Document:

EX-10.23

 Exhibit 10.23 

CONTRACT OF LEASE 
 KNOW ALL MEN BY THESE
PRESENT: 
 This Contract of Lease (this “Contract”) is made and executed this ____day of _________ at Paranaque City, by and
between: 
 ALLEGRO MICROSYSTEMS PHILS. REALTY, INC., a corporation duly organized and existing under the laws of
the Republic of the Philippines, with principal address at 4756 Sampaguita SL, Marimar Village, Brgy. Sun Valley, Paranaque City, represented by its Treasurer, Mr. Ronald B. Dela Rosa, hereinafter
referred to as the LESSOR; 
 and 

ALLEGRO MICROSYSTEMS PHILIPPINES, INC., a corporation duly organized and existing under the laws of the Republic of
the Philippines, with principal address at 4756 Sampaguita Street, Marimar Village, Brgy. Sun Valley, Paranaque City, represented herein by its Senior Director of Operations, Mr. Albert V. Rano, Jr.,
hereinafter referred to as the LESSEE; 
 WHEREAS, the LESSOR is the registered owner of a parcel of land, with an
approximate area of Eleven Thousand Seven Hundred Seventy Three (11,773) sqm. more or less, situated at Paranaque City (hereinafter the “Leased Premises”). 

WHEREAS, the LESSOR has offered for lease and the LESSEE desires to lease the Leased Premises; 

NOW, THEREFORE, for and in consideration of the foregoing premises and the mutual covenants contained herein, the LESSOR
hereby leases upon the LESSEE the Leased Premises and the LESSEE hereby accepts the same, under the following terms and conditions: 
  

	1.	 TERM OF LEASE. This lease shall be for a period of twenty (20) years commencing on
16 December 2017 to 15 December 15, 2037, renewable for another twenty (20) years by giving written notice to the LESSOR at least ninety (90) calendar days prior to the expiration of the
original twenty year term, upon terms and conditions mutually agreed by the parties. 

  

	2.	 RENTALS. The LESSOR shall pay quarterly rentals in the amount of Two Million Eight Hundred
Twenty Five Thousand Five Hundred Twenty Pesos (P 2,825,520) payable in advance within five (5) days from the start of the quarter, exclusive of VAT. The annual rental shall be subject to escalation equivalent to one percent (1%) at the end
of every five (5) years. 

 REAL ESTATE TAXES. All real estate taxes levied or assessed or
those, which may thereafter be levied or assessed on the Leased Premises, including real estate taxes assessed on the improvements introduced by the LESSEE on the Leased Premises shall be for the account of the LESSEE for the duration of the lease.

  

	4.	 SECURITY DEPOSIT. Upon signing of this Contract and upon delivery of the LESSOR of the Leased
Premises to the LESSEE, the LESSEE shall remit the sum of Nine Hundred Forty-One Thousand Eight Hundred Forty Pesos (P941,840.00) (the “Security Deposit”). The Security Deposit shall remain

	 	 
intact during the entire term of the lease and shall not be applied by the LESSOR as payment for rentals, but shall serve as security to answer for any unpaid utility bills, charges and other
obligations due to the LESSOR under this Contract, and real property taxes due on the improvements introduced by the LESSEE, which are payable by the LESSEE at the termination or expiration of the Contract. The Security Deposit shall be refunded by
the LESSOR and returned to the LESSEE, within thirty (30) days after the expiration or termination of this Contract and after presentation by the LESSEE to the LESSOR of proof that the former has paid all of its utility bills and real property
taxes on improvements, if any, and provided that the LESSEE has vacated the Leased Premises. 

  

	5.	 USE OF THE LEASED PREMISES/SUB-LEASE. The LESSEE shall use
the Leased Premises for any lawful purpose. The LESSEE shall have the right to sub-lease all or any portion of the Leased Premises to any third party, upon written notice thereof to the LESSOR. 

 

	6.	 ALTERATIONS/IMPROVEMENT. The LESSEE shall have the right to erect upon the Leased Premises a
laboratory, warehouse, office building, and install such machinery, facilities and equipment as it may consider necessary for the operation of its business thereon, without the need of the consent of the LESSOR, provided that the improvements
installed are necessary and appropriate for the use or purpose provided in paragraph 5 hereof. 

