Employment Letter Agreement between Maxim Integrated Products and Alan Hale
This agreement outlines the terms of Alan Hale's service as Vice President of Finance and Interim Chief Financial Officer at Maxim Integrated Products, starting January 31, 2007. He will receive a $300,000 annual salary and a one-time bonus of $394,615, provided he fulfills his assignments. Additional performance compensation may be awarded at the Board's discretion. If his interim role ends before June 30, 2007, the bonus will be pro-rated. The agreement also covers reimbursement for travel and temporary living expenses, and does not affect any existing company benefits.
Exhibit 10.39
Maxim Integrated Products
120 San Gabriel Drive
Sunnyvale, CA. 94086
(408) 737-7600
June 7, 2007
Alan Hale
Vice President of Finance and
Interim Chief Financial Officer
Maxim Integrated Products
120 San Gabriel Drive
Sunnyvale, CA 94086
Dear Alan:
Thank you for agreeing to serve as Maxims Vice President of Finance and Interim CFO for the period starting on January 31, 2007. In this capacity, your salary will be based on a $300,000 annual rate. Maxim will also pay you a one time bonus of $394,615 on July 1, 2007 provided you are working diligently toward completing your assignments given to you by the Board of Directors and the Chief Executive Officer. In addition to your salary, you will also be eligible for performance compensation at the discretion of the Board of Directors (or the Compensation Committee) for services rendered after June 30, 2007.
If Maxim chooses to end your assignment on or prior to June 30, 2007, the above bonus will be pro-rated based on the number of weeks actually worked during the period of January 31, 2007 June 30, 2007.
In the event that your role as Maxims CFO becomes permanent, we will determine your total compensation package at that time.
In addition to the salary above, Maxim will reimburse, subject to the Companys travel and entertainment policy, your expenses related to travel to and from Maxim Sunnyvale and your temporary living and related expenses while you are working at Maxim Sunnyvale.
This agreement does not preclude, limit or supersede any of the benefits you are currently receiving or entitled to from the Company.
If the above is satisfactory to you, please sign below and return to me. A copy has been included for your records.
Sincerely, |
/s/ Tunc Doluca |
Tunc Doluca |
President and Chief Executive Officer |
Agreed: |
/s/ Alan Hale |
Alan Hale |
Dated: June 7, 2007 |