Document:

exv4w6

 

Exhibit 4.6

THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY STATE SECURITIES LAWS, AND HAS BEEN ACQUIRED FOR INVESTMENT AND NOT WITH
A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISPOSITION
MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF
COUNSEL, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE
SECURITIES ACT.

THIS WARRANT IS SUBJECT TO AN AGREEMENT BY THE HOLDER HEREOF NOT TO OFFER, SELL, CONTRACT TO SELL,
PLEDGE OR OTHERWISE DISPOSE OF, DIRECTLY OR INDIRECTLY, ANY PART OF THIS WARRANT EXCEPT IN
ACCORDANCE WITH THE TERMS OF THE PREFERRED STOCK AND WARRANT PURCHASE AGREEMENT, DATED AS OF APRIL
24, 2006, BETWEEN THE COMPANY AND OAK INVESTMENT PARTNERS XI, LIMITED PARTNERSHIP, INCLUDING,
WITHOUT LIMITATION, SECTION 9.4 THEREOF.

	 	 	 
	Warrant No. B-001

Date of Issuance: April 24, 2006
	 	Number of Shares: 90,000

(subject to adjustment)

ENDWAVE CORPORATION

SERIES B PREFERRED STOCK PURCHASE WARRANT

     Endwave Corporation (the “Company”), for value received, hereby certifies that Oak
Investment Partners XI, Limited Partnership or its registered assigns (in accordance with Section 3
below) (the “Registered Holder”), is entitled, subject to the terms set forth below, to
purchase from the Company, at any time after the Date of Issuance (set forth above) and on or
before the Expiration Date (as defined in Section 5 below), up to ninety thousand (90,000) shares
of Series B Preferred Stock, par value one-tenth of one cent ($0.001) per share, of the Company
(the “Series B Preferred Stock”), subject to adjustment as set forth herein, at a purchase
price of one hundred fifty dollars ($150.00) per share, subject to adjustment as set forth herein.
The shares purchasable upon exercise of this Warrant (including the shares of Common Stock
referenced in Section 1(c)) are hereinafter referred to as the “Warrant Stock.” The
exercise price per share of Warrant Stock is hereinafter referred to as the “Purchase
Price.”

     This Warrant is issued pursuant to, and is subject to the terms and conditions of, a Preferred
Stock and Warrant Purchase Agreement dated April 24, 2006 between the Company and the Registered
Holder (the “Purchase Agreement”).

     1. Exercise.

          (a) Manner of Exercise. This Warrant may be exercised by the Registered Holder,
pursuant to this Section 1(a), in whole or in part, by surrendering this Warrant, with the purchase
form appended hereto as Exhibit A duly executed by such Registered Holder or by such
Registered Holder’s duly authorized attorney, at the principal office of the Company, or at such
other office or agency as the Company may designate, accompanied by payment in full of the

 

 

Purchase Price payable in respect of the number of shares of Warrant Stock purchased upon such
exercise. The Purchase Price may be paid by cash, check, wire transfer or by the surrender of
promissory notes or other instruments representing indebtedness of the Company to the Registered
Holder.

          (b) Effective Time of Exercise. Each exercise of this Warrant shall be deemed to have
been effected immediately prior to the close of business on the day on which this Warrant shall
have been surrendered to the Company as provided in Section 1(a) above; provided, however, that if
this Warrant is exercised in connection with or in contemplation of a transaction deemed a
“Liquidation” for purposes of Section 3(a) of the Company’s Certificate of Designations,
Preferences and Rights of Series B Preferred Stock (an “Acquisition”), such exercise may be
conditioned upon the closing of such Acquisition, in which case this Warrant shall be deemed to
have been exercised immediately prior to such closing and, if such closing does not occur, this
Warrant shall be deemed to not have been exercised. At such time, the person or persons in whose
name or names any certificates for Warrant Stock shall be issuable upon such exercise as provided
in Section 1(d) below shall be deemed to have become the holder or holders of record of the Warrant
Stock represented by such certificates.

          (c) Common Stock Exercise. In lieu of receiving shares of Warrant Stock upon exercise
of all or part of this Warrant as provided in Section 1(a) above, the Registered Holder may instead
elect to receive the number of shares of common stock, par value one-tenth of one cent ($0.001) per
share, of the Company (the “Common Stock”) as follows:

               (i) In lieu of exercising this Warrant for Series B Preferred Stock, the Registered Holder may
elect to receive up to 900,000 shares of Common Stock (as adjusted for any combinations, divisions
or similar recapitalizations affecting such shares) at the Common Stock Purchase Price (as defined
below). The Warrant may be exercised by the Registered Holder, pursuant to this Section 1(c), in
whole or in part, by surrendering this Warrant, with the purchase form appended hereto as
Exhibit A duly executed by such Registered Holder or by such Registered Holder’s duly
authorized attorney, at the principal office of the Company, or at such other office or agency as
the Company may designate, accompanied by payment in full of the Common Stock Purchase Price
payable in respect of the number of shares of Warrant Stock purchased upon such exercise. The
Purchase Price may be paid by cash, check, wire transfer or by the surrender of promissory notes or
other instruments representing indebtedness of the Company to the Registered Holder.

