LINEAR TECHNOLOGY CORPORATION
 
                             ROBERT H. SWANSON, JR.
 
                    AMENDED AND RESTATED EMPLOYMENT AGREEMENT
 
     This Robert H. Swanson,  Jr. Amended and Restated Employment Agreement (the
"Agreement")  is entered into as of October 18, 2005 (the  "Effective  Date") by
and between Linear Technology Corporation (the "Company") and Robert H. Swanson,
Jr. ("Executive").
 
     WHEREAS,  Executive  and the Company  executed the Robert H.  Swanson,  Jr.
Employment Agreement in January 2002 (the "Initial Employment Agreement");
 
     WHEREAS,  Executive  has  since  resigned  from  his  employment  as  Chief
Executive  Officer of the Company,  but at the request of the Board of Directors
of the Company (the "Board") pursuant to Section 3(f) of the Initial  Employment
Agreement, has agreed to remain Executive Chairman of the Board; and
 
     WHEREAS,  Executive and the Company desire to update the Initial Employment
Agreement  to reflect  Executive's  current role with the Company and to clarify
certain provisions of the Initial Employment Agreement.
 
     NOW, THEREFORE,  in consideration of their mutual promises and intending to
be legally bound, the parties agree as follows:
 
     1. Duties and Scope of Employment.
 
          (a) Positions;  Agreement  Commencement  Date;  Duties.  Following the
     Effective Date,  Executive shall continue to serve as Executive Chairman of
     the Board,  reporting to the Board.  The period of  Executive's  employment
     hereunder  is  referred  to herein as the  "Employment  Term."  During  the
     Employment  Term,  Executive  shall render such  business and  professional
     services in the  performance  of his duties,  consistent  with  Executive's
     position within the Company,  as shall reasonably be assigned to him by the
     Board.
 
          (b) Obligations.  During the Employment  Term,  Executive shall devote
     his  business  efforts  and time to the  Company  one to two days per week.
     Executive agrees, during the Employment Term, not to actively engage in any
     other  employment,  occupation  or  consulting  activity  for any direct or
     indirect  remuneration  without the approval of the Board that would result
     in a conflict of interest with the Company's business.
 
     2. At-Will Employment. Executive and the Company understand and acknowledge
that Executive's  employment with the Company constitutes  "at-will" employment.
Subject to the Company's  obligation to provide severance  benefits as specified
 
 
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herein,  Executive and the Company acknowledge that this employment relationship
may be terminated at any time,  upon written notice to the other party,  with or
without good cause or for any or no cause,  at the option  either of the Company
or Executive.
 
     3. Compensation.
 
          (a) Base Salary.  While employed by the Company, the Company shall pay
     the  Executive  as  compensation  for  his  services  $405,000  (the  "Base
     Salary"),  divided by 365,  and  multiplied  by each full day of service he
     performs  as  Executive  Chairman of the Board.  Such salary  shall be paid
     periodically  in  accordance  with normal  Company  payroll  practices  and
     subject to the usual, required  withholding.  Executive's Base Salary shall
     be  reviewed  annually  by the  Compensation  Committee  of the  Board  for
     possible  adjustments in light of Executive's  performance  and competitive
     data.
 
          (b)  Bonuses.  Executive  shall be  eligible to earn a bonus under the
     Company's 1996 Senior Executive Bonus Plan as specified by the Compensation
     Committee of the Board and will also be eligible to  participate in the Key
     Employee  Incentive  Bonus Plan or any successor  bonus plans to such plans
     (collectively,  the "Bonus Plans").  Executive's  target bonus (the "Target
     Bonus") for any six-month  period will be his target bonus for the previous
     six-month  period  increased or decreased by the same  percentage the total
     bonus  pool for the  Bonus  Plans  for the  six-month  period  in  question
     increased or decreased compared to the previous six-month period. By way of
     example only, if Executive's Target Bonus for the first six-month period of
     a  particular  year is  $1,000,000  and the total  bonus pool for the Bonus
     Plans for the second six-month period of such year increases by ten percent
     (10%) over the total bonus pool for the Bonus Plans for the first six-month
     period of such year,  then  Executive's  Target Bonus for second  six-month
     period would be  $1,100,000.  Executive's  actual bonus for any  particular
     period will equal the actual  bonus to which he would have  otherwise  been
     entitled for such period divided by 365, and multiplied by each full day of
     service he  performs  for the  Company as  Executive  Chairman of the Board
     during  such  period,  or  alternatively  in such amount as the Board deems
     appropriate,  but in no event  more  than 50% of the  Target  Bonus for any
     relevant period.
 