 Upon the
expiration or termination of this Contract, permanent physical improvements introduced by the LESSEE on the Leased Premises during the te1m of this Contract which cannot be removed there from without damage to such improvements and to the Leased
Premises, shall vest in and become the property of the LESSOR without obligation on the pmt of the LESSOR to refund its value or cost to the LESSEE. 
  

	7.	 OPTION TO PURCHASE. Should the LESSOR decide to sell the Leased Premises, the LESSEE shall be granted
the first option to purchase the Leased Premises at the same tem1s and conditions as offered by the LESSOR to a third party, and such option shall be exercisable by the LESSEE within sixty (60) days from receipt by the LESSEE of written notice
of LESSOR’s intention to sell or transfer the Leased Premises. The LESSEE shall have the right to assign its option to purchase the Leased Premises to a qualified designee. 

 

	8.	 SALE OR ENCUMBRANCE OF PREMISES. In the event of a sale, transfer, or mortgage or any encumbrance of
the Leased Premises to any person other than the LESSEE, the LESSOR shall warrant and ensure that the purchaser, transferee, mortgagee or person in whose favor the encumbrance is constituted shall respect all the terms and conditions of this
Contract including the provision for renewal thereof. To this end, the LESSOR shall cause the pertinent deed or agreement with such person to reflect this foregoing commitment. 

 

	9.	 TERMINATION. 

 

	 	(a)	 The LESSOR shall have the right to terminate this Contract upon a thirty (30) day prior written notice
to the LESSEE in any of the following instances: 

  

	 	(i)	 The LESSEE fails to pay rentals; or 

	 	(ii)	 In the event of any violation by the LESSEE of the terms and conditions stipulated m this Contract
and the LESSEE fails to rectify or remedy the default within sixty (60) days from its receipt of written demand from the LESSOR. 

  

	 	(b)	 The LESSEE shall have the option to terminate this Contract upon a thirty (30) day written prior notice
to the LESSOR in the event of any breach by the LESSOR of this Contract, and the LESSOR fails to certify or remedy such breach of default within sixty(60) days from its receipt of the written demand of LESSEE. 

 

	 	(c)	 Should the LESSEE decide to pre-terminate this Contract without just
cause, the LESSEE shall forfeit as liquidated damages in favor of the LESSOR the Security Deposit and LESSOR is without further recourse of any other remedy at law or in equity. 

 

	 	(d)	 In the event or termination by the LESSOR of this Contract for causes under (a). The LESSEE shall forfeit
the Security Deposit as liquidated damages in favor of the LESSOR. 

  

	10.	 RETURN OF PREMISES. Upon the expiration or termination of this Contract, the LESSEE shall immediately
vacate the Leased Premises and peacefully surrender complete possession thereof to the LESSOR, devoid of all occupants, articles and effects of any kind, in the same good and tenantable condition, and other than for such alterations. additions or
improvements which pertain to the LESSOR in accordance with the provisions of Paragraph 6 hereof 

  

	11.	 ENTIRE AGREEMENT. This Contract represents the entire agreement between the parties with respect to
the subject matter hereof and supersedes any prior expression of intent, representation or warranty with respect to this transaction. An instrument in writing signed by both parties may only modify this contract. 

 

	12.	 ARBITRATION AND VENUE. The parties agree to settle any and all disputes by binding arbitration in
accordance with the rules of the Philippine Dispute Resolution Center, Inc. In the event that the LESSOR or the LESSEE initiates arbitration proceedings, the venue for arbitration shall be Paranaque City, Philippines. 

 

	13.	 SEVERABILITY. If any one or more of the provisions of this Contract is declared invalid or
unenforceable in any respect under any applicable law, the validity, legality or enforceability of the remaining provisions contained shall not in any way be affected or impaired. 

IN WITNESS WHEREOF, the parties have hereunto affixed their signatures on the date and place first above stated. 

