Document:

WESTELL TECHNOLOGIES, INC.
 

      

       

      

      	
                   
 	
                  NON-QUALIFIED STOCK OPTION
 

      

       

       

      THIS NON-QUALIFIED STOCK OPTION, dated as set forth in the attached Memorandum is granted by WESTELL TECHNOLOGIES, INC. (the "Company"), to the Employee as set forth in the attached Memorandum (the “Employee”) pursuant to the Company's 2004 Stock Incentive Plan (the "Plan").

       

      

      	
                   
 	
                  1.
 	
                  OPTION GRANT
 

      

       

      The Company hereby grants to the Employee an option to purchase total shares as set forth in the attached Memorandum of Class A Common Stock of the Company at an option price per share as set forth in the attached Memorandum.  This option is not intended to qualify as an “incentive stock option” within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended.

       

      

      	
                   
 	
                  2.
 	
                  TIME OF EXERCISE
 

      

       

      This option may be exercised (in the manner described in paragraph 3 hereof) in whole or in part, at any time and from time to time, subject to the following limitations:

       

      (a)  This option may not be exercised to any extent until the first anniversary of the Date of Grant.  This option may be exercised to a maximum cumulative extent of 20% of the total shares covered hereby on and after the first anniversary of the Date of Grant; 40% of the total shares commencing on and after the second anniversary of the Date of Grant; 60% of the total shares commencing on and after the third anniversary of the Date of Grant; 80% of the total shares commencing on and after the fourth anniversary of the Date of Grant; and shall be fully exercisable on and after the fifth anniversary of the Date of Grant.  In the event that the Employee's employment with the Company or a subsidiary terminates by reason of total disability or death prior to the fifth anniversary of the Date of Grant, then the portion of the option which may be 

       

      
      

       

       

      

       

      

      

      

      exercised shall be determined as if the Employee remained an employee of the Company until the next anniversary of the Date of Grant.

       

      (b)  For these purposes, employment shall be deemed to continue after termination of full-time employment for any period during which the Employee remains a part-time employee of the Company or a consultant to the Company as determined by the sole discretion of the Stock Incentive Committee.

       

      (c)  This option may not be exercised:

       

      

      	
                   
 	
                  (i)
 	
                  more than three months after the termination of the Employee's employment with the Company or a subsidiary for any reason other than retirement, total disability or death; or
 

      

       

      

      	
                   
 	
                  (ii)
 	
                  more than twelve months after termination of employment by reason of retirement, total disability or death; or 
 

      

       

      

      	
                   
 	
                  (iii)
 	
                  more than seven years from the Date of Grant.
 

      

       

      This option may be exercised during the indicated periods following termination of employment only to the extent exercisable pursuant to paragraphs 2(a) and (b) hereof as of the date of termination..

       

      

      	
                   
 	
                  3.
 	
                  METHOD OF EXERCISE
 

      

       

      This option may be exercised only by appropriate notice in writing delivered to the Secretary of the Company and accompanied by:

       

      

      	
                   
 	
                  (a)
 	
                  a check payable to the order of the Company for the full purchase price of the shares purchased and any required tax withholding, and 
 

      

       

      
      

       

       

        

      

       

      

      

      

      

      	
                   
 	
                  (b)
 	
                  such other documents or representations as the Company may reasonably request in order to comply with securities, tax or other laws then applicable to the exercise of the option.
 

      

       

      Payment of the purchase price may be made in whole or in part by the delivery of shares of Common Stock owned by the Employee for at least six months (or by certification of the Employee's ownership of such shares), valued at fair market value on the date of exercise.  The Employee may satisfy any tax withholding obligation in whole or in part by electing to have the Company retain option shares, having a fair market value on the date of exercise equal to the amount required to be withheld.

       

      

      	
                   
 	
                  4.
 	
