ANALOG DEVICES INC

Summary Compensation Table

The following table contains certain information about the compensation that our NEOs earned in fiscal year 2025, fiscal year 2024, and fiscal year 2023. The sum and/or computation of individual numerical amounts disclosed in the following table and related footnotes may not equal the total due to rounding.

(1)For fiscal year 2025, our salary levels were determined in April and became effective May 4, 2025. The amounts represented in this table reflect salary earned during fiscal year 2025.

(2)Amounts represent the aggregate grant date fair value of time-based RSUs and PRSUs granted in fiscal years 2025, 2024, and 2023. Such amounts do not represent the actual amounts paid to or realized by the NEO for these awards during the respective fiscal years. For Mr. Puccio, the 2024 amount includes a new-hire equity award with a grant date fair value of $9,998,966. We recognize the value as of the grant date for time-based RSUs and PRSUs over the number of days of service required for the grant to become vested in accordance with FASB ASC 718. The grant date fair value of time-based RSUs represents the value of our common stock on the date of grant, reduced by the present value of dividends expected to be paid on our common stock prior to vesting. Further, the grant date fair values of the Relative TSR PRSUs granted as part of our annual compensation program were calculated using the Monte Carlo simulation model, which utilizes multiple input variables that determine the probability of satisfying the performance conditions stipulated in the award grant to calculate the fair market value. The Monte Carlo simulation model also uses stock price volatility and other variables to estimate the probability of satisfying the performance conditions, including the possibility that the market condition may not be satisfied, and the resulting fair value of the award. The grant date fair value of the Financial Metric PRSUs represents the value at the grant date based upon the probable outcome of the performance conditions at the date of grant. For a more detailed description of the assumptions used for purposes of determining grant date fair value, see Note 2r and Note 3 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended November 1, 2025. The grant date fair value of awards at the maximum level of achievement for PRSUs included in this table for fiscal year 2025 is as follows: Mr. Roche, $33,003,617; Mr. Puccio, $7,346,149; Mr. Cotter, $6,240,758; Mr. Jain, $7,346,149; and Dr. Nakamura, $3,900,686.

(3)Reflects the amounts earned under our executive performance incentive plan with respect to performance for fiscal years 2025, 2024, and 2023.

(4)The amounts shown in the “All Other Compensation” column for fiscal year 2025 are comprised of the following:

(a)Includes the value of 401(k) matching contributions plus the matching contribution made by ADI for DCP payments, if applicable, together with the amount paid by ADI for TIP Restoration. Such amounts for each NEO for fiscal year 2025 were as follows: Messrs. Roche ($27,175, $7,680, and $61,145, respectively), Puccio ($25,200, $5,471, and $24,002, respectively), Cotter ($6,184, $33,817, and $7,769, respectively), and Jain ($28,000, $0, and $25,846, respectively), and Dr. Nakamura ($25,785, $7,202, and $6,404, respectively).

(b)Amounts paid to Dr. Nakamura in fiscal year 2025 in connection with his expatriate assignment included: $10,677 for vehicle and parking lease fees; $47,283 for housing expenses; $38,794 for tax services; $372,722 for tax equalization payments; $53,873 for tax gross-ups; $10,923 for spousal travel; $14,675 for cost of living allowance; and $5,702 for other miscellaneous expenses.

(c)Amounts for personal use of the leased aircraft by Mr. Roche. This amount represents the aggregate incremental cost to us for the personal use of our corporate aircraft by Mr. Roche and certain of his guests, as applicable, for each use. We determine the incremental cost of the personal use of our leased corporate aircraft based on the actual invoiced amount from ADI’s third-party provider for the variable costs incurred on each trip, such as billed hourly fees, fuel costs, etc. The aggregate incremental cost does not include certain fixed costs that do not change based on usage, such as monthly lease expenses, that are billed regardless of usage, and the aircraft lease deposit amount.

(d)Amounts paid for a healthcare savings account for Mr. Jain and Dr. Nakamura, financial and tax planning services for Messrs. Roche and Jain, cyber and data privacy protection services for Messrs. Roche, Puccio, Cotter, Jain and Dr. Nakamura, and executive security for Mr. Roche.

(5)Mr. Puccio joined ADI as Executive Vice President and Chief Financial Officer, effective February 5, 2024.