          (c) Benefits.  During the Employment Term, Executive shall be eligible
     to participate in the employee benefit plans maintained by the Company that
     are applicable to other senior  management to the full extent  provided for
     under those plans,  including health and other welfare plan  participation,
     use of the  Company  airplane  and  pilot(s)  as set forth in Section  3(d)
     hereof,  office space and  secretary,  but excluding  participation  in any
     Company  employee stock purchase plan intended to qualify under Section 423
     of the Internal  Revenue Code of 1986, as amended,  and any Company  401(k)
     plan  and  any  benefits  and  perquisites  where  continuing   Executive's
     participation  would be either (i)  contrary to statute or  regulation,  or
     (ii) highly impractical.
 
          (d) Use of Company  Airplane.  During the Employment  Term,  Executive
     shall be permitted to use, for personal purposes,  the Company airplane and
     pilot(s), for up to 35% of the available flight time in any year; provided,
     however,  that  such  use  shall be  subject  to the  Company's  reasonable
     policies  and  airplane  usage  requirements.   Executive  shall  be  fully
     grossed-up for any imputed taxable income  recognized by virtue of such use
     so that the net effect to  Executive is the same as if there was no imputed
     income.
 
 
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<PAGE>
 
          (e) Stock Options and Restricted Stock.  Executive's stock options and
     restricted  stock that were unvested as of the date Executive  transitioned
     from Chief  Executive  Officer of the Company and  Chairman of the Board to
     only Executive Chairman of the Board (the "Transition Date") shall continue
     to vest,  subject to his continuing as Executive  Chairman of the Board, at
     twice  the rate as if he had  continued  as Chief  Executive  Officer.  For
     example,  if  Executive  has a stock  option  that is 25%  unvested  on the
     Transition  Date  and the  option  is  scheduled  to vest as to 1/12 of the
     unvested  shares  each  month  so as to be  100%  vested  on the  one  year
     anniversary  of  the  Transition   Date,  the  vesting  schedule  shall  be
     accelerated so that the option shall vest at to 1/12 of the unvested shares
     each  half-month,  so  as  to be  100%  vested  six  months  following  the
     Transition Date.
 
          (f) Severance Prior to a Change of Control.
 
               (i)   Voluntary   Termination   for  Good   Reason;   Involuntary
          Termination Other Than for Cause. If, prior to a Change of Control (as
          defined  herein),  Executive's  tenure as  Executive  Chairman  of the
          Board, terminates due to (i) a voluntary termination for "Good Reason"
          (as  defined  herein)  where the  grounds  for the Good Reason are not
          cured by the  Company  within  thirty (30) days  following  receipt of
          written  notice  specifying  the grounds  from  Executive,  or (ii) an
          involuntary  termination  by the  Company  other than for  "Cause" (as
          defined herein), then, subject to Executive executing and not revoking
          a standard  form of mutual  release of claims with the Company and not
          breaching  the terms of  Section  11  hereof,  (i) all of  Executive's
          Company  stock  options  (together  with other  rights to  purchase or
          receive  Company  common  stock)  and  restricted   stock   (including
          restricted   stock  units  and  similar   awards)  shall   immediately
          accelerate  vesting  as to 100% of the then  unvested  amount  of such
          award,  (ii) Executive shall receive  continued  payments of severance
          pay for twelve (12) months following the date of such termination at a
          rate equal to (A) Executive's  annual Base Salary rate as in effect on
          the date of such  termination,  plus (B) two (2) times the  average of
          his Target Bonus for the four (4) six-month bonus periods prior to the
          date of such  termination  (which amount related to the average Target
          Bonus  will  payable  in equal  installments  over  such  twelve-month
          period),  in each case,  as if  Executive  had  performed  services as
          Executive  Chairman  of  the  Board  on  a  full-time  basis  with  no
          limitation on the amount of his actual compensation (e.g., Executive's
          bonus  would  not  be  limited  to 50% of his  Target  Bonus  for  any
          particular  period)),  less  applicable  withholding  and  payable  in
          accordance  with  the  Company's   standard  payroll   practices  (the
          "Severance Payment"), (iii) the Company shall pay the group health and
          dental plan  continuation  coverage  premiums  for  Executive  and his
          covered   dependents  under  Title  X  of  the   Consolidated   Budget
          Reconciliation Act of 1985, as amended ("COBRA") for the lesser of (A)
          eighteen  (18)  months  from the date of  Executive's  termination  of
          employment,  or (B) the date  upon  which  Executive  and his  covered
          dependents  are covered by similar plans of  Executive's  new employer
          (the "COBRA Coverage").
 
