CIO Employment Agreement - J.M. Watkins, Jr.

EXHIBIT 10.06


----------------- 207 775 4603 Tel Direct JOSEPH R. MARTIN F A I R C H I L D 207 761 6020 Fax Executive Vice President ----------------- Chief Financial Officer SEMICONDUCTOR(TM) Member, Board of Directors
Joseph.Martin@fairchildsemi.com
FAIRCHILD SEMICONDUCTOR
333 Western Avenue
South Portland, ME 04106


Mr. John M. Watkins 11 Hinchley Wood Farmington, CT 06032


On behalf of Fairchild Semiconductor, I am pleased to offer you the position of Senior Vice President, Chief Information Officer and member of the Executive Committee, reporting to me. Your initial annualized salary will be $275,000 to be paid biweekly and you will also be entitled to participate in the Fairchild Incentive Program (FIP) at a target level of 40%; should the company achieve the FIP goals at 100%, you will receive an incentive award equal to 40% of your base salary for the period considered under the plan, subject to the terms of the Program. We agree, however, that your bonus payment covering the Fiscal Year 2000 will be no less than $220,000, which represents a 200% payout under our Incentive Program, and the minimum Incentive Program payments covering Fiscal Years 2001 and 200 ...