(6)Mr. Cotter was appointed as Senior Vice President, Vertical Business Units. effective December 1, 2024 and was not an NEO in fiscal year 2024 or 2023.

(7)Dr. Nakamura was appointed as Senior Vice President and Chief Customer Officer, effective November 3, 2024 and was not an NEO in fiscal year 2024 or 2023.

Grants of Plan-Based Awards in Fiscal Year 2025

The following table presents information on plan-based awards granted in fiscal year 2025 to our NEOs:

(1)The amounts shown in the threshold, target, and maximum columns reflect the minimum, target, and maximum amounts payable under our executive performance incentive plan, respectively. Amounts in the maximum column above reflect 250% of the executive officer’s target variable cash incentive, which was the cap under the plan in fiscal year 2025. The actual amounts earned in fiscal year 2025 are reflected in the “Non-Equity Incentive Plan Compensation” column of the Summary Compensation Table and were as follows:

See Compensation Discussion and Analysis for a discussion of how these amounts were determined under our executive performance incentive plan.

(2)Represents PRSUs granted under our 2020 Plan. Our annual equity compensation program included two types of PRSUs for our executive officers: Relative TSR PRSUs and Financial Metric PRSUs. The number of Relative TSR PRSUs that executive officers may earn is based on our TSR performance relative to the TSR performance of other companies in a comparator index, currently the S&P 500 Index, as approved by the Compensation and Talent Committee, over a three-year performance period beginning on March 15, 2025 and ending on March 15, 2028. Target performance of our Relative TSR PRSUs is achieved when ADI’s TSR is at the 55th percentile of the TSRs of the companies in the S&P 500 Index. The actual amount of our Relative TSR PRSUs earned can range from 0%-200% of the target amount, corresponding to the percentile attainment of ADI’s TSR as compared to the companies in the S&P 500 Index. The Financial Metric PRSUs have a performance condition and a service condition, and vest, so long as the executive continues to be employed with us, after the applicable three-year performance period, on March 15, 2028. The number of shares of the company’s common stock to be issued upon vesting of the Financial Metric PRSUs on the third anniversary of the grant date will range from 0% to 200% of the target amount, based on the company’s attainment of three-year cumulative non-GAAP operating profit dollar targets set by the Compensation and Talent Committee.

(3)Represents time-based RSUs granted under our 2020 Plan. The time-based RSUs granted in April 2025 vest, so long as the executive continues to be employed with us, in four equal installments on each of the first, second, third, and fourth anniversaries of March 15, 2025. Dividends are not payable on unvested RSUs.

(4)These amounts do not represent the actual amounts paid to or realized by the executives for these awards during the fiscal year. These amounts represent the grant date fair values of the RSUs and PRSUs. The grant date fair value of the Relative TSR PRSUs was calculated using the Monte Carlo simulation model which utilizes multiple input variables that determine the probability of satisfying the performance conditions stipulated in the award grant to calculate the fair market value. The Monte Carlo simulation model also uses stock price volatility and other variables to estimate the probability of satisfying the performance conditions, including the possibility that the market condition may not be satisfied, and the resulting fair value of the award. The grant date fair value per share of the Relative TSR PRSU awards granted on April 8, 2025 was $180.52. For the Financial Metric PRSUs granted on April 8, 2025, the risk-free rate was 3.88%, the dividend yield was 2.38%, and the grant date fair value per share was $154.93 for graded three-year vesting. The grant date fair value of Financial Metric PRSUs represents the value at the grant date based upon the probable outcome of the performance conditions at the date of grant. The grant date fair value of the time-based RSUs is the value of our common stock on the date of grant, reduced by the present value of dividends expected to be paid on our common stock prior to vesting. For the grants of RSUs on April 8, 2025, the risk-free rate was 3.88%, the dividend yield was 2.38% and the grant date fair value per share was $156.78.

Outstanding Equity Awards at Fiscal Year-End 2025

The following table provides information with respect to outstanding stock options and unvested time-based RSUs and PRSUs for each of our NEOs as of November 1, 2025:

(1)The expiration date of each stock option award is ten years after its grant date.

