Document:

AOSL EX 10.31

Exhibit 10.31
ALPHA AND OMEGA SEMICONDUCTOR LIMITED
FY 2013 EXECUTIVE INCENTIVE PLAN
The following is a summary of the operation of the Executive Incentive Plan (the “Plan”) established by Alpha and Omega Semiconductor Limited (the “Company”) for Fiscal Year 2013.
Participants
Executive officers and Vice Presidents.
Performance Bonus
Participants are eligible to receive a bonus based on the level of attainment of pre-specified corporate performance goals.  The Company’s compensation committee establishes the performance goals to be attained.  
Performance Goals
The corporate performance goals for Fiscal Year 2013 are revenue and operating income (after bonus payout).  The amount of bonus earned is based 50% on revenue achieved and 50% on operating income achieved; however, a minimum of 90% of the target performance goal must be achieved for payout under that performance goal and no bonus will be paid under either performance goal if a minimum of 90% of the operating income target is not achieved.  
Target Bonus Awards
The Company’s compensation committee establishes the bonuses payable based on the level of attainment of the corporate performance goals.  The target bonuses for each named executive officer for Fiscal Year 2013 are as follows: Chief Executive Officer: 100% of base salary; Chief Financial Officer, Chief Operating Officer and Vice President of Sales: 60% of base salary; Chief Accounting Officer: 40% of base salary.  Based on level of performance attained, actual bonus payouts can range from 100% to 200% of base salary for the Chief Executive Officer; 60% to 120% of base salary for the Chief Financial Officer, Chief Operating Officer and Vice President of Sales; and 40% to 100% of base salary for the Chief Accounting Officer.
Payment of Bonus
A portion of the bonus is payable following the end of the first 6 months of Fiscal Year 2013 based on achievement of performance goals for such semi-annual period.  The bonus payable based on full-year performance is then reduced by the bonus amount paid with respect to such semi-annual period.  In the event that Company performance declines in the second half of the year such that no annual bonus would be payable for the fiscal year based on fiscal year performance, the participant is not required to repay any bonus payment received based on the performance for the first 6 months of the fiscal year.  The participant must remain in employment with the Company through the last day of the performance periods to receive a bonus for that period.AOSL EX 10.33

Exhibit 10.33

February 14, 2012

Mary L. Dotz
1733 Valpico Drive
 San Jose, CA 95124

Dear Mary:
Alpha and Omega Semiconductor, Incorporated (the “Company” or “AOS”) is pleased to offer you a position as Chief Financial Officer at a salary of $280,000 per year, payable bi-weekly, effective on March 1, 2012 or the date of commencement of your employment (the “Commencement Date”).  Your target cash incentive for Fiscal Year 2012 will be 60% of your annual base salary, adjusted based on actual months of service and subject to achievement on goals set by the Company.
We will recommend to the compensation committee of the board of directors of Alpha and Omega Semiconductor Limited (“AOS Limited”), the Company’s parent corporation, that you be granted options (the “Options”) to purchase 150,000 shares of Common Shares pursuant to its 2009 Share Option/Share Issuance Plan (the “Plan”).  If approved, such grant will be made at the next regularly-scheduled meeting of the Compensation Committee following your employment commencement date.  The Options will vest 20% after the first twelve months and in monthly increments of 1/60 of the Options over four years following the first twelve months.
In addition, it is anticipated that you will enter into a retention letter agreement with the Company (the “Retention Agreement”) with substantially the same terms and conditions as those set forth in the retention letter agreement entered into between the Company and the current Chief Financial Officer.
You will report directly to Dr. Mike Chang, Chairman and CEO, and you will answer on demand to the Audit Committee of the Board of Directors of the Company.
We will also offer you our standard benefit package that are offered to our full-time staff, including health, dental, vision, and life insurance benefits.
The Company asks that you complete the enclosed Directors and Officers Questionnaire immediately upon acceptance of this offer and the Employee Confidential Information and Inventions Assignment Agreement on or prior to the Commencement Date.  In part, this Agreement requests that a departing employee refrain from using or disclosing the Company’s Confidential Information (as defined in this Agreement) in any manner that may be detrimental to or conflict with the business interests of the Company.  This Agreement does not prevent a former employee from using his or her general knowledge and experience—no matter when or how gained—in any new field or position.  If you have any questions about this Agreement, please let me know.

