Document:

Prepared by R.R. Donnelley Financial -- Amendment, dated December 31, 2003, to Loan and Security Agreement

 EXHIBIT 10.22 
  
 Silicon Valley Bank 
  
 Amendment to Loan Documents 
  

	Borrower:	Atheros Communications, Inc. 

 Address: 529
Almanor Avenue 
 Sunnyvale, California 94085 
  

	Date:	December 31, 2003 

  
 THIS AMENDMENT TO LOAN DOCUMENTS is entered into between Silicon Valley Bank (“Silicon”) and the borrower named above
(“Borrower”). 
  
 The Parties agree to amend the Loan
and Security Agreement between them, dated March 31, 2003 (the “Loan Agreement”), as follows, effective as of the date hereof. (Capitalized terms used but not defined in this Amendment, shall have the meanings set forth in the Loan
Agreement.) 
  
 1. Amendment to Schedule. The
Schedule is hereby amended and restated in its entirety as set forth in the Amended Schedule attached hereto, being signed concurrently herewith. 
  
 2. “Eligible Accounts”.  
  
 (a) Clause (viii) of the definition of “Eligible Accounts” in Section 8 of the Loan Agreement is hereby amended in its entirety to read as
follows: 
  
 “(viii) the Account must not be owing from an
Account Debtor located outside the United States or Canada, except for the following (‘Eligible Foreign Accounts’): (A) Accounts owing from D-Link, Global Sun Tech, Ambit, Sony, Askey, IBM Singapore, ALPS (Japan), Wistron NeWeb, Gemtek and
Samsung; and (B) Accounts pre-approved by Silicon in its discretion in writing, which Silicon will consider on a case by case basis; and (C) Accounts backed by a letter of credit satisfactory to Silicon and advised through Silicon, or FCIA insured
satisfactory to Silicon and naming Silicon as beneficiary,” 
  
 (b) The sentence in the definition of “Eligible Accounts” in Section 8 of the Loan Agreement which presently reads as follows: 
  

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	Silicon Valley Bank	 	 	 	Amendment to Loan Documents
	

  
 “Accounts owing
from one Account Debtor will not be deemed Eligible Accounts to the extent they exceed 25% of the total Accounts outstanding, provided that in the case of Accounts owing from D-Link (and other Account Debtors approved for a higher percentage by
Silicon, in writing, on a case by case basis in its good faith business judgment) said percentage shall be 35%.” 
  
 is hereby amended in its entirety to read as follows: 
  
 “Accounts owing from one Account Debtor will not be deemed Eligible Accounts to the extent they exceed 25% of the total Accounts outstanding,
provided that in the case of Accounts owing from D-Link, Global Sun Tech, and Ambit, (and other Account Debtors approved for a higher percentage by Silicon, in writing, on a case by case basis in its good faith business judgment) said percentage
shall be 35%.” 
  
 3. Fee. In consideration for
Silicon entering into this Amendment, Borrower shall pay Silicon a loan fee in the amount of $40,000, which shall be non-refundable and in addition to all interest and other fees payable to Silicon under the Loan Documents. Silicon is authorized to
charge said fee to Borrower’s loan account. 
  
 4.
Representations True. Except as set forth in the Disclosure Schedule of even date attached hereto as Exhibit A, Borrower represents and warrants to Silicon that all representations and warranties set forth in the Loan Agreement, as
amended hereby, are true and correct. 
  
 5. General
Provisions. This Amendment, the Loan Agreement, any prior written amendments to the Loan Agreement signed by Silicon and Borrower, and the other written documents and agreements between Silicon and Borrower set forth in full all of
the representations and agreements of the parties with respect to the subject matter hereof and supersede all prior discussions, representations, agreements and understandings between the parties with respect to the subject hereof. Except as herein
expressly amended, all of the terms and provisions of the Loan Agreement, and all other documents and agreements between Silicon and Borrower shall continue in full force and effect and the same are hereby ratified and confirmed. 
  

	 Borrower:
  
 ATHEROS COMMUNICATIONS, INC.
	 	 	 	 Silicon:
  
 SILICON VALLEY BANK

					
	By	 	/s/    DAVID TORRE	 	 	 	By	 	/s/    TERESA LI
	 	
	 	 	 	 	

	 	 	President or Vice President	 	 	 	Title	 	Vice President
	 	 	 	 	 	 	 	

  
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 Exhibit A 
  
 Disclosure
Schedule 
  

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 Silicon Valley Bank 
  
 Amended Schedule to 
  
 Loan and Security Agreement 
  

	Borrower:	Atheros Communications, Inc. 

