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                                                                  Exhibit 10.1

                       NATIONAL SEMICONDUCTOR CORPORATION
                       EXECUTIVE OFFICER STOCK OPTION PLAN

1.   TITLE OF PLAN

     The title of this Plan is the National Semiconductor Corporation Executive
Officer Stock Option Plan, hereinafter referred to as the "Plan."

2.   PURPOSE

     The Plan is intended to align the interests of executive officers of
National Semiconductor Corporation (hereinafter called the "Corporation") and
its subsidiaries (as hereinafter defined) with the interests of the stockholders
of the Corporation and to provide incentives for such executive officers to
exert maximum efforts for the success of the Corporation. By extending to
executive officers the opportunity to acquire proprietary interests in the
Corporation and to participate in its success, the Plan may be expected to
benefit the Corporation and its stockholders by making it possible for the
Corporation to attract and retain the best available executive talent and by
rewarding them for their part in increasing the value of the Corporation's
shares. It is further intended that options granted pursuant to this Plan shall
only be options which are not incentive stock options, as that term is defined
in Section 422A of the Internal Revenue Code of 1986, as amended (the "Code").
Such options which may be granted under this Plan shall be referred to herein as
non-qualified stock options.

3.   STOCK SUBJECT TO THE PLAN

     There will be reserved for issue upon the exercise of options granted under
the Plan 6,000,000 shares of the Corporation's $.50 par value Common Stock,
subject to adjustment as provided in Paragraph 8, which may be unissued shares,
reacquired shares, or shares bought on the market. If any option which shall
have been granted shall expire or terminate for any reason without having been
exercised in full, the unpurchased shares shall again become available for the
purposes of the Plan (unless the Plan shall have been terminated).

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4.   ADMINISTRATION

     (a) The Plan shall be administered by a committee of the Board of Directors
of the Corporation (the "Committee") which shall be appointed by a majority of
the whole Board. The Committee shall be constituted to permit the Plan to comply
with Rule 16b-3 promulgated under the Securities Exchange Act of 1934 ("Exchange
Act") and any successor rule.

     (b) The Committee shall have the plenary power, subject to and within the
limits of the express provisions of the Plan:

          (i) To determine from time to time which of the eligible persons shall
be granted options under the Plan; the time or times (during the term of the
option) within which all or portions of each option may be exercised and the
number of shares for which an option or options shall be granted to each of
them. Notwithstanding the foregoing, no person may be granted more than
1,000,000 options during any one fiscal year of the Corporation.

          (ii) To construe and interpret the Plan and options granted under it,
and to establish, amend, and revoke rules and regulations for its
administration. The Committee, in the exercise of this power, shall generally
determine all questions of policy and expediency that may arise, may correct any
defect, or supply any omission or reconcile any inconsistency in the Plan or in
any option agreement in a manner and to the extent it shall deem necessary or
expedient to make the Plan fully effective.

          (iii) To prescribe the terms and provisions of each option granted
(which need not be identical).

          (iv) To determine whether options granted shall be transferable
without consideration to immediate family members or family trusts for the
benefit of optionee's immediate family members. As used herein, "immediate
family" means parents, spouses and children.

     (c) The Committee may not grant new options in exchange for the
cancellation of stock options previously granted under the Plan or under any
other stock option plan of the Corporation.

5.   ELIGIBILITY

     Options may be granted only to regular salaried employees of the
Corporation and its subsidiaries who are executive officers of the Corporation.
The term "subsidiary" corporation shall mean any corporation in which the
Corporation controls, directly or indirectly, fifty percent (50%) or more of the
combined voting power of all classes of stock, and the term "executive officer"
means any officer of the corporation subject to the reporting requirements of
Section 16 of the Exchange Act. Directors of the

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Corporation who are not also officers shall not be eligible to be granted
options under the Plan.

6.   TERMS OF OPTION AND OPTION AGREEMENTS

     Each option shall be evidenced by a written Stock Option Agreement which
shall be in such form and contain such provisions as the Committee shall from
time to time deem appropriate; provided, however, that the grant of an option
pursuant to this Plan shall in no way be construed to be an alternative to the
right of an optionee to purchase stock pursuant to any other stock option
heretofore or hereafter granted to an optionee pursuant to any stock option
plans now in existence or hereafter adopted by the Corporation. The terms of the
option agreements need not be identical, but each option agreement shall
include, by appropriate language, or be subject to, the substance of all of the
applicable following provisions:

     (a) The purchase price under each option granted shall be as determined by
the Committee but shall in no instance be less than 100% of fair market value on
the date of grant. The fair market value on the date of grant shall be the
opening price of the Common Stock on the New York Stock Exchange on such date
(or if there shall be no trading on such date, then on the first previous date
on which there is such trading).

     (b) The maximum term of any stock option shall be ten years and one day
from the date it was granted.

     (c) Except as provided in Paragraph 10 hereof, an option may not be
exercised to any extent, either by the person to whom it was granted or by the
grantee's transferee, or by any person after the grantee's death, unless the
person to whom the option was granted has remained in the continuous employ of
the Corporation, or of a subsidiary, for not less than six months from the date
when the option was granted. Otherwise, each option shall be exercisable as
determined by the Committee.

