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                                                                   EXHIBIT 10.29

                                  [LEXAR LOGO]

June 25, 2001

Michael Perez
468 Baltusrol Dr.
Aptos, CA 95003

Dear Michael,

It gives me great pleasure to extend our offer of employment for you to join
Lexar Media in the position of Chief Financial Officer. In this capacity, you
will be reporting directly to, John Reimer, President/CFO.

1.  Base compensation: Your base compensation will be $210,000 per year which
will be paid on a bi-weekly basis, in accordance with, and subject to, the
Company's normal payroll procedure. If you accept this offer, your official
start date will be July 1, 2001.

You will be eligible to participate in Lexar's MBO based incentive plan. This
plan will give you the potential of earning additional income based on mutually
agreed upon MBOs.

As a Lexar employee, you will be eligible to participate in our current employee
health benefits as described below. (Note employee benefit programs may change
from time to time at management's discretion.)

2.  Stock: We will recommend to the Board of Directors that you will be granted
a stock option of 300,000 shares. The granted shares will be vested through four
years, with 25% vesting on your first anniversary (from your date of hire), and
1/36th of the remaining shares vesting each subsequent month of your employment
thereafter. This option, as a formality, is subject to board approval, and a
detailed description of the vesting schedule will be furnished to you upon
approval and issuance.

3.  Accelerated vesting: All of your granted shares shall vest upon a merger or
acquisition of Lexar Media, a "Corporate Transaction" as such term is defined
under Lexar Media's Stock Option Plan.

4.  Vacation: Your vacation benefits will begin at 3.69 hours every two weeks.
This equals 12 days of vacation per year in the first 3 years.

5.  Medical, Savings Plan and Miscellaneous: Medial, dental, long-term
disability, life and vision insurance, are included in the benefit package that
Lexar offers. In addition to your basis health care benefits, Lexar also offers
a Flexible Plan and makes a contribution of 2% of your base compensation to the
Flex Plan for your benefit. The 2% contribution is used to offset the costs of
your benefit choices, including group health plans. Please refer to the Benefits
Summary for eligibility information. Furthermore, Lexar has established a 401K
plan in which you will be eligible to participate on your hire date.

6.  Employment Relationship: Your employment with Lexar shall be AT WILL,
meaning that either party may terminate the employment relationship at any time
and for any reason. However, in the event that Lexar Media terminates your
employment other than for cause, you will be entitled to receive up to six (6)
months of your annual compensation, in the form of continuing bi-weekly
payments, or until you commence new full-time employment, whichever comes first.

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             <S>                                         <C>                      <C>                 <C>
             Lexar Media, Inc.   47421 Bayside Parkway   Fremont, CA 94538-6569   Tel: 510-413-1200   Fax: 510-440-3499
                                                        www.digitalfilm.com
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For this purpose, "cause" shall include your death and any of the following, as
determined in good faith by Lexar Media's Board of Directors: disability
rendering you unable effectively and substantially to perform your duties
hereunder for any consecutive period of 90 calendar days, or your commission
upon Lexar Media of a material theft, embezzlement or fraudulent misuse of
funds.

In the event of a dispute arising under or related to this agreement, including
any termination of your employment under this agreement, you or Lexar may
initiate for arbitration under the administration of the American Arbitration
Association ("AAA"). Any Arbitration hearing will be held in the vicinity of the
Lexar location where you last performed services and will be held in accordance
with the Employee Dispute Resolution rules of the AAA, within 60 calendar days
of such filing or as may be extended upon the consent of the parties or their
counsel. The arbitration shall be binding on both parties and may be entered as
a judgment in any court of competent jurisdiction. Each party shall bear its own
costs of arbitration including attorneys fees, unless you prevail in whole or in
part, in which case Lexar will pay your costs of arbitration including
reasonable attorneys fees, pro-rated to extent you prevail, and such shall be
part of the award in the arbitration.

This offer letter, and the "Employee Nondisclosure and Invention Assignment
Agreement" constitute the entire and exclusive agreement between Lexar and you,
concerning your employment with Lexar and it may not be modified, altered or
amended, either expressly or implied, unless in writing signed by you and
approved by President of Board of Directors at Lexar.

For purposes of federal immigration law, you will be required to provide Lexar
with documentary evidence of your identity and eligibility for employment in the
United States. Such documentation must be provided to us within three (3)
business days of your hire date, or our employment relationship with you may be
terminated.

