Document:

EX-10.25

This Consulting Agreement (the “Agreement”) is executed as of the date shown on the signature
page (the “Effective Date”), by and between FLG Partners, LLC, a California limited liability
company (“FLG”), and the entity identified on the signature page (“Client”).

RECITALS

WHEREAS, FLG is in the business of providing certain financial services;

WHEREAS, Client wishes to retain FLG to provide and FLG wishes to provide such services to Client
on the terms set forth herein;

NOW, THEREFORE, in consideration of the mutual covenants set forth herein, the parties hereto agree
as follows:

	1.	 	Services.

	 	A.	 	Commencing on the Effective Date, FLG will perform those services (the “Services”)
described in one or more Exhibits A attached hereto. Such services shall be performed by the
member or members of FLG identified in Exhibit A (collectively, the “FLG Member”).

	 	B.	 	Client acknowledges and agrees that FLG’s success in performing the Services hereunder will
depend upon the participation, cooperation and support of Client’s most senior management.

	 	C.	 	Notwithstanding anything in Exhibit A or elsewhere in this Agreement to the contrary,
neither FLG nor any of its members shall serve as an employee, a manager, or a director of
Client.

	 	D.	 	The Services provided by FLG and FLG Member hereunder shall not constitute an audit,
attestation, review, compilation, or any other type of financial statement reporting
engagement (historical or prospective) that is subject to the rules of the California Board
of Accountancy, the AICPA or other similar state or national licensing or professional
bodies. Client agrees that any such services, if required, will be performed separately by
its independent public accountants.

	 	E.	 	During the term of this Agreement, Client shall not hire or retain the FLG Member as an
employee, consultant or independent contractor except pursuant to this Agreement.

	2.	 	Compensation; Payment; Deposit; Expenses.

	 	A.	 	As compensation for Services rendered by FLG hereunder, Client shall pay FLG the amounts
set forth in Exhibit A for Services performed by FLG hereunder (the “Fees”). The Fees shall
be net of any and all taxes, withholdings, duties, customs, social contributions or other
reductions imposed by any and all authorities which are required to be withheld or collected
by Client, including ad valorem, sales or similar taxes, but excluding US income taxes based
upon FLG’s or FLG Member’s net taxable income.

	 	B.	 	As additional compensation to FLG, Client will pay FLG the incentive bonus or warrants or
options, if any, set forth in Exhibit A.

	 	C.	 	Client shall pay FLG all amounts owed to FLG under this Agreement upon Client’s receipt of
invoice, with no purchase order required. Any invoices more than thirty (30) days overdue
will accrue a late payment fee at the rate of one and 50/100 percent (1.5%) per month. FLG
shall be entitled to recover all costs and expenses (including, without limitation,
attorneys’ fees) incurred by it in collecting any amounts overdue under this Agreement.

	 	D.	 	Client hereby pays to FLG a deposit as set forth on Exhibit A (the “Deposit”) for Client’s
future payment obligations to FLG under this agreement, against which FLG shall charge
amounts owed to FLG under this Agreement. Upon termination of this Agreement, all amounts
then owing to FLG under this Agreement shall be charged against the Deposit and the balance
thereof, if any, shall be refunded to Client.

	 	E.	 	Within ten (10) days of Clients receipt of an expense report from FLG’s personnel
performing Services hereunder, Client shall immediately reimburse FLG personnel directly for
reasonable travel and out-of-pocket business expenses detailed in such expense report.

	3.	 	Relationship of the Parties. 

	 	A.	 	FLG’s relationship with Client will be that of an independent contractor and nothing in
this Agreement shall be construed to create a partnership, joint venture, or
employer-employee relationship. FLG is not the agent of Client and is not authorized to make
any presentation, contract, or commitment on behalf of Client unless specifically requested
or authorized to do so by Client in writing. FLG agrees that all taxes payable as a result
of compensation payable to FLG hereunder shall be FLG’s sole liability. FLG shall defend,
indemnify and hold harmless Client, Client’s officers, directors, employees and agents, and
the administrators of Client’s benefit plans from and against any claims, liabilities or
expenses relating to such taxes or compensation.

