Silver Lake Sumeru Fund, L.P. Silver Lake Technology Investors Sumeru, L.P. 2775 Sand Hill Road, Suite 100 Menlo Park, California 94025
Exhibit 00
Xxxxxx Xxxx Xxxxxx Fund, L.P.
Silver Lake Technology Investors Sumeru, L.P.
0000 Xxxx Xxxx Xxxx, Xxxxx 000
Xxxxx Xxxx, Xxxxxxxxxx 00000
Silver Lake Technology Investors Sumeru, L.P.
0000 Xxxx Xxxx Xxxx, Xxxxx 000
Xxxxx Xxxx, Xxxxxxxxxx 00000
June 8, 2010
Power-One, Inc.
New Power-One, Inc.
000 Xxxxx Xxxxx
Xxxxxxxxx, Xxxxxxxxxx 00000
New Power-One, Inc.
000 Xxxxx Xxxxx
Xxxxxxxxx, Xxxxxxxxxx 00000
Re: | Confirmation and Acknowledgement of Transfer Restrictions |
Ladies and Gentlemen:
Reference is hereby made to (i) the Securities Purchase Agreement, dated April 23, 2009 (the
“Purchase Agreement”), among Power-One, Inc., a Delaware corporation (the
“Company”), Silver Lake Sumeru Fund, L.P. (“SLS”) and Silver Lake Technology
Investors Sumeru, L.P. (“SLT”, and together with SLS, the “Investors”) and (ii) the
Prospectus, filed by New Power-One, Inc., a Delaware corporation (“New Power-One”, and
together with the Company, “you”), on April 27, 2010 with the SEC with Registration Number
333-165533 (the “Prospectus”). Capitalized terms used but not defined herein shall have
the meanings ascribed thereto in the Purchase Agreement.
As you are aware, Section 8.1(f) of the Purchase Agreement provides that the Investors shall
not be subject to any restrictions on Transfer other than as set forth in the Purchase Agreement,
applicable Law and, to the extent applicable, the Registration Rights Agreement. The Investors
hereby consent to the adoption of the Reorganization (as defined in the Prospectus) and agree that,
subject to your assurances in the immediately succeeding sentence, the Reorganization will not be
inconsistent with Section 8.1(f) of the Purchase Agreement. You hereby acknowledge and agree that,
in accordance with Section 8.1(f) of the Purchase Agreement, following the Reorganization neither
New Power-One nor the Board of Directors of New Power-One (or any committee thereof) shall take any
action pursuant to the authority provided in Section 12.11(b) of the Certificate of Incorporation
of New Power-One (the “Charter”), as in existence as of the date hereof, or any successor
or similar provision thereto, that would restrict or otherwise impose any restriction upon (x) any
Investors Securityholders’ ability to Transfer (as defined in the Charter) any of their respective
Securities or (y) any Transfer (as defined in the Charter) of Securities that any Investors
Securityholder may make in any manner other than as set forth in the Purchase Agreement, applicable
Law and, to the extent applicable, the Registration Rights Agreement.
This letter agreement shall become effective when executed by each of the signatories hereto
(including the Company and New Power-One) and may be executed in one or more counterparts and each
such counterpart hereof shall be deemed to be an original instrument but all such counterparts
together shall constitute but one agreement. This letter agreement shall be governed by, and
construed in accordance with, the laws of the State of Delaware.
[Remainder of Page Intentionally Blank]
Very Truly Yours, SILVER LAKE SUMERU FUND, L.P. |
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By: | SILVER LAKE TECHNOLOGY ASSOCIATES SUMERU, L.P., its general partner |
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By: | SLTA SUMERU (GP), L.L.C., its general partner |
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By: | SILVER LAKE GROUP, L.L.C., its managing member |
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By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: | Managing Member | |||
SILVER LAKE TECHNOLOGY INVESTORS SUMERU, L.P. |
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By: | SILVER LAKE TECHNOLOGY ASSOCIATES SUMERU, L.P., its general partner |
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By: | SLTA SUMERU (GP), L.L.C., its general partner |
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By: | SILVER LAKE GROUP, L.L.C., its managing member |
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By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: | Managing Member | |||
[Signature Page to the Acknowledgement Letter]
Acknowledged and Agreed, as of the date first above written: POWER-ONE, INC. |
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By: | /s/ Xxxx X. XxXxxxxx | |||
Name: | Xxxx X. XxXxxxxx | |||
Title: | General Counsel | |||
NEW POWER-ONE, INC. |
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By: | /s/ Xxxx X. XxXxxxxx | |||
Name: | Xxxx X. XxXxxxxx | |||
Title: | General Counsel | |||
[Signature Page to the Acknowledgement Letter]