Please indicate your acceptance of this offer, by returning one copy of this
letter with your signature, and a start date, at your earliest convenience.
Please fax your signed offer letter to: 510-413-1255. This offer will remain
valid until 5:00 PM Tuesday, June 26, 2001.

Please report to the main lobby where orientation will be conducted at 8:30 a.m.
All paperwork must be completed before reporting to work.

We are looking forward to your acceptance of our offer and having you join the
Lexar Media Team.

Sincerely,

John Reimer
President/CEO

I accept the terms of this offer and will report to work on:  July 1, 2001

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Michael Perez                                                     Date

                                  [LEXAR LOGO]<PAGE>

                                                                   Exhibit 10.30
                           [Letterhead of LEXAR MEDIA]

November 9, 2001

Mr. Petro Estakhri
[Address]

Dear Mr. Estakhri:

This retention agreement (the "Retention Agreement") will set forth the binding
agreement of employment effective as of September 1, 2001 regarding your
employment with Lexar Media, Inc. ("LEXAR MEDIA"). As used in this Retention
Agreement, "LEXAR MEDIA" shall refer to Lexar Media, Inc, or the surviving
entity in a Corporate Transaction. You acknowledge and agree that this Agreement
supersedes the terms set forth in your Employment Agreement dated August 20,
1997 or any other agreement whether oral or written to the extent inconsistent
with the terms of this Retention Agreement. You specifically acknowledge and
agree that the Lexar Media Inc. Employee Nondisclosure and Invention Assignment
Agreement dated September 19, 1996 remains in full force and effect.

1.   PAYMENTS AND BENEFITS AFTER INVOLUNTARY TERMINATION OR CONSTRUCTIVE
     TERMINATION EVENT IN THE ABSENCE OF A CORPORATE TRANSACTION

Except during a Post Transaction Period as provided in Section 2 below,
following involuntary termination by Lexar Media other than for Cause (as
defined below) or a voluntary resignation by you following a Constructive
Termination Event (as defined below) by LEXAR MEDIA you will receive:

     (a)  Your base salary in effect at the time of such termination continued
          for twelve (12) months;

     (b)  Medical insurance and life insurance at the levels in effect at the
          time of such termination for twelve (12) months;

     (c)  Your annual target bonus of fifty (50) percent of your salary paid as
          a lump sum at the end of the fiscal year and pro-rated up to the date
          of termination for the period you were eligible for any such bonus;
          provided that you will receive payment under this Section 1(c) only if
          you would have earned such bonus absent your termination, the
          determination of which will reflect and not be inconsistent with the
          level of bonus payments made to others for the same period;

     (d)  All stock options which have been granted to you on or before
          September 1, 2001 shall become 100% vested, followed by a twelve (12)
          month period during which such options may be exercised, but in no
          event may such option be exercised after ten (10) years from the
          original grant of the option;

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     (e)  An additional eighteen (18) months vesting of any stock options
          granted to you by LEXAR MEDIA after September 2, 2001, followed by a
          twelve (12) month period during which such options may be exercised;

     (f)  Additional vesting of the shares granted to you by LEXAR MEDIA
          pursuant to your Restricted Stock Purchase Agreement dated January 17,
          2000 (the "Restricted Stock Purchase Agreement"), as set out in your
          Restricted Stock Purchase Agreement;

     (g)  LEXAR MEDIA shall exercise its Repurchase Right as defined in Section
          5 of your Restricted Stock Purchase Agreement, pursuant to which LEXAR
          MEDIA will repurchase all of your shares that are unvested as of your
          termination date at a price equal to the price at which you purchased
          such shares;

     (h)  No further continuance of other benefits such as vacation, sick leave,
          and employee stock purchase plan participation, unless specified
          herein;

     (i)  Eighteen (18) months in which to repay the principal and interest on
          any notes that you have with LEXAR MEDIA; and

     (j)  Any cellular phone and notebook computer as then currently provided to
          you.

Notwithstanding any provisions in this Section 1 to the contrary, you shall not
be entitled to the payments and benefits under Section 1 unless you (i) have
executed a general release (in a form prescribed by LEXAR MEDIA) of all known
and unknown claims that you may then have against LEXAR MEDIA or persons
affiliated with LEXAR MEDIA and (ii) have agreed not to prosecute any legal
action or other proceeding based upon any of such claims.

