Document:

Stock Repurchase Agreement

 Exhibit 10.24 
 MAXLINEAR, INC. 
 STOCK REPURCHASE AGREEMENT 

This Stock Repurchase Agreement (this “Agreement”) is made as of October 31, 2012, by and among MaxLinear, Inc., a
Delaware corporation (the “Company”), U.S. Venture Partners VIII, L.P., USVP VIII Affiliates Fund, L.P., USVP Entrepreneur Partners VIII-A, L.P. and USVP Entrepreneur Partners VIII-B, L.P. (collectively, “USVP”),
each as set forth on Exhibit A, attached hereto (the “Selling Stockholders”). 
 WHEREAS, USVP currently
holds 2,396,571 shares of Class B Common Stock of the Company (the “Class B Stock” or the “Common Stock”). 
 WHEREAS, the Company has elected to exercise certain rights of repurchase relating to the Class B Stock as set forth in Section 4 of the Stock Repurchase Agreement, dated as of August 21,
2012, among the Company, USVP, and affiliated funds of Mission Ventures. 
 WHEREAS, the Selling Stockholders desire to sell an
aggregate of 500,000 shares of Common Stock in the individual amounts set forth opposite each Selling Stockholder’s name as set forth on Exhibit A, and the Company desires to repurchase such Common Stock from each of the Selling
Stockholders on the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the mutual promises and
covenants set forth in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 

1. Sale and Purchase of Common Stock.  
 1.1 Sale of Common Stock. Subject to the terms and conditions of this Agreement, the Selling Stockholders hereby agree to sell to the Company, and the Company hereby agrees to purchase from the
Selling Stockholders, an aggregate of 500,000 shares of Common Stock in the individual amounts set forth opposite each Selling Stockholder’s name as set forth on Exhibit A. 

1.2 Consideration. The purchase price per share for such Class B Stock shall equal the closing price of the Company’s
Class A Common Stock in trading on the New York Stock Exchange on the first day following the date of this Agreement on which the New York Stock Exchange is open for trading. 

1.3 Closing. The closing shall occur as soon as soon as practicable following the date of this Agreement (the
“Closing”). 
 1.3.1. USVP. On the day of Closing, USVP must cause to be delivered to
Computershare (i) stock powers for that number of shares of Class B Stock to be sold under this Agreement with medallion guarantees in a form acceptable to Computershare and (ii) a certificate of incumbency or partnership certification
stamp. The Company shall caused to be delivered to Computershare (i) an opinion of counsel informing Computershare to remove the restrictive legends from the Class B Stock, and (ii) an instruction letter from the Company, which letter
should direct Computershare to cancel the Class B Stock. 
 1.3.2 Payment. On the day of Closing, upon
confirmation that the Common Stock has been cancelled, the Company shall deliver payment for the Common Stock by wire transfer in accordance with instructions from the Selling Stockholders. 

 2. Representations and Warranties of the Selling Stockholder. The Selling
Stockholders hereby represent and warrant to the Company as follows: 
 2.1 Title to Common Stock. As of immediately
prior to the Closing, the Selling Stockholders hold the Common Stock, free and clear of any pledge, lien, security interest, encumbrance, claim or equitable interest other than pursuant to this Agreement. 

