8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

October 20, 2006

Date of report (Date of earliest event reported)

Integrated Device Technology, Inc.

(Exact name of registrant as specified in its charter)

Delaware	0-12695	94-2669985
(State of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

6024 Silver Creek Valley Road, San Jose, California 95138

(Address of principal executive offices) (Zip Code)

(408) 284-8200

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01 Entry Into Material Definitive Agreement.

On October 20, 2006, the board of directors (the “Board”) of Integrated Device Technology, Inc. (“IDT”), approved an amended compensation policy for members of the Board who are not also officers or employees of IDT, to be effective for the Company’s fiscal 2007 year (the “Compensation Policy”). Pursuant to the Compensation Policy, non-employee members of the Board will receive an annual retainer of $40,000 per fiscal year. Under the Compensation Policy, members of the Board are no longer eligible to receive per-meeting compensation. The Chair of the Audit Committee will receive an annual retainer of $15,000 per fiscal year and other Audit Committee members will receive an annual retainer of $7,500 per fiscal year. The Chair of the Compensation Committee will receive an annual retainer of $10,000 per fiscal year and other Compensation Committee members will receive an annual retainer of $5,000 per fiscal year. The Chair of the Nominating and Governance Committee will receive an annual retainer of $7,000 per fiscal year and other Nominating and Governance Committee members will receive an annual retainer of $3,500 per fiscal year. Members of the Audit Committee, Compensation Committee and Nominating and Governance Committee are no longer eligible to receive per-meeting compensation. Under the Compensation Policy, directors no longer receive equity grants in connection with appointment or service as the Chair of the Board or of the Audit Committee. All other terms of the Compensation Policy remain as described in IDT’s proxy statement for its 2006 annual meeting of stockholders, as filed with the Securities and Exchange Commission on July 28, 2006.

Item 2.02. Results of Operations and Financial Condition.

The information in this Item 2.02, including Exhibit 99.1 attached hereto, is furnished pursuant to Item 2.02 of this Form 8-K. Consequently, it is not deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section. It may only be incorporated by reference in another filing under the Exchange Act or the Securities Act of 1933, as amended, if such subsequent filing specifically references this Current Report.

On October 24, 2006, IDT announced its results of operations and financial condition as of and for the quarter ended October 1, 2006 in a press release that is attached hereto as Exhibit 99.1.

IDT’s press release contains non-GAAP financial measures. Pursuant to the requirements of Regulation G, IDT has provided reconciliations within the press release of the non-GAAP financial measures to the most directly comparable GAAP financial measures included in the press release.

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The foregoing description is qualified in its entirety by reference to IDT’s press release dated October 24, 2006, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference.

Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

On October 20, 2006, the Board approved an amendment and restatement of IDT’s Amended and Restated Bylaws, effective October 20, 2006 (the “Restated Bylaws”). The Restated Bylaws now provide that special meetings of IDT’s stockholders may be called by the holders of a majority of the outstanding shares of IDT’s capital stock. Prior to approving the Restated Bylaws, IDT’s Amended and Restated Bylaws provided that special meetings of IDT’s stockholders could be called by the Board, the Chairman of the Board or the Chief Executive Officer or President of IDT.

The foregoing description is qualified in its entirety by reference to the Restated Bylaws, a copy of which is attached hereto as Exhibit 3.1 and incorporated herein by reference.

Item 7.01 Regulation FD Disclosure.

On October 24, 2006, IDT also announced that its Board approved a $50 million expansion of the previously authorized share repurchase program, to a total of $100 million. Repurchases under the extension of the Company’s stock repurchase program may be made from time-to-time in the open market and in negotiated transactions, including block transactions or accelerated stock repurchase transactions, at times and at prices considered appropriate by the Company. The repurchase program is effective immediately and may be discontinued at any time. As of October 1, 2006, IDT had approximately 200 million shares outstanding and approximately $332 million in cash and cash equivalents.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

3.1	Amended and Restated Bylaws of Integrated Device Technology, Inc.
99.1	Press release dated October 24, 2006.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: October 24, 2006

INTEGRATED DEVICE TECHNOLOGY, INC.
By:	/s/ Clyde R. Hosein
	Clyde R. Hosein
	Vice President and Chief Financial Officer
	(duly authorized officer)

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EXHIBIT INDEX

Exhibit No	Description
3.1	Amended and Restated Bylaws of Integrated Device Technology, Inc.
99.1	Press release dated October 24, 2006.

5

EX-3.1

Exhibit 3.1

AMENDED AND RESTATED BYLAWS

OF

INTEGRATED DEVICE TECHNOLOGY, INC.

(a Delaware corporation)

Effective as of October 20, 2006

CONTENTS

		Page
ARTICLE I STOCKHOLDERS		1
Section 1.1	Annual Meetings	1
Section 1.2	Special Meetings	1
Section 1.3	Notice of Meetings	1
Section 1.4	Adjournments	2
Section 1.5	Quorum	2
Section 1.6	Organization	2
Section 1.7	Voting; Proxies	2
Section 1.8	Action at Meeting	3
Section 1.9	Fixing Date for Determination of Stockholders of Record	3
Section 1.10	List of Stockholders Entitled to Vote	4
Section 1.11	Inspectors of Elections	4
Section 1.12	Notice of Stockholder Business; Nominations	5
Section 1.13	Action by Written Consent of Stockholders	7
ARTICLE II BOARD OF DIRECTORS		8
Section 2.1	Number; Qualifications	8
Section 2.2	Election; Resignation; Removal; Vacancies	8
Section 2.3	Designated Director Period	9
Section 2.4	Regular Meetings	11
Section 2.5	Special Meetings	11
Section 2.6	Telephonic Meetings Permitted	11
Section 2.7	Quorum; Vote Required for Action	11
Section 2.8	Organization	11
Section 2.9	Written Action by Directors	11
Section 2.10	Powers	12
Section 2.11	Compensation of Directors	12
ARTICLE III COMMITTEES		12
Section 3.1	Committees	12
Section 3.2	Committee Rules	12
ARTICLE IV OFFICERS		13
Section 4.1	Generally	13
Section 4.2	Chief Executive Officer	13
Section 4.3	Chairman of the Board	13
Section 4.4	President	14
Section 4.5	Vice President	14
Section 4.6	Chief Financial Officer	14
Section 4.7	Treasurer	14
Section 4.8	Secretary	14

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Section 4.9	Delegation of Authority	14
Section 4.10	Removal	14
ARTICLE V STOCK		15
Section 5.1	Certificates	15
Section 5.2	Lost, Stolen or Destroyed Stock Certificates; Issuance of New Certificates	15
Section 5.3	Other Regulations	15
ARTICLE VI INDEMNIFICATION		15
Section 6.1	Indemnification of Officers and Directors	15
Section 6.2	Advance of Expenses	16
Section 6.3	Non-Exclusivity of Rights	16
Section 6.4	Indemnification Contracts	16
Section 6.5	Effect of Amendment	16
ARTICLE VII NOTICES		16
Section 7.1	Notice	16
Section 7.2	Waiver of Notice	17
ARTICLE VIII INTERESTED DIRECTORS		17
Section 8.1	Interested Directors; Quorum	17
ARTICLE IX MISCELLANEOUS		17
Section 9.1	Fiscal Year	17
Section 9.2	Seal	17
Section 9.3	Form of Records	18
Section 9.4	Reliance Upon Books and Records	18
Section 9.5	Certificate of Incorporation Governs	18
Section 9.6	Severability	18
ARTICLE X AMENDMENT		18
Section 10.1	Amendments	18

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AMENDED AND RESTATED BYLAWS

OF

INTEGRATED DEVICE TECHNOLOGY, INC.

(a Delaware corporation)

ARTICLE I

STOCKHOLDERS

Section 1.1 Annual Meetings. An annual meeting of stockholders shall be held for the election of directors at such date, time and place, either within or without the State of Delaware, as the Board of Directors shall each year fix. Any other proper business may be transacted at the annual meeting.

Section 1.2 Special Meetings. Special meetings of the stockholders, for any purpose or purposes described in the notice of the meeting, may be called only by (i) the Board of Directors pursuant to a resolution adopted by a majority of the total number of authorized directors (whether or not there exist any vacancies in previously authorized directorships at the time any such resolution is presented to the Board of Directors for adoption), (ii) the Chairman of the Board, (iii) the Chief Executive Officer, (iv) the President or (v) the holder(s) of a majority of the outstanding shares of the Corporation. Special meetings may not be called by any other person or persons. If a special meeting of stockholders is called by any person or persons other than by a majority of the members of the Board of Directors, then such person or persons shall call such meeting by delivering a written request to call such meeting to each member of the Board of Directors, and the Board of Directors shall then determine the time, date and place of such special meeting, which shall be held not more than one hundred twenty (120) nor less than thirty-five (35) days after the written request to call such special meeting was delivered to each member of the Board of Directors. Business transacted at special meetings shall be confined to the purpose or purposes stated in the Corporation’s notice of such meeting.

