Termination Agreement to Letter Agreement Regarding Director Nomination – Color Kinetics Incorporated and Graham T. Allison, Jr. & Elisabeth Allison

Contract Categories: Business Operations › Termination Agreements
Summary

Color Kinetics Incorporated and Graham T. Allison, Jr. & Elisabeth Allison agree that their previous letter agreement, which required the company to use its best efforts to elect a director nominated by the Allisons, will end when the company completes its first public offering of stock. After this event, the company will have no further obligations under the original agreement. Both parties have signed to confirm this understanding.

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EX-10.22 7 b48986a5exv10w22.txt EX-10.22 LETTER AGREEMENT DATED 4/5/04 EXHIBIT 10.22 April 5, 2004 Mr. Graham T. Allison, Jr. Elisabeth Allison, Ph.D. 69 Pinehurst Road Belmont, Massachusetts 02478 Dear Dr. and Mr. Allison: As you know, Color Kinetics Incorporated (the "Company") entered into a letter agreement with you, dated December 14, 2001 (the "Letter Agreement") in connection with the Series E Convertible Preferred Stock financing of the Company. In the Letter Agreement, the Company agreed to use its best efforts after the closing of the Series E Financing to secure the election as a director of one person nominated by you and mutually agreed upon by the Company and the Company's Board of Directors. At the time of the Letter Agreement it was the intention of the Company and you that the Company's obligations under the Letter Agreement would bind the Company only during the period prior to the initial public offering of the Company's capital stock. In order to make this understanding explicit, please sign in the space provided below to indicate your agreement with the Company that the Letter Agreement shall terminate, and be of no further force or effect, upon the closing of the Company's first public offering of its capital stock pursuant to an effective registration statement under the Securities Act of 1933, as amended. Thank you in advance for your prompt attention to this matter. /s/ Elisabeth Allison Color Kinetics Incorporated - --------------------- Elisabeth Allison By:/s/George Mueller /s/Graham Allison ----------------- - ----------------- George Mueller Graham Allison Chief Executive Officer