Document:

QuickLinks
 -- Click here to rapidly navigate through this document

 

 
 

  Exhibit 10.20(b)    
    

 

	
	

 

 

 

 

  
 

  Non-Employee Directors—Compensatory Arrangements and Stock Ownership Guidelines    
    

A.    Compensatory Arrangements  

        The following compensatory arrangements for directors of Advance America, Cash Advance Centers, Inc. (the "Company") shall become effective as of
January 1, 2012. For purposes of these arrangements, the term "non-employee director" shall mean any director, other than the Chairman of the Board, who is not a
full-time employee of the Company. 

        As
of January 1, 2012, each non-employee director shall be entitled to the following: 

	1.
	An
annual cash retainer(1) of $60,000 for Board service.

	2.
	An
annual cash payment of $25,000 on April 1st of each year.

	3.
	Additional
annual cash retainer(1) for Board committee service as follows: 

 

					
	Position

 
	 	Amount 	 
	 Chair of the Audit Committee
	 	$	24,000	 
	 Other Members of the Audit Committee
	 	$	12,000	 
	 Chair of the Compensation Committee
	 	$	20,000	 
	 Other Members of the Compensation Committee
	 	$	10,000	 
	 Chair of the Industry Relations Committee
	 	$	20,000	 
	 Other Members of the Industry Relations Committee
	 	$	10,000	 
	 Chair of the Nominating and Corporate Governance Committee
	 	$	10,000	 
	 Other Members of the Nominating and Corporate Governance Committee
	 	$	5,000	 

 

 
	4.
	For
each non-employee director who first joins the Board on or after January 1, 2011, an initial grant of $30,000 of the Company's common
stock ("Initial Equity Grant"), effective as of the date on which such non-employee director first joins the Board.(2) 

   

   

 

 	(1)
	All
cash retainer fees shall be paid quarterly in advance at the beginning of each quarter. Non-employee directors may voluntarily elect to be
paid all or a portion of Board/Committee retainers in the Company's common stock, in which case the number of shares to be issued will be based upon the closing price of the Company's common stock on
the New York Stock Exchange (or other applicable exchange or quotation system) on the last day of the applicable quarter, or the next trading day if the Company's common stock is not traded on the
last date of the quarter; provided, however, that the Company will not issue fractional shares. Shares of common stock issued in lieu of cash retainers
will be issued in the month immediately succeeding the end of the quarter. Example: If the non-employee director elects to receive $22,000
in quarterly retainers in the Company's common stock and the closing price of the Company's common stock on the last day of the quarter is $7.00 per share, the non-employee director would
receive 3,142 shares of the Company's common stock ($22,000 divided by $7.00 per share = 3,142.86 shares, with any and all fractional shares disregarded).

	(2)
	The
Initial Equity Grant shall vest over three equal annual installments beginning on the first anniversary of the date of grant. The number of shares to be
issued shall be based upon the closing price of the Company's common stock on the New York Stock Exchange (or other applicable exchange or quotation system) on the date of the
non-employee's initial appointment or election to the Board (the "Appointment Date"), or the next trading day if the Company's common stock is not traded on the Appointment Date;  provided, however, that
the Company will not issue fractional shares of the Company's common stock. See  Example in footnote 1. 

	5.
	$1,000
per meeting for each meeting of a special committee authorized by the Company's Board of Directors. 

B.    Stock Ownership Guidelines  

	1.
	Guidelines.    The Board of Directors believes that non-employee directors should own
and hold common stock of the Company to further align their interests and actions with the interests of the Company's stockholders. Under the Company's Stock Ownership Guidelines,
non-employee directors will be required to own at least 30,000 shares or $100,000 worth of the Company's common stock effective as of the later of: (i) December 31, 2015; or
(ii) the end of the fifth full year after the non-employee director was first elected or appointed to the Company's Board of Directors. In the case of a stock split, reverse stock
split, stock dividend or other similar change in the Company's capitalization, the Nominating and Corporate Governance Committee will evaluate whether to adjust the Stock Ownership Guidelines.

	2.
	Eligible Stock.    Stock that counts toward the satisfaction of these Stock Ownership Guidelines
includes: (i) stock acquired pursuant to the Company's 2004 Omnibus Equity Plan; (ii) stock purchased in an open market or private transaction; and (iii) stock beneficially owned
in a trust, by a spouse and/or minor children.

	3.
	Exceptions.    There may be instances where these Stock Ownership Guidelines would place a severe
hardship on a non-employee director. In such instances, the Nominating and Corporate Governance Committee will make the final decision as to developing an alternative stock ownership
guideline for the non-employee director that reflects both the intention of these Stock Ownership Guidelines and the personal circumstances of the non-employee director. 