                  CONDITIONS
 

      

       

      I agree that I shall not within three months following my resignation of employment with the Company engage in any Competitive Activity.  Competitive Activity means any service to a competitor related to the work I have done at Westell or with knowledge of confidential information gained at Westell.  By accepting this option, I agree to pay Westell as liquidated damages, any profit (spread between grant price and closing price on the date of exercise) realized on my exercise of this option from three months preceding and ending three months following my date of resignation.

       

       

      

      	
                   
 	
                  5.
 	
                  NON-TRANSFERABILITY; DEATH
 

      

       

      This option is not transferable by the Employee otherwise than by will or the laws of descent and distribution and is exercisable during the Employee's lifetime only by the Employee.  If the Employee dies during the option period, this option may be exercised in whole or in part and from time to time, in the manner described in paragraph 3 hereof, by the Employee's estate or the person to whom the option passes by will or the laws of descent and distribution, but only within a period of (a) twelve months after the Employee's death or (b) seven years from the Date of Grant, whichever period is shorter.  At the discretion of the Committee, this option may be transferred to members of the Employee's immediate family or trusts or family partnerships for the benefit of such persons, subject to terms and conditions established by the Committee.

       

      
      

       

       

        

      

       

      

      

      

       

      

      	
                   
 	
                  *  
 	
                  *  
 	
                  *
 

      

       

       

       

       

       

      IN WITNESS WHEREOF, the Company has caused the execution hereof by its duly authorized officer and Employee has agreed to the terms and conditions of this option, all as of the date first above written.

       

      

      	
                   
 	
                  WESTELL TECHNOLOGIES, INC.
 

      

       

       

      

      	
                   
 	
                  By______________________________
 

      

       

       

      

      	
                   
 	
                  ________________________________
 

      

      

      	
                   
 	
                  Employee Name
 

      

       

                      

      

      	
                   
 	
                  ________________________________
 

      

      

      	
                   
 	
                  Employee Signaturec56582_ex10-1.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

SEPARATION AGREEMENT

     THIS SEPARATION AGREEMENT (this “Agreement”) is made as of the 9th day of February, 2009 by and between RODMAN & RENSHAW
CAPITAL GROUP, INC., a Delaware corporation (the "Company") having a principal place of business at 1251 Avenue of the Americas, New York, New York 10020 and MICHAEL LACOVARA, residing at 33
Sherwood Avenue, Greenwich, Connecticut 06831 ("ML"). 

     WHEREAS, ML is a member of the Board of Directors of the Company (the “Board”); and

     WHEREAS, ML and the Company are parties to an Employment Agreement dated as of August 9, 2007 (the “Employment Agreement”); and 

     WHEREAS, ML and the Company have agreed to settle all matters relating to the cessation of ML’s employment with the Company and service as a member of the
Board.

     NOW, THEREFORE, the parties agree as follows: 

     1. Board Resignation.  ML hereby resigns as a member of the Board and as an officer and director, as applicable, of the Company and all
entities affiliated with the Company, effective immediately. 

     2. Termination of Employment Agreement.

          (a) Except as set forth in subsection (b) of this Section 2, the Employment Agreement is hereby terminated as of the date hereof (the “Termination
Date”) and ML’s employment with the Company shall terminate as of the date hereof. 

          (b) The following provisions of the Employment Agreement shall continue in full force and effect as set forth therein:

          (i) Section 7; 

               (ii) Section 9; and 

               (iii) Sections 10(b), (c), (d), (e) and (f); provided, however, nothing contained
in Section 10(c) of the Employment Agreement shall preclude ML from, directly or indirectly, hiring or soliciting, or causing others to hire or solicit his executive assistant, Brie St. Laurent. 

     3. Termination Payment.  In accordance with the terms of Section 8(a)(iii) of the Employment Agreement, the Company shall pay ML the sum of
$475,000, less any applicable federal, state and local withholding taxes, within five (5) business days of the execution and delivery of this Agreement. 