	Address:	529 Almanor Avenue 

	    	Sunnyvale, California 94085 

	Date:	December 31, 2003 

  
 This Amended Schedule is executed and delivered pursuant to an Amendment to Loan Documents of even date (the “Amendment”) between Silicon Valley Bank (“Silicon”) and the above-borrower (the
“Borrower”), forms an integral part of the Loan and Security Agreement between Silicon and the Borrower dated March 31, 2003 (the “Loan Agreement”) and amends and restates the Schedule to the Loan Agreement (the “Original
Schedule”). All reference to the “Loan Agreement” and to “this Agreement” shall be deemed to refer to the Loan Agreement and the Schedule to the Loan Agreement (including this Amended Schedule). 
  

  
 1. CREDIT LIMIT 
 (Section 1.1): 

	 	(a)	Revolving Loans Before Qualified IPO. Prior to the date of a “Qualified IPO”, as defined below, Loans (the “Revolving Loans”) shall consist of Accounts
Loans, as defined below, and shall be subject to subsections (1), (2) and (3) below. 

  

	 	(1)	Accounts Loans. Loans (the “Accounts Loans”) in an amount not to exceed the lesser of: 

  

	 	(A)	$10,000,000 (the “Maximum Revolving Line”) at any one time outstanding; or 

  

	 	(B)	80% (the “Advance Rate”) of the amount of Borrower’s Eligible Accounts (as defined in Section 8 above); provided that 

  

	 	(i)	the Advance Rate with respect to Eligible Foreign Accounts (other than Eligible Foreign Accounts owing from D-Link, Global Sun Tech, Ambit, Sony, Samsung and IBM Singapore) shall be
65%; and 

  

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	Silicon Valley Bank	 	Amended Schedule to Loan and Security Agreement

  

	 	(ii)	in the event Borrower incurs a loss (determined in accordance with GAAP, but excluding deduction for deferred compensation amortization charges) of more than $3,000,000 in any
consecutive three-month period, then, thereafter, the Advance Rate with respect to all Eligible Foreign Accounts (including Eligible Foreign Accounts owing from D-Link, Global Sun Tech, Ambit, Sony, Samsung and IBM Singapore) shall be 65%;

  
 Silicon may, from time to time, modify the
Advance Rate, in its good faith business judgment, upon notice to the Borrower, based on changes in collection experience with respect to Accounts or other issues or factors relating to the Accounts or other Collateral. 
  

	 	(2)	Quick Ratio Test. As used in this Agreement, “Quick Ratio Test” means that Borrower’s Adjusted Quick Ratio as of the end of every month during the term of this
Agreement shall be not less than 1.10 to 1.00. As used in this Agreement, “Adjusted Quick Ratio” means the ratio of (i) the total of Borrower’s unrestricted cash and cash equivalents (including marketable securities) and
Borrower’s Accounts, to (ii) an amount equal to Borrower’s current liabilities plus the amount of all outstanding, non-cash secured Letters of Credit, minus Borrower’s deferred revenue. 

  

	 	(3)	 Reserve for Equipment Loans. Without limiting any of the other provisions of this Agreement relating to Reserves, in the event the Borrower fails to meet the
Quick Ratio Test as of the end of any month, then, at all times thereafter, there shall be reserved, from Revolving Loans otherwise available to Borrower, an amount equal to the unpaid principal balance of the Equipment Loans (as defined below) from
time to time outstanding, and if, for any reason, there are not sufficient Revolving Loans otherwise available to Borrower for such reserve, Borrower shall repay the outstanding Revolving Loans in an amount sufficient so that there can be reserved
from Revolving Loans otherwise available to Borrower an amount equal to the unpaid principal balance of the Equipment Loans. If for any reason, even after paying in full all outstanding 

  

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	Silicon Valley Bank	 	Amended Schedule to Loan and Security Agreement

  

	 	 
Revolving Loans, there are not sufficient Revolving Loans otherwise available to Borrower to reserve therefrom an amount equal to the unpaid principal
balance of the Equipment Loans, then Borrower shall provide cash collateral to Silicon in an amount equal to the unpaid principal balance of the Equipment Loans from time to time outstanding. 

  

	 	(b)	Revolving Loans After Qualified IPO. After the date of a “Qualified IPO”, as defined below, Loans (the “Revolving Loans”) shall be in a total amount not
to exceed $10,000,000 at any time outstanding (the “Maximum Revolving Line”), on a non-formula basis. 

  

	 	(c)	“Qualified IPO”. As used in this Agreement, “Qualified IPO” means consummation of an initial public offering by Borrower of its common stock resulting in
net cash proceeds to Borrower of $75,000,000 or more. 

  

	 	(d)	Present Equipment Loans. The Loans with respect to Equipment presently outstanding in the amount of $844,820.75 (the “Present Equipment Loans”). The Present
Equipment Loans shall be subject to the following terms: 

  

	 	(1)	Each Present Equipment Loan shall continue to be repaid by the Borrower to Silicon in 36 equal monthly payments of principal, commencing on the last day of the first month following
the date the Present Equipment Loan was disbursed and continuing until the earlier of the following dates (the “Present Equipment Loan Maturity Date”): (i) the date the Present Equipment Loans have been paid in full or (ii) the date this
Agreement terminates by its terms or is terminated, as provided in this Agreement. On the Present Equipment Loan Maturity Date, the entire unpaid principal balance of the Present Equipment Loans, plus all accrued and unpaid interest thereon, shall
be due and payable. Present Equipment Loans may not be repaid and reborrowed. 