(2)The time-based RSUs granted in 2022 vest in four equal installments on each of the first, second, third and fourth anniversaries of March 15, 2022. The time-based RSUs granted to Mr. Jain in 2021 vest in four equal increments on February 15, 2025; May 15, 2025; August 15, 2025; and November 15, 2025. The time-based RSUs granted in April 2023 vest in four equal installments on the first, second, third and fourth anniversariesof March 15, 2023. The time-based RSUs granted in 2024 (other than those granted to Mr. Puccio on March 15, 2024) vest in four equal installments on the first, second, third, and fourth anniversariesof August 15, 2024. The time-based RSUs granted to Mr. Puccio on March 15, 2024 vest in three equal installments on the first, second and third anniversaries of March 15, 2024. The time-based RSUs granted in 2025 vest in equal installments on the first, second, third and fourth anniversaries of March 15, 2025. This column also includes Financial Metric PRSU awards granted in 2023 that were earned as of November 1, 2025, which continue to be subject to service-based vesting requirements until March 15, 2026.

(3)The market value was calculated based on $234.13, the closing price per share of our common stock on October 31, 2025, the last trading day of fiscal year 2025.

(4)The number of shares, if any, earned under Relative TSR PRSU awards granted in 2023, 2024, and 2025 is contingent upon the achievement of pre-established performance parameters over a three-year performance period. For awards granted in 2023, the performance period began on March 15, 2023 and ends on March 15, 2026 and any shares earned will vest on March 29, 2026. For awards granted in 2024, the performance period began on August 15, 2024 and ends on August 15, 2027 and any shares earned will vest on August 29, 2027. For awards granted in 2025, the performance period began on March 15, 2025 and ends on March 15, 2028 and any shares earned will vest on March 29, 2028.

(5)The number of shares, if any, earned under Financial Metric PRSU awards granted in 2023, 2024, and 2025 will vest on March 15, 2026, August 29, 2027, and March 15, 2028, respectively, subject to the level of attainment of the performance parameters achieved over the applicable three-year performance period.

Option Exercises and Stock Vested During Fiscal Year 2025

The following table provides information on the aggregate value realized by each NEO upon the exercise of stock options and the vesting of restricted stock units/awards, time-based RSUs and PRSUs during fiscal year 2025:

(1)Value realized represents the difference between the closing price per share of our common stock on the date of exercise and the exercise price per share, multiplied by the number of shares acquired on exercise.

(2)Value realized represents the closing price per share of our common stock on the vesting date, multiplied by the number of shares vested.

Non-Qualified Deferred Compensation Plan

Since 1995, our executive officers and directors, along with certain members of management and engineering employees, have been eligible to participate in our DCP. We established the DCP to provide participants with the opportunity to defer receiving all or a portion of their compensation, which includes salary, bonus, commissions, and director fees. Under our DCP, we provide all participants (other than non-employee directors) with company contributions equal to 8% of eligible deferred contributions.

We credit each participant’s account with earnings on the deferred amounts. These earnings represent the amounts that the participant would have earned if the deferred amounts had been invested in one or more of the various investment options selected by the participant. Under the terms of the DCP, only the payment of the compensation earned is deferred; we do not defer the expense in our financial statements related to the participant’s deferred compensation and investment earnings. We charge the salary, bonuses, commissions, director fees and investment earnings on deferred balances to our income statement as an expense in the period in which the participant earned the compensation. Our balance sheet includes separate line items for Deferred Compensation Plan Investments and Deferred Compensation Plan Liabilities.

We hold DCP assets in a separate Rabbi trust segregated from other assets. We invest in the same investment alternatives that the DCP participants select for their DCP balances. Each year, participants may elect the form of payment that they would receive with respect to any compensation deferred in that year if their employment with us terminates. Forms of payment include a single lump sum within 60 days of the termination or on the first or second anniversary of the termination, or annual installments over two to ten years. Alternatively, participants may elect to receive distributions on a specific payment date, either in a single lump sum or in annual installments over two to five years. Payments to our executive officers, including our NEOs, and key employees will be delayed six months or as otherwise required by relevant tax regulations.

The following table shows the non-qualified deferred compensation activity for the NEOs during fiscal year 2025.

Non-Qualified Deferred Compensation for Fiscal Year 2025

(1)These amounts are included in the Summary Compensation Table above in the “All Other Compensation” column.

(2)These amounts are excluded from the Summary Compensation Table above in accordance with SEC regulations, as we did not pay above-market earnings on deferred compensation in fiscal year 2025.