2.2 Authority; Enforceability. The Selling Stockholders have full power and authority to enter into, and perform their obligations
under this Agreement, including their obligations to sell, assign, transfer and deliver the Common Stock under this Agreement, and have taken all action necessary to authorize the transactions effected hereby. This Agreement has been duly and
validly executed and delivered by, and is the valid, legal and binding obligation of, the Selling Stockholders, enforceable in accordance with its terms. The execution, delivery and performance of this Agreement and the consummation of the
transactions contemplated hereby (i) will not violate any rule, regulation, judgment, decree or order by which the Selling Stockholders may be bound and (ii) will not require on the part of the Selling Stockholders any filing with, or any
permit, authorization, consent or approval of, any court, arbitrational tribunal, administrative agency or commission or other governmental or regulatory authority or agency, except for the filing of such notices as may be required under the
Securities Act of 1933, as amended, and such filings as may be required under applicable state securities laws. 
 2.3 No
Conflicts. The performance of this Agreement and the consummation of the transactions contemplated hereby will not result in a material breach or violation by the Selling Stockholders of any of the terms or provisions of, or constitute a
material default by the Selling Stockholders under, any indenture, mortgage, deed of trust, trust (constructive or other), loan agreement, lease, franchise, permit, authorization, license or other agreement or instrument to which the Selling
Stockholders are a party or by which the Selling Stockholders or any of their properties may be bound, or any judgment, decree, order, rule or regulation of any court of governmental agency or body applicable to the Selling Stockholders or any of
their properties. 
 2.4 No Legal, Tax, or Investment Advice. The Selling Stockholders have had an opportunity to review
the federal, state, local, and foreign tax consequences of its sale of the Common Stock to the Company. The Selling Stockholders understand that nothing in this Agreement or any other materials presented to the Selling Stockholders in connection
with the sale and purchase of the Common Stock constitutes legal, tax, or investment advice. The Selling Stockholders have consulted such legal, tax, and investment advisors as the Selling Stockholders, in their sole discretion, have deemed
necessary or appropriate in connection with the sale of the Common Stock hereunder. The Selling Stockholders acknowledge that they shall be responsible for their own tax liability that may arise as a result of its sale of the Common Stock to the
Company or the transactions contemplated by this Agreement. 
 3. Representations and Warranties of the Company.
The Company hereby represents and warrants to the Selling Stockholders as follows: 
 3.1 Authority;
Enforceability. The Company has full power and authority to enter into, and perform its obligations under this Agreement, including its obligation to purchase the Common Stock under this Agreement, and has taken all action necessary to authorize
the transactions effected hereby. This Agreement has been duly and validly executed and delivered by, and is the valid, legal and binding obligation of, the Company, enforceable in accordance with its terms except as such enforceability may be
limited by laws of general application relating to bankruptcy, insolvency, reorganization or other similar laws affecting 

  
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the enforcement of creditors’ rights generally and general principles of equity. The execution, delivery and performance of this Agreement and the consummation of the transactions
contemplated hereby (i) will not violate any rule, regulation, judgment, decree or order by which the Company may be bound and (ii) will not require on the part of the Company any filing with, or any permit, authorization, consent or
approval of, any court, arbitrational tribunal, administrative agency or commission or other governmental or regulatory authority or agency, except for the filing of such notices as may be required under the Securities Act of 1933, as amended, and
such filings as may be required under applicable state securities laws. 
 3.2 No Conflicts. The performance of this
Agreement and the consummation of the transactions contemplated hereby will not result in a material breach or violation by the Company of any of the terms or provisions of, or constitute a material default by the Company under, any indenture,
mortgage, deed of trust, trust (constructive or other), loan agreement, lease, franchise, permit, authorization, license or other agreement or instrument to which the Company is a party or by which the Company or any of its properties may be bound,
or any judgment, decree, order, rule or regulation of any court of governmental agency or body applicable to the Company or any of its properties. 
 4. Other Agreements. Intentionally left blank. 
 5.
Closing Conditions. 
 5.1 Conditions to Company’s Obligations. Company’s obligation
to purchase the Common Stock at the Closing is subject to the fulfillment to Company’s satisfaction on or prior to the Closing of the following conditions, any of which may be waived in whole or in part by Company: 

5.1.1 The representations and warranties made by the Selling Stockholders in Section 2 hereof shall be true and correct when made
and as of the Closing. 
 5.1.2 All covenants, agreements and conditions contained in this Agreement to be performed by the
Selling Stockholders on or prior to the Closing shall have been performed or complied with. 
 5.1.3 No action shall have been
taken and no statute, rule, regulation or order shall have been enacted, promulgated or issued or deemed applicable to the proposed transactions by any legislature, administrative agency, court or other governmental authority which would make
consummation of the proposed transactions pursuant to this Agreement illegal or render Company or the Selling Stockholders unable to consummate the proposed transactions. 
 5.2 Conditions to Obligations of the Selling Stockholders. The obligations of the Selling Stockholders to sell and convey the Common Stock at the Closing is subject to the fulfillment
to the satisfaction of the Selling Stockholders, on or prior to the Closing of the following conditions, any of which may be waived in whole or in part by the Selling Stockholders: 

5.2.1 The representations made by Company in Section 3 hereof shall be true and correct when made and as of the Closing. 

5.2.2 All covenants, agreements and conditions contained in this Agreement to be performed by Company on or prior to the Closing shall
have been performed or complied with. 

