CONFIDENTIALTREATMENT REQUESTED
CONFIDENTIAL PORTIONS OF THIS DOCUMENT HAVE BEEN REDACTED AND HAVE BEEN
SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION

Exhibit 10.1
AMENDED AND RESTATED MANUFACTURING SERVICES AGREEMENT
Effective Date: February 18, 2016
This Amended and Restated Manufacturing Services Agreement (the “Agreement”) is
by and between Arista Networks, Inc. for itself and its Affiliates, having a
place of business at 5453 Great America Parkway, Santa Clara, CA 95054
(“Customer”) and Sanmina Corporation for itself and its Affiliates, having a
place of business at 2700 North First Street, San Jose, CA 95134
(“Manufacturer”). This Agreement amends and restates that certain Amended and
Restated Manufacturing Services Agreement between Customer and Manufacturer
dated as of the Effective Date (the “Prior Agreement”). Customer and
Manufacturer are referred to herein as a “Party” and the “Parties.”
1.Under this Agreement, Manufacturer shall serve as the Customer’s strategic
partner and, in such capacity, shall procure components, parts, and raw
materials (collectively “Materials”), and to manufacture, assemble, test,
inspect, configure, and ship certain mutually-agreed upon products (including
any prototypes and preproduction units of the products (collectively, the
“Products”) at prices that the Parties have agreed to (the “Prices”). The Prices
are based on the terms in this Agreement, including the assumptions set forth in
Attachment A and the Products and Prices agreed to in the latest quotation
issued by Manufacturer attached hereto as Attachment B, which are incorporated
by reference. Prices shall be adjusted on a quarterly basis based upon Product
volumes as set forth on Attachment B and based on the Product mix from
Customer’s forecast. A Party’s “Affiliate” shall mean any entity that, directly
or through one or more intermediaries, controls, is controlled by or is under
common control by such Party, including but not limited to a Party’s
subsidiaries.
2.    Customer shall issue a forecast in accordance with Attachment A (the
“Forecast”). Customer authorizes Manufacturer to, and Manufacturer shall,
procure the quantity and type of Materials necessary to manufacture the
quantities of Products set forth in the Forecast and all Orders (as defined
below), including long-lead and minimum order quantities for Materials ordered
to Forecast, in accordance with industry standard practices (taking into account
Material lead times and manufacturing lead times) (“Standard Practices”).
Customer shall be financially responsible for (a) all Materials ordered in
accordance with such Standard Practices, and (b) all Materials ordered by
Manufacturer with Customer’s authorization, whether such order(s) occurred prior
to or after the date of this Agreement. Customer is responsible for ordered but
unused Materials, partially completed Products, and finished Products
(collectively “Inventory”) in accordance with Attachment C. Manufacturer and
Customer shall set common goals and make joint efforts to set up vendor managed
inventory with designated Materials suppliers.
3.    Customer shall issue a purchase order (“Order”) for each order for
Products. Manufacturer will accept all Orders and provide delivery commitments
within [*****] days. Manufacturer may only reject an Order if the stated
quantities exceed the flexibility terms provided in Attachment D, the price does
not reflect the then current price, or the Order contains terms that deviate
from the terms of this Agreement. In the event of quantity increases,
rescheduling of shipment dates, and cancelation of an Order, the terms in
Attachment D (as updated periodically by the Parties) shall apply.
4.    Manufacturer will manufacture the Products in accordance with the
specifications set forth in Attachment A and otherwise supplied and/or approved
by Customer and accepted by Manufacturer (the “Specifications”). Manufacturer
will test all Products according to the testing Specifications, and will package
and ship the Product in accordance with packaging and shipping Specifications,
in each case as the Parties shall agree pursuant to a Statement of Work (“SOW”)
executed by the Parties. Unless otherwise provided in the SOW, the terms of this
Agreement shall control in the event of a conflict between the terms of this
Agreement and the SOW.
5.    During the warranty period identified in Attachment A (“Warranty Period”),
Manufacturer warrants that the Product will be free from defects in
Manufacturer’s workmanship and meet the Specifications. A Product

[*****] Certain portions denoted with an asterisk have been omitted and filed
separately with the Securities and Exchange Commission. Confidential treatment
has been requested with respect to the omitted portions.

