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UNITED STATES
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OMB APPROVAL
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SECURITIES AND EXCHANGE
COMMISSION
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OMB Number:
3235-0145
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Washington, D.C. 20549
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Expires: February
28, 2009
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SCHEDULE 13D
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Estimated average
burden hours per
response. . 14.5
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CUSIP No. 834445405
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1.
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Names of Reporting Persons.
Discovery Equity Partners, L.P.
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2.
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Check the Appropriate Box if a Member of a Group (See Instructions)
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(a)
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o
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(b)
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o
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3.
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SEC Use Only
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4.
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Source of Funds (See Instructions)
WC
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5.
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Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o
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6.
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Citizenship or Place of Organization
Illinois
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Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
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7.
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Sole Voting Power
None.
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8.
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Shared Voting Power
484,235
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9.
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Sole Dispositive Power
None.
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10.
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Shared Dispositive Power
484,235
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11.
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Aggregate Amount Beneficially Owned by Each Reporting Person
484,235
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12.
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Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) o
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13.
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Percent of Class Represented by Amount in Row (11)
4.1%
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14.
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Type of Reporting Person (See Instructions)
PN
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CUSIP No. 834445405
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1.
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Names of Reporting Persons.
Discovery Group I, LLC
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2.
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Check the Appropriate Box if a Member of a Group (See Instructions)
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(a)
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o
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(b)
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o
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3.
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SEC Use Only
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4.
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Source of Funds (See Instructions)
AF
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5.
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Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o
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6.
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Citizenship or Place of Organization
Delaware
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Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
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7.
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Sole Voting Power
None.
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8.
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Shared Voting Power
569,714
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9.
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Sole Dispositive Power
None.
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10.
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Shared Dispositive Power
569,714
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11.
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Aggregate Amount Beneficially Owned by Each Reporting Person
569,714
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12.
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Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) o
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13.
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Percent of Class Represented by Amount in Row (11)
4.8%
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14.
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Type of Reporting Person (See Instructions)
OO
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CUSIP No. 834445405
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1.
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Names of Reporting Persons.
Daniel J. Donoghue
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2.
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Check the Appropriate Box if a Member of a Group (See Instructions)
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(a)
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o
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(b)
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o
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3.
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SEC Use Only
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4.
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Source of Funds (See Instructions)
AF
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5.
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Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o
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6.
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Citizenship or Place of Organization
United States of America
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Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
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7.
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Sole Voting Power
None.
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8.
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Shared Voting Power
569,714
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9.
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Sole Dispositive Power
None.
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10.
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Shared Dispositive Power
569,714
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11.
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Aggregate Amount Beneficially Owned by Each Reporting Person
569,714
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12.
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Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) o
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13.
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Percent of Class Represented by Amount in Row (11)
4.8%
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14.
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Type of Reporting Person (See Instructions)
IN
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CUSIP No. 834445405
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1.
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Names of Reporting Persons.
Michael R. Murphy
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2.
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Check the Appropriate Box if a Member of a Group (See Instructions)
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(a)
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o
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(b)
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o
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3.
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SEC Use Only
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4.
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Source of Funds (See Instructions)
AF
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5.
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Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o
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6.
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Citizenship or Place of Organization
United States of America
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Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
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7.
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Sole Voting Power
None.
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8.
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Shared Voting Power
569,714
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9.
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Sole Dispositive Power
None.
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10.
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Shared Dispositive Power
569,714
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11.
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Aggregate Amount Beneficially Owned by Each Reporting Person
569,714
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12.
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Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) o
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13.
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Percent of Class Represented by Amount in Row (11)
4.8%
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14.
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Type of Reporting Person (See Instructions)
IN
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Item 1.
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Security and Issuer
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This Amendment No. 3 to Schedule 13D (“Amendment No. 3”) relates to the Common Stock, par value $0.01 per share (the “Common Stock”), of Somanetics Corporation, a Michigan corporation (the “Company”), which has its principal executive offices at 2600 Troy Center Drive, Troy, Michigan 48084. This Amendment No. 3 amends and supplements, as set forth below, the information contained in items 1, 3, 5 and 6 of the Schedule 13D filed by the Reporting Persons with respect to the Company on December 28, 2009, as amended by Amendment No. 1 thereto filed by the Reporting Persons with respect to the Company on January 7, 2010 and Amendment No. 2 thereto filed by the Reporting Persons with respect to the Company on February 8, 2010 (as so amended, the “Schedule 13D”). All capitalized terms used herein but not defined herein have the meanings set forth in the Schedule 13D. Except as amended by this Amendment No. 3, all information contained in the Schedule 13D is, after reasonable inquiry and to the best of the Reporting Persons’ knowledge and belief, true, complete and correct as of the date of this Amendment No. 3.
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Item 3.
