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Exhibit 10.46

ALPHA AND OMEGA SEMICONDUCTOR LIMITED

AMENDED AND RESTATED NON-EMPLOYEE DIRECTOR COMPENSATION POLICY
This sets forth the Amended and Restated Non-employee Director Compensation Policy (the “Policy”) of Alpha and Omega Semiconductor Limited (the “Company”), as adopted by the Board of Directors of the Company (the “Board”), which shall remain in effect until amended, replaced or rescinded by further action of the Board.   The cash compensation and equity awards described in this Policy shall be paid or be made, as applicable, automatically and without further action of the Board, to each member of the Board who is not an employee of the Company or any subsidiary (each, a “Non-Employee Director”) who may be eligible to receive such cash compensation or equity awards.  Members of the Board shall not be entitled to receive any meeting fees (other than any special meeting fees described below) or other compensation for service on the Board.

1.Annual Retainer.

Amount of Retainer.  Each Non-Employee Director serving as a member of the Board at the beginning of the Company’s fiscal year (starting with the 2021 fiscal year) shall be eligible to receive an annual retainer of $40,000 for service on the Board, provided, however, that the lead independent director shall be eligible to receive an additional annual return of $15,000 (effective May 7, 2015).  Each Non-Employee Director serving as the chairperson of a committee of the Board shall be eligible to receive an additional retainer as follows: Audit Committee - $25,000; Compensation Committee - $15,000; and Nominating and Governance Committee - $15,000.  Each Non-Employee Director serving as a member of a committee of the Board shall be eligible to receive an additional retainer as follows: Audit Committee - $12,000; Compensation Committee - $7,500; Nominating and Governance Committee - $5,000; and Special Litigation Committee - $25,000, except that the chairperson of the Special Litigation Committee shall be eligible to receive a retainer of $100,000.  Each Non-Employee Director serving as the Lead Director shall be eligible to receive an additional retainer of $15,000.  

Payment.  The annual retainer shall be paid by the Company in quarterly installments as soon as practicable after the end of each of the Company’s fiscal quarters for which the Non-Employee Director shall have served.  In the event a Non-Employee Director does not serve as a Non-Employee Director, or in the applicable committee positions, for an entire fiscal quarter, the retainer paid to such Non-Employee Director shall be prorated for the portion of such fiscal quarter actually served as a Non-Employee Director, or in such positions, as applicable.

2.  Special Meeting Fees.  Non-Employee Directors will not receive any additional compensation for attending regular Board or committee meetings.  However, with respect to special meetings of the Board or a committee, each Non-Employee Director will receive $2,000 for a meeting attended in person and $1,000 for a meeting attended via teleconference.  Any such meeting fees shall be paid as soon as practicable after the end of the fiscal quarter in which such 

meeting is held.  The Board shall determine the meetings eligible for such special fees and the Board may at its discretion authorize additional compensation for services in connection with other events and transactions.

3.     Equity Compensation.

Annual Grant.  Each individual who is elected by the Company’s shareholders to serve as a Non-Employee Director at the Company’s Annual Shareholders Meeting (starting with the 2021 Annual Shareholders Meeting) and each individual who is to continue to serve as a Non-Employee Director following such meeting whether or not that individual is standing for re-election at that meeting, shall be granted on the date of such meeting, an award of restricted share units under the 2018 Omnibus Incentive Plan (the “Plan”).  

Each such award shall be subject to the following terms:

Number of Shares: The number of shares subject to each such annual award will be determined by dividing $125,000 by the Average Per Share Price, up to a maximum of 10,000 shares.  The Average Per Share Price for an award means the average closing price per share of common stock over the 90 day-period immediately prior to the date of grant of the award.

Vesting:  The award shall vest in four (4) equal installments upon the Non-Employee Director’s completion of each quarter of Board service following the grant date; provided, however, that if the Company’s Annual Shareholders Meeting for the year following the year of grant occurs prior to the end of the one-year period measured from the grant date, the last quarterly installment shall become vested upon the date of such subsequent Annual Shareholders Meeting, provided, the Non-Employee Director continues in Board service until such date.  Notwithstanding the foregoing, the award (to the extent outstanding) shall vest in full (i) upon the Non-Employee Director’s termination of Board service by reason of death or Permanent Disability (as defined in the Plan) and (ii) immediately prior to the consummation of a Change in Control (as defined in the Plan).  