               (ii) The Registered Holder may instead elect to receive shares of Common Stock equal to the
value of this Warrant (or the portion thereof being canceled) by surrender of this Warrant at the
principal office of the Company together with notice of such election on the purchase/exercise form
appended hereto as Exhibit A duly executed by such Registered Holder or such Registered
Holder’s duly authorized attorney, in which event the Company shall issue to such Registered Holder
a number of shares of Warrant Stock computed using the following formula:

X = Y (A- B)

       A

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	Where

	 	X =
	 	The number of shares of Common Stock to be issued to the
Registered Holder and, for purposes of this Warrant and
this Section 1(c), will be referred to as “Warrant Stock”.
	 
	 

	 	Y =
	 	The number of shares of Common Stock (up to 900,000 shares
of Common Stock (as adjusted for any combinations,
divisions or similar recapitalizations affecting such
shares)) with respect to which this Warrant is being
exercised.
	 
	 

	 	A =
	 	The fair market value of one share of Common Stock (at the
date of such calculation).
	 
	 

	 	B =
	 	$15.00 per share of Common Stock (subject to adjustment as
set forth herein, the “Common Stock Purchase Price”).

          (d) Delivery to Registered Holder. As soon as practicable after the exercise of this
Warrant in whole or in part, and in any event within twenty (20) days thereafter, the Company at
its expense will cause to be issued in the name of, and delivered to, the Registered Holder, or as
such Registered Holder (upon payment by such Registered Holder of any applicable transfer taxes)
may direct:

               (i) a certificate or certificates for the number of shares of Warrant Stock or Common Stock to
which such Registered Holder shall be entitled, and

               (ii) in case such exercise is in part only, a new warrant (dated the date hereof) of like
tenor, calling in the aggregate on the face thereof for the number of shares of Warrant Stock equal
to the number of such shares called for on the face of this Warrant minus the number of such shares
purchased by the Registered Holder upon such exercise as provided in Section 1(a) above.

     2. Certain Adjustments.

          (a) Mergers or Consolidations. If at any time there shall be (i) a capital
reorganization (other than a combination or subdivision of Warrant Stock otherwise provided for
herein), or a merger or consolidation of the Company with another corporation or entity or (ii)
sale of all or substantially all of the Company’s assets, then, as a part of such reorganization,
merger, consolidation or asset sale, lawful provision shall be made so that the Registered Holder
shall thereafter be entitled to receive upon exercise of this Warrant, during the period specified
in this Warrant and upon payment of the Purchase Price, the number of shares of stock or other
securities or property of the Company or the successor corporation resulting from such
reorganization, merger, consolidation or asset sale, to which a holder of Warrant Stock deliverable
upon exercise of this Warrant would have been entitled under the provisions of the agreement in
such reorganization, merger, consolidation or asset sale, if this Warrant had been exercised
immediately before that reorganization, merger, consolidation or asset sale. In any such case,
appropriate adjustment (as determined in good faith by the Company’s Board of Directors) shall be
made in the application of the provisions of this Warrant with respect to the

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rights and interests of the Registered Holder after the reorganization, merger or
consolidation to the end that the provisions of this Warrant (including adjustment of the Purchase
Price then in effect and the number of shares of Warrant Stock) shall be applicable after that
event, as near as reasonably may be, in relation to any shares or other property deliverable after
that event upon exercise of this Warrant. In connection therewith, the Company will obtain from
the corporation or entity purchasing such assets or the successor corporation resulting from such
reorganization, merger, consolidation or asset sale (and deliver to the Registered Holder), a
written agreement agreeing to the terms hereof in form and substance reasonably satisfactory to the
Registered Holder.

          (b) Splits and Subdivisions; Dividends. In the event the Company should at any time
or from time to time fix a record date for the effectuation of a split or subdivision of the
outstanding shares of Common Stock or Preferred Stock or the determination of the holders of Common
Stock or Preferred Stock entitled to receive a dividend or other distribution payable in additional
shares of Common Stock or Preferred Stock or other securities or rights convertible into, or
entitling the holder thereof to receive directly or indirectly, additional shares of Common Stock
or Preferred Stock (hereinafter referred to as the “Common Stock Equivalents”) without
payment of any consideration by such holder for the additional shares of Common Stock, Preferred
Stock or Common Stock Equivalents (including the additional shares of Common Stock or Preferred
Stock issuable upon conversion or exercise thereof), then, as of such record date (or the date of
such distribution, split or subdivision if no record date is fixed), the Purchase Price and the
Common Stock Purchase Price (as applicable) shall be appropriately decreased and the number of
shares of Warrant Stock shall be appropriately increased in proportion to such increase (or
potential increase) of outstanding shares.

          (c) Combination of Shares. If the number of shares of Common Stock or Preferred Stock
outstanding at any time after the date hereof is decreased by a combination of the outstanding
shares of Common Stock or Preferred Stock, the Purchase Price and the Common Stock Purchase Price
(as applicable) shall be appropriately increased and the number of shares of Warrant Stock shall be
appropriately decreased in proportion to such decrease in outstanding shares.

