Waiver Agreement Regarding HLM Rights Agreement between CombiMatrix Corporation and HLM Venture Partners III, L.P.
CombiMatrix Corporation and HLM Venture Partners III, L.P. have agreed to waive certain provisions of their existing HLM Rights Agreement. HLM consents to the reduction in the number of directors on CombiMatrix’s board, acknowledges that this change does not breach the Rights Agreement, and waives specific board-related requirements. This waiver remains effective until HLM provides 45 days’ written notice to revoke it. The agreement is signed by representatives of both parties.
Exhibit 10.1
April 5, 2013
CombiMatrix Corporation
Attn: Scott Burell
300 Goddard, Suite 100
Irvine, CA 92618
Gentlemen:
Reference is made to that certain HLM Rights Agreement dated as of April 1, 2011 by and between CombiMatrix Corporation, a Delaware corporation (the “Company”), and HLM Venture Partners III, L.P. (the “Rights Agreement”). Capitalized terms used herein and not otherwise defined shall have the meanings assigned to them in the Rights Agreement.
The undersigned acknowledges that Mr. Marty Felsenthal recently resigned from the Board and that no HLM Designee or Independent Designee currently is a member of the Board. The undersigned further acknowledges that the Company desires to reduce its authorized number of directors such that no vacancies currently will exist for an HLM Designee or an Independent Designee (the “Board Reduction”).
The undersigned hereby (i) consents to the Board Reduction; (ii) agrees that such Board Reduction does not constitute a breach or default under the Rights Agreement; and (iii) waives the requirements set forth in Sections 2(b)(i), 2(b)(ii) and 3(a)-(c) of the Rights Agreement.
This waiver shall be a continuing waiver that shall remain in full force and effect until revoked by HLM upon forty-five (45) days’ prior written notice to the Company.
[Signature Page Follows]
| Sincerely, |
| ||
|
|
|
| |
| HLM VENTURE PARTNERS III, L.P. |
| ||
|
|
|
| |
| By: | HLM Venture Associates III, LLC |
| |
|
| Its General Partner |
| |
|
|
|
| |
|
|
|
| |
| By: | /S/ MARTY FELSENTHAL |
| |
|
| Name: | Marty Felsenthal |
|
|
| Title: | Partner |
|
|
|
|
| |
|
|
|
| |
| Acknowledged and Accepted: |
| ||
|
|
|
| |
| COMBIMATRIX CORPORATION |
| ||
|
|
|
| |
|
|
|
| |
| By: | /S/ SCOTT BURELL |
| |
|
| Name: | Scott Burell |
|
|
| Title: | CFO and Secretary |
|
|
|
|
| |
|
|
|
| |
| cc: | Dorsey & Whitney LLP |
| |
|
| Attn: Parker Schweich, Esq. |
| |
|
| 600 Anton Boulevard, Suite 2000 |
| |
|
| Costa Mesa, CA 92626 |
| |
[SIGNATURE PAGE TO WAIVER REGARDING HLM RIGHTS AGREEMENT