Section 1.3 Notice of Meetings. Written notice of all meetings of stockholders shall be given stating the place, date and time of the meeting and, in the case of a special meeting, the purpose or purposes for which the meeting is called. Unless otherwise required by applicable law or the Certificate of Incorporation of the Corporation as currently in effect (the “Certificate of Incorporation”), such notice shall be given not less than ten (10) nor more than sixty (60) days before the date of the meeting to each stockholder entitled to vote at such meeting, by leaving such notice with him or her or at his or her residence or usual place of business, or by depositing it postage prepaid in the United States mail, directed to each stockholder at his or her address as it appears on the records of the corporation. An affidavit of the Secretary, Assistant Secretary, or transfer agent of the corporation that the notice has been given shall, in the absence of fraud, be prima facie evidence of the facts stated therein. No notice need be given to any person with whom communication is unlawful or to any person who has waived such notice either (a) in writing (which writing need not specify the business to be transacted at, or the purpose of, the meeting) signed by such person before or after the time of the meeting or (b) by attending the meeting except for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened.

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Section 1.4 Adjournments. Any meeting of stockholders may adjourn from time to time to reconvene at the same or another place, and notice need not be given of any such adjourned meeting if the time, date and place thereof are announced at the meeting at which the adjournment is taken; provided, however, that if the adjournment is for more than thirty (30) days, or if after the adjournment a new record date is fixed for the adjourned meeting, then a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting. At the adjourned meeting the Corporation may transact any business that might have been transacted at the original meeting.

Section 1.5 Quorum. At each meeting of stockholders the holders of a majority of the shares of stock entitled to vote at the meeting, present in person or represented by proxy, shall constitute a quorum for the transaction of business, except if otherwise required by the Certificate of Incorporation or applicable law. Where a separate vote by a class or classes is required, a majority of the shares of such class or classes then outstanding and entitled to vote present in person or by proxy shall constitute a quorum entitled to take action with respect to that vote on that matter. If a quorum shall fail to attend any meeting, the chairman of the meeting or the holders of a majority of the shares entitled to vote who are present, in person or by proxy, at the meeting may adjourn the meeting. Shares of the Corporation’s stock belonging to the Corporation (or to another corporation, if a majority of the shares entitled to vote in the election of directors of such other corporation are held, directly or indirectly, by the Corporation), shall neither be entitled to vote nor be counted for quorum purposes; provided, however, that the foregoing shall not limit the right of the Corporation or any other corporation to vote any shares of the Corporation’s stock held by it in a fiduciary capacity.

Section 1.6 Organization. Meetings of stockholders shall be presided over by such person as the Board of Directors may designate, or, in the absence of such a person, the Chairman of the Board, or, in the absence of such person, the President of the Corporation, or, in the absence of such person, such person as may be chosen by the holders of a majority of the shares entitled to vote who are present, in person or by proxy, at the meeting. Such person shall be chairman of the meeting and, subject to Section 1.11 hereof, shall determine the order of business and the procedure at the meeting, including such regulation of the manner of voting and the conduct of discussion as seems to him or her to be in order. The Secretary of the Corporation shall act as secretary of the meeting, but in his or her absence the chairman of the meeting may appoint any person to act as secretary of the meeting.

Section 1.7 Voting; Proxies. Unless otherwise provided by law, the Certificate of Incorporation or these Bylaws, and subject to the provisions of Section 1.8 of these Bylaws, each stockholder shall be entitled to one (1) vote for each share of stock held by such stockholder of record according to the records of the corporation. Persons holding stock in a fiduciary capacity shall be entitled to vote the shares so held. Persons whose stock is pledged shall be entitled to vote unless the pledgor in a transfer on the books of the corporation has expressly empowered the pledgee to vote the pledged shares, in which case only the pledgee or his or her proxy shall be entitled to vote. Each stockholder entitled to vote at a meeting of stockholders may authorize another person or persons to act for such stockholder by proxy. Such a proxy may be prepared,

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transmitted and delivered in any manner permitted by applicable law. Voting at meetings of stockholders need not be by written ballot unless such is demanded at the meeting before voting begins by a stockholder or stockholders holding shares representing at least one percent (1%) of the votes entitled to vote at such meeting, or by such stockholder’s or stockholders’ proxy; provided, however, that an election of directors shall be by written ballot if demand is so made by any stockholder at the meeting before voting begins. If a vote is to be taken by written ballot, then each such ballot shall state the name of the stockholder or proxy voting and such other information as the chairman of the meeting deems appropriate.

Section 1.8 Action at Meeting.

(a) Generally. When a quorum is present at any meeting, action of the stockholders on any matter properly brought before such meeting, other than the election of directors, shall require, and may be effected by, the affirmative vote of the holders of a majority in interest of the stock present or represented by proxy and entitled to vote on the subject matter, except where a different vote is expressly required by law, the Certificate of Incorporation or these Bylaws, in which case such express provision shall govern and control. The election of directors shall be determined by a plurality of the votes cast. If the Certificate of Incorporation so provides, no ballot shall be required for the election of directors unless requested by a stockholder present or represented at the meeting and entitled to vote in the election.

(b) Cumulative Voting. At a meeting of stockholders at which directors are to be elected, each stockholder shall be entitled to cumulate votes for a candidate if the candidate’s name has been properly placed in nomination in accordance with these Bylaws and the stockholder requesting cumulative voting has given notice prior to the commencement of the voting of the stockholder’s intention to cumulate votes. If cumulative voting is properly requested, each holder of stock, or of any class or classes or of a series or series thereof, who elects to cumulate votes shall be entitled to as many votes as shall equal the number of votes which (except for this provision as to cumulative voting) such stockholder would be entitled to cast for the election of directors with respect to such stockholder’s shares of stock multiplied by the number of directors to be elected, and such stockholder may cast all of such votes for a single candidate or may distribute them among the number to be elected, or for any two or more of them as such stockholder may see fit.

Section 1.9 Fixing Date for Determination of Stockholders of Record.

(a) Generally. In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix, in advance, a record date, which shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors and which shall not be more than sixty (60) nor less than ten (10) days before the date of such meeting, nor more than sixty (60) days prior to any other action. If no record date is fixed by the Board of Directors, then the record date shall be as provided by applicable law. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting.

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(b) Stockholder Request for Action by Written Consent. Any stockholder of record seeking to have the stockholders authorize or take corporate action by written consent without a meeting shall, by written notice to the Secretary of the Corporation, request the Board of Directors to fix a record date for such consent. Such request shall include a brief description of the action proposed to be taken. The Board of Directors shall, within ten (10) days after the date on which such a request is received, adopt a resolution fixing the record date. Such record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors, and shall not be more than ten (10) days after the date upon which the resolution fixing the record date is adopted by the Board of Directors. If no record date has been fixed by the Board of Directors within ten (10) days after the date on which such a request is received, then the record date for determining stockholders entitled to consent to corporate action in writing without a meeting, when no prior action by the Board of Directors is required by applicable law, shall be the first date on which a signed written consent setting forth the action taken or proposed to be taken is delivered to the Corporation by delivery to its registered office in the State of Delaware, to its principal place of business, or to any officer or agent of the Corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Delivery made to the Corporation’s registered office shall be by hand or by certified or registered mail, return receipt requested. If no record date has been fixed by the Board of Directors and prior action by the Board of Directors is required by applicable law, then the record date for determining stockholders entitled to consent to corporate action in writing without a meeting shall be at the close of business on the date on which the Board of Directors adopts the resolution taking such prior action.

Section 1.10 List of Stockholders Entitled to Vote. A complete list of stockholders entitled to vote at any meeting of stockholders, arranged in alphabetical order and showing the address of each stockholder and the number of shares registered in the name of each stockholder, shall be open to the examination of any stockholder, for any purpose germane to the meeting, during ordinary business hours, for a period of at least ten (10) days prior to the meeting, either at a place within the city where the meeting is to be held, which place shall be specified in the notice of the meeting, or, if not so specified, at the place where the meeting is to be held. The list shall also be produced and kept at the time and place of the meeting during the whole time thereof and may be inspected by any stockholder who is present at the meeting.

