Employment Arrangement between Semtech Corporation and Jason Carlson
Semtech Corporation has made an agreement with Jason Carlson outlining terms related to his employment. If Mr. Carlson is promoted to Chief Executive Officer, his salary will increase by $50,000 per year and he will receive options to buy 250,000 additional shares of company stock. If the company terminates his employment, he will receive six months' salary as severance and continued benefits, provided he signs a non-compete agreement and a full release of claims. Stock option vesting stops when he stops working for the company.
Exhibit 10.11
Arrangement with Jason Carlson
As an inducement for Mr. Carlson to join Semtech Corporation, the Company agreed that should Mr. Carlson be promoted to Chief Executive Officer, a decision that is entirely dependent upon Mr. Carlson’s performance and the discretion of the Board of Directors of the Company, his salary would be increased by $50,000 annually and he would be granted options to purchase an additional 250,000 shares of the Company’s common stock. Should Mr. Carlson’s services be terminated by the Board of Directors, he will be granted a severance allowance equal to six months salary (currently valued at $150,000) 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.
