Separation Agreement and General Release (December 10th, 2015)
This Separation Agreement and General Release ("Agreement") is made and entered into by and between Lantronix, Inc., and its subsidiaries ("Lantronix"), and Kurt F. Busch ("Employee").
November 13, 2012 Dear Jeremy: (November 15th, 2012)
Reference is made to the offer letter between you and Lantronix, Inc. ("Lantronix" or the "Company") dated September 8, 2011 (the "Offer Letter"). Paragraph 10(a) of the offer letter is hereby amended to read as follows:
1.Position; Exclusivity. The Company Hereby Agrees to Employ You as Its Chief Financial Officer and Corporate Secretary. Your Office Is Located at the Company Headquarters in Irvine, California. You Accept Such Employment Pursuant to the Terms of This Agreement. You Shall Report to the President and CEO, Kurt Busch, and Shall Perform Such Duties and Responsibilities Which Shall Be Consistent With Your Position as a Senior Officer of the Company. You Agree to Devote Your Full Business Time, Attention and Energy to Performing Your Duties and Responsibilities to the Company Under This Agreement. (September 26th, 2011)
"Good Reason" for you means only if you resign within one hundred and twenty (120) days after the Company has taken any of the following actions without your express written consent: (i) the Company "Substantially Lessens Your Title" (as defined herein); (ii) the Company "Substantially Reduces Your Senior Authority" (as defined herein); (iii) the Company assigns material duties to you which are materially lesser than the duties commensurate with your then-current status; (iv) the Company reduces your base salary or benefits from that in effect at the Commencement Date (unless such reduction is in connection with a salary or benefit reduction program of general application at the senior level executives of the Company); or(v) the Company fails to obtain the assumption of this Agreement by any successor or assign of the Company. Notwithstanding the foregoing, Good Reason shall not exist unless you provide the Company written notice of the existence of the one or more o
August 16, 2011 Dear Kurt: (August 23rd, 2011)
This letter ("Agreement") will confirm our understanding and agreement regarding your employment with Lantronix Inc. ("Lantronix" or the "Company"), commencing August 23, 2011 ("Commencement Date").