Document:

Exhibit 10.7

                      NONQUALIFIED STOCK OPTION AGREEMENT
                          AMERICAN HOMESTAR CORPORATION
                        2001 MANAGEMENT INCENTIVE PROGRAM

     THIS  STOCK  OPTION  AGREEMENT  (the  "Agreement") is made between AMERICAN
HOMESTAR  CORPORATION,  a  Texas corporation (the "Company"), and Jackie Holland
(the "Optionee"). The Board of Directors of the Company has adopted the American
Homestar  Corporation  2001  Management Incentive Program (the "Plan"), which is
incorporated  by reference herein. The Company considers that its interests will
be  served  by  granting  the  Optionee an option to purchase shares of Series M
Common  Stock  of  the  Company as an inducement for the continued and effective
performance  of  services  for  the  Company and as additional consideration for
Optionee's  agreement  not  to compete against the Company. Any capitalized term
used  in  this  Agreement that is not specifically defined herein shall have its
meaning  specified  in  the  Plan.

                               A G R E E M E N T:

SECTION  1.     GRANT  OF  OPTION.  Subject  to  the  terms of the Plan and this
                -----------------
Agreement,  on  October 3, 2001 (the "Date of Grant"), the Company hereby grants
to  the  Optionee  a  nonqualified stock option (the "Option") to purchase Sixty
Five Thousand (65,000) shares of the Series M Common Stock of the Company, $0.01
par value per share, at a price of $1.35 per share (the "Option Price"), subject
to  adjustment  as  provided  in  the  Plan.

SECTION  2.     VESTING  SCHEDULE. Except as specified below or in the Plan, the
Option  is  exercisable  in  accordance  with  the  following  schedule:

     (a)     the  Option  will  vest  and  will  be exercisable as to 15% of the
shares  granted  subject  to  the  Option  at the end of each fiscal year of the
Company  after  the  date hereof in which the performance targets established by
the  Board  of Directors or the Committee, if any, as applicable to Optionee are
met.  The  option  to  acquire shares which are not vested in a given year shall
carry  over  to  future  years and shall vest in future years on such reasonable
cumulative  performance  targets  as  are  reasonably  adopted  by  the Board of
Directors  from  time-to-time;

     (b)     the Option will vest and will be exercisable as to an additional 5%
of  the  shares  granted subject to the Option at the end of each fiscal year of
the Company after the date hereof in which such performance targets are exceeded
by  target  amounts  established  by the Board of Directors or the Committee, if
any,  from  time to time. The option to acquire shares which are not vested in a
given  year  shall  carry over to future years and shall vest in future years on
such  reasonable cumulative performance targets as are reasonably adopted by the
Board  of  Directors  from  time-to-time;

     (c)     to  the  extent  not  exercised,  vested  installments  shall  be
cumulative  and  may  be  exercised  in  whole  or  in  part  at  any  time; and

     (d)     to  the  extent not previously vested or exercised, the Option will
be  exercisable as to 100% of the shares subject to the Option at the end of the
seventh  year  after  the  date  hereof.

<PAGE>
     SECTION  3.     EARLY TERMINATION OF OPTION. If the employment relationship
                     ---------------------------
between  the  Optionee  and  the Company is terminated, for any reason, prior to
full  vesting  hereunder,  then, subject to the terms of Section 2(c) above, all
unvested shares subject to such Options shall terminate upon such termination of
employment,  and  the  following rules shall apply to vested, unexercised shares
subject  to  the  Option:

     (a)     Early  Termination  of Option Due to Termination of Employment. The
Option  shall  terminate  on  the  earlier  of the date of the expiration of the
general  term of the Option or three months after the date of the termination of
the  employment relationship between the Optionee and the Company by the Company
on  account  of  a  Change  of  Control  (as  such term is defined in the Plan).

     (b)     Early  Termination  of  Option  Due  to Death.  In the event of the
death  of the Optionee while in the employ of the Company and before the date of
the  expiration of the general term of the Option, the Option shall terminate on
the  earlier of the date of expiration of the general term of the Option or nine
months  after  the  date  of  the  Optionee's termination of employment with the
Company  due  to  death.  This  Option  shall not vest further in the nine-month
period  following  Optionee's  termination of employment with the Company due to
death.