Section 1.11 Inspectors of Elections.

(a) Applicability. Unless otherwise provided in the Corporation’s Certificate of Incorporation or required by the Delaware General Corporation Law, the following provisions of this Section 1.11 shall apply only if and when the Corporation has a class of voting stock that is: (i) listed on a national securities exchange; (ii) authorized for quotation on an interdealer quotation system of a registered national securities association; or (iii) held of record by more than 2,000 stockholders; in all other cases, observance of the provisions of this Section 1.11 shall be optional, and at the discretion of the Corporation.

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(b) Appointment. The Corporation shall, in advance of any meeting of stockholders, appoint one or more inspectors of election to act at the meeting and make a written report thereof. The Corporation may designate one or more persons as alternate inspectors to replace any inspector who fails to act. If no inspector or alternate is able to act at a meeting of stockholders, the person presiding at the meeting shall appoint one or more inspectors to act at the meeting.

(c) Inspector’s Oath. Each inspector of election, before entering upon the discharge of his duties, shall take and sign an oath faithfully to execute the duties of inspector with strict impartiality and according to the best of his ability.

(d) Duties of Inspectors. At a meeting of stockholders, the inspectors of election shall (i) ascertain the number of shares outstanding and the voting power of each share, (ii) determine the shares represented at a meeting and the validity of proxies and ballots, (iii) count all votes and ballots, (iv) determine and retain for a reasonable period of time a record of the disposition of any challenges made to any determination by the inspectors, and (v) certify their determination of the number of shares represented at the meeting, and their count of all votes and ballots. The inspectors may appoint or retain other persons or entities to assist the inspectors in the performance of the duties of the inspectors.

(e) Opening and Closing of Polls. The date and time of the opening and the closing of the polls for each matter upon which the stockholders will vote at a meeting shall be announced by the inspectors at the meeting. No ballot, proxies or votes, nor any revocations thereof or changes thereto, shall be accepted by the inspectors after the closing of the polls unless the Court of Chancery upon application by a stockholder shall determine otherwise.

(f) Determinations. In determining the validity and counting of proxies and ballots, the inspectors shall be limited to an examination of the proxies, any envelopes submitted with those proxies, any information provided in connection with proxies in accordance with Section 212(c)(2) of the Delaware General Corporation Law, ballots and the regular books and records of the Corporation, except that the inspectors may consider other reliable information for the limited purpose of reconciling proxies and ballots submitted by or on behalf of banks, brokers, their nominees or similar persons which represent more votes than the holder of a proxy is authorized by the record owner to cast or more votes than the stockholder holds of record. If the inspectors consider other reliable information for the limited purpose permitted herein, the inspectors at the time they make their certification of their determinations pursuant to this Section 1.11 shall specify the precise information considered by them, including the person or persons from whom they obtained the information, when the information was obtained, the means by which the information was obtained and the basis for the inspectors’ belief that such information is accurate and reliable.

Section 1.12 Notice of Stockholder Business; Nominations.

(a) Annual Meeting of Stockholders.

(i) Nominations of persons for election to the Board of Directors and the proposal of business to be considered by the stockholders shall be made at an annual meeting

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of stockholders (A) pursuant to the Corporation’s notice of such meeting, (B) by or at the direction of the Board of Directors or (C) by any stockholder of the corporation who was a stockholder of record at the time of giving of the notice provided for in this Section 1.12, who is entitled to vote at such meeting and who complies with the notice procedures set forth in this Section 1.12.

(ii) For nominations or other business to be properly brought before an annual meeting by a stockholder pursuant to clause (C) of subparagraph (a)(i) of this Section 1.12, the stockholder must have given timely notice thereof in writing to the Secretary of the Corporation and such other business must otherwise be a proper matter for stockholder action. To be timely, a stockholder’s notice must be delivered to the Secretary at the principal executive offices of the corporation not later than the close of business on the sixtieth (60th) day nor earlier than the close of business on the ninetieth (90th) day prior to the first anniversary of the preceding year’s annual meeting; provided, however, that in the event that the date of the annual meeting is more than thirty (30) days before or more than sixty (60) days after such anniversary date, notice by the stockholder to be timely must be so delivered not earlier than the close of business on the ninetieth (90th) day prior to such annual meeting and not later than the close of business on the later of the sixtieth (60th) day prior to such annual meeting or the close of business on the tenth (10th) day following the day on which public announcement of the date of such meeting is first made by the corporation. Such stockholder’s notice shall set forth: (a) as to each person whom the stockholder proposes to nominate for election or reelection as a director all information relating to such person that is required to be disclosed in solicitations of proxies for election of directors, or is otherwise required, in each case pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including such person’s written consent to being named in the proxy statement as a nominee and to serving as a director if elected; (b) as to any other business that the stockholder proposes to bring before the meeting, a brief description of the business desired to be brought before the meeting, the reasons for conducting such business at the meeting and any material interest in such business of such stockholder and the beneficial owner, if any, on whose behalf the proposal is made; and (c) as to the stockholder giving the notice and the beneficial owner, if any, on whose behalf the nomination or proposal is made (1) the name and address of such stockholder, as they appear on the corporation’s books, and of such beneficial owner, and (2) the class and number of shares of the corporation that are owned beneficially and held of record by such stockholder and such beneficial owner.

(iii) Notwithstanding anything in the second sentence of subparagraph (a)(ii) of this Section 1.12 to the contrary, in the event that the number of directors to be elected to the Board of Directors of the corporation is increased and there is no public announcement by the corporation naming all of the nominees for director or specifying the size of the increased board of directors at least seventy (70) days prior to the first anniversary of the preceding year’s annual meeting (or, if the annual meeting is held more than thirty (30) days before or sixty (60) days after such anniversary date, at least seventy (70) days prior to such annual meeting), a stockholder’s notice required by this Section 1.12 shall also be considered timely, but only with respect to nominees for any new positions created by such increase, if it shall be delivered to the Secretary of the corporation at the principal executive office of the corporation not later than the close of business on the tenth (10th) day following the day on which such public announcement is first made by the corporation.

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(b) Special Meetings of Stockholders. Only such business shall be conducted at a special meeting of stockholders as shall have been brought before the meeting pursuant to the Corporation’s notice of such meeting. Nominations of persons for election to the Board of Directors may be made at a special meeting of stockholders at which directors are to be elected pursuant to the Corporation’s notice of such meeting (i) by or at the direction of the Board of Directors or (ii) provided that the Board of Directors has determined that directors shall be elected at such meeting, by any stockholder of the Corporation who is a stockholder of record at the time of giving of notice of the special meeting, who shall be entitled to vote at the meeting and who complies with the notice procedures set forth in this Section 1.12. In the event the Corporation calls a special meeting of stockholders for the purpose of electing one or more directors to the Board of Directors, any such stockholder may nominate a person or persons (as the case may be), for election to such position(s) as specified in the Corporation’s notice of meeting, if the stockholder’s notice required by subparagraph (a)(ii) of this Section 1.12 shall be delivered to the Secretary of the corporation at the principal executive offices of the corporation not earlier than the ninetieth (90th) day prior to such special meeting and not later than the close of business on the later of the sixtieth (60th) day prior to such special meeting or the tenth (10th) day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the Board of Directors to be elected at such meeting.

(c) General.

(i) Only such persons who are nominated in accordance with the procedures set forth in this Section 1.12 shall be eligible to serve as directors and only such business shall be conducted at a meeting of stockholders as shall have been brought before the meeting in accordance with the procedures set forth in this Section 1.12. Except as otherwise provided by law or these bylaws, the chairman of the meeting shall have the power and duty to determine whether a nomination or any business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with the procedures set forth in this Section 1.12 and, if any proposed nomination or business is not in compliance herewith, to declare that such defective proposal or nomination shall be disregarded.

(ii) For purposes of this Section 1.12, the term “public announcement” shall mean disclosure in a press release reported by the Dow Jones News Service, Associated Press or comparable national news service or in a document publicly filed by the corporation with the Securities and Exchange Commission pursuant to Sections 13, 14 or 15(d) of the Exchange Act.

(iii) Notwithstanding the foregoing provisions of this Section 1.12, a stockholder shall also comply with all applicable requirements of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth herein. Nothing in this Section 1.12 shall be deemed to affect any rights of stockholders to request inclusion of proposals in the Corporation’s proxy statement pursuant to Rule 14a-8 under the Exchange Act.

Section 1.13 Action by Written Consent of Stockholders.