Page 1 of 1

--------------------------------------------------------------------------------

is free from defects in workmanship (and Customer shall have no warranty claim)
if the Product is manufactured in accordance with the most current version of
[*****] or any other mutually-agreed upon, written Specifications. Manufacturer
makes no warranty with respect to (a) the Materials; (b) the Specifications or
the Product design; (c) Product that has been abused, damaged, altered or
misused or mishandled; (d) prototypes and pre-production units; or (v) defects
resulting from tooling, designs, or instructions produced or supplied by
Customer (collectively, the “Exclusions”). If a breach of the warranty occurs
and provided that Manufacturer is notified of such breach within thirty days
following the expiration of the Warranty Period, Manufacturer shall, at
Manufacturer’s election and expense (and as Customer’s sole and exclusive remedy
for breach of any warranty), repair, replace, or issue a credit for Product
within [*****] of receipt by Manufacturer of the Product. In addition,
Manufacturer will assign to the extent assignable and will manage all
manufacturers’ Materials warranties (but Manufacturer does not independently
warrant any Materials). The sole remedy under this warranty shall be the repair,
replacement, or refund for defective Product as stated above. This warranty is
the sole warranty given by Manufacturer and is in lieu of any other warranties,
either express or implied, including but not limited to warranties of title,
merchantability, non-infringement, and fitness for a particular purpose, each of
which Manufacturer specifically disclaims. Compliance with “ROHS”, “WEEE”,
“REACH” and other environmental legislation worldwide shall be as agreed by the
Parties.
6.    Customer (or its representatives and others as mutually agreed by the
Parties) may during normal business hours and following reasonable notice and
subject to reasonable confidentiality requirements, perform confidential audits,
test and inspections of Manufacturer’s operations and business records as they
pertain to the services provided hereunder. The foregoing audit rights may
include audits (a) of practices and procedures; (b) of systems; (c) of general
controls and security practices and procedures, (c) of disaster recovery and
business continuity procedures; (d) of compliance with the terms of the
Agreement; and (e) of compliance with laws relating to the performance under
this Agreement, in all cases as shall be relevant to the manufacturing of the
Products. Manufacturer shall provide full cooperation to such auditors,
inspectors, regulators or other Customer representatives in connection with any
such audit. Manufacturer shall make available to Customer any operational audits
conducted by any third party for facilities used to manufacture Products.
7.    A Party shall not be liable to the other Party if it is unable to perform
its obligations for a period not to exceed [*****] for any cause beyond the
reasonable control of the Party, including, in the case of Manufacturer,
[*****]. Within [*****] of becoming aware of becoming unable to perform its
obligations, the effected Party will notify the other party of said circumstance
and will work with the other Party to create a suitable recovery plan.
8.    The initial term of this Agreement shall be three (3) years from the
Effective Date (“Initial Term”). Following expiration of the Initial Term, this
Agreement shall automatically renew for successive one (1) year periods (each, a
“Renewal Term” and, together with the Initial Term, the “Term”) unless either
Party notifies the other in writing of termination at least ninety (90) days
prior to the expiration of the Initial Term or the current Renewal Term. Either
Party may terminate this Agreement for convenience upon twelve (12) months
written notice, or for cause upon written notice to the other Party if the other
Party fails to cure a material breach of this Agreement within ninety (90) days
of written notice of the breach. Sections 2, 4-14, 19, 20, and 22 shall survive
termination of this Agreement. Upon termination of this Agreement for any reason
the provisions of Sections 2 and 3 and Exhibit C shall apply with respect to
payment and shipment to Customer of all Inventory in existence as of such date.
9.    In the event that either Party terminates this Agreement for convenience
during the Initial Term such party (the “Terminating Party”) will be liable for
paying to the other party (the “Non-Terminating Party”), and such
Non-Terminating Party may invoice the Terminating Party for, [*****]

[*****] Certain portions denoted with an asterisk have been omitted and filed
separately with the Securities and Exchange Commission. Confidential treatment
has been requested with respect to the omitted portions.