     For purposes of this  Agreement,  "Cause" shall mean (i) an act of personal
dishonesty taken by Executive in connection with his responsibilities  hereunder
and intended to result in  substantial  personal  enrichment of Executive,  (ii)
Executive being  convicted of, or plea of nolo contendere to, a felony,  (iii) a
willful  act by  Executive  which  constitutes  gross  misconduct  and  which is
 
 
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<PAGE>
 
injurious to the Company,  and (iv) following delivery to Executive of a written
demand  for  performance  from the  Company  which  describes  the basis for the
Company's  reasonable belief that Executive has not substantially  performed his
duties,  continued  violations by Executive of  Executive's  obligations  to the
Company which are demonstrably willful and deliberate on Executive's part.
 
     For purposes of this Agreement,  "Good Reason" means,  without  Executive's
express  consent,  (i)  a  material  reduction  of  Executive's  duties,  title,
authority or responsibilities,  relative to Executive's duties, title, authority
or  responsibilities  as in effect  immediately prior to such reduction,  or the
assignment   to  Executive  of  such  reduced   duties,   title,   authority  or
responsibilities  (ii) a material  reduction,  of the facilities and perquisites
(including office space and location)  available to Executive  immediately prior
to such  reduction,  other than a reduction  generally  applicable to all senior
management  of the Company;  (iii) a reduction by the Company in the Base Salary
of Executive as in effect  immediately prior to such reduction;  (iv) a material
reduction by the Company in the aggregate level of employee benefits,  including
Target  Bonuses,  to which  Executive  was  entitled  immediately  prior to such
reduction  with the  result  that  Executive's  aggregate  benefits  package  is
materially  reduced (other than a reduction  that  generally  applies to Company
employees);  (v) the  relocation  of Executive to a facility or a location  more
than thirty-five (35) miles from Executive's then present location;  or (vi) any
act or set of facts or circumstances  which would,  under California case law or
statute constitute a constructive termination of Executive;  provided,  however,
that Executive agrees that Executive's  transition from Chief Executive  Officer
and  Chairman of the Board to Chairman  pursuant to Section  3(f) of the Initial
Employment Agreement and the related reductions in pay, responsibilities and the
like did not constitute Good Reason.
 
     The Executive  shall not be required to mitigate the value of any severance
benefits contemplated by this Agreement,  nor shall any such benefits be reduced
by any  earnings  or benefits  that the  Executive  may  receive  from any other
source;  provided,  however,  that  if  Executive  receives  severance  benefits
hereunder, he expressly waives the right to receive severance benefits under any
other severance plan or policy of the Company.
 