(3)Of the amounts in this column, the following amounts have also been reported in the Summary Compensation Table in the “All Other Compensation” column for fiscal years 2024 and 2023, representing the company’s contributions in those fiscal years:

(1)Messrs. Puccio and Cotter and Dr. Nakamura were not NEOs in fiscal year 2023. Mr. Cotter and Dr. Nakamura were not NEOs in fiscal year 2024. Mr. Jain did not defer any of his compensation in fiscal year 2023 or 2024.

Termination and Change in Control Benefits

Change in Control

ADI Retention Agreements

We have entered into ADI Retention Agreements with each of our executive officers. The ADI Retention Agreements entered into with our executive officers provide for severance benefits if any of the following occurs:

u Within 24 months after a change in control (as defined in each agreement) that was approved by our Board of Directors, we terminate the employee’s employment with us for a reason other than “cause” (as defined in the agreement) or the employee’s death or disability;

u Within 24 months after a change in control that was approved by our Board of Directors, the employee terminates his or her employment for “good reason” (as defined in the agreement); or

u Within 12 months after a change in control that was not approved by our Board of Directors, we or the employee terminates the employee’s employment with us for a reason other than “cause” (as defined in the agreement) or the employee’s death or disability.

For purposes of our ADI Retention Agreements, a “change in control” occurs when:

u Any person or entity becomes the beneficial owner of 30% or more of the combined voting power of our outstanding securities;

u Our shareholders approve specified mergers of ADI with another entity; or

u Our shareholders approve a plan of liquidation or sale of all, or substantially all, of ADI’s assets.

These agreements provide for the following severance benefits in the event of termination following a change in control approved by the Board of Directors:

u A lump-sum payment equal to 200% (299% in the case of Messrs. Roche, Puccio, Cotter, and Jain and Dr. Nakamura) of the sum of the employee’s annual base salary (as of the date of termination or the date of the change in control, whichever is higher) plus 200% (299% in the case of Messrs. Roche, Puccio, Cotter, and Jain and Dr. Nakamura) of the total variable cash incentive paid or awarded to him or her in the four fiscal quarters preceding his or her termination;

u Payment of all legal fees and expenses incurred by the employee as a result of such termination (including all such fees and expenses, if any, incurred in disputing such termination or in seeking to obtain or enforce any right or benefit provided by the agreement or in connection with tax audit or proceeding to the extent attributable to the application of Section 4999 of the Internal Revenue Code to any payment or benefit provided under the agreement); and

u The continuation of life, disability, dental, accident and group health insurance benefits for a period of 24 months.

If payments to the employee under his or her agreement (together with any other payments or benefits, including the accelerated vesting of stock options or restricted stock awards that the employee receives in connection with a change in control) would trigger the provisions of Sections 280G and 4999 of the Internal Revenue Code, the change in control employee retention agreements provide for the payment of an additional amount so that the employee receives, net of excise taxes, the amount he or she would have been entitled to receive in the absence of the excise tax imposed by Section 4999 of the Internal Revenue Code. In September 2009, our Compensation and Talent Committee eliminated this provision from any new employee retention agreements.

The ADI Retention Agreement provides that, in the event of a potential change in control (as defined in the ADI Retention Agreement), the employee will not voluntarily resign as an employee, subject to certain conditions, for at least six months after the change in control occurs. The Compensation and Talent Committee reviews these agreements each year, and the agreements automatically renew each year unless we give the employee three months’ notice that his or her agreement will not be extended.

Potential Payments Upon Change in Control

Payments upon a change in control for our executive officers, including our NEOs, are calculated based upon the ADI Retention Agreements described above under Change in Control Benefits—Change in Control. Under our 2020 Plan, 2006 Plan, and 1996 Plan, in the event of a change in control, employees who have outstanding and unvested awards under either plan and who are employed on the closing of a change in control, including our NEOs, would have the vesting of one-half of the shares of common stock subject to their then-outstanding unvested equity awards accelerate and become immediately exercisable and free from forfeiture. The remaining one-half of the unvested equity awards would continue to vest in accordance with the original vesting schedules, and if, on or prior to the first anniversary of the change in control, his or her employment is terminated without cause or for good reason (as defined in the applicable plan) any remaining unvested equity awards would vest.

