SEC Contract Filing

Filing Date: 2023-12-06

Document Content:
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<TYPE>EX-10.5
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<DESCRIPTION>EX-10.5
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<DIV><FONT size="1" style="font-size:1pt;color:white">SEPARATION AND GENERAL RELEASE AGREEMENT This Separation and General Release Agreement (this &#8220;Agreement&#8221;) is made and entered into by and between Semtech Corporation, a Delaware corporation (the &#8220;Company&#8221;), and Emeka Chukwu (&#8220;Executive&#8221;). Executive and the Company are parties to an Amended and Restated Indemnification Agreement for Directors and Executive Officers dated November 29, 2022 (the &#8220;Indemnification Agreement&#8221;), and an Invention Assignment &amp; Secrecy Agreement dated November 20, 2006 and Employee Confidential Agreement and Proprietary Rights Assignment dated November 20, 2006 (together, the &#8220;Confidentiality Agreement&#8221;). 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&#8217;s employment, and all other positions (as an officer, director, employee, member, manager and in any other capacity) Executive held, with the Company and each of its affiliates terminated effective November 10, 2023 (the &#8220;Separation Date&#8221;). Executive agrees that Executive currently holds no such position. 2. Severance Benefits. This Agreement shall become effective on the eighth day after Executive delivers this Agreement to the Company signed by Executive (the &#8220;Effective Date&#8221;), provided that Executive (a) signs and delivers this Agreement on or after the Separation Date and by no later than December 26, 2023 (with delivery of such executed Agreement to be to Jonathan Turner - Vice President, Talent Development, at Semtech Corporation, 200 Flynn Road, Camarillo, California, 93012-8790, so that it is received by that date), and (b) does not revoke this Agreement (or any portion hereof) pursuant to the terms of Section 7 below. In consideration of Executive&#8217;s agreements and releases set forth in this Agreement, and provided that Executive (a) timely executes and delivers this Agreement; (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 7 below; the Company agrees to pay or provide Executive with (1) cash severance to total $430,000 (the &#8220;Cash Severance&#8221;) to be paid as provided below and subject to the further terms set forth below, (2) the COBRA Benefit set forth below, and (3) continued vesting of the Executive&#8217;s Continued RSUs as defined and on the terms set forth below (such continued vesting, together with the Cash Severance and the COBRA Benefit, the &#8220;Severance Benefits&#8221;). The Cash Severance will be paid in a series of installment payments (each representing the applicable fraction of the total Cash Severance amount set forth above such that the total of all such installment payments are to equal the total Cash Severance amount set forth above), with an installment payment scheduled to be made on each regular Company payroll date in the period of time commencing with the first regular Company payroll date to occur after the Separation Date and continuing through and ending with the regular Company payroll date that occurs on the first anniversary of the Separation Date (or, if the first anniversary of the Separation Date is not a regular Company payroll date, the last regular Company payroll date to </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white"> 2 occur before the first anniversary of the Separation Date); provided that the first such installment payment shall not be made until as soon as administratively practical for the Company following the Effective Date and such first installment payment shall include the amount of any such installment payments that would have otherwise (but for this delay) been paid prior to that date. The Company will pay or reimburse Executive for Executive&#8217;s premiums charged to continue medical coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act (&#8220;COBRA&#8221;) (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&#8217;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&#8217;s obligation to make any payment or reimbursement pursuant to this paragraph shall commence with continuation coverage for the month following the month in which the Separation Date occurs, and shall cease with continuation coverage for the month in which the first anniversary of the Separation Date occurs (or, if earlier, shall cease upon the first to occur of Executive&#8217;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 &#8220;COBRA Benefit&#8221;). To the extent Executive elects COBRA coverage, Exec