          (d) Adjustments for Other Distributions. In the event the Company shall declare a
distribution payable in securities of other persons, evidences of indebtedness issued by the
Company or other persons, assets (excluding cash dividends paid out of net profits) or options or
rights not referred to in Section 2(b), then, in each such case for the purpose of this Section
2(d), upon exercise of this Warrant the holder hereof shall be entitled to a proportionate share of
any such distribution as though such holder was the holder of the number of shares of Common Stock
or Preferred Stock of the Company into which this Warrant may be exercised as of the record date
fixed for the determination of the holders of Common Stock or Preferred Stock of the Company
entitled to receive such distribution.

          (e) Certificate of Adjustment. When any adjustment is required to be made in the
securities issuable upon exercise of this Warrant, the Company shall promptly mail to the
Registered Holder a certificate, signed by the Company’s Chief Financial Officer, setting forth a
brief statement of the facts requiring such adjustment. Such certificate shall also set forth the

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kind and amount of stock or other securities or property into which this Warrant shall be
exercisable following the occurrence of any of the events specified in this Section 2.

     3. Representations; Transfer Restrictions.

          (a) Unregistered Security. The Registered Holder is and at the time of the exercise
of the warrant will be an “accredited investor” as that term is defined in Rule 501 of Regulation D
under the Securities Act of 1933, as amended, and acknowledges that this Warrant, the Warrant Stock
and the shares issuable upon conversion of the Warrant Stock have not been registered under the
Securities Act and agrees not to sell, pledge, distribute, offer for sale, transfer or otherwise
dispose of this Warrant, any Warrant Stock or any stock issued upon conversion of the Warrant Stock
except in accordance with Section 6.2 of the Purchase Agreement.

          (b) Transferability. Subject to the provisions of Section 3(a) hereof and Sections
6.2 and 9.4 of the Purchase Agreement, this Warrant and all rights hereunder are transferable in
whole or in part upon surrender of the Warrant with a properly executed assignment (in the form of
Exhibit B hereto) at the principal office of the Company, and the transferee will
thereafter be treated as the Registered Holder hereof for purposes of the portion of the Warrant so
transferred.

          (c) The Company shall treat the Registered Holder of this Warrant as the absolute owner hereof
for all purposes; provided, however, that if and when this Warrant is properly
assigned in blank, the Company may (but shall not be required to) treat the bearer hereof as the
absolute owner hereof for all purposes, notwithstanding any notice to the contrary.

          (d) The Company will maintain a register containing the names and addresses of the Registered
Holders of this Warrant. Any Registered Holder may change such Registered Holder’s address as
shown on the warrant register by written notice to the Company requesting such change.

     4. No Impairment. The Company will not, by amendment of its charter or through
reorganization, consolidation, merger, dissolution, sale of assets or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will
at all times in good faith assist in the carrying out of all such terms and in the taking of all
such action as may be necessary or appropriate in order to protect the rights of the holder of this
Warrant against impairment.

     5. Termination. This Warrant (and the right to purchase securities upon exercise
hereof) shall terminate on April 24, 2009 (the “Expiration Date”).

     6. Notices of Certain Transactions. In case:

          (a) the Company shall take a record of the holders of its Common Stock or Series B Preferred
Stock (or other stock or securities at the time deliverable upon the exercise of this Warrant) for
the purpose of entitling or enabling them to receive any dividend or other distribution, or any
right to subscribe for, purchase or otherwise acquire any shares of stock of any class or any other
securities or property, or to receive any other right; or

5

 

          (b) of any capital reorganization of the Company, any reclassification of the capital stock of
the Company, any consolidation or merger of the Company, any consolidation or merger of the Company
with or into another corporation (other than a consolidation or merger in which the Company is the
surviving entity), or any transfer of all or substantially all of the assets of the Company, or

          (c) of the voluntary or involuntary dissolution, liquidation or winding-up of the Company,
then, and in each such case, the Company will mail or cause to be mailed to the Registered Holder
of this Warrant a notice specifying, as the case may be, (i) the date on which a record is to be
taken for the purpose of such dividend, distribution or right, and stating the amount and character
of such dividend, distribution or right, and (ii) the effective date on which such reorganization,
reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up is
expected to take place, and the record date for determining stockholders entitled to vote thereon.
Such notice shall be mailed at least twenty (20) days prior to the record date or effective date
for the event specified in such notice.

     7. Reservation of Stock. The Company will at all times reserve and keep available,
solely for the issuance and delivery upon the exercise of this Warrant, such shares of Warrant
Stock or other stock or securities, as from time to time shall be issuable upon the exercise of
this Warrant.

     8. Exchange of Warrants. Upon the surrender by the Registered Holder of any Warrant,
properly endorsed, to the Company at the principal office of the Company, the Company will, subject
to the provisions of Section 3 hereof, issue and deliver to or upon the order of such Registered
Holder, at the Company’s expense, a new Warrant of like tenor, in the name of such Registered
Holder or as such Registered Holder (upon payment by such Registered Holder of any applicable
transfer taxes) may direct, calling in the aggregate on the face or faces thereof for the number of
shares of Series B Preferred Stock called for on the face or faces of the Warrant so surrendered.

     9. Replacement of Warrants. Upon receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction or mutilation of this Warrant and (in the case of loss,
theft or destruction) upon delivery of an indemnity agreement (with surety if reasonably required)
in an amount reasonably satisfactory to the Company, or (in the case of mutilation) upon surrender
and cancellation of this Warrant, the Company will issue, in lieu thereof, a new Warrant of like
tenor.