Page 2 of 2

--------------------------------------------------------------------------------

[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]

In the event that Manufacturer terminates for convenience, in addition to any
obligations it may have to pay to Customer [*****].
10.    Intentionally Omitted
11.    Notwithstanding anything contained herein to the contrary, Customer will
be relieved from [*****].
12.    Customer is solely responsible for the design of the Products and,
[*****], shall obtain all Product-related intellectual property, export,
regulatory, and other licenses and certifications required to market, sell, and
use the Products. [*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
13.    WITH THE EXCEPTION OF INDEMNITY OBLIGATIONS UNDER SECTION 12, BREACHES OF
SECTION 14 (CONFIDENTIALITY), OR DAMAGES PAYABLE FOR [*****] AS DEFINED IN
APPENDIX A, IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY FOR ANY
INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE, OR SPECIAL DAMAGES, OR ANY
DAMAGES WHATSOEVER RESULTING FROM LOSS OF USE, DATA OR PROFITS, EVEN IF SUCH
OTHER PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES EXCEPT IN THE
CASE OF INTENTIONAL MISCONDUCT OR GROSS NEGLIGENCE. FOR THE PURPOSE OF THIS
SECTION, BOTH LOST PROFITS AND DAMAGES RESULTING FROM VALUE ADDED TO THE PRODUCT
BY CUSTOMER SHALL BE CONSIDERED CONSEQUENTIAL DAMAGES. IN NO EVENT WILL
MANUFACTURER BE LIABLE FOR COSTS OF PROCUREMENT OF SUBSTITUTE PRODUCT BY
CUSTOMER. [*****]. THESE LIMITATIONS SHALL APPLY NOTWITHSTANDING ANY FAILURE OF
ESSENTIAL PURPOSE OF ANY LIMITED REMEDY. [*****].
14.    Each Party owns all background intellectual property rights to any
developments made (a) prior to this Agreement, or (b) outside of this Agreement.
The Products do not violate the intellectual property rights of a third party.
[*****].
15.    This Agreement and its Attachments make up the entire agreement between
the Parties and supersede prior discussions and agreements relating to the
subject matter hereof, including that the Prior Agreement, except for any
related written agreements concerning confidentiality. Both Parties expressly
reject any pre-printed terms and conditions of any Order, acknowledgment, or any
other form or document of either

[*****] Certain portions denoted with an asterisk have been omitted and filed
separately with the Securities and Exchange Commission. Confidential treatment
has been requested with respect to the omitted portions.

Page 3 of 3

--------------------------------------------------------------------------------

16.    

[*****] Certain portions denoted with an asterisk have been omitted and filed
separately with the Securities and Exchange Commission. Confidential treatment
has been requested with respect to the omitted portions.

