Document:

Exhibit

Exhibit 10.23

AMENDMENT 1 TO
ASIC DEVELOPMENT AND SUPPLY AGREEMENT

This Amendment No. 1 (“Amendment”) to the ASIC Development and Supply Agreement (“Agreement”), is deemed in effect as of March 24, 2018, by and between: (1) Square, Inc., a Delaware corporation having its principal place of business at 1455 Market Street, Suite 600, San Francisco, CA 94103 (“Square”), (2) Semiconductor Components Industries, LLC, a Delaware limited liability company having its principal place of business at 5005 E. McDowell Road, Phoenix, AZ 85008, and (3) ON Semiconductor Trading S·rl (formerly known as ON Semiconductor Trading, Ltd.), a corporation organized under the laws of Switzerland  and having its principal place of business at Avenue de la Gare 2, Fribourg, 1700 Switzerland, including each party’s respective subsidiaries and affiliates. Semiconductor Components Industries LLC and ON Semiconductor Trading S·rl shall hereinafter be referred to collectively as “ON Semiconductor” and shall be jointly liable for compliance with this Amendment. In the event of any conflict between this Amendment and the Agreement, the parties agree and acknowledge that this Amendment shall supersede and take precedence. Any defined terms referenced hereunder shall have the same definition and meaning as set forth in the Agreement.  

WHEREAS, the Parties entered into the Agreement to set forth the terms governing the development by ON Semiconductor and Square of Application Specific Integrated Circuits (collectively, “ASIC’s”) for sale to Square and/or Authorized Purchaser(s) as further defined therein; 
WHEREAS, the Parties now intend to modify those terms as further described hereunder; and 
NOW, THEREFORE, for good and valuable consideration received by each party from the other including entry into this Agreement and the covenants thereof, the parties hereto agree as follows:

1.    2018 RENEWAL TERM
Notwithstanding Article 7 of the Agreement , the Parties agree that the Initial Term shall extend up to and include the date of March 24, 2021.

2.    ASSIGNMENT
The Parties agree to add the following as an additional language at the end of Article 15.1 of the Agreement: 

“In the event of an assignment arising from or out of a merger, acquisition or sale, notwithstanding the foregoing or anything herein to the contrary, ON Semiconductor agrees to continue its obligations hereunder for no less than twelve (12) months from the date of such assignment.” 

3.    CANCELLATION POLICY
The Parties agree that Exhibit C Section III, E, Cancellation Policy subparagraphs 2 and 3 will be entirely deleted and replaced with the following language: 

2.  SQUARE may cancel, subject to the cancellation charges described below, Production Products with written notice prior to ON SEMICONDUCTOR’s shipment.  Cancellation charges for Production Products shall be, as of the date that ON SEMICONDUCTOR receives the SQUARE’s notice of cancellation, ON SEMICONDUCTOR’s costs incurred, not to exceed ON Semiconductor’s selling price of the Production Products.  

4.    ALL OTHER TERMS
Except as otherwise referenced herein, all other terms of the Agreement, including Exhibits A to G thereto, shall remain in full force and effect. The Parties may execute this Amendment in counterparts, including facsimile, PDF or other electronic copies, which taken together will constitute one instrument.

IN WITNESS WHEREOF, the Parties hereto have caused their duly authorized representatives to execute this Amendment.

SQUARE, INC.:                                SEMICONDUCTOR COMPONENTS INDUSTRIES, 
LLC:
                

	
			
	By: /s/ Jesse Dorogusker
	 
	By:  /s/ Ruth Franklin

	Name: Jesse Dorogusker
	 
	Name: Ruth Franklin

	Title: VP Hardware
	 
	Title: Senior Director

	Date: 1.8.19
	 
	Date: 15 Jan 19

	 
	 
	 

	 
	 
	 ON SEMICONDUCTOR TRADING SARL

	 
	 
	 

	 
	 
	By: /s/ Irena Turkova

	 
	 
	Name: Irena Turkova

	 
	 
	Title: Director 

	 
	 
	Name: Jan 15, 2019Exhibit 10.1

 

Summary of BSA Plans

 

Share warrants or BSA (bons de souscription d’actions) are purchased by the holders and entitle each of them to subscribe for new shares of our Company at an exercise price set at the time of grant.

 

Administration. Pursuant to delegations granted at our general meeting of the shareholders, our board of directors determines (and formerly our executive board (directoire) determined) the list of the beneficiaries, the granting dates, the purchase price, the exercise price, the number of BSA granted and the terms and conditions of the BSA, including the number shares underlying each BSA, their exercise period.

 

Grants. Our BSA were granted to independent members of our former supervisory board (conseil de surveillance), independent members of the board of directors and scientific consultants of our Company. A total of 167,630 BSA has been granted and 155,940 BSA has been purchased by the beneficiaries under six (6) plans, in 2014, 2015 and 2017 (BSA 2014-A, BSA 2014-B, BSA 2015-A, BSA 2015-B, BSA 2017-A and BSA 2017-B), which have different terms and conditions as set out below.

 

Underlying shares. The securities to which our BSA give right are new ordinary shares of our Company. The number of ordinary shares to which each BSA 2014-A, BSA 2014-B, BSA 2015-A and BSA 2015-B gives right is one point zero three (1.03) new ordinary share. The number of ordinary shares to which each BSA 2017-A and BSA 2017-B gives right is one (1) new ordinary share.

 

The number of ordinary shares to which each BSA gives right can be adjusted, upwards or downwards, as a result of certain corporate transactions, such as rights issues.