Issuance of Shares:  Shares that vest under a restricted stock unit award shall be issued on the earlier of (i) the date of the Annual Shareholders Meeting that is coincident with or next following the applicable vesting date or (ii) the date of the Non-Employee Director’s termination of Board service.  Shares that vest upon a Change in Control shall be issued as soon as practicable following the Change in Control.

New Directors.  In the event a new Non-Employee Director is elected or appointed to the Board on a date other than at the Company’s Annual Shareholders Meeting, such Non-Employee Director shall be granted on the date of such election or appointment, an award of restricted share units for a number of shares determined by dividing $95,000 as pro-rated based on the period from the date of appointment or election to the anticipated date 
2

of the next Annual Shareholders Meeting by the Average Per Share Price (as determined based on the grant date of the award to such Non-Employee Director), provided such individual has not previously been in the employ or service of the Company.  The award shall vest on the same dates that the annual grants made at the preceding Annual Shareholders Meeting vest with the number of shares vesting on each vesting date based on the period of service.  

4.     Expense Reimbursement.  All Non-Employee Directors shall be entitled to reimbursement from the Company for their reasonable expenses of travel (including airfare and ground transportation) to and from meetings of the Board or a committee, and reasonable lodging and meal expenses incident thereto.  

3exhibit1047aossecondamen

  {2181-00922/00973189;} 1  SECOND AMENDMENT TO LEASE  This SECOND AMENDMENT TO LEASE (“Amendment”) is made this 30th day of January,  2020 (the “Effective Date”), by and between ECI FIVE 475 OAKMEAD LLC, a Delaware limited  liability company (“Landlord”), and ALPHA AND OMEGA SEMICONDUCTOR  INCORPORATED, a California corporation (“Tenant”).  RECITALS:  A. Landlord (as successor in interest to OA Oakmead II, LLC, a Delaware limited liability company)  and Tenant are parties to that certain Lease dated December 23, 2009 (the “Original Lease”),  which Original Lease has been previously amended by that certain First Addendum to Lease  dated December 23, 2009, that certain Acceptance Agreement dated April 23, 2010, and that  certain First Amendment to Lease dated August 28, 2019 (the “First Amendment”) (collectively,  the “Lease”).  Pursuant to the Lease, Landlord has leased to Tenant space currently containing  approximately 57,310 rentable square feet (the “Premises”) in the building located at 475  Oakmead Parkway, Sunnyvale, California.    B. Tenant and Landlord mutually desire that the Lease be amended on and subject to the following  terms and conditions.   NOW THEREFORE, in consideration of the mutual covenants contained herein and other good  and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, Landlord  and Tenant hereby agree as follows:  1. Amendment.  As of the Effective Date, Landlord and Tenant agree that the Lease shall be  amended in accordance with the following terms and conditions:  1.1 Landlord Entity Name Correction.  References to Landlord in the Lease as “ECI Five  Oakmead LLC, a Delaware limited liability company” are in error and Landlord and  Tenant hereby acknowledge and agree that the definition of Landlord is as is stated in this  Amendment.  ECI FIVE 475 OAKMEAD LLC, a Delaware limited liability company,  hereby ratifies the First Amendment and agrees that it is bound by all terms and  conditions thereof as of the First Amendment execution date, in the same manner and to  the same extent as though the correct Landlord name had been reflected therein.    1.2 Basketball Court.    1.2.1 Subject to the terms of this Section 1.2, Tenant shall have the right to install, at  Tenant’s sole cost and expense, an outdoor basketball court and associated  fencing (collectively, the “Basketball Court”) in the location depicted on  Exhibit A attached hereto (the “Basketball Court Area”).  Tenant shall also be  entitled to place a table and chairs (the “Outdoor Furniture”) in the location  depicted on Exhibit A; provided that the Outdoor Furniture shall be secured to  the asphalt and further provided that the color, design, material, finish and size of  the Outdoor Furniture shall be subject to Landlord prior approval (which  approval shall not be unreasonably withheld, conditioned or delayed).  Subject to  Landlord’s review and approval of final plans for the Basketball Court (which  approval shall not be unreasonably withheld, conditioned or delayed), Landlord  approves the Basketball Court to the extent shown on the drawings attached  hereto as Exhibit A; provided, however, that any changes from the proposed  design plan (the “Revised Plans”) for the Basketball Court will need to be  presented to Landlord for approval (which approval shall not be unreasonably  DocuSign Envelope ID: DD60F3B6-5B75-4F25-A7DF-0B111C0E9F7B 

