Document:

exv10w22

 

Exhibit 10.22

[SONICS LETTERHEAD]

August 24, 2007

Richard P. Schneider

C/O Easton Hunt Capital Partners, L.P.

767 Third Avenue, 7th Floor

New York, NY 10017

	 	 	 	 	 
	 

	 	Re:
	 	Restructuring of Sonics, Inc. Board of Directors

Dear Richard:

          This is by way of follow-up to our recent telephone conversation regarding the restructuring
of Sonics’ Board of Directors necessitated by our proposed initial public offering. I very much
appreciate your understanding and support of Sonics’ interests in this regard.

          As we discussed, in light of the IPO, the Board needs to be restructured to be an appropriate
public company board of directors. In addition, I personally want to add members to whom I and
others in management can look for advice regarding our new (and extensive) legal and business
obligations.

          Our goal is to end up with a five-person Board with the following composition:

          (i) the CEO; and

          (ii) four independent directors, so that a majority of the board is not part of either
management or the current investor group.

          Toward this end, I want to confirm your agreement to the following:

          1. Prior to the initial filing of a registration statement on Form S-1 with the Securities
and Exchange Commission with respect to our IPO, Mark Chen shall resign from the Board effective at
the latest to occur of (a) 60 days following the closing of our IPO, or (b) the date where a
majority of Sonics’ Board votes to accept such resignation.

          2. Easton Hunt Capital Partners, L.P. (“Easton”) agrees, pending the reduction in the size of
the Sonics Board described below, to designate for election pursuant to Section 4(c) of the Voting
Agreement, and to vote Easton’s shares (at any regular or special stockholders’ meeting or by
giving written consent) for the election of, the nominee selected by Sonics Board (or its
Nominating Committee, as applicable).

          3. Easton further agrees to vote its shares (at any regular or special stockholders’ meeting
or by giving written consent) to reduce the size of the Sonics Board and the number of directors to
be elected by the holders of Sonics’ Series C Preferred Stock as set forth in the Certificate of
Incorporation and/or Bylaws, as determined by the Sonics Board to be appropriate in light of the
IPO.

          4. Nothing herein shall limit Easton’s Board Observation Rights which shall remain in place.

          As we discussed, the driving force behind these changes is the impending IPO.

 

 

          Please countersign a copy of this letter and return it to me to confirm your agreement to the
points. We will then have our counsel prepare the formal amendment to the Voting Agreement and
related documents.

          Once again, I want to personally thank you for your support on this issue.

	 	 	 	 	 
	 	Very truly yours,

 	 
	 	/s/ Grant A. Pierce
 	 
	 	 	 
	 	Grant A. Pierce

President & CEO 	 
	 

Agreed to:

	 	 	 	 	 
	By:	 	Easton Hunt Capital Partners, L.P.
	 

	 	By:
	 	EHC GP, LP
	 	 	Its General Partner

	 

	 	 	 	By: EHC, Inc.
Its General Partner

	 	 	 	 	 
	 	 	 
	By:  	/s/ Richard P. Schneider
 	 	 
	 	Richard P. Schneider 	 	 
	 	Its:  Vice President & Secretary 	 	 
	 

	 	 	 
	Address:

	 	767 Third Avenue, 7th Floor

New York, NY 10017
	Facsimile:

	 	(212) 702-0952

Agreed and Accepted:

	 	 	 	 	 
	 	 	 
	/s/ Mark Chen
 	 	 
	Mark Chenexv10w23

 

Exhibit 10.23

[SONICS LETTERHEAD]

August 23, 2007

Michael Tung

C/O InveStar Semiconductor Development Fund, Inc.

[Address]

	 	 	 	 
	 	Re:

	 	Restructuring of Sonics, Inc. Board of Directors

Dear Michael:

          This is by way of follow-up to our recent telephone conversation regarding the restructuring
of Sonics’ Board of Directors necessitated by our proposed initial public offering. I very much
appreciate your understanding and support of Sonics’ interests in this regard.

          As we discussed, in light of the IPO, the Board needs to be restructured to be an appropriate
public company board of directors. In addition, I personally want to add members to whom I and
others in management can look for advice regarding our new (and extensive) legal and business
obligations.

          Our goal is to end up with a five-person Board with the following composition:

          (i) the CEO; and

          (ii) four independent directors, so that a majority of the board is not part of either
management or the current investor group.

          Toward this end, I want to confirm your agreement to the following:

          1. Prior to the initial filing of a registration statement on Form S-1 with the Securities
and Exchange Commission with respect to our IPO, Michael Tung shall resign from the Board effective
at the latest to occur of (a) 60 days following the closing of our IPO, or (b) the date on which a
majority of Sonics’ Board votes to accept such resignation.

          2. InveStar Semiconductor Development Fund, Inc. (“InveStar”) agrees, pending the
reduction in the size of the Sonics’ Board described below, to designate for election pursuant to
Section 4(e) of the Voting Agreement, and to vote InveStar’s shares (at any regular or special
stockholders’ meeting or by giving written consent) for the election of, the nominee selected by
Sonics’ Board (or its Nominating Committee, as applicable).

          3. InveStar further agrees to vote its shares (at any regular or special stockholders’
meeting or by giving written consent) to reduce the size of the Sonics Board and the number of
directors to be elected by the holders of Sonics’ Series C Preferred Stock as set forth in the
Certificate of Incorporation and/or Bylaws, as determined by the Sonics Board to be appropriate in
light of the IPO.

          4. Nothing herein shall limit InveStar’s Board Observation Rights which shall remain in
place.

          As we discussed, the driving force behind these changes is the impending IPO.

