Document:

ex_319481.htm

Exhibit 10.4

 

December 24, 2021

 

Giga-tronics Incorporated

5990 Gleason Drive

Dublin, CA 94568

 

Ladies and Gentlemen:

 

Reference is made to that certain Severance Agreement dated June 23, 2020 (“Severance Agreement”) by and between the undersigned and Giga-tronics Incorporated, a California corporation (the “Company”).

 

The Company expects to enter into a Share Exchange Agreement (the “SEA”) with BitNile Holdings, Inc. (“BitNile) and Gresham Worldwide, Inc. (“GWW”), which is a subsidiary of BitNile. The SEA contemplates that, among other things, the Company will acquire GWW from BitNile in exchange for issuing shares of the Company’s common stock and preferred stock (the “Transaction”). In the Transaction, BitNile will acquire voting securities representing greater than 50% of the voting power of the Company’s outstanding voting securities, which would constitute a “Change of Control” as defined in the Severance Agreement.

 

It is contemplated that immediately following the Transaction, the undersigned will no longer be the President and Chief Executive Officer of the Company, but will continue to be an employee of the Company following the closing of the Transaction until June 3, 2021. It is anticipated that the undersigned will thereafter provide consulting services to the Company on terms to be mutually agreed by the Company and the undersigned.

 

Therefore, notwithstanding anything to the contrary in the Severance Agreement, the undersigned acknowledges and agrees that Good Reason, as such term is defined in the Severance Agreement, shall not be triggered, and the undersigned shall have no right to terminate the undersigned’s employment for Good Reason, solely as a result of the occurrence of the Transaction and/or changes to the undersigned’s title, authority or duties or a change in to whom undersigned is required to report.

 

In exchange for this waiver, (1) upon and subject to the closing of the Transaction, the undersigned shall become vested in, and entitled to receive upon any separation of service thereafter, retirement benefits comprised of those benefits described in Section 3(b) of the Severance Agreement (including those referenced in that Section) and (2) the Company will award the undersigned 10 restricted shares of the Company’s common stock pursuant to the Company’s Equity Incentive Plan, which shares will vest in full on the first anniversary of the date of this wavier or, if earlier, his separation of service.

 

	 	Sincerely,	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ John Regazzi	 
	 	Name:	John Regazzi	 

 

 

Acknowledged and agreed by Giga-tronics Incorporated

this 24th day of December, 2021:

 

 

 

	By:	/s/ Lutz Henckels	 
	 	Lutz Henckels	 
	 	Executive Vice President, CFO and COOex_319482.htm

Exhibit 10.5

 

December 22, 2021

 

Giga-tronics Incorporated

5990 Gleason Drive

Dublin, CA 94568

 

Ladies and Gentlemen:

 

Reference is made to that certain Severance Agreement dated June 23, 2020 (“Severance Agreement”) by and between the undersigned and Giga-tronics Incorporated, a California corporation (the “Company”).

 

The Company expects to enter into a Share Exchange Agreement (the “SEA”) with Ault Global Holdings, Inc. (“Ault”) and Gresham Worldwide, Inc. (“GWW”), which is a subsidiary of Ault. The SEA contemplates that, among other things, the Company will acquire GWW from Ault in exchange for issuing shares of the Company’s common stock and preferred stock (the “Transaction”). In the Transaction, Ault will acquire voting securities representing greater than 50% of the voting power of the Company’s outstanding voting securities, which would constitute a “Change of Control” as defined in the Severance Agreement.

 

It is contemplated that immediately following the transaction, the undersigned will continue to be the Company’s Executive Vice President and Chief Financial Officer and shall report to the Company’s Chief Executive Officer, but will not be the Company’s Chief Operating Offering.

 

Therefore, notwithstanding anything to the contrary in the Severance Agreement, the undersigned acknowledges and agrees that Good Reason, as such term is defined in the Severance Agreement, shall not be triggered, and the undersigned shall have no right to terminate the undersigned’s employment for Good Reason, solely as a result of the occurrence of the Transaction and/or changes to undersigned’s title, authority, duties, or responsibilities or changes in the authority, duties, or responsibilities of the supervisor to whom undersigned is required to report.

 

In exchange for this waiver, the Company will award the undersigned 10 shares of restricted of the Company’s common stock pursuant to the Company’s Equity Incentive Plan, which award will vest in full on the first anniversary of the date of this wavier.

