Amendment to Loan and Security Agreement



 Exhibit 10.12 
 AMENDMENT 
 TO 

LOAN AND SECURITY AGREEMENT 
 THIS AMENDMENT to Loan and Security Agreement (this “Amendment”) is entered into this 21st day of April 2010, by and between Silicon Valley Bank (“Bank”) and iWatt Inc., a California corporation
(“Borrower”) whose address is 101 Albright Way, Suite D, Los Gatos, California 95032. 
 RECITALS

 A. Bank and Borrower have entered into that certain Loan and Security Agreement dated as of November 25, 2008
(as the same has been and may from time to time be amended, modified, supplemented or restated, the “Loan Agreement”). 
 B. Bank has extended credit to Borrower for the purposes permitted in the Loan Agreement. 
 C. Borrower has requested that Bank amend the Loan Agreement, as herein set forth, and Bank has agreed to the same, but only to the extent, in accordance with the terms, subject to the conditions
and in reliance upon the representations and warranties set forth herein. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing recitals and other good and
valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 
 1. Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement. 

2. Amendments to Loan Agreement. 
 2.1 Modified Term Loan II Maturity Date. The definition of “Term Loan II Maturity Date” set forth in Section 13.1 of the Loan Agreement is hereby amended to read as follows:

 “Term Loan II Maturity Date” is the earliest to occur of the following: 

 

	 	(i)	The date that is thirty (30) days after the closing of the IKOR Acquisition; or 


 

	 	(ii)	May 23, 2010. 

 2.2
Success Fee II Update. Notwithstanding any language regarding Success Fee II to the contrary set forth in that certain Amendment to Loan and Security Agreement dated March 11, 2010 (the “March 2010 Amendment”), Borrower has agreed


  
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to pay both portions of Success Fee II (the $45,000 portion and the $15,000 portion) upon the closing of the IKOR Acquisition, Borrower has paid such portions of Success Fee 11 to Bank, and Bank
acknowledges that is has received the same from Borrower. 
 3. Limitation of Amendments. 

3.1 The amendments set forth in Section 2, above, are effective for the purposes set forth herein and shall be limited
precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may
have in the future under or in connection with any Loan Document. 
 3.2 This Amendment shall be construed in connection
with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and
effect. 
 4. Representations and Warranties. To induce Bank to enter into this Amendment, Borrower hereby represents and
warrants to Bank as follows: 
 4.1 Immediately after giving effect to this Amendment (a) the representations and
warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as
of such date), and (b) no Event of Default has occurred and is continuing; 
 4.2 Borrower has the power and
authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 
 4.3 The articles of incorporation (as amended on August 21, 2009) and the bylaws of Borrower previously delivered to Bank remain true, accurate and complete and have not been amended,
supplemented or restated and are and continue to be in full force and effect; 
 4.4 The execution and delivery by
Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized; 
 4.5 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not
contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or
authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower; 

  
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 4.6 The execution and delivery by Borrower of this Amendment and the performance by
Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or
public body or authority, or subdivision thereof, binding on either Borrower, except as already has been obtained or made; and 

4.7 This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against
Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting
creditors’ rights. 
 5. Counterparts. This Amendment may be executed in any number of counterparts and all of such
counterparts taken together shall be deemed to constitute one and the same instrument. 
 6. Effectiveness. This
Amendment shall be deemed effective upon the due execution and delivery to Bank of this Amendment by each party hereto. 

[Signature page follows.] 

  
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 IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above. 
  

									
	BANK	  		  	BORROWER
			
	Silicon Valley Bank	  		  	iWatt Inc.
					
	By:	  	 /s/ Carley Brandt
	  		  	By:	  	 /s/ RONALD EDGERTON

	Name:	  	 Carley Brandt
	  		  	Name:	  	 RONALD EDGERTON

	Title:	  	 Relationship Manager
	  		  	Title:	  	 PRESIDENT & CEO

					
		  		  		  		  	/s/ JAMES V. McCANNA
		  		  		  		  	JAMES V. McCANNA
		  		  		  		  	VP & CFO


  
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