Document:

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                                                                   EXHIBIT 10.22

CONFIDENTIAL

                                  May 20, 1999

Mr. Alan P. Hale
Vice President - Finance
Dallas Semiconductor Corporation
4401 South Beltwood Parkway
Dallas, Texas  75244

Dear Mr. Hale:

        Dallas Semiconductor Corporation (the "Company") considers it essential
to the best interests of its stockholders to foster the continuous employment of
key management personnel. In this connection, should the Company receive a
proposal from a third party, whether solicited by the Company or unsolicited,
concerning a possible business combination with, or the acquisition of a
substantial share of the equity or voting securities of, the Company, the Board
of Directors of the Company (the "Board") has determined that it is imperative
that it and the Company be able to rely upon your continued services without
concern that you might be distracted by the personal uncertainties and risks
that such a proposal might otherwise entail.

        Accordingly, the Board has determined that appropriate steps should be
taken to reinforce and encourage the continued attention and dedication of
members of the Company's management, including you, to their assigned duties
without distraction in the face of potentially disturbing circumstances that
could arise out of a possible change in control of the Company.

        In order to induce you to remain in the employ of the Company and its
subsidiaries, the Company agrees that you shall receive the benefits set forth
in this letter agreement ("Agreement") in the event of a Change in Control (as
defined in Section 1.3 hereof).

SECTION ONE -- DEFINITIONS

        1.1 "Annual Compensation" shall mean the sum of: (i) your annualized
base salary, as determined by the payroll records of the Company, in effect on
the date that immediately precedes a Change in Control; plus (ii) (solely for
purposes of Section 3.1(b) the amounts payable to you under any Deferred
Compensation Plan determined as if, upon a Change in Control, you were fully
vested and entitled to payment of all deferred compensation earned or accrued by
you under any Deferred Compensation Plan; plus (iii) a bonus, as determined by
the payroll records of the Company, equal to the greater of (a) any bonus paid
or payable to you for personal services rendered during the Company's

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fiscal year in which a Change in Control occurs, or (b) the highest annual bonus
paid to you for personal services rendered for any of four (4) fiscal years of
the Company preceding the Company's fiscal year in which a Change in Control
occurs.

        1.2 "Beneficiary" shall mean the person(s) described in Section 5 of
this Agreement.

        1.3 "Change in Control" shall mean a change in control of a nature that
would be required to be reported in response to Item 6(e) of Schedule 14A of
Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), whether or not the Company is then subject to such
reporting requirement; provided that, without limitation, such a Change in
Control shall be deemed to have occurred if (i) any "person" (as such term is
used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the
"beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly
or indirectly, of securities of the Company representing 15% or more of the
combined voting power of the Company's then outstanding securities; (ii) during
any period of two consecutive years (not including any period prior to the
execution of this Agreement), individuals who at the beginning of such period
constitute the Board and any new director, whose election to the Board or
nomination for election to the Board by the Company's stockholders was approved
by a vote of at least two-thirds (2/3) of the directors then still in office who
either were directors at the beginning of the period or whose election or
nomination for election was previously so approved, cease for any reason to
constitute a majority of the Board; (iii) the stockholders of the Company
approve a merger or consolidation of the Company with any other corporation,
other than a merger or consolidation which would result in the voting securities
of the Company outstanding immediately prior thereto continuing to represent
(either by remaining outstanding or by being converted into voting securities of
the surviving entity) more than 80% of the combined voting power of the voting
securities of the Company or such surviving entity outstanding immediately after
such merger or consolidation, except that a merger or consolidation effected to
implement a recapitalization of the Company (or similar transaction) in which no
"person" (as hereinabove defined) acquires more than 15% of the combined voting
power of the Company's then outstanding securities shall not constitute a Change
in Control of the Company; (iv) the stockholders of the Company approve a plan
of complete liquidation of the Company or an agreement for the sale or
disposition by the Company of all or substantially all of the Company's assets;
or (v) the election of any person other than C. V. Prothro as Chief Executive
Officer of the Company.

        1.4 "Code" shall mean the Internal Revenue Code of 1986, as amended.

        1.5 "Deferred Compensation Plan" shall mean any of the Company's
nonqualified deferred compensation plans, programs or arrangements in which you
are a participant upon a Change in Control.

        1.6 "ERISA" shall mean the Employee Retirement Income Security Act of
1974, as amended.

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        1.7 "Stock Option Plans" shall mean, collectively, any stock option
granted to you by the Company, the Company's 1987 Stock Option Plan, the
Company's 1993 Officer and Director Stock Option Plan, and such other Company
stock option plans under which grants of options are made to you during the term
of this Agreement.

SECTION 2 -- TERM AND TERMINATION

        Subject to the provisions of Section 6 below, this Agreement shall
commence on the date set forth above and shall terminate on the earlier of:

        (a) the tenth (10th) anniversary of the date of execution of this
        Agreement; or

        (b) the date on which the Board designates as long as a Change in
        Control shall not have occurred.