  

	 	(2)	On each Present Equipment Loan Maturity Date, Borrower shall pay Silicon, in addition to all other payments and all fees and charges a final payment equal to 3.5% of the total
original principal amount of each Present Equipment Loan made hereunder. Said payment shall be fully earned on the date of each Equipment Loan. 

  

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	Silicon Valley Bank	 	Amended Schedule to Loan and Security Agreement

  

	 	(e)	Remaining Equipment Loan. Silicon shall disburse to Borower an additional Loan in the amount of $1,019,100 (the “Remaining Equipment Loan”) on the date requested by
Borrower, on or before December 31, 2003. The Remaining Equipment Loan shall be subject to the following terms: 

  

	 	(1)	If a Qualified IPO has not occurred by June 30, 2004, then the following provisions of this clause (1) shall apply: on or before June 30, 2004, Borrower shall present to Silicon
invoices with respect to new or used Equipment purchased by Borrower after September 30, 2003, and Borrower shall make a principal payment on the Remaining Equipment Loan in an amount equal to the amount (if any) by which the unpaid principal
balance of the Remaining Equipment Loan exceeds 100% of the net purchase price of such new or used Equipment purchased by Borrower which is acceptable to Silicon in its good faith business judgment and in which Silicon has a first-priority
perfected security interest. 

  

	 	(2)	As used herein, the “net purchase price” of Equipment means the purchase price thereof, as shown on the applicable invoice, net of all charges for taxes, freight,
delivery, insurance, set-up, training, manuals, fees, service charges and other similar items (subject to subsection (3) below). 

  

	 	(3)	A maximum of 30% of each Equipment Loan may be used for the purchase of transferable software licenses, leasehold improvements and other soft costs, including sales tax, freight and
installation expenses. 

  

	 	(4)	 The Remaining Equipment Loan shall be repaid by the Borrower to Silicon as follows: Accrued interest shall be payable monthly on the last day of each month
commencing on the last day of the month in which this Agreement is executed. Principal shall be payable in 36 equal monthly payments, commencing on July 1, 2004, and continuing until the earlier of the following dates (the “Remaining Equipment
Loan Maturity Date”): (i) the date the Remaining Equipment Loan has been paid in full or (ii) the date this Agreement terminates by its terms or is terminated, as provided in this Agreement. On the Remaining Equipment Loan Maturity Date, the
entire unpaid principal balance of the Remaining Equipment Loan, plus all accrued and 

  

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	Silicon Valley Bank	 	Amended Schedule to Loan and Security Agreement

  

	 	 
unpaid interest thereon, shall be due and payable. The Remaining Equipment Loan may not be repaid and reborrowed. 

  

	 	(5)	On the Remaining Equipment Loan Maturity Date, Borrower shall pay Silicon, in addition to all other payments and all fees and charges a final payment equal to 3.5% of the total
original principal amount of the Remaining Equipment Loan. Said payment shall be fully earned on the date hereof. 

  

	 	(f)	Loans. “Loans” as used herein shall include all Revolving Loans, all Accounts Loans, all Present Equipment Loans and the Remaining Equipment Loan.

  

	 Sublimits—Overall Limit  
	 The total of the Letter of Credit Sublimit, the Foreign Exchange Contract Sublimit and the Cash Management Sublimit (collectively, the
“Sublimits”) shall not exceed the total Revolving Loans available to Borrower hereunder (the “Overall Sublimit”). 

  

Letter of Credit Sublimit 

	 (Section 1.6): 
	 The Overall Sublimit. 

  
 Cash Management 
 Services and Reserves; 
 Cash Management 

	 Sublimit: 
	 The Overall Sublimit. 

  
 Borrower may use Revolving Loans available hereunder, up to the Cash Management Sublimit above for Silicon’s Cash Management Services (as defined
below), including, merchant services, business credit card, ACH and other services identified in the cash management services agreement related to such service (the “Cash Management Services”). Silicon may, in its sole discretion, reserve
against Revolving Loans which would otherwise be available hereunder such sums as Silicon shall determine in its good faith business judgment in connection with the Cash Management Services, and Silicon may charge to Borrower’s Loan account,
any amounts that may become due or owing to Silicon in connection with the Cash Management Services. Borrower agrees to execute and deliver to Silicon all standard form applications and agreements of Silicon in connection with the Cash Management
Services, and, without limiting any of the terms of such applications and agreements, Borrower will pay all standard fees and charges of Silicon in connection with the Cash Management Services. The Cash Management Services shall terminate on the
Maturity Date. 
  

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	Silicon Valley Bank	 	Amended Schedule to Loan and Security Agreement

  

 Foreign Exchange 

	 Contract Sublimit: 
	 The Overall Sublimit. 