 

  {2181-00922/00973189;} 2  withheld, conditioned or delayed).  In the event Tenant submits to Landlord  Revised Plans for review, Landlord shall either approve, deny or provide  comments to the Revised Plans within ten (10) business days following  Landlord’s receipt of the Revised Plans.  If Landlord fails to respond within such  ten (10) business day period, the Revised Plans shall be deemed approved by  Landlord. At least ten (10) Business Days prior to the date Tenant enters into any  contract for construction of Basketball Court, Tenant shall submit to Landlord for  Landlord’s prior approval (not to be unreasonably withheld, conditioned or  delayed), the name of the general contractor selected to construct the Basketball  Court.  The contractor selected by Tenant, as approved by Landlord, is herein  called the “Contractor”.  The Contractor shall carry insurance in accordance  with the requirements set forth in Schedule 1 of Exhibit A to the First  Amendment, and such Contractor shall deliver Contractor’s insurance certificates  to Landlord at least ten (10) days prior to commencing construction of the  Basketball Court.    1.2.2 Tenant’s construction of the Basketball Court shall be performed in accordance  with all applicable Laws, and shall be subject to the terms of Section 5.2 of the  Original Lease and Landlord’s prior written approval as to the final design, color,  materials, configuration and the manner of installation. Tenant shall deliver to  Landlord as soon as available (i) copies of the approved permits for the  Basketball Court (to the extent any such permits are required in connection with  the Basketball Court), (ii) the as-built drawings, CAD files, warranty  information, and copy of the final signed permit for the Basketball Court, (iii) the  final contract price including change orders, and (iv) copies of all unconditional  final waiver of lien from the Contractor and any subcontractors.      1.2.3 Tenant shall be solely responsible for securing, at Tenant’s sole cost and expense,  any permits or other governmental approvals required for Tenant’s use of the  Basketball Court in accordance with this Section 1.2.  Landlord shall reasonably  cooperate with Tenant (at no cost to Landlord) in securing any such permits or  other governmental approvals required for Tenant’s use of the Basketball Court.   Tenant agrees that Landlord shall not be liable therefor and that the availability  or non-availability of the Basketball Court as a result of any applicable Laws and  Tenant's right to use the Basketball Court shall not affect any of Tenant's other  obligations under the Lease.    1.2.4 The Basketball Court shall be used by Tenant solely as an outdoor basketball  court for Tenant’s employees and invitees and for no other purpose.  Tenant’s use  of the Basketball Court shall be at the sole risk of Tenant, and Landlord shall  have no liability to Tenant if the Basketball Court or Outdoor Furniture is  damaged for any reason (except for any damage caused by the gross negligence  or willful misconduct of Landlord). Tenant agrees to be responsible for any  damage caused to the Building or Basketball Court Area in connection with  Tenant’s maintenance, use or removal of the Basketball Court and Outdoor  Furniture.    1.2.5 In the event that installation of the Basketball Court or Outdoor Furniture causes  non-compliance with any parking requirements for the Project, upon at least  thirty (30) days’ prior written notice from Landlord (or such shorter period if  required by applicable Law), Tenant shall remove the Basketball Court and  Outdoor Furniture and restore the parking stalls to their condition as of the  DocuSign Envelope ID: DD60F3B6-5B75-4F25-A7DF-0B111C0E9F7B 

 