 

          Please countersign a copy of this letter and return it to me to confirm your agreement to the
points. We will then have our counsel prepare the formal amendment to the Voting Agreement and
related documents.

          Once again, I want to personally thank you for your support on this issue.

	 	 	 	 	 
	 	Very truly yours,

 	 
	 	/s/ Grant A. Pierce
 	 
	 
	 	Grant A. Pierce 	 
	 	President & CEO 	 
	 

Agreed to:

	 	 	 	 	 
	 	 	 
	By:  	InveStar Semiconductor Development Fund, Inc.
 	 	 
	 	 	 	 
	 	 	 	 
	 

	 	 	 	 	 
	By:  	/s/ Michael Tung
 	 	 
	 	Michael Tung 	 	 
	 	Its:  Partner & CFO 	 	 
	 

Address: [address]

Facsimile: [  ]exv10w24

 

Exhibit 10.24

[SONICS LETTERHEAD]

August 22, 2007

Mr. Michael Holton

c/o Smart Technology Ventures III, SBIC L.P.

1801 Century Park West, 5th Floor

Los Angeles, CA 90067

	 	 	 	 	 
	 

	 	Re:
	 	Sonics, Inc. Board of Directors

Dear Michael:

          This is by way of follow-up to our recent telephone conversation regarding the restructuring
of Sonics’ Board of Directors necessitated by our proposed initial public offering. I very much
appreciate your understanding and support of Sonics’ interests in this regard.

          As we discussed, in light of the IPO, the Board needs to be restructured to be an
appropriate public company board of directors. In addition, I personally want to add members to
whom I and others in management can look for advice regarding our new (and extensive) legal and
business obligations.

          My goal is to have a five-person Board following the IPO. The Board would consist of myself
and four independent directors, as defined by the rules of the Nasdaq Stock Market (which will
initially be Herbert Chang, Alberto Sangiovanni-Vincentelli, Michael Sophie and Mark DeNino). Of
course, the nominating committee of the Board would consider subsequently adding members with
appropriate industry or other experience.

          Toward this end, I want to confirm your agreement that you will resign from the Board
effective at the latest to occur of (1) 60 days following the closing of our IPO, or (2) the date
on which a majority of Sonics’ Board votes to accept such resignation. At that point, the first
offer and voting agreement will have expired.

          I would appreciate it if you and David Nazarian would countersign a copy of this letter and
return it to me to confirm your and Smart’s agreement to the foregoing.

          Once again, I want to personally thank you and David for your support on this issue.

	 	 	 	 	 
	 	Very truly yours,

 	 
	 	/s/ Grant A. Pierce
 	 
	 	 	 
	 	Grant A. Pierce

President & CEO 	 
	 

 

 

Agreed to:

	 	 	 	 	 
	 	 	 
	/s/ Michael Holton
 	 	 
	Michael Holton 	 	 
	 	 	 
	 

Smart Technology Ventures III, SBIC L.P.

	 	 	 	 	 
	 	 	 
	/s/ David Nazarian
 	 	 
	By:  David Nazarian 	 	 
	Its:  Managing Memberexv10w25

 

Exhibit 10.25

[SONICS LETTERHEAD]

August 23, 2007

Drew Wingard

C/O Sonics, Inc.

1098 Alta Avenue, Suite 101

Mountain View, CA 94043

	 	 	 	 	 
	 

	 	Re:
	 	Restructuring of Sonics, Inc. Board of Directors

Dear Drew:

          This is by way of follow-up to our recent discussion regarding the restructuring of Sonics’
Board of Directors necessitated by our proposed initial public offering. I very much appreciate
your understanding and support of Sonics’ interests in this regard.

          As we discussed, in light of the IPO, the Board needs to be restructured to be an appropriate
public company board of directors. In addition, I personally want to add members to whom I and
others in management can look for advice regarding our new (and extensive) legal and business
obligations.

          Our goal is to end up with a five-person Board with the following composition:

          (i) the CEO; and

          (ii) four independent directors, so that a majority of the board is not part of either
management or the current investor group.

          Toward this end, I want to confirm your agreement to the following:

          1. Prior to the initial filing of a registration statement on Form S-1 with the Securities
and Exchange Commission with respect to our IPO, Drew Wingard (“Dr. Wingard”) shall resign from the
Board effective at the latest to occur of (a) 60 days following the closing of our IPO, or (b) the
date where a majority of Sonics’ Board votes to accept such resignation.

          2. Dr. Wingard further agrees to vote his shares (at any regular or special stockholders’
meeting or by giving written consent) to reduce the size of the Sonics Board and the number of
directors to be elected by the holders of Sonics’ common stock as set forth in the Certificate of
Incorporation and/or Bylaws, as determined by the Sonics Board to be appropriate in light of the
IPO.

          As we discussed, the driving force behind these changes is the impending IPO.

          Please countersign a copy of this letter and return it to me to confirm your agreement to the
points. We will then have our counsel prepare the formal amendment to the Voting Agreement and
related documents.

          Once again, I want to personally thank you for your support on this issue.

 

 

	 	 	 	 	 
	 	Very truly yours,

 	 
	 	/s/ Grant A. Pierce
 	 
	 	 	 
	 	Grant A. Pierce

President & CEO 	 
	 

Agreed to:

	 	 	 	 	 
	 	 	 
	By:  	/s/ Drew Wingard
 	 	 
	 	Drew Wingard 	 	 
	 	 	 	 
	 

	 	 	 
	Address:

	 	c/o Sonics Inc.
	 

	 	1098 Alta Avenue, Suite 101
	 

	 	Mountain View, CA 94043
	Facsimile:

	 	(650) 938-2500

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