  
 Borrower may enter into foreign exchange forward contracts with Silicon, on its standard forms, under which Borrower commits to purchase from or sell to
Silicon a set amount of foreign currency more than one business day after the contract date (the “FX Forward Contracts”); provided that (1) at the time the FX Forward Contract is entered into Borrower has Revolving Loans available to it
under this Agreement in an amount at least equal to 10% of the amount of the FX Forward Contract; (2) the total FX Forward Contracts at any one time outstanding may not exceed 10 times the amount of the Foreign Exchange Contract Sublimit set forth
above. Silicon shall have the right to withhold, from the Revolving Loans otherwise available to Borrower under this Agreement, a reserve (which shall be in addition to all other reserves) in an amount equal to 10% of the total FX Forward Contracts
from time to time outstanding, and in the event at any time there are insufficient Revolving Loans available to Borrower for such reserve, Borrower shall deposit and maintain with Silicon cash collateral in an amount at all times equal to such
deficiency, which shall be held as Collateral for all purposes of this Agreement. Silicon may, in its discretion, terminate the FX Forward Contracts at any time that an Event of Default occurs and is continuing. Borrower shall execute all standard
form applications and agreements of Silicon in connection with the FX Forward Contracts, and without limiting any of the terms of such applications and agreements, Borrower shall pay all standard fees and charges of Silicon in connection with the FX
Forward Contracts. 
  

  
 2. INTEREST. 
  
 Interest Rate (Section 1.2): 
  

	 	(a)	Revolving Loans. The Revolving Loans shall bear interest at a rate equal to the “Prime Rate” in effect from time to time, plus 1% per annum, provided that:

  

	 	(1)	Before a Qualified IPO, if at any time the Borrower does not meet the Quick Ratio Test, then the interest rate thereafter shall be a rate equal to the Prime Rate in effect from time
to time, plus 1.50% per annum; 

  

	 	(2)	 Before a Qualified IPO, if Borrower continues at all times to meet the Quick Ratio Test, and Borrower 

  

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	Silicon Valley Bank	 	Amended Schedule to Loan and Security Agreement

  

	 	 
agrees in writing, in form acceptable to Silicon, to maintain at least 30% of its total investment funds with Silicon or its affiliates at all times, then
the interest rate thereafter shall be a rate equal to the Prime Rate in effect from time to time, plus 0.50% per annum; and 

  

	 	(3)	after a Qualified IPO, the interest rate thereafter shall be a rate equal to the Prime Rate in effect from time to time, plus 0.50% per annum. 

  

	 	(b)	Equipment Loans. The Equipment Loans shall bear interest at a rate equal to the Prime Rate in effect from time to time, plus 1.0% per annum. 

  

	 	(c)	Calculation. All interest shall be calculated on the basis of a 360-day year for the actual number of days elapsed. “Prime Rate” means the rate announced from time
to time by Silicon as its “prime rate”, provided that in no event shall the Prime Rate be less than 4% per annum. Borrower acknowledges that the Prime Rate is a base rate upon which other rates charged by Silicon are based, and it is not
necessarily the best rate available at Silicon. The interest rate applicable to the Obligations shall change on each date there is a change in the Prime Rate. 

  

  
 3.
FEES (Section 1.4): 
  

	         Loan Fee: 
	 As set forth in the Original Schedule and in the Amendment. 

  

	         Collateral Monitoring Fee: 
	 If the Asset Based Terms are in effect at any time during a month, Borrower shall pay Silicon a Collateral Monitoring Fee of $750 for such month,
payable in arrears, provided that if the Streamline Provisions are in effect throughout such month no Collateral Monitoring Fee shall be charged for such month. 

  

	         Unused Line Fee: 
	 In the event, during any portion of any month in which the Asset Based Terms are in effect, the average daily principal balance of the Revolving
Loans outstanding during such period is less than the amount of the Maximum Revolving Line, Borrower shall pay Silicon an unused line fee (the “Unused Line Fee”) in an amount equal to 0.25% per annum on the difference between the amount of
the Maximum Revolving Line and the average daily principal balance of the Revolving Loans outstanding during such period, computed on the basis of a 360-day year, which Unused Line Fee shall be computed and 

  

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	Silicon Valley Bank	 	Amended Schedule to Loan and Security Agreement

  

 
paid quarterly, in arrears, on the first day of the following calendar quarter. 
  

  
 4.
REVOLVING LOAN MATURITY DATE 

	         (Section 6.1): 
	 March 30, 2005. 