     10. Hart-Scott-Rodino Act.

          (a) Notwithstanding anything to the contrary herein, if the exercise of this Warrant by the
Registered Holder pursuant to Section 1(a) would, in the opinion of the Company or the Registered
Holder, require clearance from the Federal Trade Commission under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976 (or other regulatory clearance pursuant to applicable competition laws or
regulations), then the Company and Registered Holder (i) agree to cooperate to complete such
filings and obtain clearance as soon as is commercially reasonable, and (ii) agree that the Company
shall not issue the shares of Warrant Stock issuable upon exercise of this Warrant until the
Company has received such clearance.

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          (b) If such filings are required in connection with the exercise of this Warrant, the Company
shall bear all costs (including all filing fees and expenses of both the Company and the Registered
Holder in connection with such filings) associated with the preparation and filing of the
notification forms (each party’s form will be subject to review by the other party) (including the
reasonable fees and expenses of counsel to the Registered Holder, not to exceed $20,000).

     11. Mailing of Notices. Any notice required or permitted by this Warrant shall be in
writing and shall be deemed sufficient upon receipt, when delivered personally or by a
nationally-recognized delivery service (such as Federal Express or UPS) or confirmed facsimile, or
forty-eight (48) hours after being deposited in the U.S. mail as certified or registered mail with
postage prepaid, if such notice is addressed to the party to be notified at such party’s address or
facsimile number as set forth below or as subsequently modified by written notice.

     12. No Rights as Stockholder. Until the exercise of this Warrant, the Registered
Holder of this Warrant shall not have or exercise any rights by virtue hereof as a stockholder of
the Company (including without limitation the right to notification of stockholder meetings or the
right to receive any notice or other communication concerning the business or affairs of the
Company).

     13. No Fractional Shares. No fractional shares of Series B Preferred Stock or Common
Stock will be issued in connection with any exercise hereunder. In lieu of any fractional shares
which would otherwise be issuable, the Company shall pay cash equal to the product of such fraction
multiplied by the fair market value of the applicable number of shares of Common Stock on the date
of exercise, as determined in good faith by the Company’s Board of Directors.

     14. Amendment or Waiver. Any term of this Warrant may be amended or waived only by an
instrument in writing signed by the party against which enforcement of the amendment or waiver is
sought.

     15. Headings. The headings in this Warrant are for purposes of reference only and
shall not limit or otherwise affect the meaning of any provision of this Warrant.

     16. Successors and Assigns. The terms and provisions of this Warrant shall inure to
the benefit of, and be binding upon, the Company and the Registered Holder and their respective
permitted successors and assigns (in the case of the Registered Holder, in accordance with Section
3).

     17. Governing Law. This Warrant shall be governed, construed and interpreted in
accordance with the laws of the State of California, without giving effect to principles of
conflicts of law.

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ENDWAVE CORPORATION:

	 	 	 	 	 
	 

	 	By:
	 	/s/ Edward A. Keible, Jr.
	 

	 	 	 	 
	 

	 	Name:
	 	Edward A. Keible, Jr.
	 

	 	Title:
	 	President and Chief Executive Officer
	 
	 	 	 	 
	 	 	Address: 776 Palomar Avenue
	 	 	Sunnyvale, CA 94085
	 	 	Facsimile: (408) 522-3102

REGISTERED HOLDER:

OAK INVESTMENT PARTNERS XI,
 LIMITED
PARTNERSHIP

	 	 	 
	By:

	 	Oak Associates XI, LLC,
	 

	 	its general partner

	 	 	 	 	 
	By:

Name:

	 	/s/ Bandel L.Carano
 

Bandel L. Carano
	 	 
	Title:

	 	Managing Member	 	 

Address: 525 University Avenue, Suite 1300

Palo Alto, CA 94301

Facsimile: (650) 328-6345

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EXHIBIT A

PURCHASE FORM

To: Endwave Corporation                     Dated:

     The undersigned, pursuant to the provisions set forth in the attached Warrant, hereby
irrevocably elects to (a) purchase                     shares of Series B Preferred Stock or                     shares
of Common Stock [choose one] covered by such Warrant and herewith makes payment of
$                                        , representing the full purchase price for such shares at the price per share
provided for in such Warrant, or (b) exercise such Warrant with respect to                     shares of
Common Stock purchasable under the Warrant pursuant to the net issue exercise provisions of Section
1(c)(ii) of such Warrant, pursuant to which the undersigned is entitled to receive                     shares of
Common Stock.

     The undersigned hereby confirms and acknowledges the investment representations and warranties
made in Section 3 of the Warrant and accepts such shares subject to the restrictions of the
Warrant, copies of which are available from the Secretary of the Company.

	 	 	 	 	 	 
	 

	 	Signature:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Address:	 	 
	 

	 	 	 	 

 

 

EXHIBIT B

ASSIGNMENT FORM

     FOR
VALUE RECEIVED, ______ hereby sells, assigns and transfers
all of the rights of the undersigned under the attached Warrant with respect to the number of
shares of Common Stock covered thereby set forth below, unto:

	 	 	 	 	 
	Name of Assignee

	 	Address

	 	No.
of Shares

	 	 	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	Signature:	 	 	 	 
	 

	 	 

	 	 	 	 	 	 

	 	 
	 
	 

	 	 	 	 	 	 	 	 

	 	 

     Witnessexv10w1

 

Exhibit 10.1

COVAD COMMUNICATIONS GROUP, INC.

