Notice of Annual Meeting and Proxy Statement 2021 This page intentionally left blank. Analog Devices, Inc. One Analog Way Wilmington, MA 01887 Letter From Our Board Dear Fellow Shareholders, First and foremost, we thank you for your continued investment in Analog Devices, Inc., or ADI. At ADI, we are committed to maximizing shareholder value creation over the long-term, and we have a highly engaged Board and sound corporate governance structure in place to oversee this commitment. The ADI Board of Directors cordially invites you to attend the 2021 Annual Meeting of Shareholders, or Annual Meeting, which will be held virtually on Wednesday, March 10, 2021, at 9:00 a.m. local time. Due to the continued public health concerns about in-person gatherings related to the COVID-19 pandemic, the Board of Directors supports the company’s decision that this year, ADI will hold a virtual Annual Meeting conducted via live webcast in order to protect the health and well-being of its shareholders, employees and directors. We believe that hosting a virtual meeting will facilitate shareholder attendance and participation at the Annual Meeting by enabling shareholders to participate remotely from any location around the world. We have designed the format of the virtual Annual Meeting so that shareholders have the same rights and opportunities to vote and participate as they would have at a physical meeting. Shareholders will be able to submit questions before and during the meeting using online tools, providing you with the opportunity for meaningful engagement with the company. For instructions on attending the Annual Meeting virtually and voting your shares, please see pages A-6 and A-7. You vote is very important to us. Our Board encourages you to read these proxy materials and to vote your shares “FOR” each proposal. Thank you for the trust you place in us and the opportunity to serve as your directors. THE ADI BOARD OF DIRECTORS A-1 Analog Devices, Inc. One Analog Way Wilmington, MA 01887 Letter From Our CEO Dear Fellow Shareholders, Destination for the Best Analog Engineering Talent Over the last several years, our customers have reallocated more of The global pandemic created a challenging year for all. We were forced their engineering resources towards software, away from hardware. As to rethink the health and safety of our employees as well as our a result, they are increasingly relying on us to fill this void and be their customer engagement and business operations, while balancing our critical innovation partner in architecting analog solutions. Given these lives at home. At ADI, I’m proud of how we worked together with dynamics, I believe talent will become an even more important determination and optimism. We embraced and learned from this competitive differentiator across the semiconductor industry. undoubtedly tough time, while making great strides in strengthening ADI for the future. We have built ADI to be a destination for the world’s best analog engineering talent. At our core, we are a global team of problem solvers Fiscal 2020 Results & Strategic Progress who do not wait for the future—but imagine it and build it. That’s why Over the past decade, we strategically realigned our portfolio toward we’re committed to empowering our engineers with freedom and more durable end markets, creating a more diverse business across unlimited opportunities to improve the world around us and push the customers, products and applications. At the same time, we boundaries of what’s possible. Once combined with Maxim Integrated, accelerated our innovation engine to continue to develop cutting-edge we will stand at 10,000 engineers strong, and this increased scale will technologies, guided by our vision to solve our customers’ and the unlock additional avenues of professional growth for our people. world’s toughest engineering challenges. It’s this combination of Our Mission to “Engineer Good” diversity and innovation, along with our financial discipline, that creates a virtuous cycle of innovation-led success. At ADI, we are passionately driven by our mission to “engineer good” for generations to come. This mission came to life in a unique way in fiscal Looking back at fiscal 2020, it was an uneven year. The first half was 2020 as the COVID-19 pandemic revealed the fragility of our global dampened by the pandemic, but the second half came back strong with healthcare system. To help meet the needs of the medical community, revenue increasing 14% versus the first half. In total, we generated our team prioritized production of our healthcare solutions to support $5.6 billion of revenue, and our business-to-business (B2B) end customers and we continued to partner with hospitals and biotech markets of industrial, communications and automotive cumulatively start-ups to develop solutions that leverage our technologies. outperformed peers for a third straight year. Despite this tough Furthermore, our impact extended beyond our own facilities and environment, we maintained solid profitability and delivered strong capabilities as we made