  

  
 5. FINANCIAL COVENANTS 

	         (Section 5.1): 
	 Borrower shall comply with each of the following covenants. Compliance shall be determined as of the end of each month, except as otherwise
specifically provided below: 

  
 Minimum
Tangible 
 Net Worth/Minimum 
 Cash and Cash Equivalents: 
  
 Prior to a
Qualified IPO, Borrower shall maintain a Tangible Net Worth of not less than $10,000,000, plus (i) 25% of all consideration received after the date hereof for equity securities and subordinated debt of the Borrower, plus (ii) 50% of the
Borrower’s net income in each fiscal quarter ending after the date hereof. Increases in the Minimum Tangible Net Worth Covenant based on consideration received for equity securities and subordinated debt of the Borrower shall be effective as of
the end of the month in which such consideration is received, and shall continue effective thereafter. Increases in the Minimum Tangible Net Worth Covenant based on net income shall be effective on the last day of the fiscal quarter in which said
net income is realized, and shall continue effective thereafter. In no event shall the Minimum Tangible Net Worth Covenant be decreased. 
  
 After a Qualified IPO, Borrower shall at all times maintain unrestricted cash and cash equivalents (including marketable securities) of not less than
$50,000,000. 
  

	         Definitions. 
	 For purposes of the foregoing financial covenants, the following term shall have the following meaning: 

  
 “Tangible Net Worth” shall mean the excess of total assets over
total liabilities, determined in accordance with GAAP, with the following adjustments: 
  

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	Silicon Valley Bank	 	Amended Schedule to Loan and Security Agreement

  

 (A) there shall be excluded from assets: (i) notes, accounts receivable and other obligations owing
to Borrower from its officers or other Affiliates, (ii) minority investments in subsidiaries or other entities, and (iii) all assets which would be classified as intangible assets under GAAP, including without limitation goodwill, licenses, patents,
trademarks, trade names, copyrights, capitalized software and organizational costs, licenses and franchises; 
  
 (B) there shall be excluded from liabilities: all indebtedness which is subordinated to the Obligations under a subordination agreement in form specified
by Silicon or by language in the instrument evidencing the indebtedness which Silicon agrees in writing is acceptable to Silicon in its good faith business judgment. 
  

  
 6.
REPORTING. 
 (Section 5.3): 

	 	(a)	Prior to a Qualified IPO, Borrower shall provide Silicon with the following: 

  

	 	(1)	Monthly accounts receivable agings, aged by invoice date, with a Borrowing Base Certificate in such form as Silicon shall specify, within fifteen days after the end of each month,
except that reports under this Section 6(1) need not be provided for a month if throughout such month Non-Formula Loans were outstanding or were available under this Agreement. 

  

	 	(2)	Monthly accounts payable agings, aged by invoice date, and outstanding or held check registers, if any, within fifteen days after the end of each month, except that reports under
this Section 6(2) need not be provided for a month if throughout such month Non-Formula Loans were outstanding or were available under this Agreement. 

  

	 	(3)	If the Asset Based Terms are in effect at any time during a month, monthly reconciliations of accounts receivable agings (aged by invoice date), transaction reports, and general
ledger, within fifteen days after the end of such month. 

  

	 	(4)	Monthly unaudited financial statements, as soon as available, and in any event within thirty days after the end of each month. 

  

	 	(5)	 Monthly Compliance Certificates, within thirty days after the end of each month, in such form as Silicon shall reasonably specify (which shall include a statement
and calculation as to compliance with the Quick Ratio Test) signed by the Chief Executive Officer, 

  

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	Silicon Valley Bank	 	Amended Schedule to Loan and Security Agreement

  

	 	 
or the Chief Financial Officer, or the Vice President of Administration and Controller of Borrower, certifying that as of the end of such month Borrower was
in full compliance with all of the terms and conditions of this Agreement, and setting forth calculations showing compliance with the financial covenants set forth in this Agreement and such other information as Silicon shall reasonably request,
including, without limitation, a statement that at the end of such month there were no held checks. 

  

	 	(6)	Annual operating budgets (including income statements, balance sheets and cash flow statements, by month) for the upcoming fiscal year of Borrower prior to the end of each fiscal
year of Borrower. 

  

	 	(7)	Annual financial statements, as soon as available, and in any event within 120 days following the end of Borrower’s fiscal year, certified by, and with an unqualified opinion
of, independent certified public accountants acceptable to Silicon. 

  

	 	(b)	After a Qualified IPO, Borrower shall provide Silicon with the following: 

  

	 	(1)	Quarterly unaudited financial statements, as soon as available, and in any event within forty-five days after the end of each fiscal quarter, on Form 10-Q (which shall be retrieved
by Silicon from the public records). 

  

	 	(2)	Quarterly Compliance Certificates, within forty-five days after the end of each fiscal quarter, in such form as Silicon shall reasonably specify signed by the Chief Executive
Officer, or the Chief Financial Officer, or the Vice President of Administration and Controller of Borrower, certifying that throughout such fiscal quarter Borrower was in full compliance with all of the terms and conditions of this Agreement, and
setting forth calculations showing compliance with the financial covenants set forth in this Agreement and such other information as Silicon shall reasonably request. 

  

	 	(3)	Annual financial statements, as soon as available, and in any event within 90 days following the end of Borrower’s fiscal year, on Form 10-K (which shall be retrieved by
Silicon from the public records), certified by, and with an unqualified opinion of, independent certified public accountants acceptable to Silicon. 