QuickLinks

Exhibit 10.20(b)

Non-Employee Directors—Compensatory Arrangements and Stock Ownership GuidelinesQuickLinks
 -- Click here to rapidly navigate through this document

 

 
 

  Exhibit 10.9    
    

 
    FOURTEENTH LOAN MODIFICATION AGREEMENT    
    

        This Fourteenth Loan Modification Agreement (this "Loan Modification Agreement") is entered into as of December 27, 2011, and is
effective as of December 31, 2011, by and between SILICON VALLEY BANK, a California corporation with a loan production office located at 2400
Hanover Street, Palo Alto, CA 94304 ("Bank") and MERU NETWORKS, INC., a Delaware corporation with its chief executive office located at 894 Ross
Drive, Sunnyvale, California 94089 ("Borrower"). 

        1.    DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS.    Among other indebtedness and obligations which may be
owing by Borrower to Bank, Borrower is indebted to Bank pursuant to a loan arrangement dated as of January 29, 2007, evidenced by, among other documents, a certain Loan and Security Agreement
dated as of January 29, 2007, between Borrower and Bank, as amended by a certain First Loan Modification Agreement dated as of November 30, 2007, between Borrower and Bank, as further
amended by a certain Second Loan Modification Agreement dated as of July 30, 2008, between Borrower and Bank, as further amended by a certain Third Loan Modification Agreement dated as of
November 30, 2008, between Borrower and Bank, as further amended by a certain Fourth Loan Modification Agreement dated as of February 26, 2009, between Borrower and Bank, as further
amended by a certain Fifth Loan Modification Agreement dated as of April 27, 2009, between Borrower and Bank, as further amended by a certain Sixth Loan Modification Agreement dated as of
March 22, 2010, between Borrower and Bank, as further amended by a certain Seventh Loan Modification Agreement ("Seventh Amendment") dated as of June 29, 2010, between Borrower and Bank,
as further amended by a certain Eighth Loan Modification Agreement dated as of September 2010, between Borrower and Bank, as further amended by a certain Ninth Loan Modification Agreement dated as of
December 17, 2010, between Borrower and Bank, as further amended by a certain Tenth Loan Modification Agreement dated as of March 9, 2011, between Borrower and Bank, as further amended
by a certain Eleventh Loan Modification Agreement dated as of June 9, 2011, between Borrower and Bank, as further amended by a certain Twelfth Loan Modification Agreement dated as of
September 23, 2011, between Borrower and Bank, and as further amended by a certain Thirteenth Loan Modification Agreement dated as of November 7, 2011, between Borrower and Bank (as
amended, the "Loan Agreement"). Capitalized terms used but not otherwise defined herein shall have the same meaning as in the Loan Agreement. 

        2.    DESCRIPTION OF COLLATERAL.    Repayment of the Obligations is secured by the Collateral as described in the Loan
Agreement and that certain Intellectual Property Security Agreement dated as of January 29, 2007, between Borrower and Bank (the "IP Security Agreement" and together with the Loan Agreement and
any other collateral security granted to Bank, the "Security Documents"). Hereinafter, the Security Documents, together with all other documents evidencing or securing the Obligations, shall be
referred to as the "Existing Loan Documents". 

        3.    DESCRIPTION OF CHANGE IN TERMS.    

        A.    Modifications to Loan Agreement.    

	1.
	The
Loan Agreement shall be amended by deleting the following term appearing in Section 13.1 thereof: 

"  "Revolving Line Maturity Date" is the earliest of (a) December 31, 2011, or (b) the occurrence of an Event of Default." 

and
inserting in lieu thereof the following: 

"
"Revolving Line Maturity Date" is the earliest of (a) February 28, 2012, or (b) the occurrence of an Event of Default." 

        4.    FEES.    Borrower shall pay to Bank a commitment fee equal to One Thousand One Hundred Sixty-Seven Dollars
($1,167.00), which fee shall be due on the date hereof and shall be deemed fully 

earned
as of the date hereof. Borrower shall also reimburse Bank for all legal fees and expenses incurred in connection with this amendment to the Existing Loan Documents. 

        5.    RATIFICATION OF INTELLECTUAL PROPERTY SECURITY AGREEMENT.    Borrower hereby ratifies, confirms and reaffirms,
all and singular, the terms and conditions of the IP Security Agreement and acknowledges, confirms and agrees that said IP Security Agreement contains an accurate and complete listing of all
Intellectual Property Collateral as defined in said IP Security Agreement, which shall remain in full force and effect. 

        6.    RATIFICATION OF REPRESENTATIONS AND WARRANTIES.    Borrower hereby ratifies, confirms and reaffirms, all and
singular, the terms and disclosures contained in a certain Representations and Warranties dated as of January 9, 2007, between Borrower and Bank (the "Representations and Warranties"), and
acknowledges, confirms and agrees the disclosures and information Borrower provided to Bank in the Representations and Warranties have not changed, as of the date hereof, except (a) that
Borrower has an additional subsidiary, Meru Networks International, Inc., a Delaware corporation, (b) that Borrower's chief executive address is 894 Ross Drive, Sunnyvale, California
94089, and (c) as set forth on Annex A of the Seventh Amendment. 