SECTION THREE - BENEFITS

        3.1 Upon the occurrence of a Change in Control, you shall be entitled to
the benefits provided below:

            (a) Compensation. No later than the tenth (10th) calendar day
        following the Change in Control or such earlier date as may be approved
        by the Board, the Company shall pay you (or your Beneficiary, if
        applicable) your full base salary through the date immediately preceding
        a Change in Control at the rate in effect at such time, plus all other
        amounts to which you are entitled under any benefit or compensation plan
        of the Company applicable to you, including those benefits and
        compensation payable pursuant to Section 3.1(c) - (g) below;

            (b) Severance Payment. You (or your Beneficiary, if applicable)
        shall receive from the Company a cash lump sum payment equal to 299% of
        your Annual Compensation, payable within ten calendar (10) days after
        the Change in Control or such earlier date as may be approved by the
        Board. The Severance Payment shall not be reduced by the amount of any
        other payment or the value of any benefit received or to be received by
        you (whether payable pursuant to the terms of this Agreement or any
        other agreement, plan or arrangement with the Company or an affiliate,
        predecessor or successor of the Company or any person whose actions
        result in a Change in Control of the Company or an affiliate of such
        person).

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            (c) Incentives and Awards.

                (i) You (or your Beneficiary, if applicable) shall own and be
        immediately vested in all incentives, awards and perquisites previously
        made available to you by the Company. To the extent that an incentive,
        award or perquisite subject to this paragraph is based upon other than
        stock, you shall receive an amount in cash equal to the fair market
        value, as determined by you and the Company as of the first business day
        immediately preceding the Change in Control, of such non-stock based
        incentive, award or perquisite determined as if such incentive, award or
        perquisite were payable under the respective plan as of the Change in
        Control, which amount shall be payable in a single lump sum payment
        within ten (10) calendar days after the Change in Control or such
        earlier date as may be approved by the Board; (or at your sole option,
        you may retain all such non-cash incentives, awards and perquisites.)

                (ii) Your stock-based incentives or awards subject to this
        Section 3.1(c) shall exercisable upon the Change in Control to the
        extent and manner and within the time period, provided by the respective
        Stock Options and awards;

            (d) Employee Benefit Plans. Within ten (10) calendar days of the
        Change in Control or such earlier date as may be approved by the Board,
        you (or your Beneficiary, if applicable) shall also be paid an
        additional lump sum payment equal to the sum of: (1) any accrued, unpaid
        vacation pay which you have earned under any of the Company's vacation
        policies and (2) the amounts payable to you under the terms of any
        Deferred Compensation Plan determined as if, upon the Change in Control,
        you were fully vested and entitled to payment to all deferred
        compensation earned or accrued by you under any Deferred Compensation
        Plan. If upon the Change in Control, any Deferred Compensation Plan has
        not been amended by the Company to provide for vesting and payment as
        provided in this Agreement, you shall have the choice, in your sole
        discretion and without objection by the Company, (A) to consider this
        Agreement as having amended the respective Deferred Compensation Plan
        (and related documents) to make the changes to the respective Deferred
        Compensation Plan (and related documents) that are described in this
        Agreement, or (B) to receive from the Company a cash lump sum payment in
        lieu of any payments which he would be entitled to receive in the future
        under any Deferred Compensation Plan. If an election is made under
        subsection (B) above, you shall forfeit any and all of your rights to
        receive payment of benefits from any Deferred Compensation Plan, and in
        lieu of that forfeited right, you shall receive an amount equal to the
        fair market value, as determined by the Company and you, as of the first
        business day immediately preceding the Change in Control, of the vested
        and earned or accrued amount thereunder, in a cash lump sum payment
        payable within ten (10) calendar days after the Change in Control or
        such earlier date as may be approved by the Board;

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            (e) Welfare Benefit Plans and Life Insurance. From and after the
        Change in Control, you (for your lifetime) and your spouse (for her
        lifetime) shall, in your sole discretion, continue to participate, at no
        cost to you or your spouse, in all health, dental, disability, accident
        and life insurance plans or arrangements of the Company in which you or
        your spouse were participating immediately prior to the Change in
        Control as if you continued to be an employee of the Company;

            (f) Retirement Benefit. (i) Within ten (10) calendar days following
        your fifty-fifth (55th) birthday, and within ten (10) calendar days of
        each successive birthday thereafter until your death, the Company shall
        pay to you the sum of $65,000;

            (g) Legal Fees. The Company shall also pay to you all legal fees and
        expenses incurred by you as a result of the Change in Control (including
        all such fees and expenses, if any, incurred in seeking to obtain or
        enforce any right or benefit provided by this Agreement).

