CALIFORNIA MICRO DEVICES CORPORATION EXECUTIVE SEVERANCE PLAN

Exhibit 10.34

CALIFORNIA MICRO DEVICES CORPORATION

EXECUTIVE SEVERANCE PLAN

AND SUMMARY PLAN DESCRIPTION

California Micro Devices Corporation, a Delaware corporation (the “Company”), establishes the California Micro Devices Corporation Executive Severance Plan (the “Plan”), effective as of November 9, 2006 (the “Effective Date”), to provide severance benefits to certain eligible employees whose employment with the Company is terminated. The Plan was amended on February 6, 2008, and June 15, 2009.

The Plan is designed to be an unfunded “employee welfare benefit plan,” as defined in Section 3(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and, accordingly, the Plan is governed by ERISA. This document constitutes both the official plan document and the required summary plan description under ERISA.

I. ELIGIBILITY FOR BENEFITS

You will be eligible for severance benefits under the Plan if your employment with the Company has ceased and:

2

However, you will cease to be eligible to receive severance benefits under the Plan if:

3

II. SEVERANCE BENEFITS

If you are eligible for severance benefits under the Plan, you will receive those benefits in monthly cash installments. However, if a delay is necessary (for example, as a result of the rescission period for the Release), then you will receive a one-time catch-up payment following the period of delay and each subsequent payment will be made in accordance with the original installment schedule. Furthermore, as set forth in Part III below, a delay may be necessary under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations issued thereunder so as to avoid such payments being taxable under Code Section 409A(a)(1)(B).

Notwithstanding the foregoing, if an eligible employee receives benefits under an agreement or plan which provides for a reduction, offset or decrease in the amount of severance benefits and/or pay payable hereunder to such eligible employee under certain circumstances, then the amount of severance benefits and/or pay specified in this Section shall be reduced by any such specified amount under such circumstances as so provided in such agreement or plan.

SEVERANCE PAY

Once you meet (and for so long as you continue to meet) the eligibility requirements in Part I, you will receive the following months of Base Pay:

“Base Pay” generally means one-twelfth ( ¹/12) of your base salary in a normal month as of the time that your employment with the Company terminates. “Base Pay” does not include, for example, overtime, bonuses, commissions, shift premiums or differentials, compensation associated with employee stock options, reimbursements, sales commission awards, employee benefits, expense allowances, or any other incidental or additional compensation. Severance pay shall be made less any and all applicable deductions and withholdings, required and/or permitted by applicable law.

4

COBRA

If you are eligible, then you may elect to receive your existing group health continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), as provided by the Company’s group health plans. A separate election form and notice outlining continuation coverage under COBRA will be provided to each employee (and his/her eligible dependent(s)) who is eligible for COBRA continuation coverage and must be timely returned if you (and/or your eligible dependent(s)) wish to enroll in COBRA continuation coverage; you (and/or your eligible dependent(s)) are solely responsible for the completion of all requisite forms and for the timely remittance of all premium contributions.

If you so elect and pay to continue health insurance under COBRA, then the Company will reimburse you, as an eligible employee, in an amount equal to the amount the Company was paying as the Company-portion of premium contributions for your health coverage immediately before your termination of employment, until the earlier of: (i) the end of the period that you receive severance installments starting the next calendar month after your termination of employment with the Company; or (ii) the date you lose eligibility for COBRA continuation coverage. However, if after the age you become Medicare eligible, currently age 65, you choose either not to elect COBRA or else to discontinue COBRA, then the Company will pay you the amount it otherwise would have reimbursed you until the end of the period that you receive severance installments up to the amount you pay for Medicare and other health insurance unless and until you become eligible for group coverage from another employer. You, the employee (and/or your eligible dependent(s)), shall have an obligation to inform the Company if you/he/she is no longer eligible for COBRA continuation coverage, as is generally the case when the employee receives group coverage from another employer while receiving COBRA continuation coverage. Any increase in the premium contribution and/or in the number of covered dependents by you during this time will be at your own expense. The period of such Company-reimbursed COBRA continuation coverage shall be considered part of your (and your eligible dependents’) COBRA coverage entitlement period, and will, for tax purposes, be considered taxable income to you.