	4.	 	Term and Termination.

	 	A.	 	The term of this Agreement shall be for the period set forth in Exhibit A.

	 	B.	 	Either party may, at any time and without liability to the other, terminate this Agreement
upon thirty (30) days’ advance written notice to the other party.

	 	C.	 	Either party may terminate this Agreement immediately upon a material breach of this
Agreement by the other party and a failure by the other party to cure such breach within ten
(10) days of written notice thereof by the non-breaching party to the breaching party.

	 	D.	 	FLG shall have the right to terminate this Agreement immediately without advance written
notice (i) if Client is engaged in, or requests that FLG or the FLG Member undertake or
ignore any illegal or unethical activity, or (ii) upon the death or disability of the FLG
Member.

	 	E.	 	If at any time during the one (1) year period following termination of this Agreement
Client shall hire or retain the FLG Member as an employee, consultant or independent
contractor, AND in so doing induce, compel or cause FLG Member to leave FLG as a
precondition to commencing or continuing employment or consultancy with Client, Client shall
immediately pay to FLG in readily available funds a recruiting fee equal to the difference
between:

	 	i.	 	The annualized amount of Fees payable hereunder, which shall equal (A) 12
multiplied by the monthly rate, if this Agreement provides for Fees payable by monthly
rate, or (B) 2,080 multiplied by the hourly rate, if this Agreement provides for Fees
payable by hourly rate (the “Annualized Fee”), multiplied by twenty percent (20%); and

	 	ii.	 	the lesser of (A) twenty percent (20%) of the Annualized Fee or (B) the cumulative
amount of Fees paid by Client under this Agreement prior to termination of this
Agreement.

	5.	 	IRS Circular 230 Disclosure:

To ensure compliance with requirements imposed by the IRS effective June 20, 2005, we hereby
inform you that any tax advice offered during the course of providing, or arising out of, the
Services rendered pursuant to this Agreement, unless expressly stated otherwise, is not intended
or written to be used, and cannot be used, for the purpose of: (i) avoiding tax-related penalties
under the Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any
tax-related matter(s) said tax advice address(es).

	6.	 	DISCLAIMERS AND LIMITATION OF LIABILITY.

ALL SERVICES TO BE PROVIDED BY FLG AND FLG MEMBER (FOR PURPOSES OF THIS PARAGRAPH 6, COLLECTIVELY
“FLG”) HEREUNDER ARE PROVIDED “AS IS” WITHOUT ANY WARRANTY WHATSOEVER. CLIENT RECOGNIZES THAT THE
“AS IS” CLAUSE OF THIS AGREEMENT IS AN IMPORTANT PART OF THE BASIS OF THIS AGREEMENT, WITHOUT
WHICH FLG WOULD NOT HAVE AGREED TO ENTER INTO THIS AGREEMENT. FLG EXPRESSLY DISCLAIMS ALL OTHER
WARRANTIES, TERMS OR CONDITIONS, WHETHER EXPRESS, IMPLIED, OR STATUTORY, REGARDING THE
PROFESSIONAL SERVICES, INCLUDING ANY, WARRANTIES OF MERCHANTABILITY, TITLE, FITNESS FOR A
PARTICULAR PURPOSE AND INFRINGEMENT. NO REPRESENTATION OR OTHER AFFIRMATION OF FACT, REGARDING
THE SERVICES PROVIDED HEREUNDER SHALL BE DEEMED A WARRANTY FOR ANY PURPOSE OR GIVE RISE TO ANY
LIABILITY OF FLG WHATSOEVER.