            (h) Mitigation. You shall not be required to mitigate the amount of
        any payment provided for in this Section 3 by seeking other employment
        or otherwise, nor shall the amount of any payment or benefit provided
        for in this Section 3 be reduced by any compensation earned by you as
        the result of employment by another employer or by retirement benefits
        after the Change in Control, or otherwise except as specifically
        provided in this Section 3.

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        3.2 Tax Liability Gross Up.

        (a) In the event that any amount paid under this Agreement is determined
to be an "excess parachute payment" under section 280G of the Code (or any
successor provision), which is subject to the excise tax imposed by section 4999
of the Code (or any successor provision) (the "Excise Tax"), the Company agrees
to pay to you an additional sum (the "Excise Tax Gross Up") in an amount such
that the net amount retained by you, after both (i) receiving all payments under
Section Three of this Agreement other than under this paragraph ("Payment") and
the Excise Tax Gross Up, and (ii) paying (y) any Excise Tax on the Payment and
(z) any Federal, state and local income taxes on the Excise Tax Gross Up, equals
the amount of the Payment.

        (b) For purposes of determining the Excise Tax Gross Up, you shall be
deemed to pay Federal, state and local income taxes at the highest marginal rate
of taxation in your filing status for the calendar year in which the Payment is
to be made, based upon your domicile at the time of the Change in Control. The
determination of whether such Excise Tax is payable and the amount of such
Excise Tax shall be based upon the opinion of tax counsel selected by you and
the Company. If such opinion is not finally accepted by the Internal Revenue
Service, then appropriate adjustments shall be calculated (with an additional
Excise Tax Gross Up, if applicable) by such tax counsel based upon the final
amount of Excise Tax so determined, together with any applicable penalties and
interest.

        (c) You shall not have any obligation to pay the Company any sums
allegedly due to the Internal Revenue Service by reason of excise tax or
otherwise.

SECTION FOUR -- RESTRICTIONS UPON FUNDING

        4.1 The Company shall have no obligation to set aside or entrust any
money with which to pay its obligations under this Agreement; however, the
Company shall take and maintain all actions as are necessary to insure the
payment and performance of all of the benefits and obligations provided for in
Section 3 above.

        4.2 The Company intends that this Agreement not be subject to ERISA. If
this Agreement is deemed subject to ERISA, it is intended to be an unfunded
arrangement for the benefit of a select member of management who is a highly
compensated employee of the Company, for the purpose of qualifying this
Agreement for the "top hat" plan exception under sections 201(2), 301(a)(3) and
401(a)(1) of ERISA.

        4.3 Should the Company elect to purchase life insurance, mutual funds,
disability policies or annuities pursuant to this Agreement, the Company
reserves the absolute right, in its sole discretion, to terminate such
investments at any time, in whole or in part. At no time shall you have, or be
deemed to have, any lien, right, title or interest in or to any specific
investment or to any assets of the Company as a result of this Agreement;
rather, you shall remain a general unsecured creditor of the Company.

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        4.4 If the Company elects to invest in a life insurance, disability or
annuity policy upon your life, you shall assist the Company by freely submitting
to a physical examination and supplying such additional information necessary to
obtain such insurance or annuities.

SECTION FIVE -- DESIGNATION OF BENEFICIARY

        5.1 Should you die prior to full payment of amounts due under Section
Three, payment shall be made to your Beneficiary. Your written designation of
one or more persons or entities as your Beneficiary shall operate to designate
your Beneficiary under this Agreement. You shall file with the Company a copy of
your Beneficiary designation on the form supplied to you by the Company. The
last such designation form received by the Company shall be controlling, and no
designation, or change or revocation of a designation shall be effective unless
received by the Company prior to your death.

        5.2 If no Beneficiary designation is in effect at the time of your
death, if no designated Beneficiary survives you or if the otherwise applicable
Beneficiary designation conflicts with applicable law, your estate shall be the
Beneficiary.

SECTION SIX -- INTERPRETATION, AMENDMENT AND TERMINATION

        6.1 Prior to the occurrence of a Change in Control, the Board shall have
exclusive authority to amend, suspend or terminate this Agreement, as determined
in its sole discretion. After the occurrence of a Change in Control, other than
as provided in Section Two, this Agreement may be amended, suspended or
terminated, in whole or in part, only by a written instrument signed by both a
duly authorized officer of the Company other than you, and by you.

SECTION SEVEN -- MISCELLANEOUS

        7.1 Alienability and Assignment Prohibition. Neither you, your spouse
nor any other Beneficiary under this Agreement shall have any power or right to
transfer, assign, anticipate, hypothecate, mortgage, commute, modify or
otherwise encumber in advance any of the benefits payable under this Agreement
nor shall any of said benefits be subject to seizure for the payment of any
debts, judgments, alimony or separate maintenance owed by you or your
Beneficiary, nor be transferable by operation of law in the event of bankruptcy,
insolvency or otherwise.

        7.2 Gender. Whenever in this Agreement words are used in the masculine
or neuter gender, they shall be read and construed as in the masculine, feminine
or neuter gender, whenever they should so apply.

