Document:

Exhibit

                                                               Exhibit 10.1
AMENDMENT TO 
MARKET PERFORMANCE RESTRICTED SHARE UNIT AGREEMENT
This Amendment (the “Amendment”), effective as of ______ __, 2020, is entered into by and between ____________ (“Participant”) and Alpha and Omega Semiconductor Limited, an exempt liability company organized under the laws of Bermuda (the “Company”).  All capitalized terms not defined herein shall have the meaning set forth in the Market Performance Restricted Share Unit Agreement dated July _, 2018 (the “Agreement”). 
WHEREAS, Participant was granted a market performance restricted share units award (the “Award”) pursuant to the Agreement.
WHEREAS, the Award vests based on (i) the level of attainment of the performance criteria comprised of Company Stock Price measured over the Performance Period and Revenue for calendar year 2021 as set forth on Schedule I to the Agreement and (ii) continued Service over the 4-year period measured from January 1, 2022. 
WHEREAS, Participant and the Company desire to amend the Agreement to (a) extend the Performance Period from three years to four years so that the Performance period will be for the period commencing January 1, 2019 and ending December 31, 2022, (b) measure Revenue for calendar year 2022 and (c) change the start of the four-year service-based vesting period so that it commences on January 1, 2023 and ends on December 31, 2026.
NOW, THEREFORE, in consideration of the foregoing recitals and for other consideration, the adequacy and sufficiency of which is hereby acknowledged, the parties hereto agree to amend the Agreement through this Amendment as follows: 
1.Section 2(a).  Section 2(a) of the Agreement is hereby amended and restated in its entirety as follows:  
(a)    Determination of Number of Shares Based on Performance Requirement: First, there shall be calculated the maximum number of Common Shares in which Participant can vest under the Award (the “Performance-Qualified Shares”) based upon the level of attainment of the performance criteria specified in Schedule I of this Agreement (the “Performance Goals”) for the performance period commencing on January 1, 2019 and ending on December 31, 2022 (the “Performance Period”) in accordance with the methodology set forth in Schedule I (including any adjustment for individual performance pursuant to Paragraph 6 of Schedule I).  The determination of the number of Performance-Qualified Shares shall be made following the end of the Performance Period as set forth in Schedule I.  In no event may the number of actual Performance-Qualified Shares exceed one hundred percent (100%) of the Target Performance Shares.
2.    Section 2(b).  Section 2(b) of the Agreement is hereby amended and restated in its entirety as follows:

(b)    Service Vesting: The Performance-Qualified Shares (as determined pursuant to Paragraph 2(a)) shall be subject to service-based vesting in four (4) successive annual installments upon Participant’s completion of each year of Service over the four (4)–year period measured from January 1, 2023.  Should Participant cease Service prior to vesting in one or more Performance-Qualified Shares, the unvested portion of the Award shall be immediately canceled and Participant shall thereupon cease to have any right or entitlement to receive any Common Shares under the cancelled Award.
3.    Schedule I.  Schedule I of the Agreement is hereby deleted and replaced in its entirety with the new Schedule I attached hereto.  
4.    Entire Agreement. Except as modified by this Amendment, all the terms and provisions of the Agreement shall continue in full force and effect.  This Amendment, together with the Agreement, comprise the parties’ entire agreement regarding the subject matter thereof, and supersede any and all other agreements, either oral or in writing, between Participant and the Company regarding the subject matter hereof. 
5.    Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. 

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment, effective as of the date first above written. 

Alpha and Omega Semiconductor Limited 

By:     __________________________________
Name: 
Title: 
Date: 

Participant 

__________________________________
Name:
Date:

SCHEDULE I 
PERFORMANCE PERIOD, PERFORMANCE GOALS, DETERMINATION OF PERFORMANCE-QUALIFIED SHARES
1.    Performance Period:  January 1, 2019 to December 31, 2022
2.    Performance Goals:  For the Award to obtain Performance-Qualified Shares, the following two Performance Goals must be achieved:
		
	(1)
	Company Stock Price, as set forth in Paragraph 4 below, must equal or exceed  $26.25 during the Performance Period; and

		
	(2)
	Revenue for calendar year 2022 must equal or exceed $550 million (the “Threshold Revenue”).  If the Threshold Revenue is not attained, none of the Award will vest (regardless of the level of Company Stock Price attained).