III. GENERAL INFORMATION

Plan Administration. As the Plan Administrator, the Company has full discretionary authority to administer and interpret the Plan, including discretionary authority to determine eligibility for participation and for benefits under the Plan, the amount of benefits (if any) payable per eligible employee, and to interpret ambiguous terms. Any authorized delegate acting on behalf of the Plan Administrator shall have full discretionary authority to carry out the Plan Administrator’s delegated duties. Any determination by the Plan Administrator or its authorized delegate(s) will be final and binding upon all persons. The Company will indemnify and hold harmless all authorized delegates for carrying out the responsibilities of the Plan Administrator; provided, however, that such person(s) do(es) not act with gross negligence or willful misconduct, or in willful violation of the law.

Payment of Severance Benefits; Compliance with Code Section 409A. When severance benefits are due, they will be paid from the general assets of the Company. As previously stated, this Plan is intended to be an “employee welfare benefit plan” under ERISA;

5

accordingly, in order to ensure that this Plan does not constitute an “employee pension benefit plan” under ERISA, the following additional restriction applies to the maximum severance amount: (i) in no event will the total amount of such payments exceed two (2) times your annual compensation during the year immediately preceding your termination date, and (ii) all payments under the Plan shall be completed within twenty-four (24) months of your termination date.

The expenses of operating and administering the Plan shall be borne entirely by the Company.

To the fullest extent applicable, amounts and other benefits payable under the Plan are intended to be exempt from the definition of “nonqualified deferred compensation” under Section 409A of the Code in accordance with one or more of the exemptions available under the applicable guidance under Section 409A. In this regard, each payment under the Plan that is made in a series of scheduled installments shall be deemed a separate payment for purposes of Code section 409A.

To the extent that any amounts or benefits payable under the Plan are or become subject to Section 409A due to a failure to qualify for an exemption from the definition of nonqualified deferred compensation, the Plan is intended to comply with the applicable requirements of Section 409A with respect to such amounts or benefits. The Plan shall be interpreted and administered to the extent possible in a manner consistent with the foregoing statement of intent.

In each case where the Plan provides for the payment of an amount that constitutes nonqualified deferred compensation under Section 409A to be made to you within a designated period (e.g., within 60 days after the date of termination) and such period begins and ends in different calendar years, the exact payment date within such range shall be determined by the Company, in its sole discretion, and you shall have no right to designate the year in which the payment shall be made.

Notwithstanding anything in the Plan or elsewhere to the contrary, so long as the Company is a public company on your date of termination and you are a “specified employee” (within the meaning of Section 409A of the Code, as determined by the Company’s Compensation Committee) on such date, and the Company reasonably determines that any amount or other benefit payable under the Plan on account of your separation from service, within the meaning of Section 409A, constitutes nonqualified deferred compensation that will subject you to “additional tax” under Section 409A(a)(1)(B) (together with any interest or penalties imposed with respect to, or in connection with, such tax, a “409A Tax”) with respect to the payment of such amount or the provision of such benefit if paid or provided at the time specified in Plan, then the payment or provision thereof shall be postponed to the first business day of the seventh month following the date of termination or, if earlier, the date of your death (the “Delayed Payment Date”). The Company and you may agree to take other actions to avoid the imposition of a 409A Tax at such time and in such manner as permitted under Section 409A. In the event that the Section 409A requires a delay of any payment, such payment shall be accumulated and paid in a single lump sum on the Delayed Payment Date, without interest.

6

Your date of termination for purposes of determining the date that any payment or benefit that is treated as nonqualified deferred compensation under Section 409A is to be paid or provided (or in determining whether an exemption to such treatment applies), and for purposes of determining whether you are a “specified employee” on the date of termination, shall be the date on which you have incurred a “separation from service” within the meaning of applicable guidance under Section 409A.