        7.3 Effect on Other Corporate Benefit Plans. Nothing contained in this
Agreement shall affect your right to participate in or be covered by any
qualified or non-qualified pension, profit sharing, group, bonus or other
supplemental compensation or

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fringe benefit plan constituting a part of the Company's existing or future
compensation structure.

        7.4 Headings. Headings and subheadings in this Agreement are inserted
for reference and convenience only and shall not be deemed a part of this
Agreement.

        7.5 No Employment Agreement. No provision of this Agreement shall be
deemed or construed to create specific employment rights to you or limit the
right of the Company to discharge you at any time with or without cause. In a
similar fashion, no provision shall limit your rights to voluntarily sever your
employment at any time.

        7.6 Withholding of Taxes. Except as may otherwise be specifically
provided for in this Agreement, the Company shall deduct from the amount of any
payment made pursuant to this Agreement any amounts required to be paid or
withheld by the Company with respect to applicable Federal income, Federal
Insurance Contributions Act or Federal Unemployment Tax Act taxes or applicable
state taxes. By executing this Agreement, you agree to all such deductions.

        7.7 Successors; Binding Agreement.

        (a) The Company will require any successor (whether direct or indirect,
by purchase, 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 this Agreement in the same manner and to the same extent that the
Company would be required to perform it if no such succession had taken place.
Failure of the Company to obtain such assumption and agreement prior to the
effectiveness of any such succession shall be a breach of this Agreement and
shall entitle you to compensation from the Company in the same amount and on the
same terms as you would be entitled hereunder upon a Change in Control. As used
in this Agreement, "Company" shall mean the Company as hereinbefore defined and
any such successor to its business and/or assets as aforesaid which assumes and
agrees to perform this Agreement by operation of law, or otherwise.

        (b) This Agreement shall inure to the benefit of and be enforceable by
your personal or legal representatives, executors, administrators, successors,
heirs, distributees, devisees and legatees.

        7.8 Notice. For the purpose of this Agreement, notices and all other
communications provided for in the Agreement shall be in writing and shall be
deemed to have been duly given when delivered or mailed by United States
registered mail, return receipt requested, postage prepaid, addressed to the
respective addresses set forth on the first page of this Agreement, provided
that all notices to the Company shall be directed to the attention of the Chief
Executive Officer with a copy to the Chief Financial Officer, or to such other
address as either party may have furnished to the other in writing in accordance
herewith, except that notice of change of address shall be effective only upon
receipt.

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        7.9. Miscellaneous. No waiver by either party hereto at any time of any
breach by the other party hereto of, or compliance with, any condition or
provision of this Agreement to be performed by such other party shall be deemed
a waiver of similar or dissimilar provisions or conditions at the same or at any
prior to subsequent time. No agreements or representations, oral or otherwise,
express or implied, with respect to the subject matter hereof have been made by
either party which are not expressly set forth in this Agreement. The validity,
interpretation, construction and performance of this Agreement shall be governed
by the laws of the State of Delaware. All references to sections of the Exchange
Act or the Code shall be deemed also to refer to any successor provisions to
such sections. The obligations of the Company under Section 3 shall survive the
expiration of the term of this Agreement.

        7.10 Validity. The invalidity or unenforceability of any provision of
this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which shall remain in full force and effect.

        7.11 Counterparts. This Agreement may be executed in several
counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument.

        If this letter sets forth our agreement on the subject matter hereof,
kindly sign and return to the Company the enclosed copy of this letter which
will then constitute our agreement on this subject.

                                    Very truly yours,

                                    DALLAS SEMICONDUCTOR CORPORATION

                                    By:     /s/ C. V. Prothro
                                       -----------------------------------------
                                            C. V. Prothro
                                            Chairman of the Board, President
                                              and Chief Executive Officer

/s/ Alan P. Hale

--------------------------------------
Alan P. Hale

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                                  AMENDMENT TO
                       AGREEMENT, DATED MAY 20, 1999, WITH
                                  ALAN P. HALE
            (Adopted by the Board of Directors on November 18, 2000)

               RESOLVED, that, a "Change in Control" as defined in Section 1.3
        thereof having not occurred, the May 1999 Agreement between the
        Corporation and Mr. Alan P. Hale, be, and the same hereby is, amended,
        pursuant to Section 6.1 thereof, effective immediately, by: (i) the
        insertion of the word "or" immediately preceding clause (iv) in Section
        1.3 and the deletion of clause (v) of Section 1.3; (ii) the insertion of
        the words "after a Change in Control" between the words "die" and
        "prior" in the first line of Section 5.1; and (iii) the deletion of the
        last sentence of Section 7.9; and, further, by the adoption of this
        resolution, said amendments shall have the same force and effect as if
        set forth in a separately executed amendment to said May 1999 Agreement.

