Document:

Exhibit 10.1

 

TRANSITION AGREEMENT

 

THIS TRANSITION AGREEMENT
(this “Agreement”) is made and entered into this 29th day of September, 2022, by and between SHYAM K. REDDY
(“Executive”) and BLUELINX CORPORATION, a Georgia corporation (“Company”). The term “Company,”
when used in this Agreement, includes its parent, subsidiaries or affiliates (including specifically BlueLinx Holdings Inc.) and their
respective predecessors, successors, and assigns. Executive and Company are sometimes hereinafter referred to together as the “Parties”
and individually as a “Party.”

 

BACKGROUND:

 

A.            Executive
is employed as the SVP, Chief Legal and Sustainability Officer and Corporate Secretary of Company. The terms of Executive’s employment
are governed by that certain Employment Agreement dated May 3, 2017 by and among Company, Executive, and, with respect to Sections 3(a),
3(c) and 3(e) therein, BlueLinx Holdings Inc., as amended by that First Amendment to Employment Agreement dated June 8, 2018 by and between
Company and Executive (the “Employment Agreement”).

 

B.            Executive’s
role as SVP, Chief Legal and Sustainability Officer and Corporate Secretary of Company will terminate on the Transition Date (as defined
below) and his employment with the Company will terminate on the Termination Date (as defined below).

 

NOW, THEREFORE, FOR AND
IN CONSIDERATION of the premises, the mutual promises, covenants and agreements contained herein, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

1.             End of Employment; Transition. Executive’s employment with Company will terminate effective December 31, 2022
(the “Termination Date). Executive shall cease to serve as SVP, Chief Legal and Sustainability Officer and Corporate Secretary of
Company, effective on the date that a new General Counsel or equivalent officer takes office in such capacity prior to the Termination
Date (the “Transition Date”) and shall thereafter provide transition services as contemplated in Section 2 below through the
Termination Date. Until the Transition Date and except as otherwise stated herein, Executive’s employment will continue to be governed
by this Agreement and his Employment Agreement; thereafter and through the Termination Date and except as otherwise stated herein, Executive’s
employment will be governed by this Agreement. Though Executive shall remain employed with Company through the Termination Date, Executive
shall no longer hold a corporate office or official position of any kind effective as of the Transition Date. Without limitation of the
foregoing and for purposes of clarity, Executive shall remain in the role of SVP, Chief Legal and Sustainability Officer and Corporate
Secretary through the Termination Date if a successor does not take the General Counsel or equivalent office by such time.

                 

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2.             Transition
Services. Subject to Section 1, Executive will remain SVP, Chief Legal and Sustainability Officer and Corporate Secretary of
Company until the Transition Date and will perform such duties and functions in his normal capacity as the SVP, Chief Legal and Sustainability
Officer and Corporate Secretary of Company. Thereafter and through the Termination Date, Executive shall remain an employee of Company
and perform such transition services as his successor, the President and Chief Executive Officer and/or Board shall reasonably request
from time to time.

 

3.             Future Cooperation. Executive agrees that until the Termination Date, he will cooperate with Company in the smooth
transition of his duties. Executive further agrees that, notwithstanding the termination of Executive’s employment on the Termination
Date, Executive upon reasonable notice by Company will make himself reasonably available to Company for the purposes of: (a) providing
information regarding the projects and files on which Executive worked for the purpose of transitioning such projects; (b) providing information
regarding any other matter, file, project, customer and/or client with whom or with respect to which Executive was involved while employed
by, or providing services to, Company; and (c) cooperating in the investigation and/or defense of any claims of which he may have knowledge,
including, but not limited to providing truthful testimony. In the event Executive is subpoenaed by any person or entity to give testimony
which in any way relates to Executive’s employment by Company, Executive agrees to provide prompt notice of such request to Company
and will use his reasonable best efforts to make no disclosures until Company has a reasonable opportunity to contest the right of the
requesting person or entity to such disclosure. However, no notice shall be required if Executive is prohibited by law from providing
such notice. Company shall promptly reimburse Executive for any reasonable expense that he incurs in connection with providing the cooperation
called for under this Section 3.

 

4.             Consideration.

 

(a)           In
exchange for Executive’s transition services contemplated in this Agreement, Executive’s confirmation of the continued effect
of his restrictive covenants, full release of Company in the form of Release attached as Exhibit A, and Executive’s agreement
to perform the other duties and obligations of Executive contained herein, Company will provide the additional consideration set forth
below, subject to ordinary and lawful deductions and Sections 4(b) and (c) below:

 

(i)            Pay to Executive a lump sum payment equal to Five Hundred Seven Thousand Two Hundred Sixty Four Dollars, which is one (1) times
the Executive’s annual Base Salary in effect immediately prior to the effective date of this Agreement (the “Severance Amount”);

 

(ii)           Pay
to Executive the short term incentive bonus that would be payable to Executive under the terms of Company’s annual short term incentive
plan for fiscal year 2022 had Executive remained employed at Company as SVP, Chief Legal and Sustainability Officer and Corporate Secretary
through the end of fiscal year 2022 (i.e., 80% of base compensation at target, with 50% minimum and 200% maximum payouts pursuant to
the terms of the 2022 short term incentive plan);

 

    
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(iii)          Ensure that (a) all 3,880 performance-based restricted stock units granted to Executive in 2022 continue to vest, and to the extent vested,
be settled in shares of Company common stock in the same manner and at the same time in 2025 as if Executive had remained employed by
Company, and (b) all 21,821 time-based restricted stock units that are scheduled to vest in 2023 and beyond due to Executive’s
continued employment (and not any other possible vesting event) vest on the Termination Date; and

 

(iv)          Pay to Executive a lump sum equal to twelve (12) times the portion of the monthly premium charged by the Company on January 1,
2023 pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 for family coverage for calendar year 2023 that the Company
bears on behalf of an active employee for such coverage.

 

(b)           Notwithstanding
anything else contained herein to the contrary, no payments shall be made or benefits delivered under this Agreement (other than payments
required to be made by Company pursuant to Section 5 below) unless, within sixty (60) days after the Termination Date, (x) Executive has
signed and delivered to Company a Release in the form attached hereto as Exhibit A (the “Release”), which has been
signed by Executive no earlier than the Termination Date; and (y) the applicable revocation period under the Release has expired without
Executive having elected to revoke the Release. The Release shall be effective as of the day following the expiration of the applicable
revocation period without Executive having elected to revoke the Release (the “Release Effective Date”). Any payments scheduled
to be made prior to the Release Effective Date shall be accumulated and paid in a lump sum on the sixtieth (60th) day after
the Termination Date. Executive agrees and acknowledges that he would not be entitled to the consideration described herein absent execution
of the Release and expiration of the applicable revocation period without Executive having revoked the Release.

 

(c)           As
a further condition to receipt of the benefits in Section 4(a) above, Executive acknowledges that these benefits are in lieu of any other
amounts that he may claim to be owed to him upon the termination of his employment relationship with Company, other than those specifically
set forth in this Agreement, including without limitation any severance, notice rights, payments (including special or annual bonus),
and other benefits, and other amounts to which Executive may be entitled under his Employment Agreement or the laws of Georgia or any
other jurisdiction, and Executive agrees not to pursue or claim any of the payments, benefits or rights set forth therein.

