Document:

Exhibit 10.4

 

PROMISSORY NOTE

 

	
  $1,250,000.00

  	
  October 20, 2008

  

 

FOR
VALUE RECEIVED, the undersigned (the “Borrower”), promises to pay to the order
of Silicon Valley Bank (“Bank”), at such place as the holder hereof may
designate, in lawful money of the United States of America, the aggregate
unpaid principal amount of all advances (“Advances”) made by Bank to Borrower,
up to a maximum principal amount of One Million Two Hundred Fifty Thousand
Dollars ($1,250,000.00), plus interest, fees and finance charges on the
aggregate unpaid principal amount of such Advances, at the rates and in
accordance with the terms of the Amended and Restated Export-Import Bank Loan
and Security Agreement between Borrower and Bank of even date herewith, as
amended from time to time (the “Loan Agreement”).  The entire principal amount and all accrued
interest shall be due and payable on October 19, 2009, or on such earlier date,
as provided for in the Loan Agreement.

 

Borrower
irrevocably waives the right to direct the application of any and all payments
at any time hereafter received by Bank from or on behalf of Borrower, and
Borrower irrevocably agrees that Bank shall have the continuing exclusive right
to apply any and all such payments against the then due and owing obligations of
Borrower as Bank may deem advisable.  In
the absence of a specific determination by Bank with respect thereto, all
payments shall be applied in the following order: (a) then due and payable
fees and expenses; (b) then due and payable interest payments and
mandatory prepayments; and (c) then due and payable principal payments and
optional prepayments.

 

Bank
is hereby authorized by Borrower to endorse on Bank’s books and records each
Advance made by Bank under this Promissory Note and the amount of each payment
or prepayment of principal of each such Advance received by Bank; it being
understood, however, that failure to make any such endorsement (or any errors
in notation) shall not affect the obligations of Borrower with respect to
Advances made hereunder, and payments of principal by Borrower shall be
credited to Borrower notwithstanding the failure to make a notation (or any
errors in notation) thereof on such books and records.

 

Borrower
promises to pay Bank all reasonable costs and reasonable expenses including all
reasonable attorneys’ fees, incurred in such collection or in any suit or
action to collect this Promissory Note or in any appeal thereof, unless a final
court of competent jurisdiction finds that the Bank acted with gross negligence
or willful misconduct.  Borrower waives
presentment, demand, protest, notice of protest, notice of dishonor, notice of
nonpayment, and any and all other notices and demands in connection with the
delivery, acceptance, performance, default or enforcement of this Promissory
Note, as well as any applicable statute of limitations.  No delay by Bank in exercising any power or
right hereunder shall operate as a waiver of any power or right.  Time is of the essence as to all obligations
hereunder.

 

This
Promissory Note is issued pursuant to the Loan Agreement, which shall govern
the rights and obligations of Borrower with respect to all obligations
hereunder.

 

The
law of the Commonwealth of Massachusetts shall apply to this Agreement.  BORROWER ACCEPTS FOR ITSELF AND IN CONNECTION
WITH ITS PROPERTIES, UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF ANY
STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE COMMONWEALTH OF
MASSACHUSETTS IN ANY ACTION, SUIT, OR PROCEEDING OF ANY KIND, AGAINST IT WHICH
ARISES OUT OF OR BY REASON OF THIS NOTE OR THE LOAN AGREEMENT; PROVIDED,
HOWEVER, THAT IF FOR ANY REASON BANK CANNOT AVAIL ITSELF OF THE COURTS OF THE
COMMONWEALTH OF MASSACHUSETTS, BORROWER ACCEPTS JURISDICTION OF THE COURTS AND
VENUE IN SANTA CLARA COUNTY, CALIFORNIA.

 

 

BORROWER
WAIVES ITS RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF ANY OF THE EXIM LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS
CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY
CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS.  BORROWER RECOGNIZES AND AGREES THAT THE
FOREGOING WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR IT TO ENTER INTO THIS
AGREEMENT.  BORROWER REPRESENTS AND
WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT
KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION
WITH LEGAL COUNSEL.

 

 

	
   

  	
  MICROFLUIDICS
  CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian E.
  LeClair

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Brian E. LeClair

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  Exec. VP and
  CFOOctober 23 2008 Form 8-K Exhibit 10.1

                                                Exhibit 10.1

AMENDMENT TO CHANGE OF CONTROL SEVERANCE AGREEMENT

 

This AMENDMENT TO CHANGE OF CONTROL SEVERANCE AGREEMENT (the "Amendment") is dated as of October
23, 2008, between Centillium Communications, Inc. (the "Company"), and Faraj Aalaei (the "Executive").

WHEREAS, the Executive and the Company have previously entered into an Change of Control Severance Agreement dated as of
December 14, 2000, as amended by Amendment No. 1 to Change of Control Severance Agreement between the Registrant and Faraj Aalaei
dated November 19, 2002 (the "Agreement"); and

WHEREAS, in accordance with the final treasury regulations issued pursuant to Section 409A of the Internal Revenue Code (the
"Final Regulations"), the parties desire to enter into this Amendment to revise the terms of the Agreement to provide for a definition
of "Good Reason" that satisfies the "safe harbor" definition provided for in the Final Regulations with respect to certain of
the payments that may be provided pursuant to the Agreement; 

NOW, THEREFORE, in consideration of the foregoing, the mutual covenants and agreements of the parties contained herein and other
good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows:

1.This Amendment shall become effective upon its execution.