     (c)     Early  Termination of Option Due to Disability. In the event of the
disability  of  the  Optionee, as determined by the Board in its discretion, the
Option  shall  terminate on the earlier of the expiration of the general term of
the  Option  or  six  months  after  the  date  of the Optionee's termination of
employment  with  the  Company  due  to  disability.  Further, if the Optionee's
employment  with  the  Company  is  terminated  due to disability and within the
six-month  period following the termination of employment the Optionee dies, the
Option  shall terminate on the earlier of (1) the expiration of the general term
of  the  Option, or (2) six months after the date of the Optionee's death.  This
Option  shall  not  vest  further  in  the six-month period following Optionee's
termination  of  employment  with  the  Company  due  to  disability or any time
thereafter.

     (d)     No  Other  Early  Termination. Except as set forth in Section 3(a),
(b) or (c) or Section 12 of this Agreement or Section 11 of the Plan, the Option
shall  not  terminate prior to the expiration of the general term of the Option.

SECTION  4.     ASSIGNMENT  OF OPTION.  The Option granted to the Optionee under
                ---------------------
this  Agreement  shall  not  be transferable or assignable by the Optionee other
than  by  will or the laws of descent and distribution, and shall be exercisable
during  the  Optionee's  lifetime  only  by the Optionee; provided, however, the
Option  may  be  assigned  to a family partnership, limited liability company or
other-  similar  entity 100% owned and controlled by the Optionee and members of
his  family  and  such  entity  may  exercise  the Option on the same terms, but
subject to the same limitations, as are set forth herein; provided further that,
in  the  event  of  such  assignment,  the  term "Optionee" used hereunder shall
continue  to  refer  to  the  individual who assigned the Option with respect to
provisions  relating  to  the  employment  of  the  Optionee  with  the Company.

SECTION  5.     GENERAL  TERM  OF OPTION.  Unless earlier terminated pursuant to
                ------------------------
the  terms  of this Agreement or the Plan, the Option shall terminate and become
null  and void on the last day of the nine-year period commencing on the Date of
Grant.

SECTION  6.     EXERCISE  OF  OPTION.  To exercise the Option, the Optionee must
                --------------------
notify  the  Company in writing that the Optionee wishes to exercise the Option,
the  number  of  shares with respect to

                                        2
<PAGE>
which  the  Option  is  to  be  exercised,  and  the  address to which any stock
certificates  should  be mailed. The written notice should be accompanied by the
Optionee's  payment  of  the  Option  Price  of  the shares in the form of (a) a
cashier's  check payable to the order of the Company, (b) shares of common stock
of  the  Company,  provided  that  it  in order to comply with Section 16 of the
Securities Exchange Act of 1934 as amended (to the extent it is applicable), the
Optionee  must  tender  shares  that  have  been  owned  by  Optionee  free  of
restrictions,  other  than securities law restrictions, for at least six months,
or  (c)  any  other  form  of  payment  that  is  acceptable  to  the  Board.

SECTION  7.     TAX  WITHHOLDING.  With  respect to federal, state, or local tax
                ----------------
law,  the  Company  may  either  deduct  from  other compensation payable to the
Optionee  an  amount required to be withheld with respect to the exercise of the
Option,  or  require,  as  a  condition  to the exercise of the Option, that the
Optionee  pay  in  cash  or by check (or other form of payment acceptable to the
Company)  the  required  amount directly to the Company on the date of exercise.

SECTION  8.     DEATH  OF  OPTIONEE.  Within  nine months after the death of the
                -------------------
Optionee,  the  executors  or  administrators  of  the Optionee or any person or
persons  to  whom  the  Option may be transferred by beneficiary designation, by
will  or  by  the laws of descent and distribution, shall have the right, at any
time  prior  to the expiration of the Option to exercise the Option with respect
to  the  number of shares that the Optionee would have been entitled to exercise
prior  to  the  Optionee's  death.

SECTION  9.     AMENDMENT  AND TERMINATION. This Agreement may not be amended or
                --------------------------
terminated  orally  but  only  by  an  agreement  in writing signed by the party
against  whom  enforcement  of  any  such  change  or  termination  is  sought.

SECTION 10.     NO REQUIREMENT OF CONTINUED EMPLOYMENT. The Company shall not be
                --------------------------------------
deemed  by  the grant of the Option (as distinguished from a separate employment
agreement  or service contract, if any) to be required to retain the services of
the  Optionee  for  any  period.

SECTION 11.     NO RIGHTS AS STOCKHOLDER. The Optionee shall not have any rights
                ------------------------
as a stockholder with respect to any shares covered by the Option until the date
of  the  issuance  of  the  stock  certificate  or  certificates for such shares
following  the  exercise  of the Option pursuant to its terms and conditions and
payment  for the shares. Except as expressly provided in the Plan, no adjustment
shall  be  made for dividends or other rights for which the record date is prior
to,  the  date  such  certificate  or  certificates  are  issued.

