Document:

sitm-ex102_82.htm

 

Exhibit 10.2

 

ASSET PURCHASE AGREEMENT

This ASSET PURCHASE AGREEMENT, dated February 20, 2020 (this "Agreement"), is by and between MegaChips Taiwan Corporation, a Taiwan corporation, with its registered office at RM. B 2F, Worldwide House, No.129, Min Sheng E. Rd., Sec.3, Taipei 105 Taiwan ("Seller") and SiTime Corporation, a Delaware Corporation, with its registered office at 5451 Patrick Henry Drive, Santa Clara, CA 95054, U.S.A ("Buyer") (each a "Party" and collectively the "Parties").

 

In consideration of the respective representations, warranties, covenants and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows:

 

	
1.
	
Sale and Purchase.

 

On the terms and subject to the conditions set forth in this Agreement, Buyer shall purchase and acquire from Seller, and Seller shall sell, transfer, assign and convey to Buyer, for the consideration specified in Section 2 below, all of Seller's right, title and interest in and to the assets and properties set fo1ih on Schedule 1.1 hereto (the "Equipment").

 

	
2.
	
Purchase Price.

 

The consideration for the sale of the Equipment (the "Purchase Price") shall be USD 55,000.

 

	
3.
	
Tax.

 

Buyer and Seller acknowledge and agree that any and all taxes and duties imposed in connection with the transactions contemplated by this Agreement, including value added tax in Taiwan, will be excluded from the Purchase Price. Buyer shall bear the responsibility for payment of any and all taxes or duties incurred in connection with the transactions contemplated by this Agreement (excluding, for the avoidance of doubt, any income, capital gains, or other similar taxes).

 

	
4.
	
Payment.

 

Within thirty (30) days after the date of invoice to be issued by Seller following the delivery of Equipment, Seller shall pay the Purchase Price in the currency of US Dollars.

 

	
5.
	
Delivery.

On February 24, 2020 or any other date agreed upon between the Parties, Seller shall deliver the Equipment to Buyer, EX WORKS Seller's principal office. Seller shall approve the method of shipment in accordance with Buyer's selection of freight forwarder.

 

	
6.
	
Risk of Loss.

 

Anything herein or in any applicable law to the contrary notwithstanding, Buyer will bear the risk of loss, deterioration or damage to the Equipment from the time they are placed by Seller in the possession of a carrier. Buyer shall be solely responsible for filling any claims for damage during 

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the shipment with the carrier. After the passage to Buyer of such risk of loss, deterioration or damage, the Equipment held by Seller for whatever reason, shall be held for Buyer's account at Buyer's expense, irrespective of whether the Equipment is within the coverage of any policy of insurance maintained by the Seller.

 

	
7.
	
Inspection.

 

Buyer is responsible for inspecting all deliveries of Equipment for shortage or non-conformity. All Equipment delivered will be deemed accepted by Buyer as being without shortages and non­ conformities unless Buyer notifies Seller of any discrepancies within five (5) business days of delivery.

 

	
8.
	
DISCLAIMER.

 

THE EQUIPMENT BEARS NO WARRANTIES TO BUYER, WHETHER EXPRESS WARRANTIES OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, AND SELLER WILL HAVE NO LIABILITY IN CONTRACT OR TORT FOR ANY DAMAGE, LOSS, COST OR EXPENSE (WHETHER DIRECT, INDIRECT, SPECIAL OR CONSEQUENTIAL) SUFFERED OR INCURRED BY BUYER, EVEN IF CAUSED BY NEGLIGENCE OR OTHER FAULT OF SELLER.

 

	
9.
	
Product Liability.

 

Without limiting the provisions of Paragraph 8 above, Seller shall not be liable to Buyer or to third parties for liabilities, losses, expenses or damages (including, without limitation, court costs and attorney's fees) incurred or suffered by Buyer or third parties resulting from or caused by, the defective or allegedly defective manufacture, assemble, storage, use or transportation of any

Equipment or of any goods, wares, products or services incorporating or utilizing any Equipment. Buyer agrees to protect, indemnify and hold harmless Seller from and against all suits, claims, liabilities, losses, expenses and damages (including, without limitation, court costs and attorneys fees of any kind or character arising from claims) asserted by any person or entity against Seller in respect of any Equipment or goods, wares, products or services incorporating or utilizing any Equipment.

 

	
10.
	
Patent, etc.

 

Seller's sale of Equipment to Buyer does not convey to Buyer any license or any other right, express or implied, under any patent, trademark or proprietary right of Seller concerning Equipment. Buyer shall defend Seller against any claims or actions for unfair competition, for infringement of patents or trademarks, or for any other reason, and shall hold Seller harmless from damages, costs, loss or expenses, including reasonable attorney's fees, arising from Buyer's use of Equipment.