2.Section 6(d) of the Agreement is hereby amended and restated by deleting Section 6(d) in its entirety and replacing it with the
following:

"(d)Good Reason.  The Executive's employment may be terminated during the Employment Period by the Executive for
Good Reason.  "Good Reason" means:

(i)A material diminution in the Executive's base compensation;

(ii)A material diminution in the Executive's authority, duties and responsibilities as in effect immediately prior to the
Change of Control;

(iii)A material diminution in the  authority, duties and responsibilities of the supervisor to whom the Executive is
required to report as in effect immediately prior to the Change of Control, including a requirement that the Executive report to a corporate officer
or employee instead of reporting directly to the Company's Board of Directors (the "Board") if the Executive had reported to the
Board immediately prior to the Change of Control; 

(iv) A material change in the geographic location in which Executive's principal office was located immediately prior
to the Change of Control;

(v)A material diminution in the budget over which the Executive had authority immediately prior to the of the Change
of Control;

(vi)Any other action or inaction that constitutes a material breach by the Company of this Agreement or any other
agreement under which the Executive provides services;

provided, however, that Good Reason shall not exist unless the Executive has given written notice to the Company
within ninety (90) days of the initial existence of the Good Reason event or condition(s) giving specific details regarding the event or condition;
and unless the Company has had at least thirty (30) days to cure such Good Reason event or condition after the delivery of such written notice
and has failed to cure such event or condition within such thirty (30) day cure period."

3.Except as otherwise provided herein, the Agreement shall remain in full force and effect in accordance with its original
terms.

IN WITNESS WHEREOF, the parties have executed and delivered this Amendment, or have caused this Amendment to be executed
and delivered, to be effective as of October 23, 2008.

 

	 	 	
CENTILLIUM COMMUNICATIONS, INC.

	
Date: ___________________________
	 	
By: _____________________________________

Name: 

Title: 

 

	 	 	
EXECUTIVE

	
Date: ___________________________
	 	
 _____________________________________October 23 2008 Form 8-K Exhibit 10.2

                                                Exhibit 10.2

AMENDMENT TO CHANGE OF CONTROL SEVERANCE AGREEMENT

This AMENDMENT TO CHANGE OF CONTROL SEVERANCE AGREEMENT (the
"Amendment") is dated as of October 23, 2008, between Centillium
Communications, Inc. (the "Company"), and Linda C. Reddick (the
"Executive").

WHEREAS, the Executive and the Company have previously entered into an
Amended and Restated Change of Control Severance Agreement dated as of February
16, 2007 (the "Agreement"); and

WHEREAS, in accordance with the final treasury regulations issued
pursuant to Section 409A of the Internal Revenue Code (the "Final
Regulations"), the parties desire to enter into this Amendment to revise
the terms of the Agreement to provide for a definition of "Good
Reason" that satisfies the "safe harbor" definition provided for
in the Final Regulations with respect to certain of the payments that may be
provided pursuant to the Agreement; 

NOW, THEREFORE, in consideration of the foregoing, the mutual covenants
and agreements of the parties contained herein and other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties hereto
agree as follows:

1.This Amendment shall become effective upon its
execution.

2.Section 5(c) of the Agreement is hereby amended and restated by
deleting Section 5(c) in its entirety and replacing it with the following:

"(c)Good Reason.  The Executive's employment may be terminated
during the Employment Period by the Executive for Good Reason.  For purposes of
this Agreement, "Good Reason" means:

(i)A material diminution in the Executive's base
compensation;

(ii)A material diminution in the Executive's authority,
duties and responsibilities as in effect immediately prior to the Change of
Control;

(iii)A material diminution in the  authority, duties and
responsibilities of the supervisor to whom the Executive is required to report
as in effect immediately prior to the Change of Control, including a requirement
that the Executive report to a corporate officer or employee instead of
reporting directly to the Company's Board of Directors (the "Board")
if the Executive had reported to the Board immediately prior to the Change of
Control; 

(iv) A material change in the geographic location in
which Executive's principal office was located immediately prior to the Change
of Control;

(v)A material diminution in the budget over which the
Executive had authority immediately prior to the of the Change of Control;

(vi)Any other action or inaction that constitutes a
material breach by the Company of this Agreement or any other agreement under
which the Executive provides services;

provided, however, that Good Reason shall not exist unless
the Executive has given written notice to the Company within ninety (90) days of
the initial existence of the Good Reason event or condition(s) giving specific
details regarding the event or condition; and unless the Company has had at
least thirty (30) days to cure such Good Reason event or condition after the
delivery of such written notice and has failed to cure such event or condition
within such thirty (30) day cure period."

3.Except as otherwise provided herein, the Agreement shall remain in
full force and effect in accordance with its original terms.

IN WITNESS WHEREOF, the parties have executed and delivered this
Amendment, or have caused this Amendment to be executed and delivered, to be
effective as of October 23, 2008.

 

	 	 	
CENTILLIUM COMMUNICATIONS, INC.

	
Date: ___________________________
	 	
By: _____________________________________

Name: 

Title: 

 

	 	 	
EXECUTIVE

	
Date: ___________________________
	 	
 _____________________________________

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