  

  
 7.
BORROWER INFORMATION: 
  
 Borrower represents and warrants
that the information set forth in the Representations and Warranties of the Borrower dated February 11, 

  

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	Silicon Valley Bank	 	Amended Schedule to Loan and Security Agreement

  

 
2003, previously submitted to Silicon (the “Representations”) is true and correct as of the date hereof. 
  

  
 8. ASSET BASED TERMS. 
  

	 	(a)	“Asset Based Terms”. As used herein, “Asset Based Terms” means the following provisions: 

  

	 	(1)	Schedules and Documents relating to Accounts. Borrower shall deliver to Silicon weekly transaction reports, Loan requests, schedules of Accounts, and schedules of
collections, all on Silicon’s standard forms. 

  

	 	(2)	Collateral Control. All payments received in the lockbox account referred to in Section 4.4 of the Loan Agreement shall be applied by Silicon to the outstanding Revolving
Loans. Borrower shall hold all payments on, and proceeds of, Accounts and all other Collateral in trust for Silicon, and Borrower shall immediately deliver all such payments and proceeds to Silicon in their original form, duly endorsed, to be
applied to the Obligations in such order as Silicon shall determine. Borrower agrees that it will not commingle such payments and proceeds with any of Borrower’s other funds or property, but will hold such payments and proceeds separate and
apart from such other funds and property and in an express trust for Silicon. 

  
 Terms of this Agreement without the Asset Based Terms are referred to as the “Non-Asset Based Terms”. 
  

	 	(b)	Putting Asset Based Terms Into Effect. In the event that the Borrower does not meet the Quick Ratio Test at any time, then the Asset Based Terms shall thereafter be effective
upon written notice from Silicon to the Borrower at any time. Once the Asset Based Terms are effective, the Borrower may not transfer back to the Non-Asset Based Terms, except with the written agreement of Silicon, which shall be a matter of its
good faith business judgment. 

  

	 	(c)	Streamline Provisions. If at the date the Asset Based Terms go into effect there are no Revolving Loans or Equipment Loans outstanding, then the following provisions
(the “Streamline Provisions”) shall apply: 

  

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	Silicon Valley Bank	 	Amended Schedule to Loan and Security Agreement

  

	 	(1)	Borrower will not be required to provide Silicon with weekly reporting of transactions and schedules of Accounts and collections (as called for by Section 8(a)(1) of this Schedule).
Borrower shall, however, provide Silicon with monthly transaction reports including sales, collections and memo journals for each month within 15 days after the end of each month. 

  

	 	(2)	During the Streamline Period, no Loans will be made. 

  

	 	(3)	Notwithstanding the fact that no Loans will be outstanding during the Streamline Period, the Unused Line Fee shall be effective during the Streamline Period.

  

	 	(d)	Termination of Streamline Provisions. If Borrower wishes to terminate the Streamline Provisions in order to obtain Loans, Borrower may do so, provided no Default or
Event of Default has occurred and is continuing, by giving Silicon written notice at least 30 days before the Streamline Provisions are to terminate, together with such information relating to the Accounts and other Collateral as Silicon shall
specify, in order to permit Silicon to complete an audit with respect to Borrower satisfactory to Silicon. Upon any termination of the Streamline Provisions, Borrower will, then and thereafter, provide Silicon with the weekly reporting of
transactions and schedules of Accounts and collections, as called for by Section 8(a)(1) of this Schedule. Notwithstanding the foregoing, and without limiting its other rights and remedies, if any Default or Event of Default has occurred and is
continuing, Silicon may terminate the Streamline Provisions immediately on notice to Borrower. 

  

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	Silicon Valley Bank	 	Amended Schedule to Loan and Security Agreement

  

 9. ADDITIONAL PROVISIONS 
  

	 	(a)	Banking Relationship. Borrower shall at all times maintain its primary banking relationship and a meaningful portion of its investment accounts with Silicon. As to any
Deposit Accounts and investment accounts maintained with another institution, Borrower shall cause such institution, within 30 days after the date of this Agreement, to enter into a control agreement in form acceptable to Silicon in its good faith
business judgment in order to perfect Silicon’s first-priority security interest in said Deposit Accounts and investment accounts. 

  

	 	(b)	Subordination of Inside Debt. All present and future indebtedness of Borrower to its officers, directors and shareholders (“Inside Debt”) shall, at all
times, be subordinated to the Obligations pursuant to a subordination agreement on Silicon’s standard form, except for Inside Debt totaling not more than $100,000 at any time outstanding. Borrower represents and warrants that there is no Inside
Debt presently outstanding, totaling not more than $100,000 outstanding. Prior to incurring any Inside Debt in the future, Borrower shall cause the person to whom such Inside Debt will be owed to execute and deliver to Silicon a subordination
agreement on Silicon’s standard form. 