     (d) The Corporation, during the terms of options granted under the Plan, at
all times will keep available the number of shares of stock required to satisfy
such options.

     (e) The Corporation will seek to obtain from each regulatory commission or
agency having jurisdiction such authority as may be required to issue and sell
shares of stock to satisfy such options. Inability of the Corporation to obtain
from any such regulatory commission or agency authority which counsel for the
Corporation deems necessary for the lawful issuance and sale of its stock to
satisfy such options shall relieve the Corporation from any liability for
failure to issue and sell stock to satisfy such options pending the time when
such authority is obtained or is obtainable.

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     (f) Neither a person to whom an option is granted nor his or her
transferee, legal representative, heir, legatee, or distributee, shall be deemed
to be the holder of, or to have any of the rights of a holder with respect to,
any shares subject to such option unless and until he or she has exercised his
or her option pursuant to the terms thereof.

     (g) An option shall terminate and may not be exercised if the person to
whom it is granted ceases to be continuously employed by the Corporation, or by
a subsidiary of the Corporation, except (subject nevertheless to the last
sentence of this subparagraph (g)): (1) if the grantee's continuous employment
is terminated for any reason other than (i) retirement, (ii) permanent
disability, or (iii) death, the grantee or the grantee's transferee may exercise
the option to the extent that the grantee was entitled to exercise such option
at the date of such termination at any time within a period of three (3) months
following the date of such termination, or if the grantee shall die within the
period of three (3) months following the date of such termination without having
exercised such option, the option may be exercised within a period of one year
following the grantee's death by the grantee's transferee or the person or
persons to whom the grantee's rights under the option pass by will or by the
laws of descent or distribution but only to the extent exercisable at the date
of such termination; (2) if the grantee's continuous employment is terminated by
(i) retirement, (ii) permanent disability, or (iii) death, the option may be
exercised in accordance with its terms and conditions at any time within a
period of five (5) years following the date of such termination by the grantee
or the grantee's transferee, or in the event of the grantee's death, by the
persons to whom the grantee's rights under the option shall pass by will or by
the laws of descent or distribution; (3) if the grantee's continuous employment
is terminated and within a period of ninety (90) days thereafter the grantee is
recalled to the active payroll, the Committee may reinstate any portion of the
option previously granted but not exercised. Nothing contained in this
subparagraph (g) is intended to extend the stated term of the option and in no
event may an option be exercised by anyone after the expiration of its stated
term.

     (h) Nothing in this Plan or in any option granted hereunder shall confer on
any optionee any right to continue in the employ of the Corporation or any of
its subsidiaries, or to interfere in any way with the right of the Corporation
or any of its subsidiaries to terminate his or her employment at any time.

7.   TIME OF GRANTING OPTION

     The Committee shall determine the date on which options are granted under
the Plan. All options granted must be approved at

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a meeting of the Committee by a majority of the members of the Committee.

8.   ADJUSTMENT IN NUMBER OF SHARES AND IN OPTION PRICE

     In the event there is any change in the shares of the Corporation through
the declaration of stock dividends or a stock split-up, or through
recapitalization resulting in share split-ups, or combinations or exchanges of
shares, or otherwise, the number of shares available for option, as well as the
shares subject to any option and the option price thereof, shall be
appropriately adjusted by the Committee.

9.   PAYMENT OF PURCHASE PRICE AND WITHHOLDING TAXES

     (a) The purchase price for all shares purchased pursuant to options
exercised must be either paid in full in cash, or paid in full, with the consent
of the Committee, in Common Stock of the Corporation that has been held by the
optionee for at least six (6) months valued at fair market value on the date of
exercise or a combination of cash and Common Stock. Fair market value on the
date of exercise for these purposes is the opening price of the Common Stock on
the New York Stock Exchange on such date, or if there shall be no trading on
such date, then on the first previous date on which there was such trading.

     (b) The Committee may permit the payment of all or part of the applicable
required withholding taxes due upon exercise of an option by the withholding of
shares otherwise issuable upon exercise of the option. Option shares withheld in
payment of such taxes shall be valued at the fair market value of the
Corporation's Common Stock on the date of exercise as defined in Section 9(a)
hereinabove.

10.  CHANGE IN CONTROL

     In the event of a Change-of-Control (as defined in the attached Exhibit A)
of the Corporation, any options granted hereunder which are outstanding as of
the date such change-of-control is determined to have occurred, and which are
not then exercisable and vested, shall become fully exercisable and vested to
the full extent of the original grant.

11.  AMENDMENT, SUSPENSION, OR TERMINATION OF THE PLAN

     (a) The Board may amend, modify, suspend or terminate the Plan for the
purpose of meeting or addressing any changes in legal requirements or for any
other purpose permitted by law. The Board will seek stockholder approval of an
amendment if determined to be required by or advisable under regulations of the
Securities and Exchange Commission, the rules of any stock

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exchange on which the Corporation's stock is listed, or other applicable law or
regulation.

     (b) The Plan shall continue in effect until all shares available for
issuance under the Plan have been issued. An option may not be granted while the
Plan is suspended or after it is terminated.