  
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 5.2.3 No action shall have been taken and no statute, rule, regulation or order shall have
been enacted, promulgated or issued or deemed applicable to the proposed transactions by any legislature, administrative agency, court or other governmental authority which would make consummation of the proposed transactions pursuant to this
Agreement illegal or render Company or Seller unable to consummate the proposed transactions. 
 6. Miscellaneous.

 6.1 Governing Law. This Agreement shall be governed in all respects by the laws of the State of Delaware, without
regard to any provisions thereof relating to conflicts of laws among different jurisdictions. 
 6.2 Successors and Assigns.
Except as otherwise provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto. 

6.3 Entire Agreement; Amendment. This Agreement constitutes the full and entire understanding and agreement among the parties with
regard to the subjects hereof. Neither this Agreement nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument signed by the Company and the Selling Stockholders. 

6.4 Notices, Etc. All notices and other communications required or permitted hereunder shall be given in writing and shall be
personally delivered; sent by facsimile transmission or electronic transmission; or sent by registered or certified U.S. mail, return receipt requested and postage prepaid; or by private overnight mail courier service, as follows: 

 

	 	(i)	If to the Company, to: 

MaxLinear, Inc. 
 2051 Palomar Airport Road, Suite 100 
 Carlsbad, CA 92011 

Attention: Chief Financial Officer 
 Facsimile: (760) 444-8598 
 Email: aspice@maxlinear.com 

(with a copy to) 
 Wilson Sonsini Goodrich & Rosati 
 Professional Corporation 

12235 El Camino Real, Suite 200 
 San Diego, CA 92130 
 Attention: Robert Kornegay 

Facsimile: (858) 350-2399 
 Email: rkornegay@wsgr.com 
  

	 	(ii)	If to the Selling Stockholders, at such address as set forth on the signature pages hereto. 

  
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 or to such other person or address as any party shall have specified by notice in writing
to the other parties. If personally delivered, such communication shall be deemed delivered upon actual receipt; if sent by facsimile transmission or electronic transmission, such communication shall be deemed delivered the day of the transmission
or, if the transmission is not made on a business day before 5:00 p.m. at the place of receipt, the first business day after transmission (and sender shall bear the burden of proof of delivery); if sent by U.S. mail, such communication shall be
deemed delivered as of the date of delivery indicated on the receipt issued by the relevant postal service or, if the addressee fails or refuses to accept delivery, as of the date of such failure or refusal; and if sent by overnight courier, such
communication shall be deemed delivered upon receipt. 
 6.5 Delays or Omissions. No delay or omission to exercise any
right, power or remedy accruing to any party hereto under this Agreement upon the breach or default of any other party hereto under this Agreement shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any such
breach or default, or an acquiescence therein, or of, or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter
occurring. Any waiver, permit, consent or approval of any kind or character on the part of a party hereto under this Agreement of any breach or default under this Agreement, or any waiver on the part of any party hereto of any provisions or
conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing or as provided in this Agreement. All remedies, either under this Agreement or by law or otherwise afforded to a party
hereto, shall be cumulative and not alternative. 
 6.6 Expenses. The Company and the Selling Stockholders shall each pay
their own expenses, including any legal expenses, in connection with the transactions contemplated by this Agreement. 
 6.7
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be enforceable against the parties actually executing such counterparts, and all of which together shall constitute one instrument. 

6.8 Severability. In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to
be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision. 

(Signature pages follows) 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first
above written. 
  

			
	COMPANY:
	
	MAXLINEAR, INC.
	a Delaware corporation
		
	By:	 	 /s/ Adam Spice

	Name:	 	 Adam Spice

	Title:	 	 Vice President and Chief Financial Officer

 [Signature Page to Stock Repurchase Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first
above written. 
  

					
	SELLING STOCKHOLDERS:
	
	U.S. VENTURE PARTNERS VIII, L.P.
	USVP VIII AFFILIATES FUND, L.P.
	USVP ENTREPRENEUR PARTNERS VIII-A, L.P.
	USVP ENTREPRENEUR PARTNERS VIII-B, L.P.
		