INDEMNIFICATION AGREEMENT

          This  Agreement (“Agreement”) is made as of this 20th day of April, 2006, by
and between Covad Communications Group, Inc., a Delaware corporation (the “Company”), and Robert
Neumeister (“Indemnitee”).

          WHEREAS, the Company and Indemnitee recognize the increasing difficulty in obtaining
directors’ and officers’ liability insurance, the significant increases in the cost of such
insurance and the general reductions in the coverage of such insurance;

          WHEREAS, the Company and Indemnitee further recognize the substantial increase in corporate
litigation in general, subjecting officers and directors to expensive litigation risks at the same
time as the availability and coverage of liability insurance has been severely limited; and

          WHEREAS, the Company desires to attract and retain the services of highly qualified
individuals, such as Indemnitee, to serve as officers and directors of the Company and to indemnify
its officers and directors so as to provide them with the maximum protection permitted by law.

          NOW, THEREFORE, in consideration for Indemnitee’s services as an officer or director of the
Company, the Company and Indemnitee hereby agree as follows:

          1.     Indemnification.

                  (a)      Third Party Proceedings. The Company shall indemnify Indemnitee if Indemnitee is or was a
party or is threatened to be made a party to any threatened, pending or completed action, suit,
proceeding or any alternative dispute resolution mechanism, whether civil, criminal, administrative
or investigative (other than an action by or in the right of the Company) by reason of the fact
that Indemnitee is or was a director, officer, employee or agent of the Company, or any subsidiary
of the Company, or by reason of the fact that Indemnitee is or was serving at the request of the
Company as a director, officer, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise, against expenses (including attorneys’ fees), judgments, fines
and amounts paid in settlement (if such settlement is approved in advance by the Company, which
approval shall not be unreasonably withheld) actually and reasonably incurred by Indemnitee in
connection with such action, suit or proceeding if Indemnitee acted in good faith and in a manner
Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and,
with respect to any criminal action or proceeding, had no reasonable cause to believe Indemnitee’s
conduct was unlawful. The termination of any action, suit or proceeding by judgment, order,
settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself,
create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee
reasonably believed to be in or not opposed to the best interests of the Company, and, with respect
to any criminal action or proceeding, had reasonable cause to believe that Indemnitee’s conduct was
unlawful.

 

 

                  (b)      Proceedings By or in the Right of the Company. The Company shall indemnify Indemnitee if
Indemnitee was or is a party or is threatened to be made a party to any threatened, pending or
completed action or suit by or in the right of the Company or any subsidiary of the Company to
procure a judgment in its favor by reason of the fact that Indemnitee is or was a director,
officer, employee or agent of the Company, or any subsidiary of the Company, or by reason of the
fact that Indemnitee is or was serving at the request of the Company as a director, officer,
employee or agent of another corporation, partnership, joint venture, trust or other enterprise,
against expenses (including attorneys’ fees) and, to the fullest extent permitted by law, amounts
paid in settlement actually and reasonably incurred by Indemnitee in connection with the defense or
settlement of such action or suit if Indemnitee acted in good faith and in a manner Indemnitee
reasonably believed to be in or not opposed to the best interests of the Company, except that no
indemnification shall be made in respect of any claim, issue or matter as to which Indemnitee shall
have been adjudged to be liable to the Company unless and only to the extent that the Court of
Chancery of the State of Delaware or the court in which such action or suit was brought shall
determine upon application that, despite the adjudication of liability but in view of all the
circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnity for such
expenses which the Court of Chancery of the State of Delaware or such other court shall deem
proper.

                  (c)      Mandatory Payment of Expenses. To the extent that Indemnitee has been successful on the
merits or otherwise in defense of any action, suit or proceeding referred to in Subsections (a) and
(b) of this Section 1, or in defense of any claim, issue or matter therein, Indemnitee shall be
indemnified against expenses (including attorneys’ fees) actually and reasonably incurred by
Indemnitee in connection therewith.

          2.     Agreement to Serve. In consideration of the protection afforded by this Agreement, if
Indemnitee is a director of the Company he agrees to serve at least for the 90 days after the
effective date of this Agreement as a director and not to resign voluntarily during such period
without the written consent of a majority of the Board of Directors. If Indemnitee is an officer of
the Company not serving under an employment contract, he agrees to serve in such capacity at least
for 90 days and not to resign voluntarily during such period without the written consent of a
majority of the Board of Directors. Following the applicable period set forth above, Indemnitee
agrees to continue to serve in such capacity at the will of the Company (or under separate
agreement, if such agreement exists) so long as he is duly appointed or elected and qualified in
accordance with the applicable provisions of the Bylaws of the Company or any subsidiary of the
Company or until such time as he tenders his resignation in writing. Nothing contained in this
Agreement is intended to create in Indemnitee any right to continued employment.