IN NO EVENT SHALL FLG BE LIABLE FOR ANY INCIDENTAL, INDIRECT, EXEMPLARY, SPECIAL, PUNITIVE OR
CONSEQUENTIAL DAMAGES, UNDER ANY CIRCUMSTANCES, INCLUDING, BUT NOT LIMITED TO: LOST PROFITS;
REVENUE OR SAVINGS; OR THE LOSS OF USE OF ANY DATA, EVEN IF CLIENT OR FLG HAVE BEEN ADVISED OF,
KNEW, OR SHOULD HAVE KNOWN, OF THE POSSIBILITY THEREOF. NOTWITHSTANDING ANYTHING IN THIS
AGREEMENT TO THE CONTRARY, FLG’S AGGREGATE CUMULATIVE LIABILITY HEREUNDER, WHETHER IN CONTRACT,
TORT, NEGLIGENCE, MISREPRESENTATION, STRICT LIABILITY OR OTHERWISE, SHALL NOT EXCEED AN AMOUNT
EQUAL TO TWO (2) MONTHS OF FEES PAYABLE BY CLIENT UNDER PARAGRAPH 2(A) OF THIS AGREEMENT. CLIENT
ACKNOWLEDGES THAT THE COMPENSATION PAID BY IT UNDER THIS AGREEMENT REFLECTS THE ALLOCATION OF RISK
SET FORTH IN THIS AGREEMENT AND THAT FLG WOULD NOT ENTER INTO THIS AGREEMENT WITHOUT THESE
LIMITATIONS ON ITS LIABILITY.

	 	A.	 	As a condition for recovery of any amount by Client against FLG, Client shall give FLG
written notice of the alleged basis for liability within ninety (90) days of discovering the
circumstances giving rise thereto, in order that FLG will have the opportunity to investigate
in a timely manner and, where possible, correct or rectify the alleged basis for liability;
provided that the failure of Client to give such notice will only affect the rights of Client
to the extent that FLG is actually prejudiced by such failure. Notwithstanding anything
herein to the contrary, Client must assert any claim against FLG by the later of 365 days
after discovery, 365 days after the termination of this Agreement, or 365 days after the last
date on which the Services were performed.

	7.	 	Indemnification.

	 	A.	 	FLG and FLG Member acting in relation to any of the affairs of Client shall, to the fullest
extent permitted by law, as now or hereafter in effect, be indemnified and held harmless, and
such right to indemnification shall continue to apply to FLG and FLG Member following the
term of this Agreement out of the assets and profits of the Client from and against all
actions, costs, charges, losses, damages, liabilities and expenses which FLG or FLG Member,
or FLG’s or FLG Member’s heirs, executors or administrators, shall or may incur or sustain by
or by reason for any act done, concurred in or omitted in or about the execution of FLG’s or
FLG Member’s duty or services performed on behalf of Client; and Client shall indemnify FLG
and FLG member for attorney’s fees, costs and expenses in connection with litigation related
to the foregoing on the same basis as such advancement would be available to the Client’s
officers and directors, PROVIDED THAT Client shall not be obligated to make payments to any
person (i) in connection with a proceeding (or part thereof) initiated by such person unless
such proceeding (or part thereof) was authorized or consented to by the Board or (ii) in
respect of any gross negligence or willful misconduct which may attach to any such persons.

	 	B.	 	FLG and FLG Member shall have no liability to Client relating to the performance of its
duties under this agreement except in the event of FLG’s or FLG Member’s gross negligence or
willful misconduct.

	 	C.	 	FLG and FLG Member agree to waive any claim or right of action FLG or FLG Member might have
whether individually or by or in the right of Client, against any director, secretary and
other officers of Client and the liquidator or trustees (if any) acting in relation to any of
the affairs of Client and every one of them on account of any action taken by such director,
officer, liquidator or trustee or the failure of such director, officer, liquidator or
trustee to take any action in the performance of his duties with or for Client; PROVIDED THAT
such waiver shall not extend to any matter in respect of any gross negligence or willful
misconduct which may attach to any such persons.