 

	 	Sincerely,	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Lutz Henckels                                             	 
	 	Name:	Lutz Henckels	 

 

 

Acknowledged and agreed by Giga-tronics Incorporated

this 22nd day of December, 2021:

 

 

 

 

	By:	/s/ John Regazzi	 
	 	John Regazzi	 
	 	President and Chief Executive Officerex_319483.htm

Exhibit 10.6

 

December 21, 2021

 

Giga-tronics Incorporated

5990 Gleason Drive

Dublin, CA 94568

 

Ladies and Gentlemen:

 

Reference is made to that certain Severance Agreement dated March 19, 2019 (“Severance Agreement”) by and between the undersigned and Giga-tronics Incorporated, a California corporation (the “Company”).

 

The Company expects to enter into a Share Exchange Agreement (the “SEA”) with Ault Global Holdings, Inc. (“Ault”) and Gresham Worldwide, Inc. (“GWW”), which is a subsidiary of Ault. The SEA contemplates that, among other things, the Company will acquire GWW from Ault in exchange for issuing shares of the Company’s common stock and preferred stock (the “Transaction”). In the Transaction, Ault will acquire voting securities representing greater than 50% of the voting power of the Company’s outstanding voting securities, which would constitute a “Change of Control” as defined in the Severance Agreement.

 

GWW’s leadership team is committed to creating and maintaining the EW division under the leadership of Armand Pantalone and Dan Kirby. They share Armand’s and Dan’s conviction about the future of the work they are planning to do.

 

Therefore, notwithstanding anything to the contrary in the Severance Agreement, the undersigned acknowledges and agrees that Good Reason, as such term is defined in the Severance Agreement, shall not be triggered, and the undersigned shall have no right to terminate the undersigned’s employment for Good Reason, solely as a result of the occurrence of the Transaction and/or changes to undersigned’s title, authority, duties, or responsibilities or changes in the authority, duties, or responsibilities of the supervisor to whom undersigned is required to report, provided that the undersigned continues to lead the EW division with Armand Pantalone and Dan Kirby.

 

In exchange for this waiver, the Company will award the undersigned 10,000 shares of restricted of the Company’s common stock pursuant to the Company’s Equity Incentive Plan, which award will vest in full on the first anniversary of the date of this wavier.

 

	 	Sincerely,	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ A. Pantalone	 
	 	Name:	Armand Pantalone	 

 

 

Acknowledged and agreed by Giga-tronics Incorporated

this 22th day of December, 2021:

 

 

 

 

	By:	/s/ John Regazzi	 
	 	John Regazzi	 
	 	President and Chief Executive Officerex_319484.htm

Exhibit 10.7

 

December 19, 2021

 

Giga-tronics Incorporated

5990 Gleason Drive

Dublin, CA 94568

 

Ladies and Gentlemen:

 

Reference is made to that certain Severance Agreement dated November 26, 2019 (“Severance Agreement”) by and between the undersigned and Giga-tronics Incorporated, a California corporation (the “Company”).

 

The Company expects to enter into a Share Exchange Agreement (the “SEA”) with Ault Global Holdings, Inc. (“Ault”) and Gresham Worldwide, Inc. (“GWW”), which is a subsidiary of Ault. The SEA contemplates that, among other things, the Company will acquire GWW from Ault in exchange for issuing shares of the Company’s common stock and preferred stock (the “Transaction”). In the Transaction, Ault will acquire voting securities representing greater than 50% of the voting power of the Company’s outstanding voting securities, which would constitute a “Change of Control” as defined in the Severance Agreement.

 

GWW’s leadership team is committed to creating and maintaining the EW division under the leadership of Armand Pantalone and Dan Kirby. They share Armand’s and Dan’s conviction about the future of the work they are planning to do.

 

Therefore, notwithstanding anything to the contrary in the Severance Agreement, the undersigned acknowledges and agrees that Good Reason, as such term is defined in the Severance Agreement, shall not be triggered, and the undersigned shall have no right to terminate the undersigned’s employment for Good Reason, solely as a result of the occurrence of the Transaction and/or changes to undersigned’s title, authority, duties, or responsibilities or changes in the authority, duties, or responsibilities of the supervisor to whom undersigned is required to report, provided that the undersigned continues to lead the EW division with Armand Pantalone and Dan Kirby.

 

In exchange for this waiver, the Company will award the undersigned 10,000 shares of restricted of the Company’s common stock pursuant to the Company’s Equity Incentive Plan, which award will vest in full on the first anniversary of the date of this wavier.

 

	 	Sincerely,	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Daniel Kirby                                    	 
	 	Name:	Daniel Kirby	 

 

 

Acknowledged and agreed by Giga-tronics Incorporated

this 19th day of December, 2021:

 

 

	By:	/s/ John Regazzi	 
	 	John Regazzi	 
	 	President and Chief Executive Officer

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