 

			
	 ALLEGRO MICROSYSTEMS
 PHILIPPINES
REALTY, INC.
	  	 ALLEGRO MICROSYSTEMS
 PHILIPPINES,
INC. (LESSEE)

 
									
	By:	 		 		 	By:	 	
		 	/s/ Albert V. Rano, Jr.	 		 		 	/s/ Ronald B. Dela Rosa
		 	ALBERT V. RANO, JR.	 		 		 	RONALD B. DELA ROSA
		 	Senior Director of Operations	 		 		 	Treasurer

 Signed in the presence of: 
  

											
		 	/s/ Eula N. Del Rosario	 		 		  	/s/ Evelyn L. Dimaano	  	
		 	EULA N. DEL ROSARIO	 		 		  	EVELYN L. DIMAANO	  	

 ACKNOWLEDGMENT 

REPUBLIC OF THE PHILIPPINES) 

PASAY CITY) S.S. 
 BEFORE
ME, a Notary Public for and in the above jurisdiction, this DEC 29 2017, personally appeared the following persons, each of whom exhibited his/her competent evidence of identity, to wit: 

 

					
	Name                    	  	Community Tax Cert. No.            	  	Issue & Expiry Date                
	Albert B. Rano, Jr.	  	 Passport 483816027
	  	 Feb. 2, 2012 to Feb 1, 2022

	Ronald B. Dela Rosa	  	 Passport # ECE4567783
	  	 July 7, 2015 to July 06, 2020

 Known to me and to me known to be the same persons who executed the foregoing instrument, consisting of four
(4) pages, including this page, and they acknowledged to me that the same is their free and voluntary act and deed as well as of the corporation represented herein. 

WITNESS MY HAND AND SEAL on the date and at the place first above written. 

 

	
	NOTARY PUBLIC
	
	[SEAL]

  

					
	Doc. No.	  	51;  	  	
	Page No.	  	11;  	  	
	Book No.	  	II;  	  	
	Series of 2017.EX-10.24

 Exhibit 10.24 

BOARD EXECUTIVE ADVISOR AGREEMENT – REV4 

This BOARD EXECUTIVE ADVISOR AGREEMENT (the “Agreement”) entered into this
28th day of September 2017 (“Effective Date”) by and between Sanken North America, Inc. (hereinafter “SKNA”) and Reza Kazerounian having an address of [XXX] (hereinafter
“ADVISOR”). 
 WITHNESSETH THAT: 

WHEREAS, SKNA is engaged in the manufacture, use and sale of numerous semiconductor and sensor IC products; and 

WHEREAS, ADVISOR desires to assist the board of SKNA in various matters relating to SKNA and its subsidiaries. 

NOW, THEREFORE, in consideration of the promises hereinafter set forth and mutually acquiesced in, by and between SKNA and
ADVISOR, it is agreed as follows: 
 SKNA shall engage or continue to engage ADVISOR (as the case may be) to serve as
Executive Advisor to the Board of Directors (BOARD) and the Office of the CEO, hereinafter referred to as the POSITION: 
  

	 	1.	 The ADVISOR shall be provided a fee of USD 30,000 per month during the advisory period commencing on October
1st, 2017 and continuing until such time as ASKN’S BOARD notifies ADVISOR that ADVISOR’s engagement is terminated. In addition, the ADVISOR shall be granted 12,00 Class L Shares
with normal 4-year vesting and with terms per the attached Class L SHARE Agreement. If the ADVISOR is terminated by the BOARD, ADVISOR will be entitled to USD 180,000 severance as well as a 6-month acceleration of vesting of the L Shares. ADVISOR shall also be granted a one-time sign-on bonus of USD 54,000. Finally, from time-to-time, the ADVISOR may be provided a performance bonus of value as determined by the SKNA Board. In addition, as the BOARD’s sole discretion, the BOARD may choose
to accelerate the vesting of the remaining Class L Shares. 

  

	 	2.	 In the POSITION, the ADVISOR may be called upon to assist on matters associated with Polar Semiconductor
optimization, the AMPI/AMTC rationalization, R&D lean process improvement, collaboration strategy development, merger identification and integration (as required), and other matters as defined by the Chairman, the board, or the CEO of SKNA.

  

	 	3.	 Since ADVISOR is an ADVISOR, and not an employee, ADVISOR shall be responsible for his own insurance and
benefits. In addition, ADVISOR will be fully responsible for the proper filing of all taxes and any other government fees and agrees to indemnify and hold harmless SKNA against any loss or expense arising from ADVISOR’s failure to property file
or pay taxes and other fees. 

  

	 	4.	 ADVISOR will report to the SKNA BOARD, Mr. Yoshihiro Suzuki, SKNA’s Chairman of the Board and
Mr. Ravi Vig, SKNA’s CEO, but SKNA will not exercise control over ADVISOR’s daily work no working hours. 