Upon a change in control approved by our Board of Directors, if we terminate an executive officer’s employment for cause or if the executive officer terminates his or her employment other than for good reason, then the executive officer will receive his or her full base salary and all other compensation through the date of termination at the rate in effect at the time that the termination notice is given and we will have no further obligations to the executive officer. When the employment of an executive officer terminates in a situation that does not involve a change in control, the officer is entitled to receive the same benefits as any other terminating employee. This applies regardless of the reason for termination.

Potential Payments Upon Termination, Death, or Disability

Our equity award agreements provide that if an executive is terminated as a result of death or permanent disability, he or she would be entitled to acceleration of vesting of outstanding stock options, RSUs, and PRSUs. With respect to PRSUs, executives are entitled to the target number of shares subject to the PRSUs, unless the death or disability occurs after a performance measurement period with respect to such PRSU. In such instance, the executive would be entitled to the number of shares based on the level of achievement actually certified by the Compensation and Talent Committee for such PRSUs.

The following table quantifies the amounts that would be payable to the NEOs upon termination of their employment. The amounts shown assume that the terminations were effective on the last day of our fiscal year, or November 1, 2025. The tables do not include the accumulated benefit under our DCP that would be paid to our NEOs described above under Non-Qualified Deferred Compensation Plan, or any other employee benefits, except to the extent that the officer is entitled to an additional benefit as a result of the termination. In addition, the tables do not include the value of vested but unexercised stock options held by each executive as of November 1, 2025. The actual amounts that would be paid out would depend on which options were exercised and, therefore, can only be determined at the time of the executive officer’s termination of employment.

(1)Cash severance based upon a multiplier of 299% of the NEO’s base salary.

(2)Variable cash incentive based upon a multiplier of 299% of the sum of the NEO’s total variable cash incentive payments made to him or her in the four fiscal quarters preceding termination.

(3)The value of accelerated unvested options as of November 1, 2025 is calculated by taking the difference between the closing price of our common stock on Nasdaq on the last trading day of the fiscal year ($234.13 on October 31, 2025) and the option exercise price and multiplying it by the number of accelerated options. For time- and performance-based RSUs the value represents the closing price of our common stock on the last trading day of the fiscal year multiplied by the number of accelerated units. For PRSUs, the number of accelerated units assumes (i) vesting at the target level if the termination event occurs prior to the end of the performance period for the applicable award and (ii) vesting at the level of achievement actually certified by the Compensation and Talent Committee, if the termination event occurs after the end of the applicable performance period for the award.

(4)As of November 1, 2025, upon termination by us without cause or by the NEO for good reason after a change in control event, (i) each of the NEOs would be entitled to acceleration of vesting of all outstanding unvested time-based RSUs and PRSUs granted under our 2020 Plan and our 2006 Plan and (ii) Mr. Jain would be entitled to acceleration of vesting of all outstanding unvested time-based RSUs granted under our 1996 Plan. As of November 1, 2025, in the event of the NEO’s death, each of the NEOs would be entitled to acceleration of vesting of all outstanding unvested time-based RSUs and PRSUs granted under our 2020 Plan, our 2006 Plan, and our 1996 Plan, as applicable. As of November 1, 2025, in the event of the NEO’s permanent disability, each of the NEOs would be entitled to acceleration of vesting of all outstanding unvested time-based RSUs and PRSUs granted under our 2020 Plan and our 2006 Plan, as applicable.

(5)Amounts include life, disability, dental, accident, vision, and group health insurance benefit continuation for 24 months after a termination in connection with a change in control. The annual benefit costs for each executive are: $8,144 for Mr. Roche, $1,691 for Mr. Puccio, $14,509 for Mr. Cotter, $17,341 for Mr. Jain, and $24,462 for Dr. Nakamura.

(6)In calculating the excise tax gross-up amount, we take into account Mr. Roche’s earnings from ADI for the prior five years. We include the change in control cash severance and variable cash incentive, valuations of time-based RSUs and PRSUs that become vested upon a change in control (using the fiscal year 2025 year-end closing stock price), and our estimated cost of medical and other benefits. Whether Mr. Roche will receive a gross-up amount will depend primarily on his earnings in the previous five years, which will vary depending on stock option exercise activity and amounts of salary and incentives deferred under the DCP. Since 2009, our executive compensation arrangements for new executives do not contain tax gross up provisions for excess parachute payments.