	8.	 	Representations and Warranties.

	 	A.	 	Each party represents and warrants to the other that it is authorized to enter into this
Agreement and can fulfill all of its obligations hereunder.

	 	B.	 	FLG and FLG Member warrant that they shall perform the Services diligently, with due care,
and in accordance with prevailing industry standards for comparable engagement and the
requirements of this Agreement. FLG and FLG Member warrant that FLG Member has sufficient
professional experience to perform the Services in a timely and competent manner.

	 	C.	 	Each party represents and warrants that it has and will maintain a policy or policies of
insurance with reputable insurance companies providing the members, officers and directors,
as the case may be, of itself with coverage for losses from wrongful acts.

	9.	 	Miscellaneous.

	 	A.	 	Any notice required or permitted to be given by either party hereto under this Agreement
shall be in writing and shall be personally delivered or sent by a reputable courier mail
service (e.g., Federal Express) or by facsimile confirmed by reputable courier mail service,
to the other party as set forth in this Paragraph 9(A). Notices will be deemed effective two
(2) days after deposit with a reputable courier service or upon confirmation of receipt by
the recipient from such courier service or the same day if sent by facsimile and confirmed as
set forth above.

If to FLG:

Jeffrey S. Kuhn

Managing Partner

FLG Partners, LLC

P.O. Box 556

7 East Road

Ross, CA 94957-0556

Tel: 415-454-5506

Fax: 415-456-1191

E-mail: jeff@flgpartners.com

If to Client: the address, telephone numbers and email address shown below Client’s
signature on the signature page.

	 	B.	 	This Agreement will be governed by and construed in accordance with the laws of California
without giving effect to any choice of law principles that would require the application of
the laws of a different jurisdiction.

	 	C.	 	Any claim, dispute, or controversy of whatever nature arising out of or relating to this
Agreement (including any other agreement(s) contemplated hereunder), including, without
limitation, any action or claim based on tort, contract, or statute (including any claims of
breach or violation of statutory or common law protections from discrimination, harassment
and hostile working environment), or concerning the interpretation, effect, termination,
validity, performance and/or breach of this Agreement (“Claim”), shall be resolved by final
and binding arbitration before a single arbitrator (“Arbitrator”) selected from and
administered by the San Francisco office of JAMS (the “Administrator”) in accordance with its
then existing commercial arbitration rules and procedures. The arbitration shall be held in
the San Mateo County, California. The Arbitrator shall, within fifteen (15) calendar days
after the conclusion of the Arbitration hearing, issue a written award and statement of
decision describing the essential findings and conclusions on which the award is based,
including the calculation of any damages awarded. The Arbitrator also shall be authorized to
grant any temporary, preliminary or permanent equitable remedy or relief he or she deems just
and equitable and within the scope of this Agreement, including, without limitation, an
injunction or order for specific performance. Each party shall bear its own attorney’s fees,
costs, and disbursements arising out of the arbitration, and shall pay an equal share of the
fees and costs of the Administrator and the Arbitrator; provided, however, the Arbitrator
shall be authorized to determine whether a party is the prevailing party, and if so, to award
to that prevailing party reimbursement for its reasonable attorneys’ fees, costs and
disbursements, and/or the fees and costs of the Administrator and the Arbitrator. The
Arbitrator’s award may be enforced in any court of competent jurisdiction. Notwithstanding
the foregoing, nothing in this Paragraph 9(C) will restrict either party from applying to any
court of competent jurisdiction for injunctive relief.

	 	D.	 	Neither party may assign its rights or delegate its obligations hereunder, either in whole
or in part, whether by operation of law or otherwise, without the prior written consent of
the other party; provided, however, that FLG may assign its rights to receive Fees hereunder
to any affiliate of FLG. The rights and liabilities of the parties under this Agreement will
bind and inure to the benefit of the parties’ respective successors and permitted assigns.