 

	
11.
	
Acceleration.

 

Seller may demand immediate payment of any and all amounts owed by Buyer to Seller hereunder by written notice to Buyer upon any material breach by Buyer of the terms and conditions hereof or upon the Buyer filing a petition under any insolvency or bankruptcy law or making a general assignment for the benefit of creditors, whether voluntary or involuntary, or being dissolved, becoming insolvent or being adjudged bankrupt.

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12.
	
Exportation.

 

The responsibility to obtain any and all permits, approvals, and license of whatever nature required to lawfully export the Equipment shall rest solely with Buyer, who acknowledges that Seller has not obtained any such permits, approvals or licenses for the benefit of Buyer or others. Seller reserves the right to suspend any and all shipments of the Equipment, if Buyer fails to discharge such responsibilities.

 

	
13.
	
Miscellaneous.

 

	
13.1
	
Governing Law. This Agreement is governed by and construed in accordance with the laws of Taiwan without giving effect to any choice or conflict of law provision or rule that would cause the application of the laws of any jurisdiction other than Taiwan.

 

	
13.2
	
Entire Agreement. This Agreement, and the documents, instruments and other agreements specifically refe1Ted to herein or delivered pursuant hereto, including all exhibits and schedules hereto and thereto, constitute the entire agreement of the Parties with respect to the subject matter of this Agreement and supersede all prior agreements, term sheets, letters of interest, correspondence (including e-mail) and undertakings, both written and oral, between Seller and Buyer with respect to the subject matter of this Agreement.

 

	
13.3
	
Notices. All notices, deliveries and other communications under this Agreement will be in writing and will be deemed given if delivered personally, emailed, or delivered by globally recognized express delivery service to the Parties at the addresses or email addresses set forth below or to such other address or email address as the Party to whom notice is to be given may have furnished to the other Party in writing in accordance herewith. Any such notice, delivery or communication will be deemed to have been delivered and received (a) in the case of personal delivery, on the date of such delivery, (b) in the case of a globally recognized express delivery service, on the Business Day that receipt by the addressee is confirmed under the service's systems, and (c) in the case of email, on the date that receipt is acknowledged by a reply email from the recipient.

 

if to Seller:

MegaChips Taiwan Corporation

RM. B 2F, Worldwide House, No.129, 

Min Sheng E. Rd., Sec.3,

Taipei 105 

Taiwan

Attention: Masakatsu Sawada

 

If to Buyer:

SiTime Corporation

5451 Patrick Henry Drive, 

Santa Clara,

CA 95054, U.S.A

Attention: Nara Bharath 

 

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13.4
	
Further Assurances. At any time and from time to time after the date of this Agreement, each Party shall execute and deliver or cause to be executed and delivered to the other Party such other instruments and take such other action, all as such other Party may reasonably request, in order to vest ownership of the Assets in Buyer.

 

	
13.5
	
Amendment. Buyer and Seller may amend this Agreement at any time in accordance with an instrument in writing signed on behalf of Buyer and Seller.

 

	
13.6
	
Dispute Resolution. All disputes arising out of this Agreement shall be exclusively and finally settled in the arbitration of China Arbitration Association held in Taipei, Taiwan.

[Signature page follows]

 

 

 

 

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IN WITNESS WHEREOF, each of the Parties has executed this Asset Purchase Agreement as of the date first above written.

 

	
 
	
Seller:

	
 
	
 

	
 
	
MEGACHIPS TAIWAN CORPORATION

	
 
	
By:
	
 
	
/s/Masakatsu Sawada

	
 
	
Name:
	
 
	
Masakatsu Sawada 

	
 
	
Title:
	
 
	
President

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
Buyer:

	
 
	
 
	
 
	
 

	
 
	
SITIME CORPORATION

	
 
	
By:
	
 
	
/s/Nara Bharath

	
 
	
Name:
	
 
	
Nara Bharath

	
 
	
Title:
	
 
	
Executive Vice President, Systems

 

5pfnx-ex107_171.htm

Exhibit 10.7

AMENDMENT NO. 2 TO THE DEVELOPMENT AND LICENSE AGREEMENT

This Amendment No. 2 to the Development and License Agreement (“Amendment”) is entered into as of March 09, 2020 (“Amendment Effective Date”) by and between Pfenex Inc., a Delaware corporation (“Pfenex” or “Party”) and Alvogen Malta (Out-Licensing) Ltd., a Maltese corporation (“Alvogen” or “Party”, and together with Pfenex, the “Parties”)

BACKGROUND

	
 
	
A.
	