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                                  AMENDMENT TO
                       AGREEMENT, DATED MAY 20, 1999, WITH
                                  ALAN P. HALE

             (ADOPTED BY THE BOARD OF DIRECTORS ON JANUARY 28, 2001)

               RESOLVED, that, a "Change in Control" as defined in Section 1.3
thereof having not occurred, the May 1999 Agreement between the Corporation and
Mr. Alan P. Hale, as heretofore amended on November 18, 2000, be and the same
hereby is, further amended, pursuant to Section 6.1 thereof, effective
immediately, by deleting Section 3.2 thereof in its entirety; and, further, by
the adoption of this resolution, said amendment shall have the same force and
effect as if set forth in a separately executed amendment to said May 1999
Agreement.

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                 AMENDMENT TO AGREEMENT DATED MAY 20, 1999, WITH
                                  ALAN P. HALE

        Dallas Semiconductor Corporation, a Delaware corporation (the
"Company"), and Alan P. Hale, an individual (the "Executive"), enter into this
Amendment to Agreement Dated May 20, 1999, dated as of April 11, 2001 (this
"Amendment").

                                    RECITALS

        WHEREAS, the Company and the Executive previously entered into that
certain Agreement, dated May 20, 1999, as amended on November 18, 2000 and on
January 28, 2001 (as amended, the "Agreement");

        WHEREAS, the Company has entered into that certain Agreement and Plan of
Merger, dated as of January 28, 2001 (the "Merger Agreement"), by and among the
Company, Maxim Integrated Products, Inc., a Delaware corporation ("Maxim"), and
MI Acquisition Sub, Inc., a Delaware corporation and wholly-owned subsidiary of
Maxim; and

        WHEREAS, the Merger Agreement requires that, as a condition to the
consummation of the transactions contemplated by the Merger Agreement, the
Company amend the Agreement in the manner specified in the Merger Agreement.

        NOW THEREFORE, the parties hereto agree as follows:

        1. AMENDMENT TO THE AGREEMENT.

        (a)  Section 3.1 of the Agreement is amended by adding a new subsection
             (i) in its entirety as follows:

             "(i) Payments. Notwithstanding anything to the contrary herein
             contained, the aggregate of the total cash payments due to you
             hereunder upon a Change in Control shall be reduced by $247,978."

        (b)  Section 3.2 of the Agreement is deleted in its entirety.

        2. EFFECTIVE DATE. This Amendment will become effective upon the
execution hereof by each of the parties set forth on the signature page hereto.

        3. MISCELLANEOUS.

           (a) Except as expressly amended or waived herein, all terms,
covenants and provisions of the Agreement shall remain in full force and effect.

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           (b) THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF DELAWARE AND APPLICABLE LAWS OF THE UNITED STATES
OF AMERICA, OTHER THAN THE CONFLICTS OF LAWS RULES THEREOF.

           (c) This Amendment may be executed in one or more counterparts, each
of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

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        IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Amendment as of the date first above written.

                                        DALLAS SEMICONDUCTOR CORPORATION

                                        By:    /s/ Chao C. Mai
                                               --------------------------------
                                        Name:  Chao C. Mai
                                        Title: President

                                        EXECUTIVE

                                        /s/ Alan P. Hale
                                        ----------------------------------------
                                        Name:  Alan P. Hale

                                       3<PAGE>   1
                                                                   EXHIBIT 10.23

                              EMPLOYMENT AGREEMENT

        THIS EMPLOYMENT AGREEMENT (this "Agreement") is made and entered into as
of April 11, 2001, by and between Dallas Semiconductor Corporation, a Delaware
corporation (the "Company"), and Alan P. Hale ("Executive").

        1.     Employment.

               1.1 Engagement of Executive. The Company agrees to employ
        Executive as a member of the senior management of the Company and
        Executive will be charged with the supervision of such activities of the
        Company as delegated by the Board of Directors of the Company (the
        "Board," which such terms shall be deemed to also include the board of
        directors of Parent (as defined below)), and Executive agrees to accept
        such employment, all in accordance with the terms and conditions of this
        Agreement.

               1.2 Duties and Powers. At all times during the Employment Period
        (as defined herein), Executive will serve as a member of the Company's
        senior management and will be charged with the supervision and
        management of such activities of the Company as delegated by the Board
        and will have such responsibilities, titles, duties and authorities, and
        will render such services for the Company and its affiliates as the
        Board shall from time to time reasonably direct.

               1.3 Employment Period. Executive's employment under this
        Agreement shall be for a period of one (1) year beginning on the date
        hereof (the "Employment Period"). Notwithstanding anything to the
        contrary contained herein, the Employment Period is subject to
        termination by the mutual written consent of Executive and the Company.
        In addition, subject to the provisions of Section 1.4, either party may
        terminate this Agreement on thirty (30) days written notice.