 

(d)           If
Company is required to prepare an accounting restatement due to material noncompliance by Company, as a result of misconduct, with any
financial reporting requirement under the federal securities laws, Executive, to the extent required by law, will reimburse Company for
(i) any bonus or other incentive-based or equity-based compensation received by Executive from Company (including such compensation payable
in accordance with this Section 4) during the 12-month period following the first public issuance or filing with the Securities and Exchange
Commission (whichever first occurs) of the financial document embodying that financial reporting requirement; and (ii) any profits realized
by Executive from the sale of Company securities during that 12-month period.

 

    
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5.             Other Benefits.

 

(a)           Nothing
in this Agreement or the Release shall:

 

(i)            alter
or reduce any vested, accrued benefits (if any) Executive may be entitled to receive under any 401(k) plan established by Company;

 

(ii)           affect
Executive’s right (if any) to elect and pay for continuation of Executive’s health insurance coverage pursuant to COBRA; or

 

(iii)          affect
Executive’s right to payment for any accrued but unused vacation days.

 

(b)           Company
shall pay Executive:

 

(i)            any
base salary that accrues through the Termination Date and is unpaid as of the Termination Date; and

 

(ii)           any
reimbursable expenses that Executive incurs before the Termination Date but are unpaid as of the Termination Date (subject to Company’s
expense reimbursement policy).

 

(c)           Company
shall continue to provide Executive with customary and appropriate Directors and Officers Liability Coverage for six (6) years following
the Termination Date.

 

6.             Competitive
Activity; Confidentiality; Non-Solicitation.

 

(a)           Executive
acknowledges and agrees that, except as specifically set forth below, Section 7 of the Employment Agreement (and any related definitions)
shall survive the termination of the Employment Agreement and the termination of his employment and are incorporated into this Agreement
by reference. Executive hereby agrees to continue to abide by the obligations in Section 7 of the Employment Agreement, as amended hereby.

 

(b)           Confidential
Information and Trade Secrets. Section 7(a)(i) of the Employment Agreement is hereby amended and restated as follows:

 

“(i)
Executive shall hold in a fiduciary capacity for the benefit of Company all Confidential Information and Trade Secrets. During
Executive’s employment and for a period of two (2) years immediately following his termination of employment for any reason,
Executive shall not, without the prior written consent of Company or as may otherwise be required by law or legal process, use,
communicate or divulge Confidential Information other than as necessary to perform Executive’s duties for Company; provided,
however, that if the Confidential Information is deemed a trade secret under Georgia law, then the period for nondisclosure
shall continue for the applicable period under Georgia Trade Secret laws in effect at the time of Executive’s termination. In
addition, except as necessary to perform Executive’s duties for Company, during Executive’s employment and thereafter
for the applicable period under the Georgia Trade Secret laws in effect at the time of Executive’s termination, Executive will
not, directly or indirectly, transmit or disclose any Trade Secrets to any person or entity, and will not, directly or indirectly,
make use of any Trade Secrets, for himself or herself or any other person or entity, without the express written consent of Company.
This provision will apply for so long as a particular Trade Secret retains its status as a trade secret under applicable law. The
protection afforded to Trade Secrets and/or Confidential Information by this Agreement is not intended by the parties hereto to
limit, and is intended to be in addition to, any protection provided to any such information under any applicable federal, state or
local law.

 

    
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Pursuant to the Defend Trade Secrets Act
of 2016, Executive understands that:

 

An individual may
not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (a) is
made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely
for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document that is filed
under seal in a lawsuit or other proceeding.

 

Further, an individual
who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the employer's trade secrets
to the attorney and use the trade secret information in the court proceeding if the individual: (a) files any document containing the
trade secret under seal; and (b) does not disclose the trade secret, except pursuant to court order.”

 

(c)           Definitions.
For purposes of this Agreement (including Section 7(b) hereof), the following capitalized terms shall have the following meanings.

 

“Confidential
Information” means knowledge or data relating to Company that is not generally known to persons not employed or otherwise engaged
by Company, is not generally disclosed by Company, and is the subject of reasonable efforts to keep it confidential. Confidential Information
includes, but is not limited to, information regarding product or service cost or pricing, information regarding personnel allocation
or organizational structure, information regarding the business operations or financial performance of Company, sales and marketing plans,
and strategic initiatives (independent or collaborative), information regarding existing or proposed methods of operation, current and
future development and expansion or contraction plans, sale/acquisition plans and non-public information concerning the legal or financial
affairs of Company. Confidential Information does not include information that has become generally available to the public by the act
of one who has the right to disclose such information without violating any right or privilege of Company. This definition is not intended
to limit any definition of confidential information or any equivalent term under applicable federal, state or local law.

 

    
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“Person”
means: any individual or any corporation, partnership, joint venture, limited liability company, association or other entity or enterprise.

 

“Trade
Secrets” means all secret, proprietary or confidential information regarding Company, BHI or any of their respective subsidiaries
and affiliates or that meets the definition of “trade secrets” within the meaning set forth in O.C.G.A. § 10-1-761.”

 

7.             Governing
Law. This Agreement shall be deemed to have been jointly drafted by the Parties and shall not be construed against either Party.
This Agreement shall be governed by the laws of the State of Georgia, and the Parties agree that any actions arising out of or relating
to this Agreement or Executive’s employment with Company must be brought exclusively in either the United States District Court
for the Northern District of Georgia, or the State or Superior Courts of Cobb County, Georgia. Notwithstanding the pendency of any proceeding,
either Party shall be entitled to injunctive relief in a state or federal court located in Cobb County, Georgia upon a showing of irreparable
injury. The Parties consent to personal jurisdiction and venue solely within these forums and solely in Cobb County, Georgia and waive
all otherwise possible objections thereto. The existence of any claim or cause of action by Executive against Company, including any dispute
relating to the termination of Executive’s employment or under this Agreement, shall not constitute a defense to enforcement of
said covenants by injunction.

 

8.             Severability.
Whenever possible, each provision of this Agreement is to be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or
rule in any jurisdiction, that invalidity, illegality, or unenforceability is not to affect any other provision or any other jurisdiction,
and this Agreement is to be reformed, construed and enforced in the jurisdiction as if the invalid, illegal or unenforceable provision
had never been contained therein. To the extent any provision of the Release is deemed to be illegal, invalid, or unenforceable and Executive
sues the Company, then Company may, at its sole option, void this Agreement, in which case, Executive shall immediately return any payments
received under Section 4 above to Company.

 

9.             Return of all Property and Information of Company. Except as otherwise agreed to by Company and Executive, Executive
agrees to return all property of Company on or before the Termination Date. Such property includes, but is not limited to, the original
and any copy (regardless of the manner in which it is recorded) of all information provided by Company or any subsidiary thereof to Executive
or which Executive has developed or collected in the scope of Executive’s employment related to Company as well as all Company-issued
equipment, supplies, accessories, vehicles, keys, instruments, tools, devices, computers, cell phones, pagers, materials, documents, plans,
records, notebooks, drawings, or papers. Executive may only retain information relating to Executive’s benefit plans and compensation
to the extent needed to prepare Executive’s tax returns.