          (ii)  Voluntary  Termination  Other than for Good Reason;  Involuntary
     Termination  for Cause.  Except as  provided  otherwise  in  Sections  3(f)
     hereof, in the event Executive terminates his employment  voluntarily other
     than for Good  Reason or is  involuntarily  terminated  by the  Company for
     Cause,  then all vesting of Executive's  stock options (together with other
     rights to purchase or receive  Company common stock) and  restricted  stock
     (including  restricted  stock units and  similar  awards)  shall  terminate
     immediately  and all payments of  compensation  by the Company to Executive
     hereunder  shall  immediately  terminate  (except  as  to  amounts  already
     earned).
 
     (g) Change of Control  Benefits.  In the event of a "Change of Control" (as
defined  herein),  Executive  shall  receive the  benefits  specified in Section
3(f)(i) above (including 100% vesting acceleration); provided that the Severance
Payment shall be payable in a lump-sum  within five days following the Change of
Control  and the  COBRA  Coverage  shall  be  extended  to  Executive  upon  any
subsequent  termination  of his  employment,  whether  or not for  Cause or Good
Reason.  In the event  Executive's  tenure as  Executive  Chairman  of the Board
terminates  following  a Change  of  Control,  for any or no  reason,  including
pursuant  to  Sections  3(h)  hereof,  Executive  shall not be  entitled  to any
additional  compensation  (excepts as to amounts already earned and payments and
benefits due pursuant to Section 3(f)).
 
 
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<PAGE>
 
         For purposes of this Agreement, "Change of Control" shall mean the
occurrence of any of the following events:
 
          (i) Any "person" (as such term is used in Sections  13(d) and 14(d) of
     the Securities  Exchange Act of 1934, as amended)  becomes the  "beneficial
     owner" (as defined in Rule 13d-3 under said Act),  directly or  indirectly,
     of  securities of the Company  representing  fifty percent (50%) or more of
     the total voting power represented by the Company's then outstanding voting
     securities; or
 
          (ii) The consummation of the sale or disposition by the Company of all
     or substantially all the Company's assets; or
 
          (iii) The  consummation  of a merger or  consolidation  of the Company
     with any other  corporation,  other  than a merger or  consolidation  which
     would  result  in  the  voting   securities  of  the  Company   outstanding
     immediately  prior  thereto  continuing  to represent  (either by remaining
     outstanding or by being  converted into voting  securities of the surviving
     entity) at least fifty percent (50%) of the total voting power  represented
     by  the  voting   securities  of  the  Company  or  such  surviving  entity
     outstanding immediately after such merger or consolidation; or
 
          (iv) A change  in the  composition  of the  Board  occurring  within a
     two-year  period,  as a  result  of  which  fewer  than a  majority  of the
     directors  are  Incumbent  Directors.   "Incumbent  Directors"  shall  mean
     directors  who either (A) are  directors of the Company as of the date upon
     which this Agreement was entered into, or (B) are elected, or nominated for
     election, to the Board with the affirmative votes of at least a majority of
     those directors whose election or nomination was not in connection with any
     transaction  described in  subsections  (i),  (ii),  or (iii) above,  or in
     connection  with an actual or  threatened  proxy  contest  relating  to the
     election of directors to the Company.
 
     (h) Voluntary  Termination when Executive is 65 or Older. In the event that
on or after his 65th birthday, Executive (i) voluntarily terminates as Executive
Chairman  of the  Board,  and,  (ii)  if he is  then  employed  by the  Company,
voluntarily  terminates such  employment,  then Executive shall receive the same
benefits as if such voluntary  termination was a voluntary  termination for Good
Reason, which will entitle him to severance benefits under Section 3(f)(i), and,
if applicable, paid and provided as set forth in Section 3(g).
 
     4. Death or Total Disability of Executive.
 
          (a) Death.  Upon  Executive's  death while Executive is an employee or
     consultant   of  the  Company,   then  (i)   employment   hereunder   shall
     automatically  terminate,  (ii) all of  Executive's  Company  stock options
     (together  with other rights to purchase or receive  Company  common stock)
     and restricted stock (including  restricted stock units and similar awards)
     shall immediately  accelerate vesting as to 50% of the then unvested amount
     of such award,  and all  subsequent  vesting of  Executive's  stock options
     (together  with other rights to purchase or receive  Company  common stock)
     and restricted stock (including  restricted stock units and similar awards)
     shall terminate immediately,  and (iii) all payments of compensation by the
     Company to Executive  hereunder shall  immediately  terminate (except as to
     amounts already earned).
 
