nationally recognized courier service (regularly providing proof of delivery)
or by facsimile or telecopy, addressed to the Board and the Company and, if other than the Board, the Administrator, at the Company’s
then principal office, or to the Employee at the address set forth in the records of the Company, as the case may be, or to such
other address or addresses the Company or the Employee may from time to time specify in writing. Notices shall be deemed given:
(i) when delivered if delivered personally (including by courier); (ii) on the third day after mailing, if mailed, postage
prepaid, by registered or certified mail (return receipt requested); (iii) on the day after mailing if sent by a nationally
recognized overnight delivery service which maintains records of the time, place, and recipient of delivery; and (iv) upon
receipt of a confirmed transmission, if sent by telecopy or facsimile transmission.

 

7.06        Modification.
This Agreement may be modified only by an instrument in writing signed by the Employee and an authorized representative of the
Company.

 

7.07        Entire
Agreement. This Agreement constitutes the entire agreement between the Company and the Employee concerning the subject
matter hereof, and supersedes all other agreements, whether written or oral, with respect to such subject matter (including, but
not limited to, (a) any Change in Control Agreement previously entered into by the Company and Employee and (b) any conflicting
provision in any past or future equity award agreements, unless such future equity award agreements specifically reference this
Agreement and specify that such equity award agreement is intended to supersede some portion of this Agreement). This is an integrated
agreement. For the avoidance of doubt, this Agreement does not supersede any confidentiality, non-solicitation, non-competition
or similar agreements. The dollar value of the benefits provided under this Agreement shall reduce any payments to which the Employee
would otherwise be entitled under the proprietary information and inventions agreement between the Employee and the Company (including
any payment thereunder with respect to the non-competition provision). To avoid potential duplication of benefits, the dollar value
of benefits under this Agreement shall be reduced (but not below zero) by any severance benefits paid by the Company to the Employee
under any other severance agreement.

 

7.08        Counterparts.
This Agreement may be executed in counterparts, and each counterpart, when executed, shall have the efficacy of a signed original.
Copies of such signed counterparts may be used in lieu of the originals for any purpose.

 

7.09        Good
Faith Determinations. No member of the Board shall be liable, with respect to this Agreement, for any act, whether
of commission or omission, taken by any other member of the Board or by any officer, agent, or employee of the Company, nor, excepting
circumstances involving his or her own bad faith, for anything done or omitted to be done by himself or herself. The Company shall
indemnify and hold harmless each member of the Board from and against any liability or expense hereunder, except in the case of
such member’s own bad faith.

 

    - 8 -

     

    

 

7.10        Arbitration.
Any controversy arising out of or relating to this Agreement, its enforcement, arbitrability or interpretation, or because of
an alleged breach, default, or misrepresentation in connection with any of its provisions, or any other controversy arising out
of or relating in any way to the subject matter contained herein, shall be submitted to final and binding arbitration. Any arbitration
hereunder shall be in Travis County, Texas before a sole arbitrator selected from Judicial Arbitration and Mediation Services, Inc.,
or its successor (“JAMS”), or if JAMS is no longer able to supply the arbitrator, such arbitrator shall be selected
from the American Arbitration Association. Final resolution of any dispute through arbitration may include any remedy or relief
which the Arbitrator deems just and equitable, including any and all remedies provided by applicable state or federal statutes.
At the conclusion of the arbitration, the Arbitrator shall issue a written decision that sets forth the essential findings and
conclusions upon which the Arbitrator’s award or decision is based. Any award or relief granted by the Arbitrator hereunder
shall be final and binding on the parties hereto and may be enforced by any court of competent jurisdiction. The parties acknowledge
and agree that they are hereby waiving any rights to trial by jury in any action, proceeding or counterclaim brought by either
of the parties against the other in connection with any matter whatsoever arising out of or in any way connected with this Agreement
or the subject matter contained herein.  The parties further agree that in any proceeding to enforce the terms of this Agreement,
the nonprevailing party shall pay (1) the prevailing party’s reasonable attorneys’ fees and costs incurred in
connection with resolution of the dispute in addition to any other relief granted, and (2) all costs of the arbitration,
including, but not limited to, the arbitrator’s fees, court reporter fees, and any and all other administrative costs of
the arbitration, and that the nonprevailing party promptly shall reimburse the prevailing party for any portion of such costs
previously paid by the prevailing party. The arbitrator shall resolve any dispute as to the reasonableness of any fee or cost.

 

	
        SILICON LABORATORIES INC.

         
	EMPLOYEE
	By: 	                 	 	
	Name:	Name:
	 	 
	Title:	 
	 	 
	Date:	Date:

 

    - 9 -

     

    

 

EXHIBIT A

 

RELEASE OF CLAIMS AND SEPARATION AGREEMENT

 

This Release of Claims
and Separation Agreement (the “Agreement”) is made by and between Silicon Laboratories Inc., a Delaware corporation
(the “Company”) and _______________ (“Employee”). The Employee and the Company may be referred to herein
as the “Parties.”

 

WHEREAS, if there is
a Change in Control Termination, and subject to the terms and conditions of the CIC Agreement, including the requirement to execute
and not revoke this Agreement, Employee shall receive the severance benefits set forth in the Employee’s Change in Control
Agreement, dated _____________, 20_ (the “CIC Agreement”).