	By:	 	Presidio Management Group VIII, L.L.C
	The General Partner of Each
		
	By:	 	 /s/ Michael Maher

		 	     Michael Maher
		 	     Attorney-In-Fact
			
		 		 	Address: 2735 Sand Hill Road
		 		 	Menlo Park, CA 94025
		 		 	Phone: 650-854-9080
		 		 	Fax: 650-854-3018
		 		 	Email: deals@usvp.com

 [Signature Page to Stock Repurchase Agreement] 

 EXHIBIT A 
 Selling Stockholders 
  

							
	 Entity
	  	Type of Stock	  	Number of Shares	 
	 U.S. Venture Partners VIII, L.P.
	  	Class B Common
Stock	  	 	488,481	  
	 USVP VIII Affiliates Fund, L.P.
	  	Class B Common
Stock	  	 	4,715	  
	 USVP Entrepreneur Partners VIII-A, L.P.
	  	Class B Common
Stock	  	 	4,515	  
	 USVP Entrepreneur Partners VIII-B, L.P.
	  	Class B Common
Stock	  	 	2,289	  
		  	Total	  	 	500,000f8k102912ex10i_solitron.htm

Exhibit 10.1

 

SETTLEMENT AGREEMENT AND RELEASE

 

This Settlement Agreement and Release (hereinafter the “Agreement”) is made this 29th day of October, 2012, and is entered into by and between: (i) Solitron Devices, Inc., its affiliates, agents, and representatives  (collectively, “Solitron”), and (ii) Police and Fire Retirement System of City of Detroit, its affiliates, agents and representatives (collectively, the "PFRS") (Solitron and PFRS shall sometimes collectively be referred to herein as the “Parties” or separately as a “Party”).

 

WHEREAS, on January 24, 1992 (the "Petition Date"), Solitron and its wholly-owned subsidiary, Solitron Specialty Products, Inc. f/k/a Solitron Microwave, Inc., a Delaware corporation ("Solitron Specialty"), filed voluntary petitions seeking reorganization under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of Florida, Miami Division (the "Bankruptcy Court").

 

WHEREAS, Solitron and Solitron Specialty were subsequently consolidated by entry of an order by the Bankruptcy Court and were jointly administered under Case No. 92-30190-BKC-RAM (the "Bankruptcy Case").

 

WHEREAS, PFRS filed a secured claim against the consolidated estate of Solitron in the amount of $3,017,791.00 (Claim No. 68-1) (the "PFRS Claim").

 

WHEREAS, the PFRS Claim was ultimately allowed as a general unsecured claim in the amount of $3,017,791.00 (the "Allowed PFRS Claim").

 

WHEREAS, on August 20, 1993, the Bankruptcy Court entered an Order (the "Confirmation Order") confirming Solitron's Fourth Amended Plan of Reorganization, as modified by Solitron's First Modification of Fourth Amended Plan of Reorganization (the "Plan of Reorganization") pursuant to which the Debtor was to pay general unsecured claims a thirty-five percent (35%) distribution over time.

 

  

 

  

 

WHEREAS, as of the date of this Agreement, Solitron has paid PFRS the sum of $359,653.27 on account of the Allowed PFRS Claim.

 

WHEREAS, Solitron believes that subsequent to the entry of the Confirmation Order it reached an agreement with the Unsecured Creditors Committee to pay a lower amount with respect to all Allowed Claims than set forth in the Plan of Reorganization, but PFRS disputes this contention.

 

WHEREAS, the Parties, desire to settle their dispute and all liability existing between the Parties, have participated in good-faith settlement negotiations, and have reached a settlement, the terms of which they now have set forth in this Settlement Agreement.

 

NOW, THEREFORE, in consideration of the premises aforesaid and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby stipulate and agree as follows:

 

1.      Settlement Payment.  In full and final satisfaction of the Allowed PFRS Claim filed in the Bankruptcy Case, Solitron shall pay PFRS a lump sum payment of $475,000.00, by wire transfer.  The Settlement Payment shall be delivered by Solitron within ten (10) days of both Parties’ execution of the Agreement.

 

2.      Attorneys’ Fees and Costs.  Except as otherwise expressly provided in this Agreement each Party shall bear his or its own attorneys’ fees and costs incurred in regard to all matters arising out of or relating to this Agreement.