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Source and Amount of Funds or Other Consideration
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Item 3 of the Schedule 13D is hereby amended to read in its entirety as follows:
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The total purchase price for the 569,714 shares of Common Stock beneficially owned by Discovery Group and Messrs. Donoghue and Murphy as of June 28, 2010 was approximately $8,573,386, and the total purchase price for the 484,235 shares of Common Stock beneficially owned by Discovery Equity Partners was approximately $7,287,045. The source of such funds was the assets of Discovery Equity Partners and another private investment partnership (collectively, the “Partnerships”) over which Discovery Group exercises discretionary investment management authority, including proceeds of margin loans under margin loan facilities maintained in the ordinary course of business by the Partnerships with a broker on customary terms and conditions. The Partnerships are the legal owner of all of the Common Stock beneficially owned by Discovery Group and Messrs. Donoghue and Murphy.
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Item 5.
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Interest in Securities of the Issuer
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Item 5 of the Schedule 13D is hereby amended to read in its entirety as follows:
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The information concerning percentages of ownership set forth below is based on 11,953,384 shares of Common Stock reported outstanding as of June 16, 2010 in the Company’s Solicitation/Recommendation Statement on Schedule 14D-9, filed on June 25, 2010.
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Discovery Equity Partners beneficially owns 484,235 shares of Common Stock as of June 28, 2010, which represents 4.1% of the outstanding Common Stock.
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Discovery Group beneficially owns 569,714 shares of Common Stock as of June 28, 2010, which represents 4.8% of the outstanding Common Stock.
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Mr. Donoghue beneficially owns 569,714 shares of Common Stock as of June 28, 2010, which represents 4.8% of the outstanding Common Stock.
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Mr. Murphy beneficially owns 569,714 shares of Common Stock as of June 28, 2010, which represents 4.8% of the outstanding Common Stock.
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Discovery Group is the sole general partner of Discovery Equity Partners and has sole discretionary investment authority with respect to the other Partnership’s investment in the Common Stock. Messrs. Donoghue and Murphy are the sole managing members of Discovery Group. As a consequence, Discovery Group and Messrs. Donoghue and Murphy may be deemed to share beneficial ownership of all of the shares of Common Stock owned by both of the Partnerships, while Discovery Equity Partners shares beneficial ownership with Discovery Group and Messrs. Donoghue and Murphy of only the shares of Common Stock owned by it.
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The transactions in Common Stock effected by the Reporting Persons during the past 60 days are set out in Exhibit 1 hereto.
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No person other than the Partnerships is known to any Reporting Person to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, any of the shares of Common Stock reported herein.
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Discovery Equity Partners ceased to be the beneficial owner of more than five percent of the Common Stock on June 25, 2010. Each of Discovery Group and Messrs. Donoghue and Murphy ceased to be the beneficial owner of more than five percent of the Common Stock on June 28, 2010.
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Item 6.
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Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
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Item 6 of the Schedule 13D is hereby amended to read in its entirety as follows:
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There are no contracts, arrangements, understandings or relationships (legal or otherwise) between or among any of the Reporting Persons and any other person with respect to any securities of the Company other than the governing documents of Discovery Group and the Partnerships, the margin loan facilities referred to under Item 3 above, the Joint Filing Agreements of the Reporting Persons with respect to the Schedule 13D that were included as exhibits thereto, the Joint Filing Agreement of the Reporting Persons with respect to this Amendment No. 3 included as Exhibit 2 to this Amendment No. 3, and the Powers of Attorney granted by Messrs Donoghue and Murphy with respect to reports under Section 13 of the Securities Exchange Act of 1934, as amended, which Powers of Attorney are included as Exhibit 3 and Exhibit 4, respectively, to this Amendment No. 3.
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Item 7.
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Material to Be Filed as Exhibits
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Exhibit 1: List of transactions effected by the Reporting Persons in the Company’s Common Stock during the past 60 days.
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Exhibit 2: Joint Filing Agreement dated as of June 29, 2010, by and among Discovery Equity Partners; Discovery Group; Daniel J. Donoghue; and Michael R. Murphy.
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Exhibit 3: Power of Attorney of Daniel J. Donoghue, dated as of April 28, 2008.
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Exhibit 4: Power of Attorney of Michael R. Murphy, dated as of April 28, 2008.
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June 29, 2010
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Date
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DISCOVERY GROUP I, LLC,
for itself and as general partner of
DISCOVERY EQUITY PARTNERS, L.P.
By: Michael R. Murphy*
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Signature
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Michael R. Murphy, Managing Member
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Name/Title
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Daniel J. Donoghue*
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Signature
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Daniel J. Donoghue
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Name/Title
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Michael R. Murphy*
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Signature
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Michael R. Murphy
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Name/Title
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*By: /s/ Mark Buckley
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Mark Buckley
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Attorney-in-Fact for Daniel J. Donoghue
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Attorney-in-Fact for Michael R. Murphy
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Exhibit 1
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List of transactions effected by the Reporting Persons in the Company’s Common Stock during the past 60 days.
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Exhibit 2
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Joint Filing Agreement dated as of June 29, 2010, by and among Discovery Equity Partners; Discovery Group; Daniel J. Donoghue; and Michael R. Murphy.
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Exhibit 3
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Power of Attorney of Daniel J. Donoghue, dated as of April 28, 2008.
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Exhibit 4
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Power of Attorney of Michael R. Murphy, dated as of April 28, 2008.
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