 

10.           No Harassing or Disparaging Conduct.

 

(a)           Executive
further agrees and promises that Executive will not engage in, or induce other Persons to engage in, any harassing or disparaging
conduct or negative or derogatory statements directed at or about Company, the activities of Company, or the Releasees at any time
in the future. Executive understands that this non-disparagement provision does not apply on occasions when Executive testifies or
gives evidence to a court or other governmental authority and must, of course, respond truthfully, to conduct otherwise protected by
the Sarbanes-Oxley Act, or to conduct or testimony in the context of enforcing the terms of this Agreement or other rights, powers,
privileges, or claims not released by this Agreement. Nothing in this non-disparagement provision is intended in any way to
intimidate, coerce, deter, persuade, or compensate Executive with respect to providing, withholding, or restricting any
communication whatsoever to the extent prohibited under 18 U.S.C. §§ 201, 1503, or 1512 or under any similar or
related provision of state or federal law.

 

    
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(b)           Company
agrees to instruct the executive officers of Company not to engage in, or induce other Persons to engage in, any harassing or disparaging
conduct or negative or derogatory statements directed at or about Executive at any time in the future.  Nothing in this Section 10(b)
may be used to penalize Company for any officer or employee providing truthful testimony under oath in a judicial or administrative proceeding
or complying with an order of a court or governmental agency of competent jurisdiction.

 

11.           No Reliance Upon Other Statements. This Agreement is entered into without reliance upon any statement or representation
of any Party hereto or any Party hereby released other than the statements and representations contained in writing in this Agreement
and the enclosed Release.

 

12.           Entire
Agreement. This Agreement, the Release, and Section 7 of the Employment Agreement (which are incorporated herein by this reference),
contain the entire agreement and understanding concerning the subject matter hereof between the Parties hereto. No waiver, termination
or discharge of this Agreement, or any of the terms or provisions hereof, shall be binding upon either Party hereto unless confirmed
in writing. This Agreement may not be modified or amended, except by a writing executed by both Parties hereto. No waiver by either Party
hereto of any term or provision of this Agreement or of any default hereunder shall affect such Party’s rights thereafter to enforce
such term or provision or to exercise any right or remedy in the event of any other default, whether or not similar. Notwithstanding
the foregoing, the Employment Agreement will remain in effect until the Transition Date to the extent the terms of the Employment Agreement
are not inconsistent with the terms of this Agreement and, if inconsistent, the terms of this Agreement will control.

 

13.           Further
Assurance. Upon the reasonable request of the other Party, each Party hereto agrees to take any and all actions, including, without
limitation, the execution of certificates, documents or instruments, necessary or appropriate to give effect to the terms and conditions
set forth in this Agreement.

 

14.           No Assignment. Neither Party may assign this Agreement, in whole or in part, without the prior written consent of
the other Party, and any attempted assignment not in accordance herewith shall be null and void and of no force or effect.

 

    
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15.           Binding
Effect. This Agreement shall be binding on and inure to the benefit of the Parties and their respective heirs, representatives,
successors and permitted assigns.

 

16.           Indemnification.
Company understands and agrees that any indemnification obligations under its governing documents or the indemnification agreement between
Company and Executive with respect to Executive’s service as an officer of Company remain in effect and survive the termination
of Executive’s employment under this Agreement as set forth in such governing documents or indemnification agreement.

 

17.           Nonqualified Deferred Compensation.

 

(a)           Any
payment or benefit provided pursuant to or in connection with this Agreement is intended to comply with the “short term deferral”
exception from Section 409A of the Internal Revenue Code of 1986 (“Section 409A”) specified in Treas. Reg. § 1.409A-1(b)(4)
(or any successor provision) or the “separation pay plan” exception specified in Treas. Reg. § 1.409A-1(b)(9) (or any
successor provision), or both of them, and shall be interpreted in a manner consistent with the applicable exceptions. If any payment
or benefit provided pursuant to or in connection with this Agreement is considered to be deferred compensation subject to Section 409A,
it shall be paid and provided in a manner, and at such time and form, as complies with the applicable requirements of Section 409A to
avoid the unfavorable tax consequences provided therein for non-compliance. Executive and Company agree that Executive’s termination
of employment is an involuntary separation from service under Section 409A.

 

(b)           Neither
Company nor Executive shall take any action to accelerate or delay the payment of any monies and/or provision of any benefits in any manner
which would not be in compliance with Section 409A (including any transition or grandfather rules thereunder).

 

(c)           Because
Executive is a “specified employee” for purposes of Section 409A(a)(2)(B)(i), any payments or benefits provided pursuant to
or in connection with Executive’s “Separation from Service” (as determined for purposes of Section 409A) that constitute
deferred compensation subject to Section 409A shall not be made until the earlier of (i) Executive’s death or (ii) six months after
Executive’s Separation from Service (the “409A Deferral Period”) as required by Section 409A. Payments otherwise due
to be made in installments or periodically during the 409A Deferral Period (“Delayed Payments”) shall be accumulated and paid
in a lump sum as soon as the 409A Deferral Period ends, and the balance of the payment shall be made as otherwise scheduled. Any benefits
subject to the rule may be provided under the 409A Deferral Period at Executive’s expense, with Executive having a right to reimbursement
from Company once the 409A Deferral Period ends, and the balance of the benefits shall be provided as otherwise scheduled. Any Delayed
Payments shall bear interest at the United States 5-year Treasury Rate plus 2%, which accumulated interest shall be paid to Executive
as soon as the 409A Deferral Period ends.

 

(d)           For
purposes of this Agreement, all rights to payments and benefits hereunder shall be treated as rights to receive a series of separate payments
and benefits to the fullest extent allowed by Section 409A.

 

    
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(e)           If
any payment or benefit under this Agreement is subject to and not exempt from Section 409A and is contingent on the delivery of a release
by Executive and could occur in either of two years, the payment will be made or the benefit will be delivered in the subsequent year.

 

(f)            To
the extent that any reimbursement by Company to Executive of expenses under Section 4(a)(iv) of this Agreement constitutes a “deferral
of compensation” within the meaning of Section 409A (a “Reimbursement”), (i) if not sooner paid by Company as specified
in Section 4 of this Agreement, Executive must request the Reimbursement no later than 90 days following the date on which Executive incurs
the corresponding expense; (ii) subject to any shorter time period provided in Section 4 of this Agreement, Company must make the Reimbursement
to Executive on or before the last day of the calendar year following the calendar year in which Executive incurred the eligible expense;
(iii) Executive’s right to Reimbursement shall not be subject to liquidation or exchange for another benefit; (iv) the amount eligible
for Reimbursement in one calendar year shall not affect the amount eligible for Reimbursement in any other calendar year; and (v) the
period during which Executive may incur expenses eligible for Reimbursement is limited to the twelve (12) month period specified in Section
4(a)(iv) of this Agreement.