(a) Procedure. Unless otherwise provided by the Certificate of Incorporation, and except as set forth in Section 1.9(b) above, any action required or permitted to be taken at

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any annual or special meeting of the stockholders may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the holders of outstanding stock having not less than the number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted. Written stockholder consents shall bear the date of signature of each stockholder who signs the consent and shall be delivered to the Corporation by delivery to its registered office in the State of Delaware, to its principal place of business or to any officer or agent of the Corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Delivery made to the Corporation’s registered office shall be by hand or by certified or registered mail, return receipt requested. No written consent shall be effective to take the action set forth therein unless, within sixty (60) days of the earliest dated consent delivered to the Corporation in the manner provided above, written consents signed by a sufficient number of stockholders to take the action set forth therein are delivered to the Corporation in the manner provided above.

(b) Notice of Consent. Prompt notice of the taking of corporate action by stockholders without a meeting by less than unanimous written consent of the stockholders shall be given to those stockholders who have not consented thereto in writing and, in the case of a Certificate Action (as defined below), if the Delaware General Corporation Law so requires, such notice shall be given prior to filing of the certificate in question. If the action which is consented to requires the filing of a certificate under the Delaware General Corporation Law (a “Certificate Action”), then if the Delaware General Corporation Law so requires, the certificate so filed shall state that written stockholder consent has been given in accordance with Section 228 of the Delaware General Corporation Law and that written notice of the taking of corporate action by stockholders without a meeting as described herein has been given as provided in such section.

ARTICLE II

BOARD OF DIRECTORS

Section 2.1 Number; Qualifications. The Board of Directors shall consist of one or more members. The initial number of directors shall be nine (9), and thereafter shall be fixed from time to time by resolution of the Board of Directors; provided, however that, if applicable, the Board of Directors shall comply with the provisions set forth in Section 2.3. No decrease in the authorized number of directors constituting the Board of Directors shall shorten the term of any incumbent director. Directors need not be stockholders of the Corporation.

Section 2.2 Election; Resignation; Removal; Vacancies. The term of office of directors shall be as provided in Section 7.1 of the Certificate of Incorporation. Subject to the provisions of the Certificate of Incorporation, each director shall serve until his or her successor is elected and qualified, or until his or her earlier resignation or removal. Any director may resign at any time upon written notice to the Corporation. In the case of any increase in the number of directors, such additional director(s) shall be elected as provided in Section 7.1 of the Certificate of Incorporation; provided, however that, if applicable, the Board of Directors shall also comply with the provisions set forth in Section 2.3. Directors so chosen or elected shall hold office for the remaining term of the directorship to which appointed. The removal of directors and the filling of vacancies created on the Board of Directors shall be as provided in the Certificate of Incorporation.

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Section 2.3 Designated Director Period. Notwithstanding Section 2.1 and 2.2 hereof, during the Corporation Designated Director Period (as defined below) and the ICS Designated Director Period (as defined below), the following provisions related to the Board of Directors shall apply; provided, however that such provisions shall be of no further force and effect, and references in these Bylaws to Section 2.3 shall be of no further force and effect, following the completion of the Corporation Designated Director Period (as defined below) and the ICS Designated Director Period (as defined below):

(a) (i) for a period beginning at the Effective Time, as such term is defined in that certain Agreement and Plan of Merger by and among the Corporation, Colonial Merger Sub I, Inc. and Integrated Circuit Systems, Inc. (“ICS”), dated as of June 15, 2005 (the “Merger Agreement”), and ending immediately following the annual meeting of the Corporation’s stockholders held with respect to the fiscal year ending in the year 2007, the Board of Directors shall include at least five (5) directors designated by the Corporation in accordance with Section 1.6(a) of the Merger Agreement (the “Corporation Designated Directors”), (ii) for a period beginning at the Effective Time and ending immediately following the annual meeting of the Corporation’s stockholders held with respect to the fiscal year ending in the year 2008, the Board of Directors shall include at least four (4) Corporation Designated Directors, (iii) for a period beginning at the Effective Time and ending immediately following the annual meeting of the Corporation’s stockholders held with respect to the fiscal year ending in the year 2009, the Board of Directors shall include at least three (3) Corporation Designated Directors, (iv) for a period beginning at the Effective Time and ending immediately following the annual meeting of the Corporation’s stockholders held with respect to the fiscal year ending in the year 2010, the Board of Directors shall include at least two (2) Corporation Designated Directors (the periods referred to in clauses (i) through (iv) collectively, the “Corporation Designated Director Period”);

(b) (i) for a period beginning at the Effective Time and ending immediately following the annual meeting of the Corporation’s stockholders held with respect to the fiscal year ending in the year 2007, the Board of Directors shall include at least four (4) directors designated by ICS in accordance with Section 1.6(a) of the Merger Agreement (the “ICS Designated Directors”), (ii) for a period beginning at the Effective Time and ending immediately following the annual meeting of the Corporation’s stockholders held with respect to the fiscal year ending in the year 2008, the Board of Directors shall include at least three (3) Company Designated Directors, (iii) for a period beginning at the Effective Time and ending immediately following the annual meeting of the Corporation’s stockholders held with respect to the fiscal year ending in the year 2009, the Board of Directors shall include at least two (2) Company Designated Directors, (the periods referred to in clauses (i) through (ii) collectively, the “Company Designated Director Period”);

(c) in the event that during the Corporation Designated Director Period, any Corporation Designated Director contemplated by Section 2.3(a) to serve as a director during such period ceases to serve as such for any reason, or upon the expiration of the term of office of a Corporation Designated Director such that the number of Corporation Designated Directors is less than the number contemplated by Section 2.3(a) to serve as a director during such period, the

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nominating committee of the Board of Directors shall nominate for appointment or election, as the case may be, the person designated by a majority of the Corporation Designated Directors to fill such directorship following consultation and discussion with the ICS Designated Directors as to such person’s qualifications for service as a director (a “Corporation Director Nominee”), which Corporation Director Nominee shall be (i) appointed by the Board of Directors in accordance with applicable provisions of the Corporation’s Bylaws and Certificate of Incorporation, or (ii) if such appointment is not permitted by the Bylaws and Certificate of Incorporation, slated for election by the Corporation’s stockholders at the next annual meeting of the Corporation’s stockholders, and such person so appointed or elected pursuant to this Section 2.3(c) shall upon such appointment or election be deemed a Corporation Designated Director to serve in the appropriate class of directors contemplated on Schedule 1.6 to the Merger Agreement;

(d) in the event that during the ICS Designated Director Period, any ICS Designated Director contemplated by Section 2.3(b) to serve as a director during such period ceases to serve as such for any reason, or upon the expiration of the term of office of a ICS Designated Director such that the number of ICS Designated Directors is less than the number contemplated by Section 2.3(b) to serve as a director during such period, the Corporation’s nominating committee of the board of directors shall nominate for appointment or election, as the case may be, the person designated by a majority of the ICS Designated Directors to fill such directorship following consultation and discussion with the Corporation Designated Directors as to such person’s qualifications for service as a director (a “ICS Director Nominee”), which ICS Director Nominee shall be (i) appointed by the Board of Directors in accordance with applicable provisions of the Corporation’s Bylaws and Certificate of Incorporation, or (B) if such appointment is not permitted by the Bylaws and Certificate of Incorporation, slated for election by the Corporation’s stockholders at the next annual meeting of the Corporation’s stockholders, and such person so appointed or elected pursuant to this Section 2.3(d) shall upon such appointment or election be deemed a ICS Designated Director to serve in the appropriate class of directors contemplated on Schedule 1.6 to the Merger Agreement;

(e) Hock Tan shall serve as the Chairman of the board of directors of the Corporation until the second anniversary of the Effective Time, so long as he serves as a member of the Board of Directors;

(f) during the ICS Designated Director Period, the Board of Directors and the nominating committee thereof shall maintain and, as applicable, appoint at least one (1) ICS Designated Director to serve on each committee of the Board of Directors; provided, however, that such ICS Designated Director may only serve on such committee if the Board of Directors determines, based at least in part on advice of outside legal counsel, that such director is “independent” under applicable rules and regulations of Nasdaq and the Securities and Exchange Commission (an “Independent Director”);

(g) during the Corporation Designated Director Period and/or the ICS Designated Director Period, the Corporation shall have no more than two (2) Corporation Designated Directors who are not Independent Directors; during the ICS Designated Director Period, the Corporation shall have no more than two (2) ICS Designated Directors who are not Independent Directors; and

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(h) during the ICS Designated Director Period, any increase or decrease the size of the board of directors of the Corporation or amendment to the other provisions in this Section 2.3 shall require the affirmative vote, at a duly convened meeting of the Board of Directors, of at least a majority of each of (i) the ICS Designated Directors and (ii) the Corporation Designated Directors.

