Consent Letter for Acceleration of Deferred Compensation Payments – John F. Gifford and Maxim Integrated Products, Inc.
John F. Gifford agrees to accelerate the payout of amounts he deferred under his Deferred Compensation Agreement with Maxim Integrated Products, Inc. as of December 31, 2004. The accelerated payments will follow a new schedule approved by the company's Board of Directors. Mr. Gifford confirms he has consulted his tax advisor and understands that any remaining unpaid amounts will continue to earn interest until fully paid, with all accrued interest included in the final payment by March 18, 2010.
Exhibit 10.7(a)
June 9, 2006
Mr. Charles Rigg
General Counsel and Vice President
Maxim Integrated Products, Inc.
120 San Gabriel Drive
Sunnyvale, CA 94086
| Re: | Consent to Acceleration of Payout of Amounts Deferred at December 31, 2004 under my Deferred Compensation Agreement |
Dear Chuck:
Pursuant to Section 8 of the Deferred Compensation Agreement between myself and Maxim Integrated Products, Inc. (“Maxim”), the Board of Directors approved the acceleration of payments of amounts deferred by me under the Deferred Compensation Agreement at December 31, 2004 pursuant to the schedule attached hereto as Exhibit A. I had the opportunity to discuss the effects of this distribution with my tax advisor.
I hereby consent to accelerate the payment to me of my account balance under the Deferred Compensation Agreement as of December 31, 2004, and any earnings thereon, pursuant to the schedule attached hereto as Exhibit A. I further understand that undistributed amounts shall continue to earn interest at the rate specified in Section 2(b) of the Deferred Compensation Agreement until paid and I consent to having any accrued interest attributable to my December 31, 2004 account balance included in my final installment payment on March 18 2010.
| Very truly yours, |
| John F. Gifford |
120 San Gabriel Dr., Sunnyvale, CA 94086 Phone (408) ###-###-#### Fax (408) ###-###-####
Exhibit A
| Payout Date: Amount | Payout Date: Amount | |
120 San Gabriel Dr., Sunnyvale, CA 94086 Phone (408) ###-###-#### Fax (408) ###-###-####