 

(g)           Notwithstanding
any other provision of this Agreement, Company shall not be liable to Executive if any payment or benefit which is to be provided pursuant
to this Agreement and which is considered deferred compensation subject to Section 409A otherwise fails to comply with, or be exempt
from, the requirements of Section 409A. Executive shall be solely responsible for the tax consequences with respect to any payment or
benefit provided pursuant to or in connection with this Agreement, and in no event shall Company have any responsibility or liability
if this Agreement does not meet any applicable requirements of Section 409A.

 

18.           Counterparts.
This Agreement may be executed in any number of counterparts and by the Parties hereto in separate counterparts, with the same effect
as if the Parties had signed the same document. All such counterparts shall be deemed an original, shall be construed together, and shall
constitute one and the same instrument, with original signature, photocopy signature, fax signature, or electronic signature permitted
and accepted.

 

19.           Interpretation of Agreement. The Parties agree that their entry into this Agreement is not and shall not be construed
to be an admission of liability or wrongdoing on the part of either Party

 

20.           Protected Rights. Executive understands that nothing contained in this Agreement limits Executive’s ability
to file a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety
and Health Administration, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission
(“Government Agencies”). Executive further understands that this Agreement does not limit Executive’s ability to communicate
with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agencies,
including providing documents or other information, without notice to Company. This Agreement does not limit Executive’s right to
receive an award for information provided to any Government Agencies.

 

    
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IN WITNESS WHEREOF, the
Parties have executed, or caused their duly authorized representatives to execute this Agreement as of the day and year first above written.

 

	 	“Executive”
	 
	 	/s/ Shyam K. Reddy
	 	Shyam K. Reddy
	 
	 	“Company”
	 
	 	BLUELINX CORPORATION
	 
	 	By:	 /s/ Dwight Gibson
	 	Name: Dwight Gibson
	 	Title: President and Chief Executive Officer

 

     

     

    

 

EXHIBIT A

 

RELEASE

 

In consideration for the undertakings and promises
set forth in that certain Transition Agreement, dated as of September _____, 2022 (the “Agreement”), between SHYAM K. REDDY
(“Executive”) and BLUELINX CORPORATION (“Company”), the terms of which are incorporated herein by reference,
Executive (on behalf of himself and his heirs, assigns and successors in interest) unconditionally releases, discharges, and holds harmless
Company and its parent and current and former subsidiaries and affiliates and their respective current and former officers, directors,
employees, agents, insurers, benefit plans, assigns and successors in interest (collectively, “Releasees”) from each and every
claim, cause of action, right, liability or demand of any kind and nature, and from any claims which may be derived therefrom (collectively
“Released Claims”), that Executive had, has, or might claim to have against Releasees based upon facts occurring up to the
time Executive executes this Release, whether presently known or unknown to Executive, including, without limitation, any and all claims
listed below, other than any such claims Executive has or might have under the Agreement:

 

(a)           arising
from or in connection with Executive’s employment, pay, bonuses, vacation or any other Executive benefits, and other terms and conditions
of employment or employment practices of Company;

 

(b)           arising
out of or relating to the termination of Executive’s employment with Company or the surrounding circumstances thereof;

 

(c)           based
on discrimination and/or harassment on the basis of race, color, religion, sex, national origin, handicap, disability, age or any other
category protected by law under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, Executive Order 11246, 42 USC
§ 1981, the Equal Pay Act, the Age Discrimination in Employment Act (“ADEA”), the Older Workers Benefits Protection Act,
the Equal Pay Act, the Americans With Disabilities Act, the Rehabilitation Act of 1973, C.O.B.R.A. (as any of these laws may have been
amended), the Genetic Information Nondiscrimination Act, the Family and Medical Leave Act, or any other similar labor, employment or anti-discrimination
law under state, federal or local law;

 

(d)           based
on any contract, tort, whistleblower, personal injury, wrongful discharge theory or other common law theory; or

 

(e)           arising
under any written or oral agreements between Executive and Company or any of Company’s subsidiaries or affiliates (other than the
Agreement).

 

Executive expressly
acknowledges that this Release is intended to include in its effect, without limitation, all Claims which Executive does not know or suspect
to exist in his favor at the time he signs this Release, and that this Release contemplates the extinguishment of any such Claim or Claims.

 

     

     

    

 

Except as otherwise set forth
herein, Executive covenants not to sue or initiate any claims in any forum against any of the Releasees on account of or in relation to
any Released Claim, or to incite, assist or encourage other persons or entities to bring claims of any nature whatsoever against Company
or Releasees. Executive further covenants not to accept, recover or receive any monetary damages or any other form of relief which may
arise out of or in connection with any administrative proceedings which may be filed with or pursued independently by any governmental
agency or agencies, whether federal, state or local. This provision does not prohibit Executive from filing a lawsuit challenging the
validity of Executive’s waiver of claims under the ADEA.

 

Notwithstanding anything herein
to the contrary, Company and Executive acknowledge and agree that the above release does not waive any rights or claims that may arise
based on facts or events occurring after the date of Executive’s execution of this Release, nor does it serve to waive any rights
or claims that are precluded from being waived by applicable law.

 

Protected Rights. Executive
understands that nothing contained in this Release limits Executive’s ability to file a charge or complaint with the Equal Employment
Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange
Commission or any other federal, state or local governmental agency or commission (“Government Agencies”). Executive further
understands that this Release does not limit Executive’s ability to communicate with any Government Agencies or otherwise participate
in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information,
without notice to Company. This Release does not limit Executive’s right to receive an award for information provided to any Government
Agencies.

 

In addition, Executive agrees
not to file a lawsuit asserting any claims that are waived in this Release. If Executive files such a lawsuit, Executive shall pay all
costs incurred by Releasees (or any of them), including reasonable attorney’s fees, in defending against Executive’s claim,
and, as a precondition to filing any such lawsuit, shall return all but $500.00 of the severance benefits or payments Executive has received.
The preceding two sentences of this paragraph do not apply if Executive files a charge or lawsuit under the Age Discrimination in Employment
Act (“ADEA”) challenging the validity of this Release. However, in the event any such ADEA lawsuit is unsuccessful, a court
may order Executive to pay attorney’s fees and/or costs incurred by Releasees (or any of them) where authorized by law. In the event
any such ADEA lawsuit is successful, the severance benefits or payments Executive received for signing this Release shall serve as restitution,
recoupment, or setoff to any monetary award received by Executive.

 

Executive hereby acknowledges
that Executive has no interest in reinstatement, reemployment or employment with Company or any Releasee, and Executive forever waives
any interest in or claim of right to any future employment by Company or any Releasee. Executive further covenants not to apply for future
employment with Company or any Releasee, or to otherwise seek or encourage reinstatement.