Pursuant to that certain Development and License Agreement, dated as of February 28, 2019 (the “Agreement”), Pfenex granted Alvogen certain development and commercialization rights with respect to the Product worldwide, excluding the Excluded Territory;

	
 
	
B.
	
In connection with Alvogen negotiating a sub-licensing agreement with JUNO Pharmaceuticals Pty Ltd, Level 2, 6 Bond Street, South Yarra, 3141, Australia (“JUNO”) for Australian and New Zealand markets (“AUS/NZ Markets”), the Parties now desire to amend the Agreement as set forth below;

NOW THEREFORE THE PARTIES AGREE AS FOLLOWS:

	
 
	
1.
	
Capitalized terms not defined herein shall have the meaning set forth in the Agreement.

	
 
	
2.
	
The Parties agree to amend the Agreement as follows:

	
 
	
1.1
	
Section 10.1 of the Agreement is hereby amended and restated in its entirety as follows: 

“Term. This Agreement shall become effective on the Effective Date and continue until the earlier of (i) ten (10) years following the First Commercial Sale in the Territory (“Initial Term”), or (ii) the date this Agreement is terminated in accordance with Section 10.2 (such shorter period, the “Term”). Unless terminated at the expiration of the Initial Term by either Party giving to the other at least twelve (12) months’ prior written notice, this Agreement shall continue in force automatically for one year renewal periods until terminated by either Party giving to the other at least twelve (12) months’ prior written notice to take effect at the end of any such renewal period. 

	
 
	
1.2
	
New Section 10.8 is added as follows: 

“Section 10.8 Additional Effects in case of Termination.  If Pfenex delivers notification of termination of this Agreement, then Alvogen shall put Pfenex in contact with JUNO in order for Pfenex and JUNO to negotiate execution of agreement between JUNO and Pfenex pursuant to which JUNO would develop and Commercialize the Product for the AUS/NZ Markets (“New License Agreement”) within a period of six (6) months. If Pfenex and Sublicensee execute the New License Agreement, then: (a) Pfenex and JUNO shall notify Alvogen on the consequences of such New License Agreement on the MAA Applications submitted, MAA held by Sublicensee, Product License granted to Sublicensee and other relevant terms, (b) Alvogen shall comply with written instruction of Pfenex and JUNO and (c) this Agreement  shall stand terminated for the AUS/NZ Markets.  If Pfenex and JUNO fail to execute the New License Agreement within abovementioned timeline, then: (i) JUNO shall be entitled to keep the MAA for the AUS/NZ Markets, (ii) the Product License of the Sublicensee shall be terminated and Sublicensee shall covenant (and Pfenex and Alvogen shall be a third party beneficiary therefor), that it will not exercise any rights under the Product License. For the sake of clarity, nothing shall limit Pfenex to apply for a new 

 

 

MAA for the Product and Pfenex shall have the right of reference to the MAA for the Territory (including the AUS/NZ Markets) in order to obtain a duplicate MAA by itself or its designee and JUNO and Alvogen each shall execute all needed documents for such right of reference to be effective in the Territory.”  

	
 
	
1.3
	
New Section 11.4.(f) is added as follows: 

“Section 11.4 (f).  No limitation of liability shall apply in case of Pfenex’s breach of exclusivity stipulated in Section 2.1.(a) in the AUS/NZ Markets.”  

	
 
	
3.
	
All other provisions of the Agreement not amended by this Amendment shall remain valid in un-amended form and content.

	
 
	
4.
	
This Amendment shall become effective of the Amendment Effective Date.

	
 
	
5.
	
This Amendment may be executed in one or more counterparts, each of which will be deemed to be an original copy and all of which, when taken together, will be deemed to constitute one and the same Amendment. The exchange of copies of this Amendment and of signature pages by facsimile transmission shall constitute effective execution and delivery of this Amendment as to the Parties and may be used in lieu of the Amendment for all purposes. Signatures of the Parties transmitted by facsimile shall be deemed to be their original signatures for all purposes.

(The remainder of this page is intentionally left blank.  The signature page follows.)

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IN WITNESS WHEREOF, each Party has caused this Amendment to be executed by its duly authorised representative:

 

	
PFENEX INC.

	
By: 
	
/s/ Eef Schimmelpennink

	
Name:
	
Eef Schimmelpennink

	
Title:
	
CEO

	
ALVOGEN MALTA (Out-Licensing) LTD.

	
By: 
	
/s/ Arna Hansen

	
Name:
	
Arna Hansen

	
Title:
	
BD Director

 

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