SECTION  12.     FORFEITURE  FOR  CAUSE  AND  DISGORGEMENT  OF  PROFITS.  If the
                 ------------------------------------------------------
Optionee, before or after severance of employment with the Company (a) committed
a  fraud,  embezzlement,  theft, felony or an act of dishonesty in the course of
the  Optionee's  employment  by the Company which conduct damaged the Company or
(b) disclosed trade secrets of the Company, then, to the extent outstanding, the
Option  will  be  forfeited.  If  the Option would be forfeited pursuant to this
Section  12  but  for  the  fact  that  the  Option has been exercised, then the
Optionee  must,  upon demand by the Company, which demand must be made within 90
days  of  the  Company's  discovery of the violation and within 24 months of the
Optionee's severance of employment with the Company (i) sell to the Company, for
the  per  share  exercise price applicable under the Option, the shares of Stock
purchased under the Option that have not yet been sold to another party and (ii)
deliver  to  the  Company  cash  in an amount equal to the proceeds the Optionee
realized  upon  the sale of any of the Stock purchased under the Option, reduced
by  the  exercise  price  paid  by  the  Optionee.

                                        3
<PAGE>
SECTION  13.     NOTICES. All offers, notices, demands, requests, acceptances or
                 -------
other  communications  hereunder shall be in writing and shall be deemed to have
been  duly  made  or  given  if  mailed  by registered or certified mail, return
receipt  requested.  Any such notice mailed to the Company shall be addressed to
its  principal  office, and any notice mailed to the Optionee shall be addressed
to  the  Optionee's  residence address as it appears on the books and records of
the  Company or to such other address as either party may hereafter designate in
writing  to  the  other.

SECTION  14.     INUREMENT. This Agreement shall, except as herein stated to the
                 ---------
contrary, inure to the benefit of and bind the legal representatives, successors
and  assigns  of  the  parties  hereto.

SECTION 15.     TYPE OF OPTION. This Option is a nonqualified stock option which
                --------------
is  not  intended  to be governed by section 422 of the Internal Revenue Code of
1986,  as  amended, but is intended to be a nonqualified stock option subject to
the  provisions  of  Section  83  of  the  Code.

SECTION  16.     AGREEMENT TO PLAN TERMS. In accepting this Option, the Optionee
                 -----------------------
accepts  and agrees to be bound by all the terms and conditions of the Plan that
pertain  to  Options  granted  under  the  Plan.

SECTION  17.     GOVERNING LAW AND SEVERABILITY.  The validity, construction and
                 ------------------------------
performance  of  this  Agreement shall be governed by the internal laws (and not
the  principles  relating  to conflicts of law) of the State of Texas, except as
superseded  by  applicable  federal law. Any invalidity of any provision of this
Agreement  shall  not  affect  the  validity  of  any  other  provision.

                                        4
<PAGE>

IN  WITNESS  WHEREOF,  this Agreement has been duly executed and delivered to be
effective  as  of  the  day  and  year  first  above  written.

                              AMERICAN HOMESTAR CORPORATION

                              Signature:        /s/
                                        -----------
                              Name:     Craig  A.  Reynolds
                                        ---------------------------------------
                              Title:    Executive  Vice  President,  CFO
                                        ---------------------------------------
                              Date:     October  3,  2001
                                        ---------------------------------------

                                   OPTIONEE:

                              Signature:        /s/
                                        -----------
                              Name:     Jackie Holland
                                        ---------------------------------------
                              Title:    VP of Finance, Manufacturing Operations
                                        ---------------------------------------

                                        5
<PAGE>exv10w43

 

EXHIBIT 10.43

May 5, 2003

Mr. Rick Dutkiewicz

Chief Financial Officer

VARI-L Company, Inc.

Dear Rick:

     The purpose of this letter (this “Letter Agreement”) is to set forth the
agreement by and among Cloyses Partners, LLC, a Colorado limited liability
company (“Cloyses”), and Vari-L Company, Inc., a Colorado corporation (the
“Company”) whereby, during the term of this Letter Agreement, Cloyses will
provide consulting services to the Company in connection with the wind-up of
the Company’s operations.