Page 4 of 4

--------------------------------------------------------------------------------

Party and any other terms that alter the terms of this Agreement, even if such
documents are exchanged and accepted as a matter of convenience. This Agreement
may be amended only by a writing executed by authorized representatives of both
Parties. Neither Party shall assign, delegate, or transfer (including by sale,
merger, operation of law or otherwise) this Agreement without the other Party’s
prior written consent; however, Customer understands that Manufacturer may
engage related legal entities (“Affiliates”) to perform all or part of the
services contemplated in this Agreement and that Manufacturer may assign,
delegate, or otherwise transfer its rights and obligations under this Agreement,
in whole or in part, to any of its Affiliates or to a third party financial
institution for the purpose of receivables financing (e.g., factoring).
17.    At all times during the term of the Agreement, Manufacturer will adopt
and comply with the Electronic Industry Citizenship Coalition (“EICC”) Code of
Conduct as amended from time to time by the EICC available at
www.eiccoalition.org/standards/code-of-conduct/. Manufacturer will support
Customer’s sustaintabilty and compliance expectations in the following areas:
(a) request to complete Self Assessment Questionnaires (SAQ) on EICC-On,
(b) information requests on greenhouse gas emissions, energy, water use,
(c) information requests on waste management, (d) information requests on labor,
health and safety, (e) information requests on process chemicals used during the
assembly process.
18.    Manufacturer shall comply in all material respects with the applicable
laws in connection with the manufacture of Products pursuant to this Agreement.
19.    Manufacturer shall maintain the following insurance coverages during the
term of this Agreement:
(a)    Workers’ Compensation insurance, as prescribed by the law of the state in
which Manufacturer’s services are performed;
(b)    Employer’s Liability insurance with limits of at least $500,000 per
occurrence;
(c)    Commercial Automobile Liability insurance if the use of motor vehicles is
required, with limits of at least $1,000,000 for bodily injury and property
damage for each occurrence;
(d)    Commercial General Liability insurance, including blanket contractual
liability and broad form property damage, with limits of at least $1,000,000
combined single limit for personal injury and property damage for each
occurrence and naming Customer as an Additional Insured; and
(e)    Commercial General Liability insurance endorsed to include Products
Liability and Completed Operations coverage in the amount of $1,000,000 for each
occurrence.
(f)    Manufacturer shall name Customer as an additional insured and
Manufacturer shall furnish to Customer upon request certificates or evidence of
the foregoing insurance indicating the amount and nature of such coverage and
the expiration date of each policy. Each Party agrees that it, its insurer(s)
and anyone claiming by, through, under or in its behalf shall have no claim,
right of action or right of subrogation against the other Party and the other
Party’s affiliates, directors, officers, employees and customers based on any
loss or liability insured against under the insurance required by this
Agreement.
20.    The laws of the state of Delaware govern this Agreement and all disputes
related to this Agreement or the Products. The Parties shall submit any dispute,
claim or controversy arising from or related in any way to this Agreement or the
interpretation, application, breach, termination, or validity of this Agreement
for resolution by binding arbitration in accordance with the Comprehensive
Arbitration Rules & Procedures of JAMS. The arbitration is to be held in Santa
Clara County, California and be conducted in English by one arbitrator. The
arbitrator shall be a retired judge selected from the panel of available
arbitrators. Judgment on any award in arbitration may be entered in any court of
competent jurisdiction. Notwithstanding the foregoing sentence, should any Party
to this Agreement hereafter institute any legal action or administrative
proceeding against the other by any method other than set forth in this
Section 19, the prevailing Party shall be entitled to recover from the other
Party all damages, costs, expenses, and attorneys’ fees incurred as a result of
such action. Notwithstanding the above, each Party has the right to file
exclusively in the Santa Clara, California state court or the federal courts in
and for the Northern District of California an application for temporary or
preliminary injunctive relief, writ of attachment, writ of possession, temporary
protective order, or appointment of a receiver on the grounds that the
arbitration award to which the applicant may be entitled may be rendered
ineffectual in the absence of such relief.

Page 5 of 5

--------------------------------------------------------------------------------

In the event of any dispute between the Parties, the Parties hereby knowingly
and voluntarily agree that any and all matters shall be decided by a judge or
arbitrator without a jury to the fullest extent permissible under applicable
law.
21.    Notices. Wherever one Party is required or permitted or required to give
written notice to the other under this Agreement, such notice will be given by
hand, by certified U.S. mail, return receipt requested, by overnight courier, or
by fax and addressed as follows:

If to Customer:
Arista Networks, Inc.
5453 Great America Parkway
Santa Clara, CA 95054
Attention: Chief Executive Officer
Phone: [*****]
Fax: [*****]
If to Manufacturer:
Sanmina Corporation
2700 North First Street
San Jose, California 95134
Att’n: EVP, Sales
Phone: [*****]
Fax: [*****]
with a copy to:
Arista Networks, Inc.
5453 Great America Parkway
Santa Clara, CA 95054
Attention: Legal Department
Phone: [*****]
Fax: [*****]
with a copy to:
Sanmina Corporation
2700 North First Street
San Jose, California 95134
Att’n: Legal Department
Phone: [*****]
Fax: [*****]

All such notices shall be effective upon receipt. Either Party may designate a
different notice address from time to time upon giving ten (10) days prior
written notice thereof to the other Party.
22.    The parties acknowledge that from time to time Customer enters into
agreements with its customers that require its contract manufacturers to agree
to certain additional covenants and obligations with respect to its manufacture
and sale of Products. Accordingly, the Parties agree to negotiate in good faith
to amend this Agreement to accommodate such contractual obligations to such
customers. Without limiting the generality of the foregoing, such additional
obligations may include provisions relating to compliance with environmental,
export and other laws, audit rights, security, disaster recovery and business
continuity
23.    The Parties shall keep the the terms and conditions contained in this
Agreement or any materials disclosed during the course of this Agreement
confidential (“Confidential Information”). However, either Party may disclose
Confidential Information: (a) as required by law or (b) as necessary to perform
its obligations under this Agreement. The Parties may not disclose Confidential
Information without the other Party’s prior written authorization, which may be
granted or denied in either Party’s sole discretion. Notwithstanding the
provisions of Section 22, the Parties agree that the covenants, restrictions and
agreements contained in any confidentiality agreement executed by the Parties
prior to the Effective Date shall survive the execution of this Contract and
shall not be superseded hereby.

[*****] Certain portions denoted with an asterisk have been omitted and filed
separately with the Securities and Exchange Commission. Confidential treatment
has been requested with respect to the omitted portions.

Page 6 of 6

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed
as of the Effective Date, by their officers, duly authorized.
Sanmina Corporation
By     /s/ Marco Gonzalez    
Name: Marco Gonzalez    
Title: EVP & COO Americas BMS    
Date: 10/24/2016    
Arista Networks, Inc.
By /s/ Anshul Sadana    
Name Anshul Sadana    
Title: Chief Customer Officer    
Date: 10/26/2016    

Page 7 of 7

--------------------------------------------------------------------------------

CONFIDENTIALTREATMENT REQUESTED
CONFIDENTIAL PORTIONS OF THIS DOCUMENT HAVE BEEN REDACTED AND HAVE BEEN
SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION

Attachment A
Additional Assumptions, Products and Prices
1.
[*****]

2.
Manufacturer will acknowledge receipt of Customer’s Orders within five (5)
business days. Such PO acknowledgement will include the Product shipment date.

3.
[*****]. Warranty related defects will be returned using a Return Materials
Authorization (“RMA”). Manufacturer will issue an RMA within [*****] of receipt
of an RMA request. Upon receipt, Manufacturer and Customer will determine
whether the defects were covered by the warranty contained in the Agreement. The
shipping costs for RMA returns to Manufacturer and the return of the repaired
Product to Customer shall be paid by Customer.

4.
[*****]

5.
[*****]

6.
[*****]

7.
Unless otherwise agreed between the Parties all shipments shall be made [*****],
and title and risk of loss pass to Customer upon delivery.

8.
The Prices shall be negotiated on a [*****] and shall reflect a standard markup
in addition to the cost of materials necessary to manufacture Products as set
forth below.

Manufacturer Value Add (“MVA”) is defined as price charged to Customer minus the
component cost divided by the price charged to the Customer. MVA shall be
calculated on the basis of component costs for existing products as of [*****].
[*****]

[*****]
[*****]
[*****]
[*****]
 
[*****]

[*****]
9.
[*****]

[*****] Certain portions denoted with an asterisk have been omitted and filed
separately with the Securities and Exchange Commission. Confidential treatment
has been requested with respect to the omitted portions.