 

Standard terms. Our BSA are exercisable by tranches of a minimum of 2,000 BSA, or a multiple thereof, with an exception for any outstanding balance of unexercised BSA under 2,000.

 

The BSA 2014-A and BSA 2014-B have been issued at a price of €0.01 and at an exercise price of €23.50 per BSA.

 

The BSA 2015-A and BSA 2015-B have been issued at a price of €0.01 and at an exercise price of €35.95 per BSA.

 

The BSA 2017-A and BSA 2017-B have been issued at a price of €2.00 and at an exercise price of €19.97 per BSA.

 

Exercise periods. The exercise periods of our BSA plans are:

 

	
 
    	
 
    	
Exercise period
    
	
BSA 2014-A
    	
 
    	
November 1, 2014 to   September 30, 2018 (1)
    
	
BSA 2014-B
    	
 
    	
March 1, 2015 to   February 28, 2019
    
	
BSA 2015-A
    	
 
    	
June 1, 2015 to   May 31, 2019
    
	
BSA 2015-B
    	
 
    	
December 1, 2015 to   November 30, 2019
    
	
BSA 2017-A
    	
 
    	
July 1, 2018 to   June 30, 2022
    
	
BSA 2017-B
    	
 
    	
July 16, 2018 to   July 15, 2022
    

 

(1)    On September 30, 2018, all BSA 2014-A have become void.

 

If a BSA has not been exercised at the end of its exercise period, it becomes void.

 

1Exhibit 10.2

 

Summary of BSAAR Plans

 

Redeemable share warrants or BSAAR (bons de souscription et/ou d’acquisition d’actions remboursables) are purchased by the holders and entitle each holder to subscribe for new shares and/or purchase existing shares of our Company at an exercise price set at the time of grant. They can be redeemed by our Company as further set out below.

 

Administration. Pursuant to delegations granted at our general meeting of the shareholders, our board of directors determines (and formerly our executive board (directoire) determined) the list of the beneficiaries, the granting dates, the purchase price, the exercise price, the number of BSAAR granted and the terms and conditions of the BSAAR, including the number of shares underlying each BSAAR and their exercise period.

 

Grants. Our BSAAR were granted to members of our former executive board and employees of our Company. A total of 118,677 BSAAR has been granted and a total of 73,517 BSAAR has been purchased by the beneficiaries under five (5) plans, in 2014 and 2016 (BSAAR 2014-A, BSAAR 2014-B, BSAAR 2014-C, BSAAR 2016-A and BSAAR 2016-B), with different terms and conditions as set out below.

 

Underlying shares. The securities to which our BSAAR give right are new ordinary shares of our Company. The number of ordinary shares to which each BSAAR gives right is one point zero three (1,03) new ordinary share.

 

The number of ordinary shares to which each BSAAR gives right can be adjusted, upwards or downwards, as a result of certain corporate transactions, such as rights issues.

 

Standard terms. Our BSAAR are exercisable by fraction of a number of redeemable warrants equal to one third (1/3) of the number of BSAAR of each plan held by each beneficiary.

 

Exercise of the BSAAR is subject to the effective presence of the beneficiary in our Company or one of our controlled subsidiaries at the date of the receipt of the exercise request accompanied by payment of the exercise price.

 

The BSAAR 2014-A, BSAAR 2014-B and BSAAR 2014-C have been issued at a price of €5.61 and at an exercise price of €23.50 per BSAAR.

 

There are no performance conditions associated with the benefit of the BSAAR granted pursuant to our 2014 BSAAR plan.

 

The BSAAR 2016-A and BSAAR 2016-B have been issued at a price of €4.60 and at an exercise price of €23.50 per BSAAR.

 

The exercise of the BSAAR 2016-A is subject to a performance condition: “our Company should have, at the date it receives the exercise notice accompanied by the payment of the exercise price, the financial means to carry out its research and development programs, and at the least, its development program for Elafibranor in NASH, until at least the end of 2018”.

 

The exercise of the BSAAR 2016-B is also subject to a performance condition: “our Company should have published, on the date it receives the exercise notice accompanied by the exercise price, the main results of the RESOLVE-IT clinical trial for which it is the sponsor”.

 

These performance conditions are assessed by our board of directors.

 

Redemption at the option of the Company. Our Company may, at its sole discretion, from the date of issue of the BSAAR and up to the end of the exercise period of the BSAAR, repay all or part of the outstanding BSAAR at a price of €0.01; however, such redemption will only be possible if the arithmetic average, calculated over 10 consecutive trading days among the 20 trading days preceding the notification of the redemption (as such date appears on the postmark), of the closing prices of the Company’s shares multiplicated

 

 

by the exercise ratio in effect at this date, exceeds either (i) €94, i.e. 400% of the exercise price of BSAAR 2014 or (ii) €47, i.e. 200% of the exercise price of the BSAAR 2016.

 

Exercise periods. The exercise periods of our BSAAR plans are:

 

	
 
    	
 
    	
Exercise period
    
	
BSAAR 2014-A
    	
 
    	
September 15, 2015   to September 15, 2018
    
	
BSAAR 2014-B
    	
 
    	
September 15, 2015   to May 4, 2019
    
	
BSAAR 2014-C
    	
 
    	
September 15, 2015   to July 1st, 2019
    
	
BSAAR 2016-A
    	
 
    	
January 1st, 2018 to   July 27, 2020
    
	
BSAAR 2016-B
    	
 
    	
August 1st, 2018 to   July 27, 2020
    

 

If a BSAAR has not been exercised at the end of its exercise period, it becomes void.

 

2

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