	 	E.	 	If any provision of this Agreement, or the application thereof, shall for any reason and to
any extent be invalid or unenforceable, the remainder of this Agreement and application of
such provision to other persons or circumstances shall be interpreted so as best to
reasonably effect the intent of the parties. The parties further agree to replace such void
or unenforceable provision of this Agreement with a valid and enforceable provision which
will achieve, to the extent possible, the economic, business and other purposes of the void
or unenforceable provision.

	 	F.	 	This Agreement, the Exhibits, and any executed Non-Disclosure Agreements specified therein
and thus incorporated by reference, constitute the entire understanding and agreement of the
parties with respect to the subject matter hereof and thereof and supersede all prior and
contemporaneous agreements or understandings, express or implied, written or oral, between
the parties with respect hereto. The express terms hereof control and supersede any course
of performance or usage of the trade inconsistent with any of the terms hereof.

	 	G.	 	Any term or provision of this Agreement may be amended, and the observance of any term of
this Agreement may be waived, only by a writing signed by the parties. The waiver by a party
of any breach hereof for default in payment of any amount due hereunder or default in the
performance hereof shall not be deemed to constitute a waiver of any other default or
succeeding breach or default.

	 	H.	 	Upon completion of the engagement hereunder and with Client’s written consent, which shall
not be unreasonably withheld, FLG may place customary “tombstone” advertisements using
Client’s logo and name in publications of FLG’s choice at its own expense, and/or cite the
engagement in similar fashion on FLG’s website.

	 	I.	 	If and to the extent that a party’s performance of any of its obligations pursuant to this
Agreement is prevented, hindered or delayed by fire, flood, earthquake, elements of nature or
acts of God, acts of war, terrorism, riots, civil disorders, rebellions or revolutions, or
any other similar cause beyond the reasonable control of such party (each, a “Force Majeure
Event”), and such non-performance, hindrance or delay could not have been prevented by
reasonable precautions of the non-performing party, then the non-performing, hindered or
delayed party shall be excused for such non-performance, hindrance or delay, as applicable,
of those obligations affected by the Force Majeure Event for as long as such Force Majeure
Event continues and such party continues to use its best efforts to recommence performance
whenever and to whatever extent possible without delay, including through the use of
alternate sources, workaround plans or other means.

	 	J.	 	This Agreement may be executed in any number of counterparts and by the parties on separate
counterparts, each of which when executed and delivered shall constitute an original, but all
the counterparts together constitute one and the same instrument.

	 	K.	 	This Agreement may be executed by facsimile signatures (including electronic versions of
this document in Adobe Acrobat Portable Document Format form which contain either scanned or
secure, digitally signed signatures) by any party hereto and such signatures shall be deemed
binding for all purposes hereof, without delivery of an original signature being thereafter
required.

L. Survivability. The following paragraphs shall survive the termination of this
Agreement: 6; 7; 8; 9(A); 9(B); 9(C) and 9(H).

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective
Date.

	 	 	 
	CLIENT:

	 	

	SMART Modular Technologies (WWH), Inc.,

a Cayman Islands company, and its subsidiaries.

By: Iain MacKenzie

Signed: /s/ Iain MacKenzie

	 	

FLG:
	Title: President & CEO

Address: 4211 Starboard Drive

Fremont CA 94538

Tel: 510-623-1231

Fax: 510-623-1434

Email: iain.mackenzie@smartm.com

	 	FLG Partners, LLC,

a California limited liability company.

By: Jeffrey S. Kuhn

Signed: /s/ Jeffrey S. Kuhn

Title: Managing Partner

Effective Date: April 30, 2008

REMAINDER OF THIS PAGE LEFT BLANK

1

EXHIBIT A

	 	1.	 	Description of Services: CFO services typical for a publicly-held corporation,
including management of Client’s corporate IT function, possible M&A and other business
development activities, and such other responsibilities as may be mutually agreed.