                                       5
<PAGE>
 
          (b)  Disability.  Upon  Executive's  becoming  permanently and totally
     disabled  (as defined in  accordance  with  Internal  Revenue  Code Section
     22(e)(3) or its successor  provision) while Executive is an employee of the
     Company,  then employment  hereunder shall automatically  terminate and all
     payments  of  compensation  by the  Company to  Executive  hereunder  shall
     immediately  terminate  (except  as to  amounts  already  earned),  and all
     vesting  of  Executive's  stock  options  (together  with  other  rights to
     purchase or receive Company common stock) and restricted  stock  (including
     restricted stock units and similar awards) shall terminate immediately.
 
     5.  Golden  Parachute  Excise  Tax Full  Gross-Up.  In the  event  that the
benefits  provided  for in this  Agreement  or  otherwise  payable to  Executive
constitute  "parachute  payments"  within the  meaning  of  Section  280G of the
Internal  Revenue  Code of 1986,  as amended (the "Code") and will be subject to
the excise tax imposed by Section 4999 of the Code, then Executive shall receive
(i) a payment from the Company  sufficient  to pay such excise tax, plus (ii) an
additional payment from the Company sufficient to pay the excise tax and federal
and state income and  employment  taxes  arising  from the payments  made by the
Company to  Employee  pursuant  to this  sentence.  Unless the  Company  and the
Executive  otherwise agree in writing,  the determination of Executive's  excise
tax liability  and the amount  required to be paid under this Section 5 shall be
made in writing by the Company's  independent auditors who are primarily used by
the Company immediately prior to the Change of Control (the "Accountants").  For
purposes of making the calculations  required by this Section 5, the Accountants
may make reasonable  assumptions and approximations  concerning applicable taxes
and  may  rely  on  reasonable,   good  faith  interpretations   concerning  the
application  of Sections  280G and 4999 of the Code.  The Company and  Executive
shall  furnish  to  the  Accountants  such  information  and  documents  as  the
Accountants may reasonably  request in order to make a determination  under this
Section.  The Company shall bear all costs the Accountants may reasonably  incur
in connection with any calculations contemplated by this Section 5.
 
     6.  Assignment.  This  Agreement  shall be  binding  upon and  inure to the
benefit of (a) the heirs, beneficiaries,  executors and legal representatives of
Executive upon Executive's death and (b) any successor of the Company.  Any such
successor of the Company shall be deemed  substituted  for the Company under the
terms of this  Agreement for all  purposes.  As used herein,  "successor"  shall
include any person,  firm,  corporation  or other  business  entity which at any
time, whether by purchase, merger or otherwise,  directly or indirectly acquires
all or substantially  all of the assets or business of the Company.  None of the
rights of Executive to receive any form of compensation payable pursuant to this
Agreement  shall be assignable or  transferable  except  through a  testamentary
disposition  or by the  laws of  descent  and  distribution  upon  the  death of
Executive. Any attempted assignment,  transfer,  conveyance or other disposition
(other than as  aforesaid) of any interest in the rights of Executive to receive
any form of compensation hereunder shall be null and void.
 
 
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<PAGE>
 
     7. Notices. All notices,  requests, demands and other communications called
for  hereunder  shall be in writing and shall be deemed  given if (i)  delivered
personally or by facsimile, (ii) one (1) day after being sent by Federal Express
or a similar commercial  overnight service,  or (iii) three (3) days after being
mailed by registered or certified mail,  return receipt  requested,  prepaid and
addressed  to the  parties or their  successors  in  interest  at the  following
addresses,  or at such other  addresses as the parties may  designate by written
notice in the manner aforesaid:
 
         If to the Company:         Linear Technology Corporation
                                    720 Sycamore Drive
                                    Milpitas, CA 95035
                                    Attn: General Counsel
 
         If to Executive:           Robert H. Swanson, Jr.
                                    at the last residential address
                                    known by the Company.
 
