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]

 

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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

 

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