               1.4 Cash Payment. Subject to Executive's continuous employment
        with the Company or its ultimate parent corporation (the "Parent"), or
        an affiliate thereof, Executive shall be entitled to receive a cash
        payment in the amount of $247,978 on the first anniversary of the date
        of this Agreement; provided, however, that, notwithstanding the
        foregoing, the Executive shall be immediately entitled to such payment
        in the event that the Executive is terminated by the Company, Parent or
        any affiliate thereof (i) for any reason (other than Executive's
        voluntary termination), (ii) as the result of a Constructive Termination
        (as defined below) or (iii) as a result of the Executive's death or
        Disability (as defined below). For purposes hereof, "Constructive
        Termination" means (A) an adverse change in Executive's responsibilities
        or the person to whom Executive directly reports subsequent to the date
        of this Agreement; or (B) a decrease in Executive's salary, benefits or
        perquisites (other than equity-based awards or grants), other than as a
        result of any amendment or termination of any employee and/or executive
        benefit plan or arrangement, which amendment or termination is
        applicable to all qualifying executives of the Company or the Parent.
        For purposes hereof, "Disability" means Executive's inability to
        perform, by reason of physical or mental incapacity, Executive's
        material duties or obligations to the Company,

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        the Parent or an affiliate thereof, as applicable, with or without
        reasonable accommodation, for a total period of 21 consecutive days in
        any 90-day period, as determined by the board of directors of the Parent
        (such determination not to be arbitrary or unreasonable).

        2.     Compensation and Benefits.

               2.1 Salary. In consideration of Executive performing his duties
        under this Agreement during the Employment Period, the Company will pay
        Executive a base salary at a rate of $208,650 per annum (the "Base
        Salary"), payable in accordance with the Company's regular payroll
        policy for salaried executives. The Base Salary may be increased (but
        not decreased), from time to time during the Employment Period, as
        determined by the Board in its sole discretion. If the Employment Period
        is terminated pursuant to Section 1.4 above, then the Base Salary for
        any partial year will be prorated based on the number of days elapsed in
        such year during which services were actually performed by Executive.

               2.2 Bonus. At the end of the Employment Period, Executive shall
        be eligible to participate in the bonus plan applicable to the Company's
        senior executives. The criteria and/or goals for such bonus plan shall
        be established by the Board. All bonuses awarded to Executive hereunder
        shall be payable in accordance with Company policy.

               2.3 Stock Options. Executive shall be eligible to participate in
        the stock option plans applicable to the Company's senior executives and
        shall receive grants thereunder as may be determined by the Board from
        time to time.

               2.4 Benefits, Expenses and Pension Plan. During the Employment
        Period, the Company agrees to provide to Executive such fringe and other
        employee benefits as are generally provided, from time to time, to
        senior executives of the Company, including, without limitation,
        vacation, health and insurance benefits. The Company shall retain the
        right to discontinue or modify any employee benefit program at any time.
        The Company will reimburse Executive in accordance with Company policy
        for his normal out-of-pocket expenses incurred in the course of
        performing his duties hereunder.

        3.     Noncompetition; Nonsolicitation; Confidentiality.

               3.1 Noncompetition; Nonsolicitation. Executive acknowledges and
        recognizes the highly competitive nature of the businesses of the
        Company and its affiliates and accordingly agrees as follows:

                   (a) During the Employment Period and, for a period of one
               year following the date Executive ceases to be employed by the
               Company (the "Restricted Period"), Executive will not, whether on
               Executive's own behalf or on behalf of or in conjunction with any
               person, company, business entity or other organization
               whatsoever, directly or indirectly solicit or assist in
               soliciting in competition with the Company, the business of any
               client or prospective client:

                       (i) with whom Executive had personal contact or dealings
                   on

                                       2
<PAGE>   3

                   behalf of the Company during the one year period preceding
                   Executive's termination of employment;

                       (ii) with whom employees reporting to Executive have had
                   personal contact or dealings on behalf of the Company during
                   the one year immediately preceding the Executive's
                   termination of employment; or

                       (iii) for whom Executive had direct or indirect
                   responsibility during the one year immediately preceding
                   Executive's termination of employment.

                   (b) During the Restricted Period, Executive will not directly
               or indirectly:

                       (i) engage in any business that competes with the
                   business of the Company or its affiliates (including, without
                   limitation, businesses which the Company or its affiliates
                   have specific plans to conduct in the future and as to which
                   Executive is aware of such planning) in any geographical area
                   that is within 100 miles of any geographical area where the
                   Company or its affiliates manufactures, produces, sells,
                   leases, rents, licenses or otherwise provides its products or
                   services (a "Competitive Business");

                       (ii) enter the employ of, or render any services to, any
                   person or entity (or any division of any person or entity)
                   who or which engages in a Competitive Business;

                       (iii) acquire a financial interest in, or otherwise
                   become actively involved with, any Competitive Business,
                   directly or indirectly, as an individual, partner,
                   shareholder, officer, director, principal, agent, trustee or
                   consultant; or

                       (iv) interfere with, or attempt to interfere with,
                   business relationships (whether formed before, on or after
                   the date of this Agreement) between the Company or any of its
                   affiliates and customers, clients, suppliers of the Company
                   or its affiliates.

