Severance Arrangement Between Semtech Corporation and Jason Carlson
Semtech Corporation has agreed to provide Jason Carlson with a severance package if his employment is terminated by the Board of Directors. The package includes six months of salary and continued benefits, provided Mr. Carlson signs a non-compete agreement and a full release of claims. Stock option vesting will stop on his last active day of service. This arrangement was made to encourage Mr. Carlson to join the company.
Exhibit 10.16
Arrangement with Jason Carlson
As an inducement for Mr. Carlson to join Semtech Corporation, the Company agreed that should Mr. Carlson’s services be terminated by the Board of Directors, he will be granted a severance allowance equal to six months salary and benefits continuation upon signing of a non-compete agreement and a full release of all claims and obligations. Vesting of stock options would cease as of the last day that services are actively provided to the Company.