 

     

     

    

 

By signing this Release, Executive
certifies that:

 

(a)           Executive
acknowledges and agrees that his waiver of rights under this Release is knowing and voluntary and complies in full with all criteria set
forth in the regulations promulgated under the Older Workers Benefit Protection Act for release or waiver of claims under the Age Discrimination
in Employment Act and further complies in full with the Americans with Disabilities Act, Title VII of the Civil Rights Act of 1964, and
any and all other applicable federal, state and local laws, regulations, and orders;

 

(b)           Executive
has carefully read and fully understands the provisions of this Release;

 

(c)           That
the payment referred to in this Release and the Agreement exceeds that to which Executive would otherwise have been entitled, and that
the actual payment is in exchange for his release of the claims referenced in this Release;

 

(d)           Executive
is advised via this Release, to consult with an attorney before signing this Release;

 

(e)           Executive
understands that any discussions he may have had with counsel for Company regarding his employment or this Release does not constitute
legal advice to him and that he has had the opportunity to retain his own independent counsel to render such advice;

 

(f)            Executive
understands that this Release and the Agreement FOREVER RELEASE Company and all other Releasees to the extent set forth above, except
that Executive is not releasing or waiving any claim under the Age Discrimination in Employment Act that may arise after Executive’s
execution of this Release;

 

(g)           In
signing this Release and the Agreement, Executive DOES NOT RELY ON AND HAS NOT RELIED ON ANY REPRESENTATION OR STATEMENT (WRITTEN OR ORAL)
NOT SPECIFICALLY SET FORTH IN THIS RELEASE OR IN THE AGREEMENT by Company or any other Releasee, or by any of their agents, representatives,
or attorneys with regard to the subject matter, basis, or effect of this Agreement or otherwise, and Executive agrees that this Release
will be interpreted and enforced in accordance with Georgia law;

 

(h)           Company
hereby allows Executive no less than twenty-one (21) days from Company’s final offer to consider this Release and the Agreement,
and he has had sufficient time to consider his decision to enter into this Release and the Agreement. In the event Executive executes
this Release and the Agreement prior to the expiration of the aforesaid 21-day period, he acknowledges that his execution of this Release
and the Agreement before the expiration of the 21-day period was knowing and voluntary and was not induced in any way by Company or any
other person or entity; and

 

(i)            Executive
agrees to its terms knowingly, voluntarily and without intimidation, coercion or pressure.

 

     

     

    

 

Executive may revoke this
Release within seven (7) calendar days after signing it. To be effective, such revocation must be delivered to and received in writing
by the Chief People Officer of Company at the offices of Company at 1950 Spectrum Circle, Suite 300, Marietta, Georgia 30067. Revocation
can be made by hand delivery or facsimile before the expiration of this seven (7) day period.

 

This Release may be executed
in any number of counterparts and by the Parties hereto in separate counterparts, with the same effect as if the Parties had signed the
same document. All such counterparts shall be deemed an original, shall be construed together, and shall constitute one and the same instrument,
with original signature, photocopy signature, fax signature, or electronic signature permitted and accepted.

 

IN WITNESS WHEREOF,
the undersigned has executed this Release as of the date set forth below.

 

	 	“Executive”
	 
	 	 
	 	Shyam K. Reddy
	 
	 	Dated:EX-10.1

 Exhibit 10.1 

SEPARATION AND GENERAL RELEASE AGREEMENT 

This Separation and General Release Agreement (this “Agreement”) is made and entered into this 28 day of September 2022 (the
“Effective Date”), by and between Semtech Corporation, a Delaware corporation (the “Company”), and Alistair W. Fulton (“Executive”). 

Executive and the Company are parties to an Amended and Restated Indemnification Agreement for Directors and Executive Officers dated
March 8, 2019 (the “Indemnification Agreement”), a Confidential Information, Non-Competition, Invention Assignment, and Non-Solicitation Agreement
dated January 2, 2018 (the “Confidentiality Agreement”), and a Mutual Agreement to Arbitrate Claims dated January 8, 2018 (the “Arbitration Agreement”). 

In consideration of the mutual covenants and promises contained herein, the receipt and sufficiency of which are hereby expressly
acknowledged, the Company and Executive agree as follows: 
 1. Termination. Executive’s employment, and all other
positions (as an officer, director, employee, member, manager and in any other capacity) he held, with the Company and each of its affiliates terminated effective September 8, 2022 (the “Separation Date”). Executive agrees that
he currently holds no such position. 
 2. Severance Benefits. In consideration of Executive’s agreements and releases
set forth in this Agreement, and provided that Executive (a) executes and delivers this Agreement by no later than September 29, 2022 (with delivery of such executed Agreement to be to Charles B. Ammann, the Company’s Executive Vice
President, Chief Legal Officer and Chief ESG Officer, at Semtech Corporation, 200 Flynn Road, Camarillo, California, 93012-8790, so that it is received by that date); (b) is not in breach or default of this Agreement or the Confidentiality
Agreement; (c) has performed all obligations under this Agreement; and (d) has not revoked this Agreement (or any portion hereof) pursuant to Section 6 below; the Company agrees to pay or provide Executive with (1) a total cash
severance benefit of $729,000 (“Cash Severance”), and (2) the COBRA Benefit set forth in the following paragraph (the Cash Severance and the COBRA Benefit, together, the “Severance Benefits”). The total Cash
Severance shall be payable in two installments (each for $364,500), with the first installment to be paid on (or within fifteen (15) days following) the date that the Company receives this Agreement (executed by Executive) and Executive’s
revocation right pursuant to Section 6 has lapsed and the second installment to be paid on (or within fifteen (15) days following) March 8, 2023. 

The Company will pay or reimburse Executive for his premiums charged to continue medical coverage pursuant to COBRA (including any applicable
extension of Federal COBRA coverage through Cal-COBRA), at the same or reasonably equivalent medical coverage for Executive (and, if applicable, Executive’s eligible dependents) as in effect immediately
prior to the Separation Date, to the extent that Executive elects such continued coverage; provided that the Company’s obligation to make any payment or reimbursement pursuant to this paragraph shall commence with continuation coverage on
October 1, 2022, and shall cease with continuation coverage on September 30, 2023 (or, if earlier, shall cease upon the first to occur of Executive’s death, the date Executive becomes eligible for coverage under the health plan of a

 
future employer, or the date the Company ceases to offer group medical coverage to its active executive employees or the Company is otherwise under no obligation to offer COBRA or Cal-COBRA continuation coverage to Executive) (the “COBRA Benefit”). To the extent Executive elects COBRA coverage, he shall notify the Company in writing of such election prior to such coverage
taking effect and complete any other continuation coverage enrollment procedures the Company may then have in place. The Company’s obligations as to payments or reimbursements pursuant to this paragraph are subject to the Company’s ability
to comply with applicable law and provide such benefit without resulting in adverse tax consequences. 
 Executive acknowledges and agrees
that the Severance Benefits constitute payments and benefits that Executive would not otherwise be entitled to receive without entering into this Agreement, and constitute valuable and adequate consideration for the terms, conditions, and releases
provided by Executive in this Agreement. Notwithstanding anything to the contrary in this Agreement, if Executive revokes this Agreement (or any portion hereof) pursuant to Section 6 or any revocation right provided by applicable law, then the
Company shall have no obligation to pay or provide Executive with any of the Severance Benefits. Furthermore, if Executive breaches any of his obligations under this Agreement or under the Confidentiality Agreement, the Company shall have no
obligation, and Executive shall have no right to receive, any portion of the Severance Benefits not theretofore actually paid; provided that in all cases the Company shall pay the first payment of the Severance Benefits provided for above, which
first payment (in and of itself) Executive agrees is good and sufficient consideration for Executive’s agreements and releases in this Agreement. 