                       Notwithstanding anything to the contrary in this
                   Agreement, Executive may, directly or indirectly own, solely
                   as an investment, securities of any person engaged in the
                   business of the Company or its affiliates which are publicly
                   traded on a national or regional stock exchange or on the
                   over-the-counter market if Executive (x) is not a controlling
                   person of, or a member of a group which controls, such person
                   and (y) does not, directly or indirectly, own 5% or more of
                   any class of securities of such person.

                   (c) During the Restricted Period, Executive will not, whether
               on Executive's own behalf or on behalf of, or in conjunction
               with, any person, company, business entity or other organization
               whatsoever, directly or indirectly:

                                       3
<PAGE>   4

                       (i) solicit or encourage any employee of the Company or
                   its affiliates to leave the employment of the Company or its
                   affiliates; or

                       (ii) hire any such employee who was employed by the
                   Company or its affiliates as of the date of Executive's
                   termination of employment with the Company or who left the
                   employment of the Company or its affiliates coincident with,
                   or within six months prior to or one year after, the
                   termination of Executive's employment with the Company.

                   (d) During the Restricted Period, Executive will not,
               directly or indirectly, solicit or encourage to cease to work
               with the Company or its affiliates any consultant then under
               contract with the Company or its affiliates.

                   It is expressly understood and agreed that although Executive
               and the Company consider the restrictions contained in this
               Section 3.1 to be reasonable, if a final judicial determination
               is made by a court of competent jurisdiction that the time or
               territory or any other restriction contained in this Agreement is
               an unenforceable restriction against Executive, the provisions of
               this Agreement shall not be rendered void but shall be deemed
               amended to apply as to such maximum time and territory and to
               such maximum extent as such court may judicially determine or
               indicate to be enforceable. Alternatively, if any court of
               competent jurisdiction finds that any restriction contained in
               this Agreement is unenforceable, and such restriction cannot be
               amended so as to make it enforceable, such finding shall not
               affect the enforceability of any of the other restrictions
               contained herein.

               3.2 Confidentiality. Executive will not at any time (whether
        during or after Executive's employment with the Company) disclose,
        retain, or use for Executive's own benefit, purposes or account or the
        benefit, purposes or account of any other person, firm, partnership,
        joint venture, association, corporation or other business organization,
        entity or enterprise other than the Company and any of its subsidiaries
        or affiliates, any trade secrets, know-how, software developments,
        inventions, formulae, technology, designs and drawings or any Company
        property or confidential information relating to research, operations,
        finances, current and proposed products and services, vendors,
        customers, advertising, costs, marketing, trading, investment, sales
        activities, promotion, manufacturing processes, or the business and
        affairs of the Company generally, or of any subsidiary or affiliate of
        the Company ("Confidential Information") without the written
        authorization of the Board; provided, however, that the foregoing shall
        not apply to information that is not unique to the Company or that is
        generally known to the industry or the public, other than as a result of
        Executive's breach of this covenant or the wrongful acts of others who
        were under confidentiality obligations as to the item or items involved.
        Except as required by law, Executive will not disclose to anyone, other
        than his immediate family and legal or financial advisors, the existence
        or contents of this Agreement. Executive agrees that, upon termination
        of Executive's employment with the Company for any reason, he will
        return to the Company immediately all memoranda, books, papers, plans,
        information, letters and other data, and all copies thereof or
        therefrom, in any way relating to the business of the

                                       4
<PAGE>   5

        Company, its affiliates and subsidiaries, except that he may retain only
        those portions of personal notes, notebooks and diaries that do not
        contain Confidential Information of the type described in the preceding
        sentence. Executive further agrees that he will not retain or use for
        Executive's own benefit, purposes or account or the benefit, purposes or
        account of any other person, firm, partnership, joint venture,
        association, corporation or other business designation, entity or
        enterprise, other than the Company and any of its subsidiaries or
        affiliates, at any time any trade names, trademark, service mark, other
        proprietary business designation, patent, or other intellectual property
        used or owned in connection with the business of the Company or its
        affiliates.

        4.     Miscellaneous.

               4.1 Assignment. No party hereto may assign or delegate any of its
        rights or obligations hereunder without the prior written consent of the
        other party hereto; provided, however, that the Company shall have the
        right to assign all or any part of its rights and obligations under this
        Agreement (a) to any affiliate of the Company to which the business of
        the Company is assigned at any time, any subsidiary or affiliate of the
        Company or any surviving entity following any merger or consolidation of
        any of those entities with any entity other than the Company, or (b) in
        connection with the sale of the Company. Except as otherwise expressly
        provided herein, all covenants and agreements contained in this
        Agreement by or on behalf of any of the parties hereto shall bind and
        inure to the benefit of the respective legal representatives, heirs,
        successors and assigns of the parties hereto whether so expressed or
        not.