3.    Performance-Qualified Shares:  The number of Performance-Qualified Shares (if any) will be calculated in accordance with the following formula (subject to adjustment for individual performance pursuant to Paragraph 6 below):
	
	
	Performance-Qualified Shares =

	Target Performance Shares  x  Stock Price Hurdle Percentage  x  Revenue Multiplier

4.    Stock Price Hurdle Percentage:  The Stock Price Hurdle Percentage will be determined as follows based on the level of Company Stock Price attained during the Performance Period:

	
		
	Company Stock Price 
$
	Stock Price Hurdle Percentage 
%

	≥26.25
	25

	≥30.00
	50

	≥37.50
	75

	≥45.00
	100

		
	•
	“Company Stock Price” means the average closing price of a Common Share as reported on the Stock Exchange (on which the Common Share is then traded) for any period of twenty (20) consecutive trading days at any time during the Performance Period.

		
	•
	The Company Stock Price targets in the preceding table in this Paragraph 4 shall be adjusted as appropriate to reflect any adjustment event specified under Paragraph 6 of the Agreement.  The Plan Administrator, in order to prevent diminution or enlargement of the 

benefits or potential benefits intended to be made available under this Agreement, will make the determination of any such adjustments required in connection with any such event.
		
	•
	The Stock Price Hurdle Percentage will be determined based on the highest Company Stock Price attained during the Performance Period.

		
	•
	Stock Price Hurdle Percentage will be determined at the meeting of the Compensation Committee of the Board held in the first quarter of 2023.

5.    Revenue Multiplier:  The Revenue Multiplier will be determined as follows based on the level of Revenue for calendar year 2022:

	
		
	Revenue for Calendar Year 2022
	Company Revenue Multiplier

	Less than Threshold Revenue
	0.0

	Threshold Revenue
	0.5

	Target Revenue
	1.0

		
	•
	“Revenue” means the Company’s revenue on a consolidated basis for calendar year 2022 as derived from its publicly reported financial statement for calendar year 2022, as adjusted, at the discretion of the Plan Administrator, to exclude any revenue derived from any acquisition or restructuring that occurred during the Performance Period.

		
	•
	Threshold Revenue means $550 million

		
	•
	Target Revenue means $600 million

		
	•
	Company Revenue Multiplier will be determined by the Plan Administrator following review and approval of the Company’s audited financial statements for the fiscal year ending June 30, 2023.

		
	•
	If the Company Revenue attained is between Threshold Revenue and Target Revenue, then the Company Revenue Multiplier will be determined based on straight-line interpolation between the corresponding Company Revenue Multiplier in the table above.

6.    Individual Performance:  The number of Performance-Qualified Shares may be adjusted down by the Plan Administrator based on its review and assessment of Participant’s individual performance during the Performance Period.