          3.     Expenses; Indemnification Procedure.

                  (a)      Advancement of Expenses. The Company shall advance all expenses incurred by Indemnitee in
connection with the investigation, defense, settlement or appeal of any civil or criminal action,
suit or proceeding referenced in Section 1(a) or (b) hereof (but not amounts actually paid in
settlement of any such action, suit or proceeding). Indemnitee hereby undertakes to repay such
amounts advanced only if, and to the extent that, it shall ultimately be determined that

-2-

 

Indemnitee is not entitled to be indemnified by the Company as authorized hereby. The
advances to be made hereunder shall be paid by the Company to Indemnitee within thirty (30) days
following delivery of a written request therefor by Indemnitee to the Company.

                  (b)      Notice/Cooperation by Indemnitee. Indemnitee shall, as a condition precedent to his right
to be indemnified under this Agreement, give the Company notice in writing as soon as practicable
of any claim made against Indemnitee for which indemnification will or could be sought under this
Agreement. Notice to the Company shall be directed to the President of the Company at the address
shown on the signature page of this Agreement (or such other address as the Company shall designate
in writing to Indemnitee and given as provided in Section 14). In addition, Indemnitee shall give
the Company such information and cooperation as it may reasonably require and as shall be within
Indemnitee’s power.

                  (c)      Procedure. Any indemnification and advances provided for in Section 1 and this Section 3
shall be made no later than thirty (30) days after receipt of the written request of Indemnitee.
If a claim under this Agreement, under any statute, or under any provision of the Company’s
Certificate of Incorporation or Bylaws providing for indemnification, is not paid in full by the
Company within thirty (30) days after a written request for payment thereof has first been received
by the Company, Indemnitee may, but need not, at any time thereafter bring an action against the
Company to recover the unpaid amount of the claim and, subject to Section 14 of this Agreement,
Indemnitee shall also be entitled to be paid for the expenses (including attorneys’ fees) of
bringing such action. It shall be a defense to any such action (other than an action brought to
enforce a claim for expenses incurred in connection with any action, suit or proceeding in advance
of its final disposition) that Indemnitee has not met the standards of conduct which make it
permissible under applicable law for the Company to indemnify Indemnitee for the amount claimed.
However, Indemnitee shall be entitled to receive interim payments of expenses pursuant to
Subsection 3(a) unless and until such defense may be finally adjudicated by court order or judgment
from which no further right of appeal exists. It is the parties’ intention that if the Company
contests Indemnitee’s right to indemnification, the question of Indemnitee’s right to
indemnification shall be for the court to decide, and neither the failure of the Company (including
its Board of Directors, any committee or subgroup of the Board of Directors, independent legal
counsel, or its stockholders) to have made a determination that indemnification of Indemnitee is
proper in the circumstances because Indemnitee has met the applicable standard of conduct required
by applicable law, nor an actual determination by the Company (including it Board of Directors, any
committee or subgroup of the Board of Directors, independent legal counsel, or its stockholders)
that Indemnitee has not met such applicable standard of conduct, shall create a presumption that
Indemnitee has or has not met the applicable standard of conduct.

                  (d)      Notice to Insurers. If, at the time of the receipt of a notice of a claim pursuant to
Section 3(b) hereof, the Company has director and officer liability insurance in effect, the
Company shall give prompt notice of the commencement of such proceeding to the insurers in
accordance with the procedures set forth in the respective policies. The Company shall thereafter
take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee,
all amounts payable as a result of such proceeding in accordance with the terms of such policies.

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                  (e)      Selection of Counsel. In the event the Company shall be obligated under Section 3(a)
hereof to pay the expenses of any proceeding against Indemnitee, the Company, if appropriate, shall
be entitled to assume the defense of such proceeding, with counsel subject to the approval of
Indemnitee, which shall not be unreasonably withheld. After delivery of written notice of the
assumption of the defense, approval of such counsel by Indemnitee as described above and the
retention of such counsel by the Company, the Company will not be liable to Indemnitee under this
Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to the same
proceeding, provided that (i) Indemnitee shall have the right to employ his counsel in any such
proceeding at Indemnitee’s expense; and (ii) if (A) the employment of counsel by Indemnitee has
been previously authorized by the Company, (B) Indemnitee shall have reasonably concluded that
there may be a conflict of interest between the Company and Indemnitee in the conduct of any such
defense, or (C) the Company shall not, in fact, have employed counsel to assume the defense of such
proceeding, then the fees and expenses of Indemnitee’s counsel shall be at the expense of the
Company.

          4.     Additional Indemnification Rights; Nonexclusivity.

                  (a)      Scope. Notwithstanding any other provision of this Agreement, the Company hereby agrees
to indemnify the Indemnitee to the fullest extent permitted by law, notwithstanding that such
indemnification is not specifically authorized by the other provisions of this Agreement, the
Company’s Certificate of Incorporation, the Company’s Bylaws or by statute. In the event of any
change, after the date of this Agreement, in any applicable law, statute, or rule which expands the
right of a Delaware corporation to indemnify a member of its board of directors or an officer, such
changes shall be, ipso facto, within the purview of Indemnitee’s rights and Company’s obligations,
under this Agreement. In the event of any change in any applicable law, statute or rule which
narrows the right of a Delaware corporation to indemnify a member of its board of directors or an
officer, such changes, to the extent not otherwise required by such law, statute or rule to be
applied to this Agreement shall have no effect on this Agreement or the parties’ rights and
obligations hereunder.