2.   PAYMENTS AND BENEFITS AFTER TERMINATION OF EMPLOYMENT FOLLOWING A CORPORATE
     TRANSACTION

If at any time during the Post Transaction Period (as defined below) there is an
involuntary termination of your employment other than for Cause (as defined
below) or you voluntarily resign following a Constructive Termination Event (as
defined below), then you will receive:

     (a)  Your base salary in effect at the time of such termination continued
          for fifteen (15) months;

     (b)  Medical and life insurance at the levels in effect at the time of
          termination for twelve (12) months;

     (c)  Your annual target bonus of fifty (50) percent of your salary paid as
          a lump sum and pro-rated up to the date of termination for the period
          you were eligible for any such bonus but regardless of whether you
          would have earned such bonus prior to your termination;

     (d)  All stock options which have been granted to you or purchased by you
          as of the date of such termination shall become 100% vested, followed
          by a six (6) month

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          period during which such options may be exercised, but in no event may
          such option be exercised after ten (10) years from the original grant
          of the option;

     (e)  Additional vesting of the shares granted to you by LEXAR MEDIA
          pursuant to your Restricted Stock Purchase Agreement, as set out in
          your Restricted Stock Purchase Agreement;

     (f)  All stock options or restricted stock which have been granted to you
          or purchased by you subsequent to a corporate transaction shall become
          100% vested, followed by a six (6) month period during which such
          options may be exercised;

     (g)  LEXAR MEDIA shall exercise its Repurchase Right as defined in Section
          5 of your Restricted Stock Purchase Agreement, pursuant to which LEXAR
          MEDIA will repurchase all of your shares that are unvested as of your
          termination date at a price equal to the price at which you purchased
          such shares;

     (h)  No further continuance of other benefits such as vacation, sick leave,
          and employee stock purchase plan participation, unless specified
          herein;

     (i)  Eighteen (18) months in which to repay the principal and interest on
          any notes that you have with LEXAR MEDIA; and

     (j)  Any cellular phone and notebook computer as then currently provided to
          you.

3.   PAYMENTS AND BENEFITS FOLLOWING A CORPORATE TRANSACTION

If at any time, a Corporate Transaction as defined below occurs, and you remain
an employee of LEXAR MEDIA through the completion of the Corporate Transaction,
then you shall receive the following:

     (a)  A cash bonus of three hundred and twenty five thousand dollars
          ($325,000);

     (b)  Immediately upon the occurrence of a Corporate Transaction,
          twenty-five percent (25%) of all unvested stock options and restricted
          stock which were previously granted to you shall become 100% vested
          immediately preceding such Corporate Transaction and shall remain
          exercisable pursuant to the terms of the original stock option grant
          agreement, or for six months, whichever is greater. The remaining
          seventy-five percent (75%) of all stock options and restricted stock
          which were previously granted to you prior to the Corporate
          Transaction will become vested nine (9) months after the completion of
          the Corporate Transaction and shall remain exercisable pursuant to the
          terms of the original stock option grant agreement, or for six months,
          whichever is greater.

4.   DEATH OR DISABILITY

If you die or are unable to perform your work because of disability, all stock
options which were granted to you shall become 100% vested as of the date of
such occurrence and shall be exercisable pursuant to the terms of your stock
option agreement.

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5.   DEFINITIONS

For purposes of this Retention Agreement, the following definitions shall apply:

     (a)  A "Corporate Transaction" is defined as (i) a merger or acquisition in
          which LEXAR MEDIA is not the surviving entity (except for a merger of
          LEXAR MEDIA into a wholly-owned subsidiary, and except for a
          transaction the purpose of which is to change the State in which LEXAR
          MEDIA is incorporated), (ii) the sale, transfer or other disposition
          of all or substantially all of the assets of LEXAR MEDIA, or (iii) any
          other corporate reorganization or business combination in which the
          beneficial ownership of 50% or more of LEXAR MEDIA's outstanding
          voting stock is transferred.

     (b)  The "Post Transaction Period" is defined as commencing one month prior
          to the date of closing or effectiveness of a Corporate Transaction and
          continuing for eighteen (18) months following such date.