7.    Change in Control:  If a Change in Control occurs during the Performance Period, then the number of Performance-Qualified Shares will be determined as of the date such Change in Control is consummated in accordance with the following rules (without regard to adjustment for individual performance):
a.    If the Change in Control occurs on or prior to March 31, 2022, then:
(i)    The number of Performance-Qualified Shares will be determined solely on the basis of the Company Stock Price Hurdle Percentage (without regard to Revenue).
(ii)    In determining the Company Stock Price Hurdle Percentage under Paragraph 4 of this Schedule I, the Company Stock Price will mean the higher of (i) the Company Stock Price as defined in Paragraph 4 of this Schedule I and attained prior to the Change in Control or (ii) the Per Share Deal Price. “Per Share Deal Price” means the value of the total amount of consideration paid for a Common Share in connection with the Change in Control.  The value of the consideration paid for a Common Share, including the value of any non-cash consideration will be determined in good faith by the Plan Administrator.   
(iii)    The Target Performance Shares will then be multiplied by the Company Stock Price Hurdle Percentage as so determined and the Award with the resulting number of Performance-Qualified Shares shall be treated in accordance with Paragraph 5 of the Agreement. 
b.    If the Change in Control occurs after March 31, 2022, then:
(i)    The number of Performance-Qualified Shares will be determined in accordance with the formula set forth in Paragraph 3 of this Schedule I.
(ii)    In determining the Company Stock Price Percentage under Paragraph 4 of this Schedule I, the Company Stock Price will mean the higher of (i) the Company Stock Price as defined in Paragraph 4 of this Schedule I and attained prior to the Change in Control or (ii) the Per Share Deal Price. 
(iii)    Revenue for calendar year 2022 will be measured on a cumulative basis from January 1, 2022 through the last day of the fiscal quarter ending immediately prior to or concurrent with the consummation of the Change in Control (such Revenue, the “Adjusted Revenue”) and the Revenue Multiplier will be determined based on the following table instead of the table set forth in Paragraph 5 of this Schedule I:

	
		
	Adjusted Revenue 
$ Million
	Company Revenue 
Multiplier

	Less than Adjusted Threshold Revenue
	0.0

	Adjusted Threshold Revenue
	0.5

	Adjusted Target Revenue
	1.0

(iv)    The Target Performance Shares will then be multiplied by the Company Stock Price Percentage and Revenue Multiplier as so determined and the Award with the resulting number of Performance-Qualified Shares shall be treated in accordance with Paragraph 5 of the Agreement. 
		
	•
	If the Adjusted Revenue is less than the Threshold Adjusted Revenue, then the Award will be forfeited regardless of the level of Company Stock Price.

		
	•
	Adjusted Threshold Revenue and Adjusted Target Revenue depend on the number of full fiscal quarters completed prior to or concurrently with the Change in Control as follows:

	
			
	Number of Full Fiscal Quarters Completed
	Adjusted Threshold Revenue
$ Million
	Adjusted Target Revenue
$ Million

	1
	125.00
	136.36

	2
	260.00
	283.64

	3
	400.00
	436.36

	4
	550.00
	600.00Exhibit

Exhibit 10.2
Supplemental Agreement

Party A (the Lessor): Chongqing Yinhai Financial Leasing Co., Ltd.
Legal Representative: Pang Xianwei
Registered Office: No. 56, Middle of Huangshan Avenue, Yubei District, Chongqing

Party B (the Lessee): Chongqing Alpha and Omega Semiconductor Technology Co., Ltd.
Legal Representative: MIKE FUSHING CHANG
Registered Office: No. 288, Yuefu Avenue, Beibei District, Chongqing