3. Acknowledgment of All Compensation Paid. Executive agrees that the Company has paid Executive all wages, bonuses, commissions
and any other compensation earned by Executive during his employment with the Company (or any of its affiliates), including but not limited to accrued vacation, salary, bonuses, incentives, and other wages. Executive agrees that he is not entitled
to receive any further compensation or benefits arising out of his employment or any other relationship with the Company or any of its affiliates. Executive agrees that he has submitted for reimbursement any and all business expenses he incurred
during his employment with the Company (to the extent not previously reimbursed) in accordance with the Company’s expense reimbursement policies. Executive’s coverage under the Company’s group healthcare insurance plan will end on
September 30, 2022; provided, however, that Executive will be eligible to continue healthcare coverage for Executive and his eligible dependents under the Company’s group health insurance plans in accordance with COBRA, provided that
Executive makes a timely election for COBRA coverage. Executive and the Company agree that, effective immediately, Executive is no longer a participant in the Semtech Corporation Executive Change in Control Retention Plan and that Executive is not
(and will not be) entitled to benefits under such plan or any other severance plan, policy or arrangement of the Company or any of its affiliates or any cash, equity, or equity-based incentive plan, policy or arrangement of the Company or any of its
affiliates. 
 The Company granted Executive stock options (the “Options”) and other Company equity awards (which could
consist of restricted stock units, performance-based restricted stock units or other equity or equity-based awards) (“Equity Awards”). Executive previously received payment in full for any and all Equity Awards that vested in
accordance with their terms on or before the Separation Date (other than to the Options that were vested and unexercised on the 

  
 1 

 
Separation Date, as provided below). On the Separation Date, all of Executive’s Equity Awards that were not then vested in accordance with their terms terminated. Executive has no further
right in or with respect to any such terminated Equity Awards. Executive previously received payment in full for any and all vested Options that were exercised by Executive. As of the Separation Date, Executive holds vested and unexercised Options
as to 2,500 shares of Semtech common stock. Such vested and unexercised Options remain subject to the terms and conditions of the applicable written stock option agreement(s) from the Company setting forth the terms and conditions of such Options
and, in accordance with such terms and conditions, such vested and unexercised Options will remain exercisable for only a limited period of time following the Separation Date. To the extent that such vested and unexercised Options are not exercised
by Executive in accordance with their terms prior the end of such limited exercise period, they will terminate and Executive will have no further right thereto or in respect thereof. 

4. Release of Claims. Executive, on behalf of himself and his descendants, dependents, heirs, executors, administrators,
assigns and successors, and each of them, hereby fully and forever releases the Company, its divisions, subsidiaries, parents, or affiliated corporations, past and present, and each of them, as well as its and their assignees, successors, directors,
officers, stockholders, partners, representatives, attorneys, agents or employees, past or present, or any of them (individually and collectively, “Releasees”), from, and agrees not to sue concerning, or in any manner institute,
prosecute or pursue, or cause to be instituted, prosecuted, or pursued, any claim, duty, obligation or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that he or they may possess
against any of the Releasees arising from any acts or omissions that have occurred up until and including the date and time that Executive signs this Agreement (collectively, “Claims”), including, without limitation, (a) any
and all Claims relating to or arising from Executive’s employment relationship with the Company and the termination of that relationship; (b) any and all Claims for violation of any federal, state or municipal law, constitution,
regulation, ordinance or common law, including, but not limited to, Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Americans with Disabilities Act of 1990; the Fair Labor Standards Act; the Employee Retirement Income
Security Act of 1974; the federal Family Medical Leave Act; the California Business and Professions Code; the California Family Rights Act; the California Fair Employment and Housing Act; and the California Labor Code; and all amendments to each
such law; (c) any and all Claims for any wrongful discharge of employment; termination in violation of public policy; discrimination; harassment; retaliation; breach of contract, both express and implied; breach of covenant of good faith and
fair dealing, both express and implied; promissory estoppel; negligent or intentional infliction of emotional distress; fraud; negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic
advantage; unfair business practices; defamation; personal injury; invasion of privacy; false imprisonment; and conversion; (d) any and all Claims for wages, benefits, severance, vacation, bonuses, commissions, equity, expense reimbursements,
or other compensation or benefits; and (e) any and all Claims for attorneys’ fees, costs and/or penalties; provided, however, that the foregoing release does not apply to any obligation of the Company to Executive pursuant to any of the
following: (1) Executive’s rights under this Agreement; (2) any right to indemnification that Executive may have pursuant to the Company’s bylaws or its corporate charter (or any corresponding provision of any subsidiary or
affiliate of the Company), or under the Indemnification Agreement, with respect to any loss, damages or expenses (including but not limited to attorneys’ fees to the extent otherwise provided) that Executive may in the future incur

  
 2 

 
with respect to any service as an employee, officer or director of the Company or any of its subsidiaries or affiliates; (3) with respect to any rights that Executive may have to insurance
coverage for such losses, damages or expenses under any Company (or subsidiary or affiliate) directors and officers liability insurance policy; (4) any rights to continued medical and dental coverage that Executive may have under COBRA; or
(5) any rights to payment of any vested benefits that Executive may have under a retirement plan sponsored or maintained by the Company that is intended to qualify under Section 401(a) of the Internal Revenue Code of 1986, as amended. In
addition, this release does not cover any Claim that cannot be released as a matter of applicable law. Notwithstanding anything to the contrary herein, nothing in this Agreement prohibits Executive from filing a charge with or participating in an
investigation conducted by any state or federal government agencies. However, Executive waives, to the maximum extent permitted by law, the right to receive any monetary or other recovery, should any agency or any other person pursue any claims on
his behalf arising out of any claim released pursuant to this Agreement. For clarity, and as required by law, such waiver does not prevent Executive from accepting a whistleblower award from the Securities and Exchange Commission pursuant to
Section 21F of the Securities Exchange Act of 1934, as amended. Executive acknowledges and agrees that he has received any and all leave and other benefits that he is or was entitled to pursuant to the Family and Medical Leave Act of 1993. 

5. Waiver of Unknown Claims. This Agreement is intended to be effective as a general release of and bar to each and every
Claim hereinabove specified. Accordingly, Executive hereby expressly waives any rights and benefits conferred by Section 1542 of the California Civil Code and any similar provision of any other applicable state law as to the Claims.
Section 1542 of the California Civil Code provides: 
 “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING
PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.” 