Section 2.4 Regular Meetings. Regular meetings of the Board of Directors may be held at such places, within or without the State of Delaware, and at such times as the Board of Directors may from time to time determine. Notice of regular meetings need not be given if the date, times and places thereof are fixed by resolution of the Board of Directors.

Section 2.5 Special Meetings. Special meetings of the Board of Directors may be called by the Chairman of the Board, the President or a majority of the members of the Board of Directors then in office and may be held at any time, date or place, within or without the State of Delaware, as the person or persons calling the meeting shall fix. Notice of the time, date and place of such meeting shall be given, orally or in writing, by the person or persons calling the meeting to all directors at least four (4) days before the meeting if the notice is mailed, or at least twenty-four (24) hours before the meeting if such notice is given by telephone, hand delivery, telegram, telex, mailgram, facsimile or similar communication method. Unless otherwise indicated in the notice, any and all business may be transacted at a special meeting.

Section 2.6 Telephonic Meetings Permitted. Members of the Board of Directors, or any committee of the Board, may participate in a meeting of the Board or such committee by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting pursuant to conference telephone or similar communications equipment shall constitute presence in person at such meeting.

Section 2.7 Quorum; Vote Required for Action. At all meetings of the Board of Directors a majority of the total number of authorized directors shall constitute a quorum for the transaction of business. Except as otherwise provided herein or in the Certificate of Incorporation, or required by law, the vote of a majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors.

Section 2.8 Organization. Meetings of the Board of Directors shall be presided over by the Chairman of the Board, or in his or her absence by the President, or in his or her absence by a chairman chosen at the meeting. The Secretary shall act as secretary of the meeting, but in his or her absence the chairman of the meeting may appoint any person to act as secretary of the meeting.

Section 2.9 Written Action by Directors. Any action required or permitted to be taken at any meeting of the Board of Directors, or of any committee thereof, may be taken without a meeting if all members of the Board or such committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of proceedings of the Board or committee, respectively.

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Section 2.10 Powers. The Board of Directors may, except as otherwise required by law or the Certificate of Incorporation, exercise all such powers and do all such acts and things as may be exercised or done by the Corporation.

Section 2.11 Compensation of Directors. Directors, as such, may receive, pursuant to a resolution of the Board of Directors, fees and other compensation for their services as directors, including without limitation their services as members of committees of the Board of Directors.

ARTICLE III

COMMITTEES

Section 3.1 Committees. Subject to Section 2.3, the Board of Directors may, by resolution passed by a majority of the whole Board, designate one or more committees, each committee to consist of one or more of the directors of the Corporation. The Board may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of the committee, the member or members thereof present at any meeting of such committee who are not disqualified from voting, whether or not he, she or they constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in place of any such absent or disqualified member. Any such committee, to the extent provided in a resolution of the Board of Directors, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation and may authorize the seal of the Corporation to be affixed to all papers that may require it; but no such committee shall have the power or authority in reference to amending the Certificate of Incorporation (except that a committee may, to the extent authorized in the resolution or resolutions providing for the issuance of shares of stock adopted by the Board of Directors as provided in subsection (a) of Section 151 of the Delaware General Corporation Law, fix the designations and any of the preferences or rights of such shares relating to dividends, redemption, dissolution, any distribution of assets of the Corporation, or the conversion into, or the exchange of such shares for, shares of any other class or classes or any other series of the same or any other class or classes of stock of the Corporation, or fix the number of shares of any series of stock or authorize the increase or decrease of the shares of any series), adopting an agreement of merger or consolidation under Sections 251 or 252 of the Delaware General Corporation Law, recommending to the stockholders the sale, lease or exchange of all or substantially all of the Corporation’s property and assets, recommending to the stockholders a dissolution of the Corporation or a revocation of a dissolution, or amending the Bylaws of the Corporation; and unless the resolution of the Board of Directors expressly so provides, no such committee shall have the power or authority to declare a dividend, authorize the issuance of stock or adopt a certificate of ownership and merger pursuant to section 253 of the Delaware General Corporation Law.

Section 3.2 Committee Rules. Unless the Board of Directors otherwise provides, each committee designated by the Board may make, alter and repeal rules for the conduct of its business. In the absence of such rules each committee shall conduct its business in the same manner as the Board of Directors conducts its business pursuant to Article II of these Bylaws.

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ARTICLE IV

OFFICERS

Section 4.1 Generally. The officers of the Corporation shall consist of a Chief Executive Officer and/or a President, one or more Vice Presidents, a Secretary, a Treasurer and such other officers, including a Chairman of the Board of Directors and/or Chief Financial Officer, as may from time to time be appointed by the Board of Directors. All officers shall be elected by the Board of Directors; provided, however, that the Board of Directors may empower the Chief Executive Officer of the Corporation to appoint officers other than the Chairman of the Board, the Chief Executive Officer, the President, the Chief Financial Officer or the Treasurer. Each officer shall hold office until his or her successor is elected and qualified or until his or her earlier resignation or removal. Any number of offices may be held by the same person. Any officer may resign at any time upon written notice to the Corporation. Any vacancy occurring in any office of the Corporation by death, resignation, removal or otherwise may be filled by the Board of Directors.

Section 4.2 Chief Executive Officer. Subject to the control of the Board of Directors and such supervisory powers, if any, as may be given by the Board of Directors, the powers and duties of the Chief Executive Officer of the Corporation are:

(a) To act as the general manager and, subject to the control of the Board of Directors, to have general supervision, direction and control of the business and affairs of the Corporation;

(b) To preside at all meetings of the stockholders;

(c) To call meetings of the stockholders to be held at such times and, subject to the limitations prescribed by law or by these Bylaws, at such places as he or she shall deem proper; and

(d) To affix the signature of the Corporation to all deeds, conveyances, mortgages, guarantees, leases, obligations, bonds, certificates and other papers and instruments in writing which have been authorized by the Board of Directors or which, in the judgment of the Chief Executive Officer, should be executed on behalf of the Corporation; to sign certificates for shares of stock of the Corporation; and, subject to the direction of the Board of Directors, to have general charge of the property of the Corporation and to supervise and control all officers, agents and employees of the Corporation.

The President shall be the Chief Executive Officer of the Corporation unless the Board of Directors shall designate another officer to be the Chief Executive Officer. If there is no President, and the Board of Directors has not designated any other officer to be the Chief Executive Officer, then the Chairman of the Board shall be the Chief Executive Officer.

Section 4.3 Chairman of the Board. The Chairman of the Board shall have the power to preside at all meetings of the Board of Directors and shall have such other powers and duties as provided in these Bylaws and as the Board of Directors may from time to time prescribe.

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Section 4.4 President. The President shall be the Chief Executive Officer of the Corporation unless the Board of Directors shall have designated another officer as the Chief Executive Officer of the Corporation. Subject to the provisions of these Bylaws and to the direction of the Board of Directors, and subject to the supervisory powers of the Chief Executive Officer (if the Chief Executive Officer is an officer other than the President), and subject to such supervisory powers and authority as may be given by the Board of Directors to the Chairman of the Board, and/or to any other officer, the President shall have the responsibility for the general management the control of the business and affairs of the Corporation and the general supervision and direction of all of the officers, employees and agents of the Corporation (other than the Chief Executive Officer, if the Chief Executive Officer is an officer other than the President) and shall perform all duties and have all powers that are commonly incident to the office of President or that are delegated to the President by the Board of Directors.

Section 4.5 Vice President. Each Vice President shall have all such powers and duties as are commonly incident to the office of Vice President, or that are delegated to him or her by the Board of Directors or the Chief Executive Officer. A Vice President may be designated by the Board to perform the duties and exercise the powers of the Chief Executive Officer in the event of the Chief Executive Officer’s absence or disability.

Section 4.6 Chief Financial Officer. Subject to the direction of the Board of Directors and the President, the Chief Financial Officer shall perform all duties and have all powers that are commonly incident to the office of chief financial officer.

Section 4.7 Treasurer. The Treasurer shall have custody of all monies and securities of the Corporation. The Treasurer shall make such disbursements of the funds of the Corporation as are authorized and shall render from time to time an account of all such transactions. The Treasurer shall also perform such other duties and have such other powers as are commonly incident to the office of Treasurer, or as the Board of Directors or the President may from time to time prescribe.