Whereas, 
Party A and Party B signed the Financial Lease (Leaseback) Contract (Contract No.: YZ(2018)0401 and its Supplemental Agreement (Contract No.: YZ(2018)0401-1) on May 9, 2018 (hereinafter collectively referred to as the “Master Contract”). After signing of the Master Contract, Party A has fully performed its obligations under the Master Contract according to its terms and conditions. The Parties hereby reach the following agreement through consultation:
The Conditions for Lease in Part I Business Terms of the Master Contract are modified as follows:
The lease interest rate shall be a floating rate, and the lease interest rate = loan prime rate (LPR) + spread
The LPR above is the LPR5Y quotation applicable to the working day before the reset day.
The spread is 81.25BP.
II. Article 10.2.1 of the Master Contract is modified as follows:
The rent consists of the principal and the interest. From the lease commencement date, Party A will collect rent by the entire principal for the lease. Interests for the lease shall be determined by the following method B:
A. Fixed interest rate, which will remain unchanged during the term of the lease and will not be adjusted together with People’s Bank of China’s adjustment of benchmark interest rate for loans during the same term.
B. Floating interest rate: interest rate for the lease is determined by the LPR for five years released by the National Interbank Funding Center plus the spread of 81.25 (each point represents 0.01%) (the formula is: interest rate for the lease = LPR + the spread)
During the term of the lease, when LPR is adjusted by the quotation released by the National Interbank Funding Center, the interest rate for the lease shall be adjusted accordingly. The first Interest Rate Conversion Day for the LPR under the Agreement is June 28, 2020, which will then be adjusted on a quarterly basis. The Financing Rate floating day shall be calculated from Interest Rate Conversion Day. The LPR adopted shall be the LPR applicable to the working day before the interest rate floating day (if the working day before the interest rate floating day is the LPR release day, the LPR newly released on the day shall be applied), commencing from the same day of the next period (if the floating day is at the end of a month, then the reset day shall be determined by the actual day at the end of the month). After expiry of the floating period, the rate for the next floating period shall be determined by the corresponding LPR.
When the above adjustments are made, the Parties shall make corresponding adjustments to rents in Appendix III Rent Payment Form of the Master Contract. Party A shall notify Party B by issuing the Rent Adjustment Notice in the format set forth in Article 3 of the Agreement concerning the above-mentioned adjustments. Party B shall accept such adjustments. The actual day for rent adjustments 

shall be subject to the Rent Adjustment Notice issued to Party B in the format set forth in Article 3 of the Agreement.
III. (Format of) Appendix IV in the Master Contract: Rent Adjustment Notice is modified as follows:

Rent Adjustment Notice
To: [Chongqing Alpha and Omega Semiconductor Technology Co., Ltd.]
In accordance with the Financial Lease Contract No. [YZ(2018)0401] between the Parties, we hereby make the following adjustments to the rents under the abovementioned Financial Lease Contract: as of          , the interest rate for the lease is adjusted to      . Please pay the rents as per the “Amount after Adjustment” in the following form to our company:
Currency: RMB   Unit: Yuan
	
				
	Instalment
	Rent Payment Day
	Amount before Adjustment
	Amount after Adjustment

	    th Instalment
	 
	 
	 

	...
	 
	 
	 

	Total
	 
	 
	 

The rents should be paid to the following account:
Payee: Chongqing Yinhai Financial Leasing Co., Ltd.
Bank: Chongqing Branch of the Export-Import Bank of China
Account No.: 2100000100000237876

Party A: Chongqing Yinhai Financial Leasing Co., Ltd. (Seal)
Legal Representative/Authorized Representative (Signature/Seal): Pang Xianwei

Party B has received the above Rent Adjustment Notice and hereby confirms its content.
Party B: [Chongqing Alpha and Omega Semiconductor Technology Co., Ltd.] (Seal)
Legal Representative/Authorized Representative (Signature/Seal): Mike FuShing Chang
Date:  

IV. The Agreement is the supplemental agreement to the Master Contract, and becomes an integral part of the Master Contract upon signing. Terms of the Master Contract not amended in the Agreement shall remain in force.
V. The Agreement comes into effect upon signing and sealing by the Parties. The Agreement is made in four copies with each Party holding two copies. All copies have equal legal force.
VI. The Agreement comes into effect when it is signed/sealed by the legal representatives or authorized representatives of the Parties and sealed with their official seals.

(Remainder of the Page Intentionally Left Blank)

Signature Page of the Supplemental Agreement [Contract No.: YZ(2018)0401]

Party A: Chongqing Yinhai Financial Leasing Co., Ltd. (Seal)
Legal Representative/Authorized Representative (Signature/Seal): Pang Xianwei

Party B: [Chongqing Alpha and Omega Semiconductor Technology Co., Ltd.] (Seal)
Legal Representative/Authorized Representative (Signature/Seal): Mike FuShing Chang

August 3, 2020

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