Executive acknowledges that he later may discover claims, demands, causes of action or facts in addition to or different from those which he now knows or
believes to exist with respect to the subject matter of this Agreement and which, if known or suspected at the time of executing this Agreement, may have materially affected its terms. Nevertheless, Executive hereby waives, as to the Claims, any
claims, demands, and causes of action that might arise as a result of such different or additional claims, demands, causes of action or facts. 

6. ADEA Waiver. Executive expressly acknowledges and agrees that by entering into this Agreement, Executive is waiving
any and all rights or claims that he may have arising under the Age Discrimination in Employment Act of 1967, as amended (the “ADEA”), and that this waiver and release is knowing and voluntary. This waiver and release do not,
however, apply to any rights or claims that may arise under the ADEA after the date Executive signs this Agreement. Executive further expressly acknowledges and agrees that: 

(a) In return for this Agreement, Executive will receive consideration beyond that to which he was entitled before executing this Agreement;

  
 3 

 (b) Executive is hereby advised in writing by this Agreement to consult with an attorney
before signing this Agreement; 
 (c) Executive was given a copy of this Agreement on the Separation Date, and informed that he had twenty-one (21) days within which to consider this Agreement and that if he wishes to execute this Agreement prior to the expiration of such 21-day period, he will have
done so voluntarily and with full knowledge that he is waiving his right to have twenty-one (21) days to consider this Agreement; and that such twenty-one
(21) day period to consider this Agreement would not and will not be re-started or extended based on any changes, whether material or immaterial, that are or were made to this Agreement in such twenty-one (21) day period after he received it; 
 (d) Executive was informed that he had seven
(7) days following the date of execution of this Agreement in which to revoke this Agreement, and this Agreement will become null and void if he elects revocation during that time. Any revocation must be in writing and must be received by the
Company during the seven-day revocation period. In the event that Executive exercises this revocation right, neither the Company nor Executive will have any obligation under this Agreement. Any notice of
revocation must be sent by Executive in writing to the Company (attention Charles B. Ammann, Executive Vice President, Chief Legal Officer and Chief ESG Officer), 200 Flynn Road, Camarillo, California 93012-8790, so that it is received within the seven-day period following execution of this Agreement by Executive. 
 (e) Nothing in this Agreement
prevents or precludes Executive from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties or costs for doing so, unless specifically authorized by
federal law. 
 7. No Transferred Claims. Executive represents and warrants that he has not heretofore assigned or
transferred to any person not a party to this Agreement any released matter or any part or portion thereof. 
 8. Return of Property
and Certain Other Covenants.  
 8.1 Return of Property. Executive represents and warrants that
he has returned to the Company (a) all physical, computerized, electronic or other types of records, documents, proposals, notes, lists, files and any and all other materials, including computerized electronic information, that refer, relate or
otherwise pertain to the Company or any of its affiliates that were in his possession, subject to his control or held by him for others (other than Executive’s Notebooks, as defined below); and (b) all property or equipment that he has
been issued by the Company or any of its affiliates during the course of his employment or property or equipment that he otherwise possessed, including any keys, credit cards, office or telephone equipment, computers (and any software, power cords,
manuals, computer bag and other equipment that was provided to him with any such computers), tablets, smartphones, and other devices. Executive acknowledges and agrees that he is not authorized to retain any physical, computerized, electronic or
other types of copies of any such physical, computerized, electronic or other types of records, documents, proposals, notes, lists, files or materials (other than the 

  
 4 

 
Notebooks), and is not authorized to retain any property or equipment of the Company or any of its affiliates. Executive further agrees that he will immediately forward to the Company (and
thereafter destroy any electronic copies thereof) any business information relating to the Company or any of its affiliates that has been or is inadvertently directed to him following the Separation Date. The “Notebooks” are those personal
notebooks of Executive in which he from time to time made informal notes regarding the Company (such as Executive’s to-do lists), which notes are comingled with notes in such notebooks by Executive
regarding his own personal matters, and as to which separating out notes regarding Company matters would not (based on Executive’s representations regarding the informality of the notes) be practical. For clarity, Executive agrees to treat such
notes regarding the Company as Company confidential information (for clarity, including for purposes of the Confidentiality Agreement). Executive agrees to promptly provide all such notes regarding the Company to the Company in the event that the
Company reasonably requests such notes (such as, without limitation, in the event the Company believes such notes could be relevant in litigation or with respect to a governmental investigation). 

8.2 Non-Disparagement. Executive agrees that he will not make any
statement, written or verbal, to any person or entity, including in any forum or media, or take any action, in disparagement of the Company Group, including negative references to the Company Group’s services, products, policies, directors,
officers, managers, or employees, or take any other action that may disparage the Company Group to the general public and/or the Company Group’s employees, clients, suppliers, and/or business partners. The Company will instruct its executive
officers to not disparage Executive. 
 8.3 Defend Trade Secrets Act and other Exceptions. Notwithstanding the
foregoing, nothing in this Section 8, or in the Integrated Agreement (as defined below), prevents Executive (or any other person) from discussing or disclosing information about unlawful acts in the workplace, such as harassment or
discrimination or any other conduct Executive has reason to believe is unlawful. Furthermore, nothing in this Section 8 or in the Integrated Agreement prevents Executive (or any other person) from truthfully responding to a lawful and valid
subpoena or other legal process, but (as to any such response by Executive) Executive agrees to give the Company the earliest possible notice thereof and Executive shall, as much in advance of the return date as possible, make available to the
Company and its counsel the documents and other information sought and Executive shall assist the Company and such counsel in resisting or otherwise responding to such process. Notwithstanding any confidentiality obligations set forth in this
Agreement or in the Integrated Agreement, Executive understands that, pursuant to the Defend Trade Secrets Act of 2016 (“DTSA”), Executive will not be held criminally or civilly liable under any federal or state trade secret law for
the disclosure of a trade secret that: (i) is made (a) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (b) solely for the purpose of reporting or investigating a
suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Executive further understands that if a court of law or arbitrator determines that he
misappropriated Company trade secrets willfully or maliciously, including by making permitted disclosures without following the requirements of the DTSA as detailed in this Section 8.3, then the Company may be entitled to an award of exemplary
damages and attorneys’ fees against him. 

  
 5 

 9. Miscellaneous. 

9.1 Governing Law. This Agreement shall be deemed to have been executed and delivered within the State of California, and
the rights and obligations of the parties hereunder shall be construed and enforced in accordance with, and governed by, the laws of the State of California without regard to principles of conflict of laws. 

9.2 Reliance; Amendments. The Company and the other Releasees are entitled to rely on this Agreement
and, except as provided in Section 6, this Agreement is irrevocable by Executive and cannot be unilaterally changed by Executive. This Agreement may not be modified or amended, in whole or in part, except in a formal, definitive written
agreement expressly referring to this Agreement, which agreement is signed by an authorized officer of the Company and by Executive. 