  

	 	5.	 Notwithstanding anything to the contrary in this Agreement, SKNA’s BOARD shall have the right to
terminate this Agreement at its convenience, at any time, without any further obligation to ADVISOR, except to pay ADVISOR for any unpaid time up to and until the date of termination.

	 	 
ADVISOR shall have the right to terminate this Agreement at its convenience provided that all documents and equipment, and other items owed to SKNA are returned to SKNA. 

 

	 	6.	 ADVISOR will not, during the course of ADVISOR’s engagement hereunder, engage directly or indirectly,
as a director, employee, officer, consultant or otherwise with any entity, other than with SKNA and its subsidiaries that designs markets sells or manufactures Power for Sensor Semiconductors without the express written consent of the SKNA Board of
Directors. ADVISOR will not assume any commitments or enter into any agreements which might interfere with his rendering of the contemplated service to SKNA during the advisory period. 

 

	 	7.	 ADVISOR shall not, during ADVISOR’s engagement and after ADVISOR’s engagement under this
Agreement, directly or indirectly, disclose or use (except in the course of his engagement by SKNA) any secret or Confidential Information, knowledge or date of SKNA or any SKNA affiliates, whether or not it was obtained, acquired or developed by
ADVISOR, without first securing the written consent thereto of a duly authorized officer of SKNA. As used in this Agreement “Confidential Information” shall include proprietary information and mean, but not limited to, any facts, opinions,
conclusions, projections, data, information, business plans, business operations, designs, drawings, schematics, trade secrets or know-how, work in process, research projects, future development, engineering,
manufacturing, marketing, financial, personnel matters relating to SKNA or any SKNA affiliates, its present or future products, forecasts, product routing, customer orders, customer procedures, quotations, Bill of Materials, inventory, manufacturing
costs or any other costs, manufacturing processes, technology, sales, customers, employees, investors, suppliers, subcontractors, prospects, markets or business, whether communicated orally or in writing or obtained by the ADVISOR through
observation or examination of SKNA or any SKNA affiliates facilities or procedures. 

  

	 	8.	 ADVISOR shall not, during or after the advisory period, directly or indirectly disclose, or use any
proprietary information, knowledge or data of others in carrying out his services or duties under this Agreement. 

  

	 	9.	 ADVISOR hereby assigns to SKNA his entire right, title and interest in and to any and all inventions and
improvements which he alone, or in conjunction with others, has made or conceived or may make or conceive during the period of his engagement by SKNA, and which pertain directly or indirectly, in whole or in part, to any of the foregoing
developments or to any other developments in which SKNA may be interested during the period of said engagement. 

  

	 	10.	 ADVISOR will disclose fully to SKNA ADVISOR’s aforesaid inventions and improvements, and will at any
time during or after his engagement hereunder render to SKNA such cooperation and assistance as SKNA may deem to be advisable, ink order to obtain or maintain suitable protection upon ADVISOR’s aforesaid inventions or improvements and/or any
other inventions or improvements of SKNA, the expense of such cooperation and assistance to be paid by SKNA. 

  

	 	11.	 It is understood and agreed that, in performing the services hereunder, ADVISOR is acting solely as an
independent contractor and not as an employee of SKNA or any SKNA affiliates and that no action, either by SKNA and any SKNA affiliate or ADVISOR, shall ever constitute ADVISOR as an employee of SKNA or any SKNA affiliates. 

 

	 	12.	 Sections 6, 7, 8, 9 and 11 herein shall survive the termination of this Agreement for five (5) years or
the maximum survival period allowed under the laws of Delaware, whichever period is longer. 

  

	 	13.	 This Agreement shall be governed and construed under the laws of Delaware. 

 IN WITNESS WHEREOF, SKNA and ADVISOR have entered into this Agreement
as of the Effective Date set forth above. 
  

									
	Sanken North America, Inc.	 		 	
	 By:        
	 	 /s/ Ravi Vig
	 	 By:        
	 	 /s/ Reza Kazerounian
	 	
		 	 Ravi Vig
	 		 	 Reza Kazerounian
	 	
		 	 Chief Executive Officer
	 		 	 Advisor
	 	
	 By:
	 	 /s/ Yoshihiro Suzuki
	 		 		 	
		 	 Yoshihiro Suzuki
	 		 		 	
		 	 Chairman of the Board

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