Other Terms and Conditions. The Company is not required to establish a trust to fund the Plan. The benefits provided under this Plan are not assignable and may be conditioned upon other agreements that you have entered into with the Company or upon your compliance with any Company policy or program.

Taxes and Withholdings. Notwithstanding any other provision of the Plan, all severance benefits shall be reduced by any applicable Federal, state, or local tax withholdings and any applicable payroll deductions, as required and/or permitted by law. If the employee is indebted to the Company at his/her termination date, then the Company reserves the right to offset any severance benefits payable under the Plan by the amount of such indebtedness to the extent permitted by law (but not below one dollar ($1.00)).

No Other Similar Benefits. The severance benefits provided by the Plan are in lieu of any other severance benefits provided by the Company under any other applicable practice or policy. This Plan expressly supersedes any and all other group severance and salary continuation plans, arrangements, practices or policies applicable to an eligible employee who receives notice hereunder. If an eligible employee has a written employment agreement which provides for severance benefits (other than option acceleration which is not addressed in this Plan), that employee shall receive the greater of the severance benefits under his/her employment agreement or under this Plan, but shall not receive both.

Set-Off; Termination of Severance Benefits. The benefits provided under this Plan are intended to satisfy any and all statutory obligations that may arise out of your involuntary termination of employment, including, without limitation, the obligations of the Company (or its affiliates) under the Federal Worker Adjustment and Retraining Notification (“WARN”) Act or a similar state law (collectively, the “WARN Act”). In the event that an eligible employee’s termination is deemed covered by the WARN Act, the benefits payable under the Plan shall be reduced and offset (but not below zero (0)) by an amount equal to up to sixty (60)-days’ pay and benefits. In the event that the severance benefits hereunder are used to satisfy such statutory obligation(s), then the consideration for the Release will also be reduced accordingly. The Plan Administrator shall construe and interpret the terms and conditions of the Plan in order to comply with such intention.

Limitation of Transferability. The interest of any employee in the severance benefits described in this Plan may not be sold, assigned, transferred or otherwise disposed of in any way, and any attempted sale, assignment, transfer or other disposition shall be null and void. If an employee attempts to sell, assign, transfer or otherwise encumber his/her rights or interest in the Plan, then such act will be treated as an election by the employee not be eligible to participate in the Plan.

7

Claims and Review Procedures. If you (or your beneficiary or authorized representative) believe that you are incorrectly denied a benefit or that have not received the proper benefit under the Plan, then you may submit a signed, written application to the Plan Administrator within ninety (90) days of the expiration date of the revocation period for the Release mandated by state or Federal law. When you submit such application, you may indicate that you wish accelerated resolution in which case the time periods and process shown in brackets in the three below paragraphs shall apply rather than those not shown in brackets.

The Plan Administrator will review the claim and notify you of its decision in writing or electronically within ninety (90) days [fourteen (14) days if accelerated resolution] after the claim is received (or within one hundred eighty (180) days [fourteen (14) days if accelerated resolution] after such receipt if special circumstances require an extension of time for processing the claim). If the Plan Administrator denies your claim, in whole or in part, then the Plan Administrator’s notice will state: (i) specific reason(s) for the denial, (ii) reference to the specific Plan provision(s) on which the denial is based, (iii) description of any material or information necessary for you to perfect the claim, and an explanation of why such material or information is necessary, (iv) a statement that you will be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information (except to the extent legally-privileged) relevant to your claim, and (v) explanation of how you may appeal the denial of your claim, and the time limits applicable to such procedures, including a statement of your right to bring a civil action under ERISA Section 502(a) following an adverse decision under review (as discussed below).

You (or your beneficiary or authorized representative) will have sixty (60) days from receipt of the written notification of the denial of your claim to file a signed, written request for a review of the denial with the Plan Administrator. This request should include the reason(s) that you are requesting a review, facts supporting your request, and any other relevant information and/or documents. Pursuant to its discretionary authority to administer and interpret the Plan and to determine eligibility for benefits under the Plan, the Plan Administrator will generally furnish you with a final written or electronic decision within sixty (60) days [fourteen (14) days if accelerated resolution] of receipt after your request for review (or within one hundred twenty (120) days [fourteen (14) days if accelerated resolution] after such receipt if special circumstances require an extension of time for processing the claim).