SERVICES

     During the term of this Letter Agreement, Cloyses will provide the
following services (the “Services”):

	 	•
	 	Oversee the daily operations of the Company following the closing
of the asset sale contemplated by that certain Asset Purchase Agreement
(the “Purchase Agreement”), dated December 2, 2002, between Sirenza
Microdevices, Inc. (“Sirenza”), Olin Acquisition Corporation (“Olin”)
and the Company, which shall consist primarily of winding up the
Company’s operations and making, on behalf of the Company, payments or
the provision for the payment of the Company’s liabilities and
distributions to the Company’s shareholders;

	 	•
	 	Assist the Company in its performance of any executory obligations
under the Purchase Agreement;

	 	•
	 	Timely report any material issues which come to Cloyses’ attention
that arise during the wind-up process to the Company’s Board of
Directors, including, but not limited to, any indemnity claims by
Sirenza or Olin under the Purchase Agreement;

	 	•
	 	General business and financial advisory work as required by the
Company’s Board of Directors and/or its senior management;

	 	•
	 	Provide members of the Company’s senior management with such
information as they may reasonably request in preparing the Company’s
public filings with the Securities and Exchange Commission; provided,
however, that Cloyses shall have no responsibility for the preparation
or filing

 

 

Rick Dutkiewicz

May 5, 2003

Page 2

	 	 
	 	of any such reports, which responsibility shall be retained solely by
the Company’s board of directors and authorized officers;

	 	•
	 	Subject to the direction of the Board of Directors, oversee the
defense of any claims or litigation against the Company, and the
prosecution of claims on behalf of the Company;

	 	•
	 	Act as trustee for any liquidating trust created by the Company to
further complete the liquidation and wind-up of the Company’s
operations pursuant to a form of mutually acceptable liquidating trust
agreement; and

	 	•
	 	Such other actions as may be reasonably requested by the Company in
furtherance of the actions described above.

FEES

     The Company agrees to pay Cloyses $275.00 per hour for each hour that a
Managing Director of Cloyses renders services to the Company, and $250.00 per
hour for each hour that a Principal of Cloyses renders services to the Company.
The Company shall provide an initial retainer to Cloyses of $5,000 prior to
commencement of the Services and make advance deposits of $1,500 on the first
and fifteenth day of each month beginning May 15, 2003. If in any month the
full amount of the deposit is not earned, the excess of such deposit shall be
credited toward the following deposit due.

     Cloyses agrees to submit monthly invoices to the Company. Such invoice
shall include a description of the services rendered and the number of hours
expended. Because Cloyses is an independent contractor and not an employee of
the Company, the Company will not withhold or make payments for state or
federal income tax or social security; make unemployment insurance or
disability insurance contributions; or obtain workers’ compensation insurance
on Cloyses’ behalf. Cloyses will be solely responsible for all tax returns and
payments required to be filed with or made to any federal, state or local tax
authority with respect to Cloyses’ performance of Services and receipt of fees
under this Letter Agreement.

EXPENSES

     The Company shall reimburse Cloyses for all reasonable expenses incurred
by Cloyses in providing services under this Letter Agreement, including travel,
lodging, car rental costs and other reasonable third party fees and expenses
incurred to perform the Services. When possible, Cloyses will take advantage
of any lodging or car rental agreements the Company may have in place to
minimize these costs. Cloyses will bill these expenses to the Company every
two weeks and the Company shall promptly reimburse Cloyses upon receipt
thereof. The Company agrees that the payment of fees

 

 

Rick Dutkiewicz

May 5, 2003

Page 3

earned and expenses incurred pursuant to this Letter Agreement is not
contingent on the outcome or results of Cloyses’ services to the Company.

TERM

     This Letter Agreement may be terminated by either party by providing
forty-five (45) days prior written notice to the other party. The Company may
also terminate this Letter Agreement immediately upon Cloyses’ material breach
of any provisions hereof. Cloyses will perform the services set forth herein
until the termination of this Letter Agreement. If this Letter Agreement is
terminated prior to the conclusion of the liquidation, dissolution and wind-up
of the Company’s operations, Cloyses agrees to work with the Company in order
to effect the orderly transition of Cloyses’ duties hereunder to such other
party as designated by the Company.

     In the event of any termination of this Letter Agreement, the Company
shall immediately pay Cloyses all fees earned and expenses incurred through the
effective date of termination, if not satisfied by any previously-provided
retainer. Cloyses shall return any portion of any retainer not earned.

REPRESENTATIONS AND WARRANTIES

     The Company understands and confirms that, (i) Cloyses will be using and
relying on data, material and information furnished to it by the Company, its
employees, officers, directors and agents (the “Company Information”) and (ii)
Cloyses shall not have any responsibility for the accuracy or completeness of
such Company Information, whether or not it makes an independent verification.
The Company hereby represents and warrants to Cloyses that all such information
will not contain any untrue statement of material fact or omit to state any
material fact necessary to make the statements therein not misleading.