  {2181-00922/00973189;} 3  Effective Date, at its sole cost.  Upon installation of the Basketball Court and  Outdoor Furniture, Tenant shall restore all surrounding landscaping, asphalt,  striping, or any other areas disturbed by construction of the Basketball Court and  installation of the Outdoor Furniture, at Tenant’s sole cost.  Any parking spaces  utilized for the Basketball Court and Outdoor Furniture shall be deducted from  the total parking spaces allocated to Tenant pursuant to the Lease so that the  aggregate total number of parking spaces utilized by Tenant for parking of  vehicles and for the Basketball Court and Outdoor Furniture shall not exceed the  parking spaces set forth in the Summary of Basic Lease Terms of the Original  Lease.    1.2.6 Tenant shall not install any exterior lighting, exterior decorations, radio or  television antenna, loud speaker or other device in, on or about the Basketball  Court Area.  Tenant shall not store anything in the Basketball Court Area and  shall not do, permit or suffer in, on or about the Basketball Court Area anything  that is unsafe or otherwise may create a hazardous condition, or that may increase  Landlord’s insurance rates, or cause a cancellation or modification of Landlord’s  insurance coverage.    1.2.7 Tenant shall be responsible for maintaining the Basketball Court, Outdoor  Furniture and the fencing enclosing the Basketball Court in good condition and  repair, at Tenant’s sole cost and expense, and Tenant shall not change its  configuration as approved by Landlord.  Tenant's obligations pursuant to this  Section shall include, without limitation, the obligations of Tenant to (a) be  responsible for cleaning any spills or waste in the Basketball Court Area, and (b)  cause any trash containers located in the Basketball Court Area to be emptied on  a regular basis prior to their overflowing, and keep and maintain all trash  containers in a clean condition and neat appearance at all times.  If Tenant fails to  perform its obligations with respect to the Basketball Court Area, Landlord may  elect to perform such obligations on behalf of Tenant and charge Tenant for the  reasonable out of pocket costs incurred by Landlord for performance of said  work.   1.2.8 All terms and provisions of the Lease shall be applicable to the Basketball Court  Area, including, without limitation, Section 9 (Insurance and Waiver of  Subrogation) and Section 10.3 (Indemnification), except that Landlord need not  supply any services to the Basketball Court Area.  Unless otherwise notified in  writing by Landlord, upon the expiration or earlier termination of the Term,  Tenant shall remove, at its sole cost and expense, the Basketball Court, the  Outdoor Furniture and all associated fencing and shall repair any damage caused  by such removal including, without limitation, the patching of any holes to  match, as closely as possible, the pavement surrounding the Basketball Court  Area.    2. Miscellaneous.  2.1 This Amendment sets forth the entire agreement between the parties with respect to the  matters set forth herein.  There have been no additional oral or written representations or  agreements.  Under no circumstances shall Tenant be entitled to any rent abatement,  improvement allowance, leasehold improvements, or other work to the Premises, or any  similar economic incentives that may have been provided Tenant in connection with  entering into the Lease, unless specifically set forth in this Amendment.  DocuSign Envelope ID: DD60F3B6-5B75-4F25-A7DF-0B111C0E9F7B 

 