  

	 	(c)	Right to Invest. Borrower hereby grants to Silicon and its affiliates the right to invest up to a total of $750,000 in Borrower’s next round of equity financing
(the “Next Equity Financing”) on the same terms, conditions and pricing offered to the investors in the Next Equity Financing. Borrower shall provide Silicon with at least thirty (30) days prior written notice of the contemplated closing
of the Next Equity Financing (such notice being an “Equity Notice”). The Equity Notice shall contain the terms, conditions and pricing of such Subsequent Equity Financing and the Equity Notice and shall be delivered to Silicon at 3003
Tasman Drive HG 180, Santa Clara, California 95054, to the attention of General Counsel. Silicon and its affiliates shall have the right in their sole discretion to participate in the Next Equity Financing and nothing herein shall be construed as
creating an obligation on Silicon or its affiliates to so participate. The right to invest provided by this Section 9(c) shall not apply after a Qualified IPO. 

  

	 	(d)	 Domestic Subsidiaries. Borrower represents and warrants that it does not have any subsidiaries organized under the laws of any state in the United States,
other than Atheros India, LLC, a Delaware limited liability company, and Atheros 

  

 -13- 

	Silicon Valley Bank	 	Amended Schedule to Loan and Security Agreement

  

	 	 
Communications International, LLC, a Delaware limited liability company, (the “Domestic Subs”), and that the Domestic Subs do not, and will not,
throughout the term of this Agreement, have any Intellectual Property or any assets located in the United States, without Silicon’s prior written consent (which consent may be conditioned on the Domestic Subs executing and delivering to Silicon
continuing guaranties with respect to the Obligations on Silicon’s standard form, and security agreements granting Silicon first-priority security interests in all of their assets to secure said guaranties). 

  

	Borrower:	 	 	 	Silicon:
			
	ATHEROS COMMUNICATIONS, INC.	 	 	 	SILICON VALLEY BANK
					
	By	 	 /s/    DAVID TORRE

	 	 	 	By	 	 /s/    TERESA LI

	 	 	President or Vice President	 	 	 	Title	 	 Vice President

  

 -14-Prepared by R.R. Donnelley Financial -- Agreement and Release of Claims

 Exhibit 10.23 
  
 AGREEMENT AND RELEASE OF CLAIMS 
  
 THIS AGREEMENT AND RELEASE OF CLAIMS (“Agreement”) is entered into by and between Ranendu Das (the “Employee”) and Atheros
Communications, Inc. (the “Company”). 
  

	 	1.	Instructions To Employee. 

  
 In order to receive the benefits described in Section 3 below, you must sign this Agreement in the exact form provided, without altering, deleting from,
or adding to it. 
  
 In order to receive the severance benefits described below,
you must sign this Agreement and return it to the Company Human Resources Department, 529 Almanor Ave., Sunnyvale, CA 94085 no later than December 22, 2003, twenty-one (21) calendar days from the date of receipt of this Agreement (December 1, 2003).

  
 This Agreement is an important document, which you should examine carefully
before signing. You are encouraged to seek the advice of anyone you need to in order to make an informed decision, including an attorney. 
  

	 	2.	Termination of Employment. 

  
 I understand that my employment with the Company will terminate on December 31, 2003. 
  

	 	3.	Severance Benefits. 

  
 I understand that under this Agreement I am entitled to receive severance pay in the amount of $95,250. This amount is equal to six months of my regular
compensation. I understand that taxes and other legally required deductions will be withheld from the severance pay. This severance payment will be made through regular payroll payments through July 15, 2004. I will be eligible to receive any earned
bonus that is paid through the Executive bonus plan for 2003. The amount of bonus paid will be dependent upon the performance to the plans objectives. I will also continue to vest my options granted by the Company on 7/12/2000 and 3/12/2003 through
July 15. 2004. This will result in a total of 410,000 options being vested. In addition, if I properly elect to continue the Company’s group health plan coverage under COBRA, the Company will reimburse me for the cost of such coverage for me
and my enrolled dependents for January 1, 2004 through June 30, 2004. 
  

	 	4.	Release and Waiver of Claims. 

  
 I elect to receive the benefits specified under Section 3 of this Agreement and understand that the benefits are being paid in consideration for my
release and waiver of claims as set forth below. 
  
 I understand
that, as provided in the Older Workers Benefit Protection Act of 1990, I have the right to consult with an attorney before signing this Agreement, that I have a period of up to at least 21 calendar days in which to consider this Agreement, that I
may revoke this Agreement within seven calendar days after signing it and that this Agreement is not effective or enforceable until expiration of that seven-day period. 
  

 -1- 

 I understand that there are various local, state and federal laws that govern any employment relationship
with the Company, including but not limited to laws that prohibit discrimination on the basis of age, color, race, gender, sexual orientation, marital status, national origin, mental or physical disability, religious affiliation or veteran status.
Such laws include, but are not limited to, Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Americans with Disabilities Act, and the California Fair Employment and Housing Act. By signing this Agreement, I
intend to give up any rights I may have under these or any other laws with respect to my employment and to the termination of my employment with the Company. 
  