     4. Continuation of Healthcare Coverage. The Company will make available to ML, pursuant to the continuation of coverage provisions described
in Section 4980B of the Internal Revenue Code and Sections 601 through 625 of ERISA (the “Continuation Coverage”), the healthcare coverage that is currently provided to ML. ML
shall contribute to the payment therefor the same monthly amount which was being withheld from his salary prior to termination of the Employment Agreement.  Notwithstanding the foregoing, the Company’s obligation to contribute to the cost of
the Continuation Coverage shall terminate upon the earliest of (i) December 31, 2009, (ii) the date on which ML is eligible to participate in the healthcare coverage available to him as a result of obtaining new employment, or (iii) the date on
which ML otherwise elects to discontinue the Continuation Coverage. 

     5. Expense Reimbursement. Within ten (10) business days of the date hereof, ML shall submit a final business expense reimbursement report to
the chief financial officer of the Company setting forth in reasonable detail all unreimbursed business-related expenses incurred by him through the date hereof together with the appropriate receipts, bills and statements in 

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support thereof. Within ten (10) calendar days of its receipt of such report, the Company shall issue a check payable to ML in an amount equal to the total unreimbursed business expenses set forth on such report; provided, however, the Company may deduct any amounts it reasonably believe do not constitute legitimate reimbursable business expenses.

     6. No Other Amounts Due. Except as provided in Sections 3, 4, 5 and 7 hereof, and a bonus payment of $400,000 for the second half of
calendar year 2008, which will be paid within five (5) business days of the execution and delivery of this Agreement, less any applicable federal, state and local withholding taxes, ML affirms that he has been paid and/or has received all leave
(paid or unpaid), compensation, wages, bonuses, commissions, vacation pay and/or benefits to which he may be entitled and that no other leave (paid or unpaid), compensation, wages, bonuses, commissions, vacation pay and/or benefits are due to
ML.

     7. Restricted Stock Units and Stock Options.

          (a) Upon execution and delivery of this Agreement: 

               (i) All 879,605 restricted stock units of the Company previously granted to ML shall immediately vest and shall be subject to the settlement provisions of the respective grant agreements. 

               (ii) All stock options previously granted by the Company to ML shall immediately vest and be exercisable in full in accordance with the terms of the Stock Option Agreement dated October 16, 2007.

               (iii) ML acknowledges and agrees that other than the restricted stock units and stock options referenced in Section 7(a)(i) and 7(a)(ii) above, he is not entitled to any other equity compensation from
the Company. 

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     8. Cooperation.  ML agrees, upon request by the Company, to cooperate with the Company with regard to any matter in which he was involved on
behalf of the Company during his employment. 

     9. Rights and Remedies Upon Breach. If ML or the Company breaches or threatens to commit a breach of any of the provisions of (i) this
Agreement or (ii) those provisions set forth in Section 10(b) – (d) of the Employment Agreement that survive its termination (as set forth in Section 2(b) hereof), the Company or ML shall, in addition to, and not in lieu of, any other rights
and remedies available to it under law or in equity, have the right and remedy to have such provisions specifically enforced by any court of competent jurisdiction (without the requirement to post a bond), it being agreed that any breach or
threatened breach of any such provision would cause irreparable injury to the Company or ML and that money damages would not provide an adequate remedy to the Company or ML. 

     10. Miscellaneous.

           (a) Integration; Amendment.  This Agreement and such other documents as are referred to herein, constitute the entire agreement between the
parties hereto with respect to the matters set forth herein and supersede and render of no force and effect all prior understandings and agreements between the parties with respect to the matters set forth herein. No amendments or additions to this
Agreement shall be binding unless in writing and signed by both parties. 

            (b) Severability. If any part of this Agreement is contrary to, prohibited by, or deemed invalid under applicable law or regulations, such provision shall be
inapplicable and deemed omitted to the extent so contrary, prohibited, or invalid, but the remainder of this Agreement shall not be invalid and shall be given full force and effect so far as possible. 

