Item 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
(c) As previously announced, Alan Hale was appointed to serve as the Vice President of Finance and Interim Chief Financial Officer of Maxim Integrated Products, Inc. (the "Company") effective January 31, 2007.
(e) On June 7, 2007, the Company and Mr. Hale entered into an agreement (the "Agreement") regarding Mr. Hale's service as the Company's Vice President of Finance and Interim Chief Financial Officer during the period starting January 31, 2007 through June 30, 2007 (the "Service Period"). Under the Agreement, Mr. Hale will receive an annual salary of $300,000, prorated for the Service Period. Mr. Hale will also be eligible to receive a one-time bonus of $394,615 on July 1, 2007 provided Mr. Hale satisfactorily completes the assignments given to him by the Chief Executive Officer as determined by the Board of Directors. In the event the Company terminates Mr. Hale's employment before June 30, 2007, then his salary would stop immediately and the one-time bonus of $394,615 would be prorated based upon the number of weeks worked and then paid to Mr. Hale. For services performed after June 30, 2007, Mr. Hale will continue to receive an annual salary at the rate specified above and be eligible for performance compensation at the discretion of the Board of Directors (or the Compensation Committee) for such services. The Company will also reimburse Mr. Hale for his travel, temporary living and related expenses incurred during the Service Period while working at the Company's corporate headquarters in Sunnyvale, California. In the event Mr. Hale were to be appointed the Company's Chief Financial Officer on a permanent basis, then Mr. Hale's compensation package would be determined at that time.
What you younger folks don't seem to understand is that
*all* companies are run in a similar manner as MAXIM
particularly when it comes to executive compensation.
The proof can be found by reading the DEF14 proxy filings
to the SEC which are easily found on the internet, Edgar,
etc. The DEF14 is a gold mine of information regarding
who's shovelling money into who's back pocket. It's been
going on for years but thanks to the internet we now know
how the game works. If it pisses you off then you need
to go start your *own* company and do the same thing for
yourself. Let history repeat itself. :-)