	 	2.	 	FLG Member: Michael J. Gennaro.

	 	3.	 	Fees: $350 per hour, subject to a monthly cap of $61,000, which cap shall not
be exceeded in any given month without prior written or email approval from Client’s CEO.

	 	4.	 	Additional Compensation: None.

	 	5.	 	Deposit: $10,000.00.

	 	6.	 	Term: 90 days, extendable in such other interval as may be mutually agreed in
writing.

	 	7.	 	Non-Disclosure Agreement:

	 	a.	 	FLG-Client Mutual Non-Disclosure Agreement dated April 2, 2008,
incorporated herein by reference.

REMAINDER OF THIS PAGE LEFT BLANK

2ex10w1

 

    Exhibit 10.1

 

    Lease
    

 

    referring to the agreement “Amendment”/supplement of
    19 December 2006 (“Principal Lease” relating to
    Hafenstr. 9)

 

    between

 

    Fresenius Immobilien-Verwaltungs-GmbH & Co, Objekt
    Schweinfurt KG

    (hereinafter referred to as “the Lessor”)

 

    and

 

    Fresenius Medical Care Deutschland GmbH, Bad Homburg
    v.d.H.

 

    (hereinafter referred to as “the Lessee”)

 

    it is today on 6 February 2008 agreed with effect from
    7 October 2007 as a further supplementary part of the
    agreement as follows:

 

    §1
    Subject Matter of the Lease

 

    The Lessor has, at the request of the Lessee, acquired the
    property Hans-Böckler-Str. 4 in Schweinfurt from Mezger
    Holding GmbH & Co. KG. The Lessee has taken over the
    property in a condition compliant with contract. The property is
    leased in the meaning of the Valuation Act including buildings
    without operational equipment.

 

    § 2
    Rent and Service Charges

 

    The existing rent fixed in the Principal Lease therefore
    increases for the Subject Matter described in § 1 by
    EUR 15,033 net monthly plus statutorily applicable VAT at
    19% amounting to EUR 2,856.27. The statutorily applicable tax
    rate from time to time applies to this additional rent and the
    VAT payable in addition to the rent and service charges.

 

    § 3
    Term/Application of the Principal Lease

 

    This Lease commences on 01.10.2007 and supplements the aforesaid
    Principal Lease. For the property Hans-Böckler-Str. 4, all
    provisions of the Principal Lease of 19.12.2006 and its
    references to other agreements of the parties apply accordingly.
    This applies expressly also for all amendments and supplements
    to the Principal Lease in particular extensions or a new
    conclusion of the Principal Lease irrespective of when they may
    have been agreed.

 

    § 4
    Written Form/Saving Clause

 

    Any amendment or addition to this Lease requires written form.
    That also applies to the dispensation with the written form. If
    any provision of this supplement and/or the Principal Lease is
    or becomes invalid, that shall not affect the Lease as a whole.
    The parties undertake in each such case even in repeated
    instances, to agree an amendment or supplement to the Lease in
    accordance with what was financially intended.

 

    Bad Homburg v.d.H. 6 February 2008

 

    Fresenius Immobilien-Verwaltungs-GmbH & Co, Objekt
    Schweinfurt KG

    as Lessor

 

    represented by Fresenius Immobilien-Verwaltungs-GmbH as
    general partner

 

	 	 	 
	

    Signature

	
 
	

    Signature

	 

	
    Dr. Jürgen Götz
	
 
	
    Dr. Karl-Dieter Schwab

	
    Managing director
	
 
	
    Managing director

 

    Fresenius Medical Care Deutschland GmbH, Bad Homburg
    v.d.H.

    as Lessee

 

	 	 	 
	

    Signature

	
 
	

    Signature

	 

	
    Dr. Emmanuel Gatti
	
 
	
    pp. Dr. Rainer Runte

	
    Managing director
	
 
	
    Procurist

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