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       (c) Waivers.  The failure or delay of any party at any time to require performance by the other party of any provision of this Agreement, even if known, shall not affect
the right of such party to require performance of that provision or to exercise any right, power, or remedy hereunder, and any waiver by any party of any breach of any provision of this Agreement shall not be construed as a waiver of any continuing
or succeeding breach of such provision, a waiver of the provision itself, or a waiver of any right, power, or remedy under this Agreement. No notice to or demand on any party in any case shall, of itself, entitle such party to other or further
notice or demand in similar or other circumstances. 

       (d) Power and Authority.  The Company represents and warrants to the Executive that it has the requisite corporate power to enter into this Agreement and perform the
terms hereof; that the execution, delivery and performance of this Agreement by it has been duly authorized by all appropriate corporate action; and that this Agreement represents the valid and legally binding obligation of the Company and is
enforceable against it in accordance with its terms. 

       (e) Burden and Benefit; Survival. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, executors, personal and
legal representatives, successors and assigns.  The rights and obligations of either party hereunder shall not be assignable except with the prior written consent of the other party.

       (f) Governing Law; Headings.  This Agreement and its construction, performance, and enforceability shall be governed by, and construed in
accordance with, the laws of the State of New York. Headings and titles herein are included solely for convenience and shall not affect, or be used in connection with, the interpretation of this Agreement. 

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     (g) Jurisdiction. Except as otherwise provided for herein, each of the parties: (i) submits to the exclusive jurisdiction of any state or
federal court sitting in New York County in any action or proceeding arising out of or relating to this Agreement; (ii) agrees that all claims in respect of the action or proceeding may be heard and determined in any such court; (iii) agrees not to
bring any action or proceeding arising out of or relating to this Agreement in any other court; and (iv) waives any right such party may have to a trial by jury with respect to any action or proceeding arising out of or relating to this Agreement.
Each of the parties waives any defense of inconvenient forum to the maintenance of any action or proceeding so brought and waives any bond, surety or other security that might be required of any other party with respect thereto. Any party may make
service on another party by sending or delivering a copy of the process to the party to be served at the address and in the manner provided for giving of notices in Section 10(h). Nothing in this Section, however, shall affect the right of any party
to serve legal process in any other manner permitted by law. 

     (h) Notices. All notices called for under this Agreement shall be in writing and shall be deemed given upon receipt if delivered personally, mailed through the United
States Postal Service by registered or certified mail (return receipt requested), postage prepaid, or delivered by nationally recognized overnight courier service to the parties at their respective addresses as set forth on the first page of this
Agreement (or at such other address for a party as shall be specified by like notice, provided that notices of a change of address shall be effective only upon receipt thereof), or to any other address or addresses as any party entitled to receive
notice under this Agreement shall designate, from time to time, to others in the manner provided in this subsection 10(h) for the service of notices. 

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      Any notice delivered to the party hereto to whom it is addressed shall be deemed to have been given and received on the day it was delivered, if delivered personally or by overnight courier service; otherwise, on the third
business day after it is mailed in the manner provided above. 

            (i) Construction. The parties have participated jointly in the negotiation and drafting of this Agreement.  In the event an ambiguity or question of intent or
interpretation arises, this Agreement shall be construed as if drafted jointly by the parties and no presumption of burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.

           (j) Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which
together shall constitute one and the same instrument.

     11. ML HEREBY ACKNOWLEDGES THAT HE HAS BEEN ADVISED BY THE COMPANY TO SEEK INDEPENDENT LEGAL ADVICE WITH REGARD TO THIS AGREEMENT. 

     IN WITNESS WHEREOF, the parties hereto have caused this Settlement Agreement to be duly executed and delivered on the 9th day of February, 2009. 

	 	
RODMAN & RENSHAW CAPITAL GROUP, INC.   
	 	   
	 	
By: /s/ Edward Rubin___________________   
	 	
Name: Edward Rubin   
	 	
Title: President   
	 	   
	 	
/s/ Michael Lacovara____________________   
	 	
MICHAEL LACOVARA   

 

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