multi-million dollar donations through the cash generation with operating cash flow of $2.0 billion and free cash Analog Devices Foundation to aid both global and local pandemic flow of $1.8 billion. Notably, our free cash flow margin continues to be response efforts. in the top 10% of companies in the S&P 500. And, importantly, we returned more than $1.1 billion through dividends and share Beyond the immediate challenges of the pandemic, we believe there is repurchases. much more ADI can do, leveraging our expertise to preserve and regenerate our precious natural ecosystem. In support of this, we This resilient business model allows us to invest in our future during launched the semiconductor industry’s first green bond to help finance any economic backdrop. In fiscal 2020, we spent more than $1.0 billion projects that offer sustainability benefits within our own operations. in research and development with over 95% targeted at the most We also recently joined the United Nations Global Compact, a voluntary attractive B2B opportunities. This includes funding our go-to-market leadership platform for the development, implementation and activities and product development to drive new vectors of growth, disclosure of responsible business practices, that reinforces our such as digital healthcare. We also announced our proposed commitment to operate with integrity. acquisition of Maxim Integrated Products, Inc., or Maxim Integrated. This complementary combination will deepen our domain expertise and engineering capabilities, enabling us to create even more complete solutions for our customers. A-2 B2B Highlights Industrial A More Connected, Safer and Sustainable Future Industrial is characterized by a diversity of customers, products and applications, and long We are living in a time of unbounded opportunities driven by product life cycles. ADI’s heritage in this market astonishing innovation in the third wave of Information and positions us as the partner of choice to meet the Communications Technology. This wave is characterized by pervasive expanding needs of our customers from sensing, hyper- scale and edge computing and ubiquitous connectivity. traditional challenges of precision, control and In this world, our customers are prioritizing digitalization and power management, as well as emerging connectivity more than ever and new applications are emerging. challenges of connectivity and safety. ADI, where data is born, provides the essential technologies to interpret the physical world around us and is enabling this market revolution. Automotive Over the years, we have invested in an industry-leading product ADI is creating a more sustainable, safe and portfolio with a suite of capabilities that range from DC to 100 immersive vehicle experience with our core gigahertz, from nanowatts to kilowatts, and from sensor to cloud. This franchises of audio processing, connectivity and portfolio supports customers of all sizes and is the foundation upon power management. As we look ahead, the which we build more targeted, integrated solutions for our vertical electric vehicle revolution unlocks new applications. From Industry 4.0 to vehicle electrification to 5G opportunities. We are a market leader in battery communications, our next generation smart architectures are shaping management systems, with over half of the top a more connected, safer and sustainable future. 10 electric vehicle brands using our solution. Building Resilience Communications In his book, “Antifragile: Things That Gain From Disorder,” author In wireless, ADI is enabling next generation 5G Nassim Nicholas Taleb writes that certain systems in nature, business systems. With our expertise in radio signal and society actually gain strength when they are stressed, when chains, microwave, mmWave and power, our randomness takes root, and chaos is the order of the day, calling them radio solutions possess best-in-class antifragile. performance, size and cost. In wireline, we are Over our 56-year history, ADI has proven to be antifragile. We have not a leader in precision signal chains for optical only remained resilient during crises but have demonstrated an ability control systems and power management, used to learn and adapt quickly in a period of tremendous change. I am by carrier networks and in data centers. encouraged by our momentum and I am more confident than ever in ADI’s place in this reordered world. Digital Healthcare Thank you for choosing to invest in ADI and for your continued trust in Our core healthcare technologies, consisting of our management team. medical imaging, instrumentation and vital signs monitoring, have been critical in the fight against COVID-19. Looking forward, one of our missions is to fast-track the affordability, VINCENT ROCHE accessibility and wellness focus of global President and healthcare by extending clinical-grade patient Chief Executive Officer care from the hospital to the home. A-3 Analog Devices, Inc. One Analog Way Wilmington, MA 01887 AGlobalTeam “At ADI, we don’t wait for the future — we imagine it and then we build it.