 

NOW, THEREFORE, in
consideration of the mutual promises and benefits set forth below and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties agree as follows:

 

1.            Separation
Payments. In consideration for Employee signing and not revoking this Agreement and complying with Employee’s obligations
under the CIC Agreement and obligations hereunder, the Company will provide the severance benefits to Employee as provided in the
CIC Agreement.

 

2.            Employee’s
General Release. In exchange for the consideration provided to Employee under this Agreement, and except as otherwise set
forth in this Agreement, Employee hereby generally and completely releases, acquits and forever discharges the Company, its parent,
subsidiaries, other corporate affiliates, predecessors, successors and assigns from any and all claims, liabilities and obligations,
both known and unknown, arising out of or in any way related to Employee’s employment with the Company or the termination
of that employment. Excluded from the Employee's General Release are the following: (i) any claims that may arise from events
that occur after the date this Agreement is executed; (ii) any rights or claims for indemnification Employee may have pursuant
to any written indemnification agreement with the Company to which Employee is a party, the charter, bylaws, or operating agreements
of the Company, or under applicable law; (iii) any rights that, as a matter of law, whether by statute or otherwise, may not
be waived, such as claims for workers’ compensation benefits or unemployment insurance benefits; and (iv) any claims
for breach of this Agreement. In addition, nothing in this Agreement prevents Employee from filing, cooperating with, or participating
in any proceeding before the Equal Employment Opportunity Commission (“EEOC”) or its state equivalent, the United States
Department of Labor (“DOL”) or its state equivalent, or any other government agency or entity, or from exercising any
rights pursuant to Section 7 of the National Labor Relations Act (“NLRA”), or from taking any action protected
under the whistleblower provisions of federal law or regulation, none of which activities shall constitute a breach of the release
herein or a breach of any non-disparagement, confidentiality or any other clauses in the CIC Agreement. Employee acknowledges and
agrees, however, that Employee is waiving, to the fullest extent permitted by law, Employee’s right to any monetary recovery
should any governmental agency or entity pursue any claims on Employee’s behalf.

 

3.            Employee’s
ADEA Waiver. Employee hereby acknowledges that Employee is knowingly and voluntarily waiving and releasing any rights Employee
may have under the Age Discrimination in Employment Act, as amended (the “ADEA”), including the Older Workers Benefit
Protection Act (“the “OWBPA”), and that the consideration given to Employee for the waiver and release in this
Agreement is in addition to anything of value to which Employee was already entitled. Employee further acknowledges that Employee
has been advised by this writing, as required by the ADEA, that: (a) Employee’s waiver and release do not apply to any
rights or claims that may arise after the date Employee signs this Agreement; (b) Employee should consult with an attorney
prior to signing this Agreement (although Employee may voluntarily decide not to do so); (c) Employee has 21 days to consider
this Agreement (although Employee may choose voluntarily to sign this Agreement sooner); (d) Employee has 7 days following
the date Employee signs this Agreement to revoke this Agreement (in a written revocation sent to and received the Company’s
Chief Executive Officer); and (e) this Agreement will not be effective until the date upon which the revocation period has
expired unexercised, which will be the eighth day after Employee signs this Agreement provided that Employee does not revoke it
before such date (the “Effective Date”).

 

    - 10 -

     

    

 

4.            No
Admissions. By entering into this Agreement, the Parties make no admission that they have engaged, or are now engaging,
in any unlawful conduct. The Parties understand and acknowledge that this Agreement is not an admission of liability and shall
not be used or construed as such in any legal or administrative proceeding.

 

5.            Entire
Agreement; No Oral Modification; Counterparts; PDF. This Agreement and the CIC Agreement (including any exhibits
and documents incorporated by reference) is intended to be the entire agreement between the parties and supersedes and cancels
any and all other and prior agreements, written or oral, between the parties regarding this subject matter, except and as limited
to any confidentiality, non-solicitation or non-competition, non-disparagement, proprietary rights or any other agreement which
may exist and which survives the termination of Employee’s employment. It is agreed that there are no collateral agreements
or representations, written or oral, regarding the terms and conditions of Employee’s separation of employment with the Company
and settlement of all claims between the parties other than those set forth in this Agreement and the CIC Agreement. This Agreement
may be amended only by a written instrument executed by all parties hereto. This Agreement may be executed in two or more counterparts,
which when taken together, shall constitute an original agreement. Executed originals transmitted by electronically as PDF files
(or their equivalent) shall have the same force and effect as a signed original.

 

THE PARTIES HAVE READ THE FOREGOING
AGREEMENT AND FULLY UNDERSTAND EACH AND EVERY PROVISION CONTAINED HEREIN. THE PARTIES HAVE EXECUTED THIS AGREEMENT ON THE DATES
SHOWN BELOW.

 

	 	
        SILICON LABORATORIES INC.

 

	Dated: 	 	By:	 
	 	Name:
	 	Title:

 

	 	EMPLOYEE

 

	Dated:	 	Signature: 	 
	 	 	 	 
	 	Name:	 

 

    - 11 -

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