Section 4.8 Secretary. The Secretary shall issue or cause to be issued all authorized notices for, and shall keep, or cause to be kept, minutes of all meetings of the stockholders and the Board of Directors. The Secretary shall have charge of the corporate minute books and similar records and shall perform such other duties and have such other powers as are commonly incident to the office of Secretary, or as the Board of Directors or the President may from time to time prescribe.

Section 4.9 Delegation of Authority. The Board of Directors may from time to time delegate the powers or duties of any officer to any other officers or agents, notwithstanding any provision hereof.

Section 4.10 Removal. Subject to Section 2.3, any officer of the Corporation shall serve at the pleasure of the Board of Directors and may be removed at any time, with or without cause, by the Board of Directors. Such removal shall be without prejudice to the contractual rights of such officer, if any, with the Corporation.

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ARTICLE V

STOCK

Section 5.1 Certificates. Every holder of stock shall be entitled to have a certificate signed by or in the name of the Corporation by the Chairman or Vice-Chairman of the Board of Directors, or the President or a Vice President, and by the Treasurer or an Assistant Treasurer, or the Secretary or an Assistant Secretary, of the Corporation, certifying the number of shares owned by such stockholder in the Corporation. Any or all of the signatures on the certificate may be a facsimile.

Section 5.2 Lost, Stolen or Destroyed Stock Certificates; Issuance of New Certificates. The Corporation may issue a new certificate of stock in the place of any certificate previously issued by it, alleged to have been lost, stolen or destroyed, and the Corporation may require the owner of the lost, stolen or destroyed certificate, or such owner’s legal representative, to agree to indemnify the Corporation and/or to give the Corporation a bond sufficient to indemnify it, against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate.

Section 5.3 Other Regulations. The issue, transfer, conversion and registration of stock certificates shall be governed by such other regulations as the Board of Directors may establish.

ARTICLE VI

INDEMNIFICATION

Section 6.1 Indemnification of Officers and Directors. Each person who was or is made a party to, or is threatened to be made a party to, or is involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (a “proceeding”), by reason of the fact that he or she (or a person of whom he or she is the legal representative), is or was a director or officer of the Corporation or a Reincorporated Predecessor (as defined below) or is or was serving at the request of the Corporation or a Reincorporated Predecessor (as defined below) as a director, officer or employee of another corporation, or of a partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans, shall be indemnified and held harmless by the Corporation to the fullest extent permitted by the Delaware General Corporation Law, against all expenses, liability and loss (including attorneys’ fees, judgments, fines, ERISA excise taxes and penalties and amounts paid or to be paid in settlement) reasonably incurred or suffered by such person in connection therewith, and such indemnification shall continue as to a person who has ceased to be a director or officer and shall inure to the benefit of his or her heirs, executors and administrators; provided, however, that the Corporation shall indemnify any such person seeking indemnity in connection with a proceeding (or part thereof) initiated by such person only if such proceeding (or part thereof) was authorized by the Board of Directors of the Corporation. As used herein, the term “Reincorporated Predecessor” means a corporation that is merged with and into the Corporation in a statutory merger where (a) the Corporation is the surviving corporation of such merger; (b) the primary purpose of such merger is to change the corporate domicile of the Reincorporated Predecessor to Delaware.

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Section 6.2 Advance of Expenses. The Corporation shall pay all expenses (including attorneys’ fees) incurred by such a director or officer in defending any such proceeding as they are incurred in advance of its final disposition; provided, however, that if the Delaware General Corporation Law then so requires, the payment of such expenses incurred by such a director or officer in advance of the final disposition of such proceeding shall be made only upon delivery to the Corporation of an undertaking, by or on behalf of such director or officer, to repay all amounts so advanced if it should be determined ultimately that such director or officer is not entitled to be indemnified under this Article VI or otherwise; and provided, further, that the Corporation shall not be required to advance any expenses to a person against whom the Corporation directly brings a claim, in a proceeding, alleging that such person has breached his or her duty of loyalty to the Corporation, committed an act or omission not in good faith or that involves intentional misconduct or a knowing violation of law, or derived an improper personal benefit from a transaction.

Section 6.3 Non-Exclusivity of Rights. The rights conferred on any person in this Article VI shall not be exclusive of any other right that such person may have or hereafter acquire under any statute, provision of the Certificate of Incorporation, Bylaw, agreement, vote or consent of stockholders or disinterested directors, or otherwise. Additionally, nothing in this Article VI shall limit the ability of the Corporation, in its discretion, to indemnify or advance expenses to persons whom the Corporation is not obligated to indemnify or advance expenses pursuant to this Article VI. The Board of Directors of the Corporation shall have the power to delegate to such officer or other person as the Board of Directors shall specify the determination of whether indemnification shall be given to any person pursuant to this Section 6.3.

Section 6.4 Indemnification Contracts. The Board of Directors is authorized to cause the Corporation to enter into indemnification contracts with any director, officer, employee or agent of the Corporation, or any person serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, including employee benefit plans, providing indemnification rights to such person. Such rights may be greater than those provided in this Article VI.

Section 6.5 Effect of Amendment. Any amendment, repeal or modification of any provision of this Article VI shall be prospective only, and shall not adversely affect any right or protection conferred on a person pursuant to this Article VI and existing at the time of such amendment, repeal or modification.

ARTICLE VII

NOTICES

Section 7.1 Notice. Except as otherwise specifically provided herein or required by law, all notices required to be given pursuant to these Bylaws shall be in writing and may in every instance be effectively given by hand delivery (including use of a delivery service), by depositing such notice in the mail, postage prepaid, or by sending such notice by prepaid telegram, telex, overnight express courier, mailgram or facsimile. Any such notice shall be addressed to the person to whom notice is to be given at such person’s address as it appears on the records of the Corporation. The notice shall be deemed given (i) in the case of hand delivery, when received by the person to whom notice is to be given or by any person accepting such

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notice on behalf of such person, (ii) in the case of delivery by mail, upon deposit in the mail, (iii) in the case of delivery by overnight express courier, on the first business day after such notice is dispatched, and (iv) in the case of delivery via telegram, telex, mailgram, or facsimile, when dispatched.

Section 7.2 Waiver of Notice. Whenever notice is required to be given under any provision of these Bylaws, a written waiver of notice, signed by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called or convened. Except as otherwise provided by applicable law, the Certificate of Incorporation or these Bylaws, neither the business to be transacted at, nor the purpose of, any regular or special meeting of the stockholders, directors or members of a committee of directors need be specified in any written waiver of notice.

ARTICLE VIII

INTERESTED DIRECTORS

Section 8.1 Interested Directors; Quorum. No contract or transaction between the Corporation and one or more of its directors or officers, or between the Corporation and any other corporation, partnership, association or other organization in which one or more of its directors or officers are directors or officers, or have a financial interest, shall be void or voidable solely for this reason, or solely because the director or officer is present at or participates in the meeting of the Board or committee thereof that authorizes the contract or transaction, or solely because his, her or their votes are counted for such purpose, if: (i) the material facts as to his, her or their relationship or interest and as to the contract or transaction are disclosed or are known to the Board of Directors or the committee, and the Board or committee in good faith authorizes the contract or transaction by the affirmative votes of a majority of the disinterested directors, even though the disinterested directors be less than a quorum; (ii) the material facts as to his, her or their relationship or interest and as to the contract or transaction are disclosed or are known to the stockholders entitled to vote thereon, and the contract or transaction is specifically approved in good faith by vote of the stockholders; or (iii) the contract or transaction is fair as to the Corporation as of the time it is authorized, approved or ratified by the Board of Directors, a committee thereof, or the stockholders. Common or interested directors may be counted in determining the presence of a quorum at a meeting of the Board of Directors or of a committee which authorizes the contract or transaction.

ARTICLE IX

MISCELLANEOUS

Section 9.1 Fiscal Year. The fiscal year of the Corporation shall be determined by resolution of the Board of Directors.

Section 9.2 Seal. The Board of Directors may provide for a corporate seal, which shall have the name of the Corporation inscribed thereon and shall otherwise be in such form as may be approved from time to time by the Board of Directors.

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Section 9.3 Form of Records. Any records maintained by the Corporation in the regular course of its business, including its stock ledger, books of account and minute books, may be kept on, or be in the form of, magnetic tape, diskettes, photographs, microphotographs or any other information storage device, provided that the records so kept can be converted into clearly legible form within a reasonable time. The Corporation shall so convert any records so kept upon the request of any person entitled to inspect the same.

