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SMTC > SEC Filings for SMTC > Form 8-K on 10-Jan-2014All Recent SEC Filings

Show all filings for SEMTECH CORP



Change in Directors or Principal Officers, Financial Statements and Exhibits

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On December 18, 2013 Semtech Corporation (the "Company") filed a report on Form 8-K announcing that Mr. Sameer Vuyyuru's service to and all duties with the Company as Senior Vice President and General Manager, Advanced Communications Products Group, ended effective December 16, 2013. Further, the Company reported that Mr. Vuyyuru's employment with the Company would end effective January 1, 2014.

In connection with the termination of Mr. Vuyyuru's employment, the Company entered into an employment claims severance and release agreement (the "Severance and Release Agreement") with Mr. Vuyyuru, which became effective on January 7, 2014.

The Severance and Release Agreement provides that Mr. Vuyyuru will be entitled to the following severance benefits in connection with his termination of employment: (i) a lump sum payment of $217,500, and (ii) payment by the Company of COBRA premiums for six months if Mr. Vuyyuru elects COBRA continuation coverage under the medical and/or dental and/or vision plans in which he was enrolled at his date of termination.

In exchange for the benefits described above, Mr. Vuyyuru executed a general release of claims in favor of the Company.

The foregoing description of the Severance and Release Agreement does not purport to be complete and is qualified in its entirety by reference to the attached exhibit.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.                                Description

    10.1        Severance and Release Agreement, effective as of January 7, 2014,
                between Semtech Corporation and Sameer Vuyyuru.

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