9.3 No Waiver. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege
under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any
waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be binding unless in writing and signed by the
party asserted to have granted such waiver. 
 9.4 Severability. It is the desire and intent of the parties hereto that
the provisions of this Agreement be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular provision of this Agreement shall be
adjudicated by a court of competent jurisdiction or an arbitrator, as the case may be, to be invalid, prohibited or unenforceable under any present or future law, such provision, as to such jurisdiction, shall be ineffective, without invalidating
the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction, and to this end the provisions of this Agreement are declared to be severable; furthermore, in lieu of such invalid
or unenforceable provision there will be added automatically as a part of this Agreement, a legal, valid and enforceable provision as similar in terms to such invalid or unenforceable provision as may be possible. Notwithstanding the foregoing, if
such provision could be more narrowly drawn (as to geographic scope, period of duration or otherwise) so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without
invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. 

9.5 Assignment and Successors. 

(a) This Agreement is personal to Executive and shall not be assignable by him. This Agreement shall be binding upon
Executive’s heirs, executors, administrators and other legal representatives. In the event Executive dies prior to receiving the full amount of the payments due to him pursuant to this Agreement, any remaining payments due to him shall be paid
to Executive’s estate. 

  
 6 

 (b) The Company may assign its rights and obligations under this Agreement,
and this Agreement shall inure to the benefit of and be binding upon the Company and its respective successors and assigns. As used herein, “successor” and “assignee” shall include any person, firm, corporation or other business
entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires ownership of the Company or to which the Company assigns this Agreement by operation of law or otherwise. 

9.6 No Representations. There are no representations, warranties, or agreements, whether express or implied, or oral or
written, with respect to the subject matter of this Agreement, except as expressly set forth in this Agreement. 
 9.7
Interpretation. Executive has cooperated in the drafting, negotiation and preparation of this Agreement. Hence, in any construction to be made of this Agreement, the same shall not be construed against any party on the basis that
the party was the drafter. 
 9.8 Review of Agreement. Executive recognizes that this is a legally binding contract and
acknowledges and agrees that he has had the opportunity to consult with legal counsel of his own choice. Executive specifically acknowledges and agrees that he has read and understands this Agreement and the releases it contains, is entering into
this Agreement freely and voluntarily, and has been advised to seek counsel prior to entering into this Agreement and has had ample opportunity to do so. 

9.9 Headings; Construction. The section and paragraph headings and titles contained in this Agreement are inserted for
convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation of this Agreement. Where the context requires, the singular shall include the plural, the plural shall include the
singular, and any gender shall include all other genders and the neutral. Where specific language is used to clarify by example a general statement contained herein, such specific language shall not be deemed to modify, limit or restrict in any
manner the construction of the general statement to which it relates. 
 9.10 Electronic Signatures. This Agreement may
be signed and/or transmitted by facsimile, e-mail of a .PDF, .TIF, .GIF, .JPG or similar attachment or using electronic signature technology (e.g., via DocuSign or similar electronic signature technology), it
being understood that any such signed electronic record shall be valid and as effective to bind the party so signing as a paper copy bearing such party’s hand-written signature. Executive further consents and agrees that (a) to the extent
Executive signs this Agreement using electronic signature technology, by clicking “sign” (or similar acknowledgement of acceptance), he is signing this Agreement electronically, and (b) electronic signatures appearing on this
Agreement shall be treated, for purposes of validity, enforceability and admissibility, the same as hand-written signatures. 

  
 7 

 9.11 No Wrongdoing. This Agreement constitutes a compromise and
settlement of any and all potential disputed claims. No action taken by either Executive or the Company, either previously or in connection with this Agreement, shall be deemed or construed to be: (a) an admission of the truth or falsity of any
potential claims; or (b) an acknowledgment or admission by either party of any fault or liability whatsoever to the other or to any third party. 

9.12 No Liens. Executive represents and warrants that (a) he has the capacity to act on his own behalf
and on behalf of all who might claim through him to bind them to the terms and conditions of this Agreement; and (b) there are no liens or claims of any lien or assignment in law or equity or otherwise of or against any of the claims released
in this Agreement. 
 9.13 Tax Matters. The Company and Executive intend that all payments made and benefits provided under
this Agreement are either exempt from or comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, the regulations and other guidance thereunder and any state law of similar effect (collectively
“Section 409A”) so that none of the payments or benefits will be subject to the adverse tax penalties imposed under Section 409A, and any ambiguities herein will be interpreted to be so exempt. The payments
and benefits referenced and provided for in this Agreement are subject to all applicable withholding requirements. Except for the Company’s withholding right, Executive will be solely responsible for any and all taxes that may be due with
respect to the payments and benefits referenced and provided for in this Agreement. 
 9.14 Entire Agreement. This Agreement,
together with the Arbitration Agreement, Indemnification Agreement, and the Confidentiality Agreement (all together, the “Integrated Agreement”), embodies the entire agreement of the parties hereto respecting the matters within its
scope and is an integrated agreement. The Integrated Agreement supersedes all prior or contemporaneous agreements of the parties hereto and that directly or indirectly bear upon the subject matter hereof. Any prior negotiations, correspondence,
agreements, proposals or understandings relating to the subject matter hereof or of any portion of the Integrated Agreement shall be deemed to have been merged into the Integrated Agreement, and to the extent inconsistent with the Integrated
Agreement, such negotiations, correspondence, agreements, proposals, or understandings shall be deemed to be of no force or effect. The Integrated Agreement is a fully integrated agreement. There are no representations, warranties, or agreements,
whether express or implied, or oral or written, with respect to the subject matter hereof, except as expressly set forth in the Integrated Agreement. For clarity, the Arbitration Agreement, the Indemnification Agreement, and the Confidentiality
Agreement continue in effect in accordance with their terms. 
 9.15 Notices. All notices required or permitted hereunder
shall be in writing and shall be deemed effectively given: (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed electronic transmission (including e-mail) if sent
during normal business hours of the recipient, if not, then on the next business day; (iii) two days after being sent by registered or certified mail, return receipt requested, postage prepaid; or (iv) one day after deposit with a
nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent: (x) if to the Company, to the Company at the address of its principal executive offices and to the
attention of its General Counsel, (y) if to Executive, to Executive at his last address as reflected in the Company’s payroll records, or (z) in either case, at such other address as such party may designate by ten days advance
written notice to the other party hereto. 

  
 8 

 9.16 Supplementary Documents. All parties agree to cooperate fully and to
execute any and all supplementary documents and to take all additional actions that may be necessary or appropriate to give full force to the basic terms and intent of this Agreement and which are not inconsistent with its terms. 

I HAVE READ THE FOREGOING AGREEMENT AND I ACCEPT AND AGREE TO THE PROVISIONS IT CONTAINS AND HEREBY EXECUTE IT VOLUNTARILY WITH FULL UNDERSTANDING OF ITS
CONSEQUENCES. 
  

	
	“EXECUTIVE”
	
	 /s/ Alistair W. Fulton

	Alistair W. Fulton
	Date: September 28, 2022
	
	“COMPANY”
	
	 Semtech Corporation,
 a Delaware
corporation

	
	 /s/ Charles B. Ammann

	Charles B. Ammann
	Executive Vice President, Chief Legal Officer and Chief ESG Officer
	
	Date: September 28, 2022

  
 9

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