 
     8.  Severability.  In the event  that any  provision  hereof  becomes or is
declared by a court of competent  jurisdiction to be illegal,  unenforceable  or
void,  this  Agreement  shall  continue  in full force and effect  without  said
provision.
 
     9. Entire  Agreement.  This  Agreement,  the  Confidential  Information and
Invention  Assignment  Agreement  previously  entered  into by and  between  the
Company and Executive and the indemnification  agreement previously entered into
by and between the Company and  Executive  represent  the entire  agreement  and
understanding   between  the  Company  and  Executive   concerning   Executive's
employment  relationship with the Company, and supersede and replace any and all
prior   agreements  and   understandings   concerning   Executive's   employment
relationship with the Company.
 
 
     10. Dispute Resolution.
 
          (a) The parties  shall first meet to settle any dispute  through  good
     faith  negotiation or non-binding  mediation.  If not settled by good faith
     negotiation  or  non-binding  mediation  between the parties within 30 days
     from the date one party  requests in writing to meet the other party,  then
     to the extent permitted by law, any dispute or controversy  arising out of,
     relating to, or in connection with this Agreement,  or the  interpretation,
     validity,  construction,  performance, breach, or termination thereof shall
     be finally settled by binding arbitration to be held in Santa Clara County,
     California,  in accordance  with the National  Rules for the  Resolution of
     Employment Disputes then in effect of the American Arbitration  Association
     (the "Rules"). The arbitrator may grant injunctions or other relief in such
     dispute  or   controversy.   The  decision  of  the  arbitrator   shall  be
     confidential,   final,  conclusive  and  binding  on  the  parties  to  the
     arbitration.  Judgment  may be  entered  under a  protective  order  on the
     arbitrator's  decision in any court having jurisdiction.  The Company shall
     pay all costs of any mediation or arbitration; provided, however, that each
     party shall pay its own attorney and advisor fees.
 
          (b) The  arbitrator  shall apply  California  law to the merits of any
     dispute  or claim,  without  reference  to rules of  conflict  of law.  The
     arbitration proceedings shall be governed by federal arbitration law and by
     the Rules,  without  reference to state  arbitration law.  Executive hereby
     expressly  consents to the personal  jurisdiction  of the state and federal
     courts located in California  for any action or proceeding  arising from or
     relating to this Agreement  and/or relating to any arbitration in which the
     parties are participants.
 
          (c)  Executive   understands  that  nothing  in  Section  10  modifies
     Executive's  at-will status.  Either the Company or Executive can terminate
     the employment relationship at any time, with or without cause.
 
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<PAGE>
 
          (d) EXECUTIVE  HAS READ AND  UNDERSTANDS  SECTION 10, WHICH  DISCUSSES
     ARBITRATION.   EXECUTIVE   UNDERSTANDS  THAT  BY  SIGNING  THIS  AGREEMENT,
     EXECUTIVE  AGREES,  TO THE EXTENT  PERMITTED  BY LAW,  TO SUBMIT ANY FUTURE
     CLAIMS ARISING OUT OF,  RELATING TO, OR IN CONNECTION  WITH THIS AGREEMENT,
     OR THE  INTERPRETATION,  VALIDITY,  CONSTRUCTION,  PERFORMANCE,  BREACH, OR
     TERMINATION  THEREOF  TO  BINDING  ARBITRATION,  AND THAT THIS  ARBITRATION
     CLAUSE  CONSTITUTES  A WAIVER  OF  EXECUTIVE'S  RIGHT TO A JURY  TRIAL  AND
     RELATES TO THE  RESOLUTION  OF ALL DISPUTES  RELATING TO ALL ASPECTS OF THE
     EMPLOYER/EMPLOYEE RELATIONSHIP.
 