 I agree that the benefits set forth in Section 3 are in full satisfaction of any claims, liabilities, demands or causes of action, known or unknown, that
I and my heirs, successors and assigns ever had, now have or may claim to have had against the Company or any parents, subsidiaries, directors, officers, employees or agents of the Company, as of the date of this Agreement, excepting claims for
vested benefits based on my employment, claims for workers’ compensation insurance or unemployment insurance benefits. Any such claims whether for discrimination, including but not limited to claims under Title VII of the Civil Rights Act of
1964, the Age Discrimination in Employment Act, the Americans with Disabilities Act, the California Fair Employment and Housing Act, and claims for wrongful termination, breach of contract, breach of public policy, physical or mental harm or
distress or any other claims, are hereby released and I agree and promise that I will not file any lawsuit or administrative complaint asserting any such claims, with the exception that I understand that nothing in this Agreement prohibits me from
filing a charge or complaint, including a challenge to the validity of this release of claims, with the Equal Opportunity Employment Commission (“EEOC”) or participating in any investigation or proceeding conducted by the EEOC. 

 

	 	5.	Waiver. 

  
 I hereby expressly waive the provisions of California Civil Code Section 1542 California Civil Code section 1542 provides as follows. 
  
 A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW
OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR. 
  

	 	6.	Confidentiality. 

  
 I acknowledge that during my employment, I signed the enclosed agreement regarding confidential information and intellectual property in which I agreed to
protect Company confidential information both during and after my employment. In the course of my employment I had access to confidential Company information, which I am required to keep confidential both during and after my employment. As a
condition of accepting the severance package benefits set forth in Section 3 above, I reaffirm my obligation to keep secret all confidential information that belongs to the Company and to comply with the terms of the enclosed confidentiality
agreement. 
  

 -2- 

	 	7.	Property of the Company. 

  
 I agree to return all property that belongs to the Company. 
  

	 	8.	Arbitration. 

  
 Any dispute or claim arising out of or in connection with this Agreement, my employment by the Company, and/or the termination of my employment by the
Company, will be finally settled by binding arbitration in Santa Clara County, California. The arbitration shall be conducted in accordance with the employment dispute resolution rules of the American Arbitration Association by one arbitrator
appointed in accordance with those rules. The arbitrator shall apply California law, without reference to rules of conflicts of law or rules of statutory arbitration, to the resolution of any dispute. Judgment on the award rendered by the arbitrator
may be entered in any court having jurisdiction thereof. Notwithstanding the foregoing, the parties may apply to any court of competent jurisdiction for preliminary or interim equitable relief, or to compel arbitration in accordance with this
Section 8. The direct expense of any arbitration proceeding shall be borne equally by the Employee and the Company. Each party shall bear its own attorneys’ fees. 
  

	 	9.	Entire Agreement. 

  
 The provisions of this Agreement and the attached Exhibit set forth the entire agreement between the parties concerning termination of my employment. Any
other promises, written or oral, are replaced by the provisions of this document, and are no longer effective unless they are contained in this document. 
  

	 	10.	Enforceability. 

  
 The fact that any provision of this Agreement is found invalid or unenforceable shall not affect the validity or enforceability of the remainder of this
Agreement. 
  

	 	11.	Applicable Law. 

  
 This Agreement shall be governed by and construed in accordance with the laws of the State of California, notwithstanding any California choice of laws
rule to the contrary. 
  

	 	12.	Execution in Counterpart. 

  
 This Agreement may be executed in counterparts and will be valid even though the signatures of all parties do not appear on the same page. 
  

	 	13.	Revocation. 

  
 I understand that I have seven (7) calendar days after the date of signing this Agreement to revoke this Agreement. If I sign the Agreement and decide
within 7 days to revoke, my revocation should be in writing and delivered to Atheros Communications Human Resources Department, 529 Almanor Ave., Sunnyvale, CA. This Agreement does not become effective until the seven (7) day revocation period has
passed. 
  

 -3- 

 By signing below, I acknowledge that my election to accept severance benefits, and to release any claims described
above, is voluntary. 
  
 In addition, I hereby acknowledge by my signature
that I have carefully read and fully understood all of the provisions of this document. I have been encouraged to consider this document carefully and to seek legal advice before signing it. 
  

	 	 	 	 	 
					
	By	 	/s/    Ranendu Das        	 	 	 	 	 	12/22/03
	 	
	 	 	 	 	

	 	 	Ranendu Das	 	 	 	 	 	Date

  

	 	 	 	 	 
					
	By	 	/s/    Sharon Thompson        	 	 	 	 	 	12/2/03
	 	
	 	 	 	 	

	 	 	 Sharon Thompson
 Director, Human Resources
 Atheros Communications, Inc.
	 	 	 	 	 	Date

  
  

 -4-

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