     Cloyses hereby represents and warrants that: (a) Cloyses is not a party to
any agreement or arrangements that prohibits Cloyses from performing the
Services hereunder; (b) the Services to be rendered to the Company hereunder
will not conflict with any obligations that Cloyses has or may have had to any
party for whom Cloyses has performed services; (c) Cloyses has full right and
power to enter into and perform its obligations under this Letter Agreement
without the consent of any third party; and (d) Cloyses will perform all work
hereunder in compliance with applicable law.

INDEMNIFICATION

     Cloyses and David Corsaut shall be added to the Company’s Directors and
Officers insurance policy as insured parties, which coverage shall not be less
than $5,000,000, shall be effective as of the date of Cloyses’ engagement and
shall have a “tail” of at least three (3) years. The Company, and its
subsidiaries, if any, agree to

 

 

Rick Dutkiewicz

May 5, 2003

Page 4

indemnify and hold harmless Cloyses, its partners, members, managers,
employees, agents, transferees and successors (collectively, the “Cloyses
Indemnified Parties”) from and against any and all losses, claims, expenses,
damages, or liabilities, joint or several, to which any Cloyses Indemnified
Party becomes subject under federal or state statutes, regulations, common law
or otherwise, arising out of, in connection with, or based upon any matter
contemplated by this Letter Agreement, whether or not resulting in any
liability; and to reimburse the Cloyses Indemnified Parties for any reasonable
legal or other expenses incurred by such Cloyses Indemnified Parties in
connection with investigating or defending against any such loss, claim, damage
or liability (whether or not such Cloyses Indemnified Parties are defendants
in, or targets of, such action, proceeding or investigation) with reasonable
promptness after Cloyses has provided the Company with written notice, in
reasonable detail, of the costs incurred as a result of any such loss, claim,
expense, damage or liability. In no event shall the Company be liable to any
Cloyses Indemnified Party under this paragraph, however, to the extent that any
such loss, claim, expense, damage or liability is found in a final judicial
determination, not subject to further appeal, to have resulted from Cloyses’
gross negligence or willful misconduct. The foregoing reimbursement,
indemnification and hold harmless provisions shall survive any termination of
this Letter Agreement and are in addition to, and not subject to the
limitations of, the fees and reimbursement of expenses specifically provided
for elsewhere in this Letter Agreement.

OTHER MATTERS

     Each party agrees that all information it receives from the other party
will be treated as strictly confidential and shall only be used by the
receiving party for the purposes set forth herein. Cloyses further agrees not
to disclose any of the Company’s Confidential Information (as defined below) to
any third party, other than counsel to the Company and the Company’s public
auditors, without the Company’s prior written consent. “Confidential
Information” includes, but is not limited to, all nonpublic information
pertaining to the Company, its financial position, its liabilities, and claims
against the Company’s assets.

     Cloyses is, and at all times shall be, an independent contractor for the
Company, with control over the accomplishment of its services.

     The validity and interpretation of this Letter Agreement shall be governed
by and construed and enforced in accordance with the laws of the State of
Colorado (excluding the conflicts of law rules).

     Notwithstanding anything herein (or in any other agreement) to the
contrary, Cloyses shall have the right, upon the Company’s acceptance of the
work hereunder, to reference the Company and the general nature of the services
to prospects, clients or investors. Cloyses shall also have the right, from
time to time, to create case studies, presentations, articles and the like
related to the services provided hereunder

 

 

Rick Dutkiewicz

May 5, 2003

Page 5

(“Materials”), and to utilize the Materials in public speaking
engagements, publications, and other similar uses.

     The benefits of this Letter Agreement shall inure to the parties hereto,
their respective successors and assigns, and to the indemnified parties
hereunder and their respective successors and assigns, and the obligations and
liabilities assumed in this Letter Agreement by the parties hereto shall be
binding upon their respective successors and assigns. No party to this Letter
Agreement may assign its rights and/or obligations hereunder without the
consent of all parties hereto.

     We appreciate the opportunity to work with you and are prepared to begin
this engagement immediately after the execution of this Letter Agreement. If
the foregoing is agreeable to you, please signify by signing below and
returning one copy to us, whereupon this letter will be a binding agreement
between us.

	 	 	 
	 	 	
Sincerely,
	 	 	 
	 	 	
CLOYSES PARTNERS, LLC
	 	 	 
	 	 	
By: /s/ David Corsaut

Name: David Corsaut

Title: Managing Director

Accepted and Agreed to on May 6, 2003.

By: /s/ Richard P. Dutkiewicz

Name: Richard P. Dutkiewicz

Title: Chief Financial Officer

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