     (c) The rights and obligations under any options granted while the Plan is
in effect shall not be altered or impaired by amendment, suspension or
termination of the Plan, except with the consent of the person to whom the
option was granted or the grantee's transferee or to whom rights under an option
shall have passed by will or by the laws of descent and distribution.

12.  EFFECTIVE DATE

     The Plan shall become effective on June 22, 2000, subject to approval by
the stockholders within twelve (12) months thereafter.

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                                    EXHIBIT A

A "change of control" means:

     (a) The acquisition by any individual, entity or group (within the meaning
of Section 13(d)(3) or 14(d)(2) of the Exchange Act (a "Person") of beneficial
ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act)
of 20% or more of either (x) the then outstanding shares of common stock of the
Corporation (the "Outstanding Corporation Common Stock") or (y) the combined
voting power of the then outstanding voting securities of the Corporation
entitled to vote generally in the election of directors (the "Outstanding
Corporation Voting Securities"); provided, however, that for purposes of this
subsection (a), the following acquisitions shall not be deemed to result in a
change of control: (i) any acquisition directly from the Corporation, (ii) any
acquisition by the Corporation, (iii) any acquisition by any employee benefit
plan (or related trust) sponsored or maintained by the Corporation or any
corporation controlled by the Corporation or (iv) any acquisition by any
corporation pursuant to a transaction that complies with clauses (i), (ii) and
(iii) of subsection (c) below; or

     (b) individuals who, as of the date hereof, constitute the Board of
Directors of the Corporation (the "Incumbent Board") cease for any reason to
constitute at least a majority of the Board; provided, however, that any
individual becoming a director subsequent to the date hereof whose election, or
nomination for election by the Corporation's shareholders, was approved by a
vote of at least a majority of the directors then comprising the Incumbent Board
shall be considered as though such individual were a member of the Incumbent
Board, but excluding, for this purpose, any such individual whose initial
assumption of office occurs as a result of an actual or threatened election
contest with respect to the election or removal of directors or other actual or
threatened solicitation of proxies or consents by or on behalf of a Person other
than the Board; or

     (c) the approval by the shareholders of the Corporation of a
reorganization, merger or consolidation or sale or other disposition of all
or substantially all of the assets of the Corporation or the acquisition of
assets of another corporation ("Business Combination") or, if consummation of
such Business Combination is subject, at the time of such approval by
shareholders, to the consent of any government or governmental agency, the
obtaining of such consent (either explicitly or implicitly by consummation)
unless, following such Business Combination, (i) all or substantially all of
the individuals and entities who were the beneficial owners of the Outstanding

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Corporation Common Stock and Outstanding Corporation Voting Securities
immediately prior to such Business Combination beneficially own, directly or
indirectly, more than 60% of, respectively, the then 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 Business Combination
(including, without limitation, a corporation that as a result of such
transaction owns the Corporation or all or substantially all of the
Corporation's assets either directly or through one or more subsidiaries) in
substantially the same proportions as their ownership, immediately prior to
such Business Combination of the Outstanding Corporation Common Stock and
Outstanding Corporation Voting Securities, as the case may be, (ii) no Person
(excluding any corporation resulting from such Business Combination or any
employee benefit plan (or related trust) of the Corporation or any
corporation resulting from such Business Combination) beneficially owns,
directly or indirectly, 20% or more of, respectively, the then outstanding
shares of common stock of the corporation resulting from such Business
Combination or the combined voting power of the then outstanding voting
securities of such corporation except to the extent that such ownership
existed prior to the Business Combination and (iii) at least a majority of
the members of the board of directors of the corporation resulting from such
Business Combination were members of the Incumbent Board at the time of the
execution of the initial agreement, or of the action of the Board, providing
for such Business Combination; or

     (d) approval by the shareholders of the Corporation of a complete
liquidation or dissolution of the Corporation.

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                                                           EXHIBIT 10.1

                          MORRISON KNUDSEN CORPORATION

                           INDEMNIFICATION AGREEMENTS

<TABLE>
<CAPTION>

                  NAME                              DATE OF AGREEMENT
<S>                                                 <C>
         David H. Batchelder                        September 12, 1996
         Reed N. Brimhall                           April 19, 1999
         Anthony S. Cleberg                         May 5, 1997
         Frank S. Finlayson                         July 29, 1997
         Leo A. Giacometto                          September 20, 1999
         Stephen G. Hanks                           September 12, 1996
         Alvia L. Henderson                         September 12, 1996
         Leonard R. Judd                            September 12, 1996
         Vincent L. Kontny                          April 14, 2000
         Roger J. Ludlam                            February 1, 1999
         Robert S. Miller, Jr.                      September 12, 1996
         David L. Myers                             July 7, 2000
         Dorn Parkinson                             September 12, 1996
         Terry W. Payne                             September 12, 1996
         John D. Roach                              September 12, 1996
         Ambrose L. Schwallie                       August 6, 1999
         Dennis R. Washington                       September 12, 1996
         Robert C. Wiesel                           July 7, 2000
         Thomas H. Zarges                           September 12, 1996
</TABLE>

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