Semtech Corporation Relocation Expense Extension Agreement with Emeka Chukwu
Semtech Corporation, through its President & CEO Mohan Maheswaran, extends Emeka Chukwu's relocation benefits due to delays caused by company restatement and SEC filings. The extension includes six more months of temporary housing and up to three additional family trips to Southern California, with a $20,000 cap on trip expenses. Emeka must reimburse Semtech for all relocation costs if he leaves the company voluntarily within two years, with repayment calculated monthly. He is also responsible for any income taxes on reimbursed relocation expenses.
Exhibit 10.27
[Semtech Logo]
| To : | Emeka Chukwu |
| From : | Mohan Maheswaran |
| Subject : | Relocation Expense extension |
| Date : | April 05, 2007 |
Dear Emeka,
Since your relocation of your family has been postponed due to the re-statement process and SEC filings that required your devoted time and effort, I am approving an extention of your relocation package.
| 1. | Additional six (6) months temporary living accommodation until November 2007. |
| 2. | Additional three (3) family trips for your spouse and children to southern California to find suitable living accommodations. |
| a. | The cost of these additional family trips ( flights, hotels and meals ) must not exceed $20,000 and be supported by the appropriate receipts. |
| 3. | Please remember that Semtech’s policy is that employees agree to reimburse the Company for all relocation costs should the employee decide to leave the Company within (2) two years on a voluntary basis. Your acceptance of this extention of relocation costs indicates that you agree to reimburse the Company for all relocation expenses on a monthly pro-rata basis for up to two (2) years from date of hire. You will be responsible for all income taxes on any reimbursed items, including relocation and temporary living allowances that may not be deductible for income tax purposes. |
Sincerely,
Mohan Maheswaran
President & CEO
Semtech Corporation
[Note: This compensation arrangement was approved by the Compensation Committee on April 5, 2007]