     11. Covenants Not to Compete and Not to Solicit.
 
          (a)  Covenant  Not to  Compete.  In  consideration  for  the  benefits
     Executive is to receive herein  Executive agrees that, until the end of the
     twelve month period  following  the date of his  termination  of employment
     with the Company for any reason or no reason,  Executive  will not directly
     engage  in  (whether  as  an  employee,  consultant,  proprietor,  partner,
     director or otherwise),  or have any ownership  interest in, or participate
     in the financing,  operation,  management or control of, any person,  firm,
     corporation or business that engages or participates  anywhere in the world
     in providing  goods and services  similar to those  provided by the Company
     upon the date of Executive's  termination of employment.  Ownership of less
     than 3% of the  outstanding  voting stock of a corporation  or other entity
     will not constitute a violation of this  provision.  The Company agrees not
     to unreasonably  withhold  consent from Executive to engage in any activity
     that is not competitive with the Company.
 
          (b)  Covenant  Not to  Solicit.  In  consideration  for  the  benefits
     Executive is to receive  herein  Executive  agrees that he will not, at any
     time  during  the twelve  month  period  following  his  termination  date,
     directly or  indirectly  solicit  any  individuals  to leave the  Company's
     employ for any reason or interfere in any other manner with the  employment
     relationships  at the time existing  between the Company and its current or
     prospective employees.
 
          (c)  Representations.  The parties intend that the covenants contained
     in  Section  11(a)  and (b)  shall be  construed  as a series  of  separate
     covenants,  one for each county,  city and state (or analogous  entity) and
     country of the world. If, in any judicial proceeding,  a court shall refuse
     to enforce any of the separate  covenants,  or any part thereof,  then such
     unenforceable  covenant,  or such part thereof,  shall be deemed eliminated
     from this  Agreement  for the  purpose of those  proceedings  to the extent
     necessary to permit the remaining separate covenants,  or portions thereof,
     to be enforced.
 
          (d)  Reformation.  In the event that the provisions of this Section 11
     should  ever be deemed to exceed  the time or  geographic  limitations,  or
     scope of this covenant,  permitted by applicable  law, then such provisions
     shall be reformed to the maximum  time or  geographic  limitations,  as the
     case may be, permitted by applicable laws.
 
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<PAGE>
 
          (e)  Reasonableness of Covenants.  Employee  represents that he (i) is
     familiar with the  covenants not to compete and solicit,  and (ii) is fully
     aware of his obligations  hereunder,  including,  without  limitation,  the
     reasonableness  of the length of time,  scope and  geographic  coverage  of
     these covenants.
 
     12. No Oral  Modification,  Cancellation  or Discharge.  This Agreement may
only be amended,  canceled or discharged in writing  signed by Executive and the
Company's then existing Chief  Executive  Officer,  subject to prior approval of
the Board.
 
     13. Withholding.  The Company shall be entitled to withhold, or cause to be
withheld,  from  payment any amount of  withholding  taxes  required by law with
respect  to  payments  made to  Executive  in  connection  with  his  employment
hereunder.
 
     14.  Governing  Law.  This  Agreement  shall be governed by the laws of the
State of California (with the exception of its conflict of laws provisions).
 
     15. Acknowledgment.  Executive acknowledges that he has had the opportunity
to discuss this matter with and obtain advice from his private attorney, has had
sufficient  time to,  and has  carefully  read  and  fully  understands  all the
provisions of this  Agreement,  and is knowingly and  voluntarily  entering into
this Agreement.
 
                                       9
<PAGE>
 
     IN WITNESS WHEREOF, the undersigned have executed this Agreement:
 
                                  LINEAR TECHNOLOGY CORPORATION
 
 
                                  /s/ Thomas Volpe
                                  ----------------------------------
                                  Thomas Volpe
                                  Chairman of the Audit Committee
                                  of the Board of Directors
 
 
                                  EXECUTIVE
 
 
                                  /s/ Robert H. Swanson, Jr.
                                  ---------------------------------
                                  Robert H. Swanson, Jr.
 
                                  Date: October 18, 2005
 
 
                                       10
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