                  (b)      Nonexclusivity. The indemnification provided by this Agreement shall not be deemed
exclusive of any rights to which Indemnitee may be entitled under the Company’s Certificate of
Incorporation, its Bylaws, any agreement, any vote of stockholders or disinterested Directors, the
General Corporation Law of the State of Delaware, or otherwise, both as to action in Indemnitee’s
official capacity and as to action in another capacity while holding such office. The
indemnification provided under this Agreement shall continue as to Indemnitee for any action taken
or not taken while serving in an indemnified capacity even though he may have ceased to serve in
such capacity at the time of any action, suit or other covered proceeding.

          5.     Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement
to indemnification by the Company for some or a portion of the expenses, judgments, fines or
penalties actually or reasonably incurred by him in the investigation, defense, appeal or
settlement of any civil or criminal action, suit or proceeding, but not, however, for the total
amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion of such
expenses, judgments, fines or penalties to which Indemnitee is entitled.

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          6.     Mutual Acknowledgement. Both the Company and Indemnitee acknowledge that in certain
instances, Federal law or applicable public policy may prohibit the Company from indemnifying its
directors and officers under this Agreement or otherwise. Indemnitee understands and acknowledges
that the Company has undertaken or may be required in the future to undertake with the Securities
and Exchange Commission to submit the question of indemnification to a court in certain
circumstances for a determination of the Company’s right under public policy to indemnify
Indemnitee.

          7.     Officer and Director Liability Insurance. The Company shall, from time to time, make the
good faith determination whether or not it is practicable for the Company to obtain and maintain a
policy or policies of insurance with reputable insurance companies providing the officers and
directors of the Company with coverage for losses from wrongful acts, or to ensure the Company’s
performance of its indemnification obligations under this Agreement. Among other considerations,
the Company will weigh the costs of obtaining such insurance coverage against the protection
afforded by such coverage. In all policies of director and officer liability insurance, Indemnitee
shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits
as are accorded to the most favorably insured of the Company’s directors, if Indemnitee is a
director; or of the Company’s officers, if Indemnitee is not a director of the Company but is an
officer. Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain
such insurance if the Company determines in good faith that such insurance is not reasonably
available, if the premium costs for such insurance are disproportionate to the amount of coverage
provided, if the coverage provided by such insurance is limited by exclusions so as to provide an
insufficient benefit, or if Indemnitee is covered by similar insurance maintained by a subsidiary
or parent of the Company.

          8.     Severability. Nothing in this Agreement is intended to require or shall be construed as
requiring the Company to do or fail to do any act in violation of applicable law. The Company’s
inability, pursuant to court order, to perform its obligations under this Agreement shall not
constitute a breach of this Agreement. The provisions of this Agreement shall be severable as
provided in this Section 8. If this Agreement or any portion hereof shall be invalidated on any
ground by any court of competent jurisdiction, then the Company shall nevertheless indemnify
Indemnitee to the full extent permitted by any applicable portion of this Agreement that shall not
have been invalidated, and the balance of this Agreement not so invalidated shall be enforceable in
accordance with its terms.

          9.     Exceptions. Any other provision herein to the contrary notwithstanding, the Company shall
not be obligated pursuant to the terms of this Agreement:

                  (a)      Claims Initiated by Indemnitee. To indemnify or advance expenses to Indemnitee with
respect to proceedings or claims initiated or brought voluntarily by Indemnitee and not by way of
defense, except with respect to proceedings brought to establish or enforce a right to
indemnification under this Agreement or any other statute or law or otherwise as required under
Section 145 of the Delaware General Corporation Law, but such indemnification or advancement of
expenses may be provided by the Company in specific cases if the Board of Directors has approved
the initiation or bringing of such suit; or

-5-

 

                  (b)      Lack of Good Faith. To indemnify Indemnitee for any expenses incurred by the Indemnitee
with respect to any proceeding instituted by Indemnitee to enforce or interpret this Agreement, if
a court of competent jurisdiction determines that each of the material assertions made by the
Indemnitee in such proceeding was not made in good faith or was frivolous; or

                  (c)      Insured Claims. To indemnify Indemnitee for expenses or liabilities of any type
whatsoever (including, but not limited to, judgments, fines, ERISA excise taxes or penalties, and
amounts paid in settlement) which have been paid directly to Indemnitee by an insurance carrier
under a policy of officers’ and directors’ liability insurance maintained by the Company.

                  (d)      Claims Under Section 16(b). To indemnify Indemnitee for expenses and the payment of
profits arising from the purchase and sale by Indemnitee of securities in violation of Section
16(b) of the Securities Exchange Act of 1934, as amended, or any similar successor statute.

          10.   Construction of Certain Phrases.

                  (a)      For purposes of this Agreement, references to the “Company” shall include, in addition to
the resulting corporation, any constituent corporation (including any constituent of a constituent)
absorbed in a consolidation or merger which, if its separate existence had continued, would have
had power and authority to indemnify its directors, officers, and employees or agents, so that if
Indemnitee is or was a director, officer, employee or agent of such constituent corporation, or is
or was serving at the request of such constituent corporation as a director, officer, employee or
agent of another corporation, partnership, joint venture, trust or other enterprise, Indemnitee
shall stand in the same position under the provisions of this Agreement with respect to the
resulting or surviving corporation as Indemnitee would have with respect to such constituent
corporation if its separate existence had continued.