        7.    AUTHORIZATION TO FILE.    Borrower hereby authorizes Bank to file UCC financing statements without notice to
Borrower, with all appropriate jurisdictions, as Bank deems appropriate, in order to further perfect or protect Bank's interest in the Collateral, including a notice that any disposition of the
Collateral, by either Borrower or any other Person, shall be deemed to violate the rights of Bank under the Code. 

        8.    CONSISTENT CHANGES.    The Existing Loan Documents are hereby amended wherever necessary to reflect the changes
described above. 

        9.    RATIFICATION OF LOAN DOCUMENTS.    Borrower hereby ratifies, confirms, and reaffirms all terms and conditions of
all security or other collateral granted to Bank and confirms that the indebtedness secured thereby includes, without limitation, the Obligations. 

        10.    NO DEFENSES OF BORROWER.    Borrower hereby acknowledges and agrees that Borrower has no offsets, defenses,
claims, or counterclaims against Bank with respect to the Obligations, or otherwise, and that if Borrower now has, or ever did have, any offsets, defenses, claims, or counterclaims against Bank,
whether known or unknown, at law or in equity, all of them are hereby expressly WAIVED and Borrower hereby RELEASES Bank from any liability thereunder. 

        11.    CONTINUING VALIDITY.    Borrower understands and agrees that in modifying the existing Obligations, Bank is
relying upon Borrower's representations, warranties, and agreements, as set forth in the Existing Loan Documents. Except as expressly modified pursuant to this Loan Modification Agreement, the terms
of the Existing Loan Documents remain unchanged and in full force and effect. Bank's agreement to modifications to the existing Obligations pursuant to this Loan Modification Agreement in no way shall
obligate Bank to make any future modifications to the Obligations. Nothing in this Loan Modification Agreement shall constitute a satisfaction of the Obligations. It is the intention of Bank and
Borrower to retain as liable parties all makers of Existing Loan Documents, unless the party is expressly released by Bank in writing. No maker will be released by virtue of this Loan Modification
Agreement. 

        12.    RIGHT OF SET-OFF.    In consideration of Bank's agreement to enter into this Loan Modification
Agreement, Borrower hereby reaffirms and hereby grants to Bank, a lien, security interest and right of set off as security for all Obligations to Bank, whether now existing or hereafter arising upon
and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Bank or any entity under the control of Bank (including a Bank
subsidiary) or in transit to any of them. At any time after the occurrence and during the continuance of an Event of Default, without demand or notice, Bank may set off the same or any part thereof
and apply the same to any liability or obligation of Borrower even though unmatured and regardless of the adequacy of any other collateral securing the loan. ANY AND ALL RIGHTS TO REQUIRE BANK TO
EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL 

WHICH
SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 

        13.    JURISDICTION/VENUE.    Borrower accepts for itself and in connection with its properties, unconditionally, the
exclusive jurisdiction of any state or federal court of competent jurisdiction in the State of California in any action, suit, or proceeding of any kind against it which arises out of or by reason of
this Loan Modification Agreement. NOTWITHSTANDING THE FOREGOING, BANK SHALL HAVE THE RIGHT TO BRING ANY ACTION OR PROCEEDING AGAINST BORROWER OR ITS PROPERTY IN THE COURTS OF ANY OTHER JURISDICTION
WHICH BANK DEEMS NECESSARY OR APPROPRIATE IN ORDER TO REALIZE ON THE COLLATERAL OR TO OTHERWISE ENFORCE BANK'S RIGHTS AGAINST BORROWER OR ITS PROPERTY. 

        14.    CONFIDENTIALITY.    Bank may use confidential information for the development of databases, reporting purposes,
and market analysis, so long as such confidential information is aggregated and
anonymized prior to distribution unless otherwise expressly permitted by Borrower. The provisions of the immediately preceding sentence shall survive the termination of the Loan Agreement. 

        15.    COUNTERSIGNATURE.    This Loan Modification Agreement shall become effective only when it shall have been
executed by Borrower and Bank. 

[The remainder of this page is intentionally left blank]

        This
Loan Modification Agreement is executed under the laws of the State of California as of the date first written above. 

 

									
	 BORROWER:	 	 	 	BANK:
	    	 	 	 	 	 	 	 	 
	 MERU NETWORKS, INC.	 	 	 	SILICON VALLEY BANK
	
 By:	
 	
/s/ KEITH KITCHEN

 	
 	
 	
 	
By:	
 	
/s/ CHRISTOPHER SNIDER

 
	
 Name:	
 	
Keith Kitchen

 	
 	
 	
 	
Name:	
 	
Christopher Snider

 
	
 Title:	
 	
VP, Corp. Controller

 	
 	
 	
 	
Title:	
 	
Managing Director

 

 

 

QuickLinks

Exhibit 10.9

FOURTEENTH LOAN MODIFICATION AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}]]