 

  

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3.      Mutual Release/Waiver. For and in consideration of the agreements contained herein, each Party, its agents, affiliates, representatives, and any successors-in-interest  release, acquit, waive, and forever discharge the other Party and its agents, affiliates,  representatives, servants, employees, administrators, attorneys, insurers, reinsurers, successors-in-interest, predecessors and assigns from any and all past, present and future complaints, claims, charges, rights, claims for relief, administrative charges or claims, demands, damages, costs, losses, expenses, attorneys' fees, suits, actions or causes of action, whether in law or in equity, with respect to the Allowed PFRS Claim or any payments due and owing under the Plan of Reorganization.  It is the intention of the parties that the payment being made pursuant to this Agreement is in full and final satisfaction of the Allowed PFRS Claim and that upon making the payment required hereunder, Solitron will have satisfied all of its obligations under the Plan of Reorganization to PFRS.

 

4.      Binding Effect.  This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and assigns.

 

5.      Entire Agreement.  This Agreement constitutes the entire agreement of the Parties as to  its subject matter. The undersigned acknowledge that there are no communications or oral understandings that are contrary to, different from, or that in any way restrict this Agreement, and that all prior agreements or understandings within the scope of the subject matter of this Agreement are, upon the execution and delivery of this Agreement, superseded and void.

 

6.      Amendments.  No waiver, modification or amendment of the terms of this Agreement shall be valid or binding unless made in writing, signed by the party to be charged and then only to the extent set forth in such written waiver, modification, or amendment.

 

  

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7.      Counterparts.  The Parties may execute this Agreement in whole or counterparts, and execution of counterparts shall have the same force and effect as if the Parties had signed the same instrument. Signatures transmitted electronically or by facsimile shall have the same effect as original signatures.

 

8.      Choice of Law.  This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Florida, without regard to its conflict of law principles.

 

9.      Neutral Interpretation.  In the event any dispute arises among the Parties with regard to the interpretation of any term of this Agreement, all of the Parties shall be considered collectively to be the drafting party and any rule of construction to the effect that ambiguities are to be resolved against the drafting party shall be inapplicable.

 

10.     Authority.  Each Party to this Agreement warrants and represents that the person signing this Agreement on its behalf is duly authorized to enter into this Agreement on behalf of such party. Each Party signing this Agreement separately acknowledges and represents that this representation and warranty is an essential and material provision of this Agreement and shall survive execution of this Agreement.

 

11.    Advice of Counsel. The Parties acknowledge that they have been represented by counsel of their own choice in the negotiations leading up to the execution of this Agreement and that they have read this Agreement and have had the opportunity to receive an explanation from legal counsel regarding its legal effect, and each Party has had it fully explained to them by their counsel and understands the terms and provisions of this Agreement and its nature and effect. Each Party further represents that they are entering into this Agreement freely and voluntarily, relying solely upon the advice of their own counsel, and not relying on the representation of any other Party or of counsel for any other Party.

 

  

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12.    Acknowledgement. This Agreement was executed after arm’s length negotiations between the Parties and their respective counsel, and reflects the conclusion of each Party that this Agreement is in its best interest.

 

13.    Divisions and Headings. The divisions of this Agreement into sections and subsections and the use of captions and headings are solely for convenience and shall have no legal effect in construing the provisions of this Settlement Agreement.

 

14.    Enforcement; Time is of the Essence.  Should either Party be required to bring an action to enforce any aspect of this Agreement, that party shall be entitled to recover reasonable attorney's fees and costs incurred in connection with that enforcement.  The Parties acknowledge that time is of the essence of this Agreement.  

 

IN WITNESS HEREOF, the undersigned, being duly authorized, have caused this Agreement to be executed as of the date shown above.

 

	 	

Police and Fire Retirement System of the City of Detroit

 

	 	By	/s/ Matt Gnatek	 

 

	 	Name:	 	Matt Gnatek

 

	 	Title:	 	Trustee

 

	 	By	

 /s/ David Cetlinski

	 

 

	 	Name:	 	David Cetlinski

                            

	 	Title:	 	Asst. Executive Director

                                         

	 	

Solitron Devices, Inc.

	 
	 	 	 	 
	
 

	
By

	/s/ Shevach Saraf	 
	 	 	Shevach Saraf	 
	 	 	Chairman, President, Chief Executive Officer,	 
	 	 	Treasurer, and Chief Financial Officer	 

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