               4.2 Entire Agreement. Except as otherwise expressly set forth
        herein, this Agreement and all other agreements entered into by the
        parties hereto on the date hereof set forth the entire understanding of
        the parties, and supersede and preempt all prior oral or written
        understandings and agreements with respect to the subject matter hereof.

               4.3 Severability. Whenever possible, each provision of this
        Agreement shall be interpreted in such manner as to be effective and
        valid under applicable law, but if any provision of this Agreement is
        held to be prohibited by or invalid under applicable law, such provision
        shall be ineffective only to the extent of such prohibition or
        invalidity, without invalidating the remainder of this Agreement.

               4.4 Amendment; Modification. No amendment or modification of this
        Agreement and no waiver by any party of the breach of any covenant
        contained herein shall be binding unless executed in writing by the
        party against whom enforcement of such amendment, modification or waiver
        is sought. No waiver shall be deemed a continuing waiver or a waiver of
        any subsequent breach or default, either of a similar or different
        nature, unless expressly so stated in writing.

               4.5 Governing Law. This Agreement shall be construed and enforced
        in accordance with, and all questions concerning the construction,
        validity, interpretation and performance of this Agreement shall be
        governed by, the laws of the State of Texas, without giving effect to
        provisions thereof regarding conflict of laws.

                                       5
<PAGE>   6

               4.6 Notices. All notices, demands or other communications to be
        given or delivered hereunder or by reason of the provisions of this
        Agreement shall be in writing and shall be deemed to have been properly
        served if (a) delivered personally, (b) delivered by a recognized
        overnight courier service, (c) sent by certified or registered mail,
        return receipt requested and first class postage prepaid, or (d) sent by
        facsimile transmission. Such notices, demands and other communications
        shall be sent to the addresses indicated below:

               If to Executive:

               Alan P. Hale
               5616 Walnut Spring Court
               Dallas, Texas  75252

               with a copy to:

               Jenkens & Gilchrist, P.C.
               1445 Ross Avenue, Suite 3200
               Dallas, Texas  75202
               Attn:  Ronald J. Frappier, Esq.

               If to the Company:

               Dallas Semiconductor Corporation
               4401 South Beltwood Parkway
               Dallas, Texas  75244
               Attn:  General Counsel

                                       6
<PAGE>   7

               with a copy to:

               Jenkens & Gilchrist, P.C.
               1445 Ross Avenue, Suite 3200
               Dallas, Texas  75202
               Attn:  M. D. Sampels, Esq.

                   or to such other address or to the attention of such other
               person as the recipient party has specified by prior written
               notice to the sending party. Date of service of such notice shall
               be (i) the date such notice is personally delivered or sent by
               facsimile transmission (with issuance by the transmitting machine
               of a confirmation of successful transmission), (ii) three
               business days after the date of mailing if sent by certified or
               registered mail or, (iii) one business day after date of delivery
               to the overnight courier if sent by overnight courier.

               4.7 Counterparts. This Agreement may be executed in multiple
        counterparts, each of which shall be deemed an original, but all of
        which taken together shall constitute one and the same Agreement.

               4.8 Descriptive Headings; Interpretation. The descriptive
        headings in this Agreement are inserted for convenience of reference
        only and are not intended to be part of or to affect the meaning or
        interpretation of this Agreement. The use of the word "including" in
        this Agreement shall be by way of example rather than by limitation.

               4.9 No Strict Construction. The language used in this Agreement
        will be deemed to be the language chosen by the parties hereto to
        express their mutual interest, and no rule of strict construction will
        be applied against any party hereto.

               4.10 Specific Performance. Executive acknowledges and agrees that
        the Company's remedies at law for a breach or threatened breach of any
        of the provisions of Section 3.1 or Section 3.2 would be inadequate and
        the Company would suffer irreparable damages as a result of such breach
        or threatened breach. In recognition of this fact, Executive agrees
        that, in the event of such a breach or threatened breach, in addition to
        any remedies at law, the Company, without posting any bond, shall be
        entitled to cease making any payments or providing any benefit otherwise
        required by this Agreement and obtain equitable relief in the form of
        specific performance, temporary restraining order, temporary or
        permanent injunction or any other equitable remedy which may then be
        available.

                            [SIGNATURE PAGE FOLLOWS]

                                       7
<PAGE>   8

        IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the day and year first above written.

                                             COMPANY:

                                             DALLAS SEMICONDUCTOR CORPORATION

                                             By:    /s/ Chao C. Mai
                                                    ----------------------------
                                             Name:  Chao C. Mai
                                             Title: President

                                             EXECUTIVE:

                                                    /s/ Alan P. Hale
                                             -----------------------------------
                                             Alan P. Hale

                                       8

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