  {2181-00922/00973189;} 4  2.2 Except as herein modified or amended, the provisions, conditions and terms of the Lease  shall remain unchanged and in full force and effect.  In the case of any inconsistency  between the provisions of the Lease and this Amendment, the provisions of this  Amendment shall govern and control.  The capitalized terms used in this Amendment  shall have the same definitions as set forth in the Lease to the extent that such capitalized  terms are defined therein and not redefined in this Amendment.  2.3 This Amendment may be executed and delivered by electronic mail in one or more  counterparts, each of which shall constitute one and the same Amendment.  If this  Amendment is signed and delivered in such manner, Landlord and Tenant shall promptly  deliver an original signed version to the other.  Any digital image copy of this  Amendment (to the extent fully executed and delivered) shall be treated by the parties as  a true and correct original of the same and admissible as best evidence to the extent  permitted by a court of proper jurisdiction.  2.4 Submission of this Amendment by Landlord is not an offer to enter into this Amendment  but rather is a solicitation for such an offer by Tenant.  Landlord shall not be bound by  this Amendment until Landlord has executed and delivered the same to Tenant.  2.5 Each party represents to the other party that such party has not dealt with a broker in  connection with this Amendment.    2.6 Pursuant to California Civil Code Section 1938, Landlord hereby notifies Tenant that as  of the date of this Amendment, the Premises have not undergone inspection by a  “Certified Access Specialist” (“CASp”) to determine whether the Premises meet all  applicable construction-related accessibility standards under California Civil Code  Section 55.53.  Landlord hereby discloses pursuant to California Civil Code Section 1938  as follows: “A Certified Access Specialist (CASp) can inspect the subject premises and  determine whether the subject premises comply with all of the applicable construction- related accessibility standards under state law. Although state law does not require a  CASp inspection of the subject premises, the commercial property owner or lessor may  not prohibit the lessee or tenant from obtaining a CASp inspection of the subject premises  for the occupancy or potential occupancy of the lessee or tenant, if requested by the  lessee or tenant. The parties shall mutually agree on the arrangements for the time and  manner of the CASp inspection, the payment of the fee for the CASp inspection, and the  cost of making any repairs necessary to correct violations of construction-related  accessibility standards within the premises.”  Landlord and Tenant hereby acknowledge  and agree that in the event that Tenant elects to perform a CASp inspection of the  Premises hereunder, such CASp inspection shall be performed at Tenant’s sole cost and  expense and Tenant shall be solely responsible for the cost of any repairs, upgrades,  alterations and/or modifications to the Premises or the Building necessary to correct any  such violations of construction-related accessibility standards identified by such CASp  inspection as required by Law, which repairs, upgrades, alterations and/or modifications  may, at Landlord’s option, be performed by Landlord at Tenant’s expense, payable as  additional rent within ten (10) days following Landlord’s demand.   The terms and  conditions of this Section 2.6 shall apply only in the event Tenant conducts an Inspection;  otherwise, the terms and conditions of the Lease, as amended, shall govern with respect to  each of Landlord’s and Tenant’s liability for compliance with applicable Laws.  2.7 The terms of Section 10.8 of the First Amendment shall remain in effect.    [SIGNATURES ARE ON FOLLOWING PAGE]  DocuSign Envelope ID: DD60F3B6-5B75-4F25-A7DF-0B111C0E9F7B 

 

  {2181-00922/00973189;} 5      IN WITNESS WHEREOF, Landlord and Tenant have entered into and executed this  Amendment as of the date first written above.  LANDLORD:  ECI FIVE 475 OAKMEAD LLC,  a Delaware limited liability company  By: Embarcadero Capital Investors Five LP,    a Delaware limited partnership,   its sole member   By:  ECP Five, LLC,      a Delaware limited liability company,      its general partner    By:            John Hamilton        Manager    TENANT:  ALPHA AND OMEGA SEMICONDUCTOR  INCORPORATED,   a California corporation   By: ______________________________  Name:  ___________________________  Title:  ____________________________    By: ______________________________  Name:  ___________________________  Title:  ____________________________    (For corporate entities, signature by TWO corporate officers is required:  one by (x) the chairman of the  board, the president, or any vice president; and the other by (y) the secretary, any assistant secretary, the  chief financial officer, or any assistant treasurer.)  DocuSign Envelope ID: DD60F3B6-5B75-4F25-A7DF-0B111C0E9F7B Steve Sun VP of HR Yifan Liang CFO 

 

  {2181-00922/00973189;} A-1      Initials    Exhibit A – Basketball Court  attached to and made a part of the Amendment dated January 30, 2020, between   ECI FIVE 475 OAKMEAD LLC, a Delaware limited liability company, as Landlord, and   ALPHA AND OMEGA SEMICONDUCTOR INCORPORATED,   a California corporation, as Tenant        DocuSign Envelope ID: DD60F3B6-5B75-4F25-A7DF-0B111C0E9F7B 

 

  {2181-00922/00973189;} A -2      DocuSign Envelope ID: DD60F3B6-5B75-4F25-A7DF-0B111C0E9F7B

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