Section 9.4 Reliance Upon Books and Records. A member of the Board of Directors, or a member of any committee designated by the Board of Directors shall, in the performance of his or her duties, be fully protected in relying in good faith upon records of the Corporation and upon such information, opinions, reports or statements presented to the Corporation by any of the Corporation’s officers or employees, or committees of the Board of Directors, or by any other person as to matters the member reasonably believes are within such other person’s professional or expert competence and who has been selected with reasonable care by or on behalf of the Corporation.

Section 9.5 Certificate of Incorporation Governs. In the event of any conflict between the provisions of the Corporation’s Certificate of Incorporation and Bylaws, the provisions of the Certificate of Incorporation shall govern.

Section 9.6 Severability. If any provision of these Bylaws shall be held to be invalid, illegal, unenforceable or in conflict with the provisions of the Corporation’s Certificate of Incorporation, then such provision shall nonetheless be enforced to the maximum extent possible consistent with such holding and the remaining provisions of these Bylaws (including without limitation, all portions of any section of these Bylaws containing any such provision held to be invalid, illegal, unenforceable or in conflict with the Certificate of Incorporation, that are not themselves invalid, illegal, unenforceable or in conflict with the Certificate of Incorporation) shall remain in full force and effect.

ARTICLE X

AMENDMENT

Section 10.1 Amendments. Subject to Section 6.5 of these Bylaws, and except as provided in Section 2.1 and 2.3, stockholders of the Corporation holding at least a majority of the Corporation’s outstanding voting stock shall have the power to adopt, amend or repeal Bylaws. To the extent provided in the Certificate of Incorporation, except as otherwise provided in Section 2.3, the Board of Directors of the Corporation shall also have the power to adopt, amend or repeal Bylaws of the Corporation, except insofar as Bylaws adopted by the stockholders shall otherwise provide.

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EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

Financial Contact:	Press Contacts:
Mike Knapp	Chad Taggard	Carolyn Robinson
IDT Investor Relations	IDT Worldwide Marketing	IDT Corporate Communications
Phone: (408) 284-6515	Phone: (408) 284-8200	Phone: (408) 284-8515
E-mail: mike.knapp@idt.com	E-mail: chad.taggard@idt.com	E-mail: carolyn.robinson@idt.com

IDT REPORTS FISCAL SECOND QUARTER 2007 RESULTS

28 Percent Revenue Growth in Calendar 2006

SAN JOSE, Calif., October 24, 2006 — IDT^TM (Integrated Device Technology, Inc.; NASDAQ: IDTI), a leading provider of vital semiconductor solutions, today announced results for the fiscal second quarter of 2007, ended October 1, 2006. Revenue, operating margin and EPS were at or above the high end of the Company’s projected ranges provided on the fiscal first quarter earnings call on July 25, 2006.

The following highlights the Company’s financial performance on both a GAAP and non-GAAP basis. The GAAP results include certain costs, charges, gains and losses in accordance with GAAP which are excluded from non-GAAP results based on management’s determination that they are not directly reflective of on-going operations.

• Revenue for the fiscal second quarter of 2007 was $205.2 million, an increase of 11 percent from the $185.5 million reported in the fiscal first quarter of 2007.

• GAAP net loss for the fiscal second quarter of 2007 was $0.7 million, or approximately break even per diluted share. This compares to a net loss of $1.6 million or a loss of $0.01 per diluted share for the first quarter of fiscal 2007. Fiscal second quarter GAAP results include $43.0 million of acquisition-related charges (including $40.0 million in intangibles amortization and $3.0 million of other acquisition-related charges), $13.2 million of stock based compensation and $3.6 million in restructuring-related charges.

• Non-GAAP net income for the fiscal second quarter of 2007 was $59.2 million or $0.29 per diluted share, an increase of 17 percent over net income of $50.6 million or $0.25 per diluted share reported in the fiscal first quarter of 2007. For further description and a complete reconciliation of GAAP to non-GAAP results, please refer to the attached tables.

• GAAP gross profit for the fiscal second quarter of 2007 was $86.7 million, compared to GAAP gross profit of $84.2 million reported in the fiscal first quarter of 2007. Non-GAAP gross profit for the fiscal second quarter of 2007 was $114.1 million, compared to non-GAAP gross profit of $105.4 million reported in the fiscal first quarter of 2007.

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Page 2/3 — IDT Reports Fiscal Second Quarter 2007 Results

• GAAP R&D expense for the fiscal second quarter of 2007 was $40.9 million, compared to GAAP R&D expense of $39.6 million in the fiscal first quarter of 2007. Non-GAAP R&D expense for the fiscal second quarter of 2007 was $33.0 million, compared to non-GAAP R&D expense of $32.3 million in the fiscal first quarter of 2007.

• GAAP SG&A expense for the fiscal second quarter of 2007 was $49.0 million, compared to GAAP SG&A expense of $48.0 million in the fiscal first quarter of 2007. Non-GAAP SG&A expense for the fiscal second quarter of 2007 was $24.9 million, compared to non-GAAP SG&A expense of $24.2 million in the fiscal first quarter of 2007.

“Strength in our computing and consumer end markets enabled us to deliver our fifth consecutive quarter of revenue and non-GAAP EPS growth, with overall revenue growth of 28 percent so far this calendar year,” said Greg Lang, president and CEO of IDT. “We continue to benefit from multiple product ramps, including our advanced memory buffers, PC and consumer timing devices as well as products from our recently acquired PC audio business. Our key product investments in the computing, consumer, and communication segments have enabled IDT to provide consistent growth during the past year, and we look forward to introducing new products that will continue to support this growth.”

Expansion of Common Stock Repurchase Program

IDT also announced that its Board of Directors has approved a $50 million expansion of the previously authorized share repurchase program to a total of $100 million. Repurchases under the Company’s stock repurchase program may be made from time-to-time in the open market and in negotiated transactions, including block transactions or accelerated stock repurchase transactions, at times and at prices considered appropriate by the Company. The expansion of the repurchase program is effective immediately and the repurchase program may be discontinued at any time. As of October 1, 2006, IDT had approximately 200 million shares outstanding and approximately $332 million in cash and investments.

Webcast and Conference Call Information

Investors can listen to a live or replay webcast of the Company’s quarterly financial conference call at http://www.IDT.com. The live webcast will begin at 1:30 p.m. PT on October 24, 2006. The webcast replay will be available after 5 p.m. PT on October 24 through October 31, 2006.

Investors can also listen to the live call at 1:30 p.m. PT on October 24 by calling (877) 260-8900 or (612) 332-0530. The conference call replay will be available after 5 p.m. PT on October 24 through 11:59 p.m. PT on October 31, 2006 at (800) 475-6701 or (320) 365-3844. The access code is 843804.

Page 3/3 — IDT Reports Fiscal Second Quarter 2007 Results

About IDT

IDT is a world leader in developing and delivering vital semiconductor solutions that enable customers to accelerate innovation. IDT solutions help customers solve complex system design challenges associated with the evolving requirements of communications, computing and consumer applications. By leveraging its system knowledge and extensive blend of technologies, IDT is able to deliver essential solutions, including timing products, network search engines, flow-control management ICs and products for standards-based serial switching. Headquartered in San Jose, Calif., IDT has design, manufacturing and sales facilities throughout the world. IDT stock is traded on the NASDAQ Global Select Market^® under the symbol “IDTI.” Additional information about IDT is accessible at www.IDT.com.

Forward Looking Statements

Investors are cautioned that forward-looking statements in this release involve a number of risks and uncertainties that could cause actual results to differ materially from current expectations. Risks include, but are not limited to, global business and economic conditions, fluctuations in product demand, manufacturing capacity and costs, inventory management, competition, pricing, patent and other intellectual property rights of third parties, timely development and supply of new products and manufacturing processes, dependence on one or more customers for a significant portion of sales, successful integration of acquired businesses and technology, availability of capital, cash flow and other risk factors detailed in the Company’s Securities and Exchange Commission filings. The Company urges investors to review in detail the risks and uncertainties in the Company’s Securities and Exchange Commission filings, including but not limited to the Annual Report on Form 10-K for the year ended April 2, 2006 and Quarterly Report on Form 10-Q for the period ended August 9, 2006.