     (c)  A "Constructive Termination Event" will be deemed to have occurred at
          the close of business on the fourteenth (14th) day after any of the
          following action(s) are taken by LEXAR MEDIA or the surviving entity
          or parent corporation in a Corporate Transaction and such action(s)
          are not reversed in full by LEXAR MEDIA or the surviving entity of a
          Corporate Transaction within such fourteen-day (14) period unless
          prior to the expiration of such fourteen-day (14) period you have
          otherwise agreed to the specific relevant event in writing: (i) your
          aggregate benefits are materially reduced (as such reduction and
          materiality are determined by customary practice within the high
          technology industry within the State of California) below those in
          effect immediately prior to the effective date of such Constructive
          Termination Event, and/or (ii) your duties and/or authority are
          materially decreased or increased from those in effect immediately
          prior to the effective date of such Constructive Termination Event,
          including but not limited to (a) your no longer acting as the
          Executive Vice President and Chief Technology Officer of LEXAR MEDIA
          in title and substance; (b) your no longer having direct management
          responsibility for all engineering functions of LEXAR MEDIA; or (c)
          your no longer reporting directly to the Chief Executive Officer of
          LEXAR MEDIA, in any case regardless of whether LEXAR MEDIA is a
          separate entity or a division of another entity following a Corporate
          Transaction; or (d) your no longer serving as a member of the Board of
          Directors of Lexar Media, in any case regardless of whether Lexar
          Media is a separate entity or a division of another entity following a
          Corporate Transaction; or (iii) you are required to perform your
          employment obligations (other than routine travel consistent with that
          prior to the effective date of such Constructive Termination Event) at
          a location more than twenty-five (25) miles away from your principal
          place of work as was in effect immediately prior to the effective date
          of such Constructive Termination Event

     (d)  "Cause" is defined as (i) willful misconduct in the performance of
          your duties to the LEXAR MEDIA that has resulted or is likely to
          result in substantial and material damage to LEXAR MEDIA; (ii)
          commission of any act of fraud with respect to the LEXAR MEDIA; or
          (iii) conviction of a felony or a crime involving moral turpitude
          causing material harm to the business and affairs of the LEXAR

                                       -4-

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          MEDIA. No act or failure to act by you shall be considered "willful"
          if done or omitted by Employee in good faith with reasonable belief
          that such action or omission was in the best interests of the LEXAR
          MEDIA.

6.   MISCELLANEOUS

     (a)  As LEXAR MEDIA's relationship with employees is at-will, either you or
          LEXAR MEDIA may terminate the employment relationship at any time for
          any reason, with or without notice.

     (b)  In the event of a dispute arising under or related to this letter,
          including any termination of your employment under this letter, you or
          LEXAR MEDIA may initiate for arbitration under the arbitration under
          the administration of the American Arbitration Association ("AAA").
          Any arbitration hearing will be held in the vicinity of the LEXAR
          MEDIA location where you last performed services and will be held in
          accordance with the Employee Dispute Resolution rules of the AAA,
          within 60 calendar days of such filing or as may be extended upon the
          consent of the parties or their counsel. The arbitration shall be
          binding on both parties and may be entered as a judgment in any court
          of competent jurisdiction. Each party shall bear its own costs of
          arbitration including attorneys fees, unless you prevail in whole or
          in part, in which case LEXAR MEDIA will pay your costs of arbitration
          including reasonable attorney fees, pro-rated to the extent you
          prevail, and such shall be part of the award in the arbitration.

     (c)  If, due to the benefits provided under this Agreement, you are subject
          to any excise tax due to the characterization of any amounts payable
          hereunder as excess parachute payments pursuant to Section 4999 of the
          Internal Revenue Code, the Company agrees to "gross-up" the amount
          payable to you such that the net amount realizable by you is the same
          as if there was no such excise tax; provided, however, that the amount
          of gross-up will not exceed $150,000. Notwithstanding the foregoing,
          however, upon a Corporate Transaction, you may elect in your sole
          discretion, not to have any portion of such options or restricted
          stock vest in order to avoid any "excess parachute payment" under
          Section 280G(b)(1) of the Internal Revenue Code of 1986, as amended.

     (e)  The provisions of this letter will be governed and construed with the
          laws of the State of California.

Agreed and Accepted:                            Sincerely,

                                                /s/ Eric Stang

/s/ Petro Estakhri                              Eric Stang
---------------------------------
Petro Estakhri

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