Page 8 of 8

--------------------------------------------------------------------------------

[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]

[*****] Certain portions denoted with an asterisk have been omitted and filed
separately with the Securities and Exchange Commission. Confidential treatment
has been requested with respect to the omitted portions.

Page 9 of 9

--------------------------------------------------------------------------------

CONFIDENTIALTREATMENT REQUESTED
CONFIDENTIAL PORTIONS OF THIS DOCUMENT HAVE BEEN REDACTED AND HAVE BEEN
SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION

Attachment B
[*****]

[*****]        

 
[*****]
[*****]
[*****]
 
 
[*****]
 
 
[*****]
[*****]
[*****]
[*****]
 
 
 
 
[*****]
 
[*****]
 
[*****]
[*****]
[*****]
[*****]
 
 
 

 
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
 
[*****]
[*****]
[*****]

[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]

[*****]
[*****]
[*****]
[*****]
[*****]
 
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
 

[*****]
[*****]
 
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]

[*****] Certain portions denoted with an asterisk have been omitted and filed
separately with the Securities and Exchange Commission. Confidential treatment
has been requested with respect to the omitted portions.

Page 10 of 10

--------------------------------------------------------------------------------

CONFIDENTIALTREATMENT REQUESTED
CONFIDENTIAL PORTIONS OF THIS DOCUMENT HAVE BEEN REDACTED AND HAVE BEEN
SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION

Attachment C
[*****]

[*****]  
 
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]

[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]
[*****]

[*****] Certain portions denoted with an asterisk have been omitted and filed
separately with the Securities and Exchange Commission. Confidential treatment
has been requested with respect to the omitted portions.

Page 11 of 11

--------------------------------------------------------------------------------

CONFIDENTIALTREATMENT REQUESTED
CONFIDENTIAL PORTIONS OF THIS DOCUMENT HAVE BEEN REDACTED AND HAVE BEEN
SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION

Attachment D
Order Flexibility Terms
(i)For any accepted Order or Forecast, Customer may request an increase in the
quantity of Products ordered or forecast. Manufacturer shall use reasonable
commercial efforts to meet any allowed Product quantity increases, which are
subject to Materials and capacity availability. If Manufacturer agrees to such
increase in the quantity, and if there are extra costs to meet such increase,
Manufacturer will get approval from Customer for the extra cost and Customer
shall be liable for such extra costs.
(ii)    For any accepted Order, Customer may request a push-out (“Reschedule”)
of the expected delivery date. Customer may Reschedule all or part of a
scheduled delivery (per Order or Forecast) [*****] in accordance with the table
below. No reschedules will be allowed after Manufacturer has begun manufacturing
(WIP). Additional requests for Reschedules, require Manufacturer’s approval,
which, in its sole discretion, may or may not be granted. If Manufacturer agrees
to accept a Reschedule of any length of time, and if there are extra costs to
meet such Reschedule, then Customer shall be liable for such extra costs. Any
part of an Order quantity that is Rescheduled may not be subsequently
rescheduled. Any Reschedule not consented to by Manufacturer or that otherwise
does not satisfy the requirements of this subsection (ii) shall be treated as a
cancellation, for which Customer shall be liable for the full Order value of the
Products stated therein.
(iii)    Customer should have a right to change the Product mix of the build as
long as the build has not started (Work order or kit has not scheduled to pull).
Any excess or obsolete Material that impacted due to this change will be handled
via the Excess&Obsolete process according to Attachment C. [*****].
(iv)    Any delays in the normal production or interruption in the workflow
process caused by Customer’s changes to the Specifications or failure to provide
sufficient quantities or a reasonable quality level of Customer Controlled
Materials where applicable to sustain the production schedule, shall be
considered a Reschedule of any affected Orders for purposes of this Section for
the period of such delay.
[*****]

[*****] Certain portions denoted with an asterisk have been omitted and filed
separately with the Securities and Exchange Commission. Confidential treatment
has been requested with respect to the omitted portions.

Page 12 of 12