                  (b)      For purposes of this Agreement, references to “other enterprises” shall include employee
benefit plans; references to “fines” shall include any excise taxes assessed on Indemnitee with
respect to an employee benefit plan; and references to “serving at the request of the Company”
shall include any service as a director, officer, employee or agent of the Company which imposes
duties on, or involves services by, such director, officer, employee or agent with respect to an
employee benefit plan, its participants, or beneficiaries; and if Indemnitee acted in good faith
and in a manner Indemnitee reasonably believed to be in the interest of the participants and
beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have acted in a manner
“not opposed to the best interests of the Company” as referred to in this Agreement.

          11.   Counterparts. This Agreement may be executed in one or more counterparts, each of which
shall constitute an original.

          12.   Successors and Assigns. This Agreement shall be binding upon the Company and its
successors and assigns, and shall inure to the benefit of Indemnitee and Indemnitee’s estate,
heirs, legal representatives and assigns.

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          13.   Attorneys’ Fees. In the event that any action is instituted by Indemnitee under this
Agreement to enforce or interpret any of the terms hereof, Indemnitee shall be entitled to be paid
all court costs and expenses, including reasonable attorneys’ fees, incurred by Indemnitee with
respect to such action, unless as a part of such action, the court of competent jurisdiction
determines that each of the material assertions made by Indemnitee as a basis for such action were
not made in good faith or were frivolous. In the event of an action instituted by or in the name
of the Company under this Agreement or to enforce or interpret any of the terms of this Agreement,
Indemnitee shall be entitled to be paid all court costs and expenses, including attorneys’ fees,
incurred by Indemnitee in defense of such action (including with respect to Indemnitee’s
counterclaims and cross-claims made in such action), unless as a part of such action the court
determines that each of Indemnitee’s material defenses to such action were made in bad faith or
were frivolous.

          14.   Notice. All notices, requests, demands and other communications under this Agreement
shall be in writing and shall be deemed duly given (i) if delivered by hand and receipted for by
the party addressee, on the date of such receipt, or (ii) if mailed by domestic certified or
registered mail with postage prepaid, on the third business day after the date postmarked.
Addresses for notice to either party are as shown on the signature page of this Agreement, or as
subsequently modified by written notice.

          15.   Consent to Jurisdiction. The Company and Indemnitee each hereby irrevocably consent to
the jurisdiction of the courts of the State of Delaware for all purposes in connection with any
action or proceeding which arises out of or relates to this Agreement and agree that any action
instituted under this Agreement shall be brought only in the state courts of the State of Delaware.

          16.   Choice of Law. This Agreement shall be governed by and its provisions construed in
accordance with the laws of the State of Delaware, as applied to contracts between Delaware
residents entered into and to be performed entirely within Delaware without regard to the conflict
of law principles thereof.

          17.   Period of Limitations. No legal action shall be brought and no cause of action shall be
asserted by or in the right of the Company against Indemnitee, Indemnitee’s estate, spouse, heirs,
executors or personal or legal representatives after the expiration of two years from the date of
accrual of such cause of action, and any claim or cause of action of the Company shall be
extinguished and deemed released unless asserted by the timely filing of a legal action within such
two-year period; provided, however, that if any shorter period of limitations is
otherwise applicable to any such cause of action, such shorter period shall govern.

          18.   Subrogation. In the event of payment under this Agreement, the Company shall be
subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall
execute all documents required and shall do all acts that may be necessary to secure such rights
and to enable the Company effectively to bring suit to enforce such rights.

          19.   Amendment and Termination. No amendment, modification, termination or cancellation of
this Agreement shall be effective unless it is in writing signed by both the parties hereto. No
waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of
any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing
waiver.

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          20.   Integration and Entire Agreement. This Agreement sets forth the entire understanding
between the parties hereto and supersedes and merges all previous written and oral negotiations,
commitments, understandings and agreements relating to the subject matter hereof between the
parties hereto.

-8-

 

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

	 	 	 	 	 
	 	  COVAD COMMUNICATIONS GROUP, INC.

 	 
	 	  	/s/ Charles Hoffman
 	 
	 	 	Signature of Authorized Signatory 	 
	 	 	 	 

	 	 	 	 	 
	 	 	 
	 	  	President and CEO
 	 
	 	 	Print Name and Title 	 
	 	 	 	 
	 

	 	 	 	 	 
	 

	 	Address:
	 	110 Rio Robles
	 

	 	 	 	San Jose, CA 95134

	 	 	 
	AGREED TO AND ACCEPTED:

	 	 
	 
	 	 
	 
	 	 
	INDEMNITEE:
	 	 
	 
	 	 
	 
	 	 
	/s/ Robert Neumeister
	 	 
	 
	 	 
	Signature
	 	 
	 
	 	 
	Robert Neumeister
	 	 
	 
	 	 
	Print Name
	 	 

	 	 	 
	Address:

	 	110 Rio Robles
	 

	 	San Jose, CA 95134

-9-

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