###

IDT and the IDT logo are trademarks of Integrated Device Technology, Inc. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

INTEGRATED DEVICE TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)

	Three Months Ended									Six Months Ended
	Oct. 1, 2006			July 2, 2006			Oct. 2, 2005			Oct. 1, 2006			Oct. 2, 2005
Revenues	$	205,176		$	185,536		$	105,689			390,712			199,527
Cost of revenues		118,506			101,301			69,950			219,807			121,095
Gross profit		86,670			84,235			35,739			170,905			78,432
Operating expenses:
Research and development		40,878			39,589			28,081			80,467			55,537
Selling, general and administrative		48,987			47,993			25,657			96,980			44,718
Acquired in-process research and development		500			—			2,500			500			2,500
Total operating expenses		90,365			87,582			56,238			177,947			102,755
Operating loss		(3,695	)		(3,347	)		(20,499	)		(7,042	)		(24,323	)
Interest expense		(72	)		(79	)		(63	)		(151	)		(74	)
Other-than-temporary impairment of investments		—			—			—			—			(1,705	)
Interest income and other, net		3,905			3,336			3,167			7,241			7,069
Income (Loss) before income taxes		138			(90	)		(17,395	)		48			(19,033	)
Provision (Benefit) for income taxes		801			1,474			2,065			2,275			(6,153	)
Net Loss	$	(663	)	$	(1,564	)	$	(19,460	)		(2,227	)		(12,880	)
Net loss per share:
Basic	$	—		$	(0.01	)	$	(0.16	)	$	(0.01	)	$	(0.11	)
Diluted	$	—		$	(0.01	)	$	(0.16	)	$	(0.01	)	$	(0.11	)
Weighted average shares:
Basic		199,860			198,706			124,507			199,283			115,490
Diluted		199,860			198,706			124,507			199,283			115,490

INTEGRATED DEVICE TECHNOLOGY, INC.

RECONCILIATION OF GAAP TO NON-GAAP

(Unaudited)

(In thousands)

	Three Months Ended									Six Months Ended
	Oct. 1, 2006			July 2, 2006			Oct. 2, 2005			Oct. 1, 2006			Oct. 2 2005
GAAP Net Loss	$	(663	)	$	(1,564	)	$	(19,460	)	$	(2,227	)	$	(12,880	)
GAAP Diluted Loss Per Share	$	—		$	(0.01	)	$	(0.16	)	$	(0.01	)	$	(0.11	)
Acquisition Related:
Amortization of acquisition related intangibles (1)		39,476			36,985			12,447			76,461			14,176
Inventory FMV write-up (1)		2,006			1,509			4,941			3,515			4,941
Acquired In-process research and development (1)		500			—			2,500			500			2,500
Acquisition related costs (2)		1,030			1,962			507			2,992			1,005
Restructuring Related:
Reduction in Force (3)		807			532			852			1,339			2,125
Facility closure costs (4)		322			207			8,302			529			11,256
Asset impairment (5)		2,482			—			(92	)		2,482			(656	)
Other:
Stock-Based Compensation Expense (6)		13,231			11,010			—			24,241			—
Loss on short-term investments (7)		—			—			892			—			2,597
Taxes affects of Non-GAAP adjustments (8)		—			—			342			—			(8,370	)
Non-GAAP Net Income	$	59,191		$	50,641		$	11,231		$	109,832		$	16,694
Non-GAAP Diluted Earnings Per Share	$	0.29		$	0.25		$	0.09		$	0.54		$	0.14
Weighted average shares:
Basic		199,860			198,706			124,507			199,283			115,490
Diluted		204,827			202,504			125,057			203,596			116,537
GAAP gross profit		86,670			84,235			35,739			170,905			78,432
Acquisition Related:
Amortization of acquisition related intangibles (1)		20,641			18,324			8,143			38,965			9,550
Inventory FMV write-up (1)		2,006			1,509			4,941			3,515			4,941
Acquisition related costs (2)		323			732			64			1,055			64
Restructuring Related:
Reduction in Force (3)		733			100			397			833			915
Facility closure costs (4)		197			148			3,580			345			5,832
Asset impairment (5)		2,482			—			(92	)		2,482			(656	)
Other:
Stock-Based Compensation Expense (6)		1,028			354			—			1,382			—
Non-GAAP gross profit		114,080			105,402			52,772			219,482			99,078
GAAP R&D Expenses:		40,878			39,589			28,081			80,467			55,537
Acquisition Related:
Amortization of acquisition related intangibles (1)		(125	)		(125	)		(106	)		(250	)		(211	)
Acquisition related costs (2)		(600	)		(1,074	)		(431	)		(1,674	)		(929	)
Restructuring Related:
Reduction in Force (3)		—			(319	)		(14	)		(319	)		(205	)
Facility closure costs (4)		(71	)		(34	)		(2,247	)		(105	)		(2,713	)
Other:
Stock-Based Compensation Expense (6)		(7,087	)		(5,724	)		—			(12,811	)		—
Non-GAAP R&D Expenses		32,995			32,313			25,283			65,308			51,479
GAAP SG&A Expenses:		48,987			47,993			25,657			96,980			44,718
Acquisition Related:
Amortization of acquisition related intangibles (1)		(18,710	)		(18,536	)		(4,202	)		(37,246	)		(4,419	)
Acquisition related costs (2)		(107	)		(156	)		(12	)		(263	)		(12	)
Restructuring Related:
Reduction in Force (3)		(74	)		(113	)		(441	)		(187	)		(1,005	)
Facility closure costs (4)		(54	)		(25	)		(2,471	)		(79	)		(2,707	)
Other:
Stock-Based Compensation Expense (6)		(5,116	)		(4,932	)		—			(10,048	)		—
Non-GAAP SG&A Expenses		24,926			24,231			18,531			49,157			36,575
GAAP Interest income and other, net		3,833			3,257			3,104			7,090			5,290
Loss on short-term investments (7)		—			—			892			—			2,597
Non-GAAP Interest income and other, net		3,833			3,257			3,996			7,090			7,887
GAAP Provision for Income Taxes		801			1,474			2,065			2,275			(6,153	)
Taxes affects of Non-GAAP adjustments (8)		—			—			(342	)		—			8,370
Non-GAAP Provision for Income Taxes		801			1,474			1,723			2,275			2,217

(1) Consists of amortization charges of acquisition-related intangible assets and the FMV adjustment of acquired inventory sold. In addition, Q2 2007 includes acquired IPR&D related to our acquisition of Sigmatel’s PC audio business and Q2 2006 includes acquired IPR&D related to our merger with Integrated Circuit Systems, Inc. (ICS).

(2) Consists of costs incurred in connection with our merger with ICS and the acquisition of Freescale assets in Q2 2006, such as additional depreciation resulting from purchase accounting and costs associated with the exit of previously leased facilities. In addition, all periods presented include retention costs incurred in connection with our acquisition of Zettacom.

(3) Consists of costs associated with restructuring actions initiated by the Company, primarily composed of severance and retention costs.

(4) Consists of ongoing costs associated with the exit of our leased facilities in Santa Clara and Salinas (Q1 2006) and the closure of our manufacturing facility in the Philippines (Q1 2006). In addition, Q1 2007 includes final exit costs associated with the closure of our design center in Australia (Q3 2006).

(5) Q2 2007 consists of an impairment charge related to our manufacturing facility in the Philippines. All other periods consist of gains realized on the sale of assets related to our former manufacturing facility in Salinas, which were previously impaired.

(6) Consists of stock-based compensation expense resulting from our adoption of SFAS 123R in Q1 2007.

(7) Consists of other-than-temporary impairment charges and losses on the sale of securities incurred primarily as a result of our merger with ICS.

(8) Q2 2006 consists of the tax effects of non-GAAP adjustments. In addition, the six months ended Q2 2006 consists of a net reduction in income tax reserves as a result of partial settlements with the IRS.

INTEGRATED DEVICE TECHNOLOGY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)	Oct. 1, 2006		Apr. 2, 2006
ASSETS
Current assets:
Cash and cash equivalents	$	262,881	$	266,173
Short-term investments		69,553		29,800
Accounts receivable, net		98,994		90,882
Inventories		91,699		58,692
Deferred Taxes		326		4,085
Prepaid and other current assets		17,907		20,370
Total current assets		541,360		470,002
Property, plant and equipment, net		101,033		108,663
Goodwill		1,038,988		1,010,659
Acquisition-related intangibles		393,411		427,772
Other assets		19,431		20,595
TOTAL ASSETS	$	2,094,223	$	2,037,691
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	57,084	$	39,891
Accrued compensation and related expenses		30,977		23,198
Deferred income on shipments to distributors		34,678		29,797
Income taxes payable		16,643		29,119
Other accrued liabilities		26,533		25,633
Total current liabilities		165,915		147,638
Deferred tax liabilities		13,094		16,273
Long term liabilities		16,421		15,581
Total liabilities		195,430		179,492
Stockholders’ equity		1,898,793		1,858,199
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,094,223	$	2,037,691