If the Plan Administrator denies your appeal in whole or in part, then the Plan Administrator will provide you with an explanation of the subsequent denial, this explanation will include a statement regarding your right to bring a civil action under ERISA Section 502(a). Pursuant to this Plan and applicable law, no legal action for benefits under the Plan may be brought until this claims procedure has been exhausted. In addition, no action in law or equity shall be brought more than one (1) year after the Plan Administrator’s affirmation of a denial of the claim or, if earlier, more than four (4) years after the facts or events giving rise to the employee’s allegation(s) or claim(s) first occurred under the Plan. [If accelerated resolution has been elected, then the arbitration provision of Exhibit B of your Supplemental Employment Terms Agreement with the Company shall apply in lieu of your ability to bring an action in law or equity unless there has been a Change of Control, in which case you may choose either arbitration or litigation (and the Company shall be bound by such choice).]

8

Address and Notice. You must file in writing with the Plan Administrator and the Company your mailing address when requested to do so. A communication, statement, or notice addressed to you at your last known mailing address as filed with the Plan Administrator and/or the Company will be binding on you for all purposes under the Plan, and neither the Company, nor the Plan Administrator shall be obligated to conduct any further search to determine how you may be contacted.

Plan Termination or Amendment. The Plan may be amended by the Company or the Administrator, as applicable, at any time for any reason in any manner; provided, however, as to any employee who is a party to an agreement with the Company entitled a “Supplemental Employment Terms Agreement”, the amendment shall not reduce such employee’s potential severance benefits under the Plan unless such employee consents to such amendment hereunder. No agent or employee other than a duly authorized officer of the Company has the authority to change or waive any provision of the Plan. The Plan may be terminated by the Company at any time provided that such termination will not be effective as to any employee who is a party to an agreement with the Company entitled a “Supplemental Employment Terms Agreement” unless such employee consents to such termination.

No Right to Employment. No provision of this Plan is intended to provide you or any other employee with any right to continue employment with the Company or affect the Company’s right, which right is hereby expressly reserved, to terminate the employment of any individual at any time for any reason, with or without cause.

Governing Law and Miscellaneous. This Plan shall be governed and construed in accordance with ERISA and, to the extent not preempted by ERISA, the laws of the State California (other than the choice of law principles). If any provision of this Plan or the application thereof to any individual or circumstance, is deemed invalid or unenforceable by a court of competent jurisdiction, then the remainder of the Plan or the application of such term or provisions to individuals or circumstances shall be valid and enforceable to the fullest extent permitted by law. No right hereunder shall inure to any third party beneficiary.

9

IV. STATEMENT OF ERISA RIGHTS

As a participant in the California Micro Devices Corporation Executive Severance Plan (the “Plan”), you are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). ERISA provides that all Plan participants shall be entitled to:

Receive Information About Your Plan and Benefits

Continue Group Health Plan Coverage

Prudent Actions by Plan Fiduciaries

In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the Plan. The people who operate your Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in the interest of you and other Plan participants (and their beneficiaries). No one, including your employer, or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a welfare benefit or exercising your rights under ERISA.

Enforce Your Rights

If your claim for a welfare (severance) benefit is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules.

10

Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a copy of plan documents or the latest annual report (if any) from the Plan and do not receive them within thirty (30) days, you may file suit in a Federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator. If you have a claim for benefits that is denied or ignored, in whole or in part, you may file suit in a state or Federal court. If it should happen that the Plan fiduciaries misuse the Plan’s money (if any) or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a Federal court. The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds that your claim is frivolous.

Assistance with Your Questions

If you have any questions about your Plan, you should contact the Plan Administrator. If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington D.C. 20210. You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration.

11

V. ADDITIONAL PLAN INFORMATION

12