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We hope that you and the Company will find mutual satisfaction with your employment.  All of us at Alpha and Omega Semiconductor are very excited about you joining our team and look forward to a beneficial and fruitful relationship.  Nevertheless, your employment with the Company shall remain at will.  You have the right to terminate your employment at any time, with or without cause or notice, and the Company reserves for itself an equal right.  Nothing in this letter is intended to modify this at-will employment relationship.
This offer is contingent upon the successful completion of a background check which we will conduct upon your acceptance of this offer.  For purposes of federal immigration law, you will be required to provide the Company documentary evidence of your identity and eligibility for employment in the United States.  Such documentation must be provided to us within three business days of your date of hire, or your employment relationship will be terminated.  By signing below you warrant and represent that you have full power and authority to accept this offer and you can perform your job duties at the Company without breaching any agreement between you and any of your former employers or any other parties.
This letter agreement, the Employee Confidential Information and Inventions Assignment Agreement and the Retention Agreement together contain the entire agreement with respect to your employment and supersede any prior or contemporaneous representations or agreements.  The terms of this offer may only be changed by written agreement, although the Company may from time to time, in its sole discretion, adjust the salaries and benefits paid to you and its other employees, as well as reporting relationships, job titles and responsibilities.  Should you have any questions with regard to any of the items indicated above, please call me.  Kindly indicate your consent to this agreement by signing and returning a copy of this letter and, as appropriate, a completed “Employee Confidential Information and Inventions Agreement” to AOS by 9AM, February 15, 2012.
Very truly yours,

Alpha and Omega Semiconductor Incorporated

/s/ Mike Chang                        2/14/2012    
Mike Chang, Chief Executive officer

/s/ Howard Bailey    
Howard Bailey, Chairman of the Board Audit Committee

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ACCEPTED AND AGREED:

/s/ Mary Dotz              Feb. 15, 2012    
Mary Dotz

#PageNum#AOSL EX 10.34

Exhibit 10.34

Third Addendum to Foundry Agreement
This is the third addendum (the “Third Addendum”) to the Foundry Agreement dated January 10, 2002 (the “Foundry Agreement”) is made effective as of January 9, 2012 (the “Effective Date”) by and between Alpha and Omega Semiconductor Limited (“AOS”) and Shanghai Hua Hong NEC Electronics Company Limited (“HHNEC”), as amended by the First Addendum signed by the Parties on July 28, 2005 and the Second Addendum signed by the Parties on April 11, 2007.  All expressions not defined here shall have the same meaning as they have in the Foundry Agreement.  Except to the extent modified by this Third Addendum, all other provisions of the Foundry Agreement shall remain in fill effect.
For valid and sufficient consideration, and pursuant to Section 10.3 and 10.9 of the Foundry Agreement, HHNEC and AOS agree as follows:
1.The Term of the Foundry Agreement in Section 9.1 shall be extended and renewed for another five (5) years immediately following its expiration date, January 09, 2012.
2.Section 4.4 (RMAs) in the Foundry Agreement is hereby deleted in its entirety and replaced with the following:
4.4. RMAs.  AOS may make returns to HHNEC, within one (1) year of Fab out Date, with a written return material authorization (“RMA”) issued by HHNEC.  HHNEC will analyze such authorized returns and report to AOS on the results of such analysis within thirty (30) days of receipt of such RMA.  ADS will cooperate with HHNEC to resolve any problems associated with the returns.  If AOS and HHNEC determine that any Products returned under an RMA are defective for reasons solely attributable to HHNEC, HHNEC shall immediately refund any payment made by AOS for such Products and reimburse AOS for assembly and testing costs that are described in the Attachment hereto related to such Products.  HHNEC’s reimbursement liability shall be based on the actual cost related to such impacted products not exceeding four (4) times amount of wafer prices received by HHNEC from AOS under the Purchase Order in which the Product directly or indirectly gives rise to the claim was included.  AOS should also return or scrap / destroy all RMA wafers / dies, either with HHNEC’s confirmation, or with independent 3rd party certificate of such scrap / destroy.
3.Section 8.3 (Indemnification) in the Foundry Agreement is hereby deleted in its entirety and replaced with the following:

(a) If any third party claims or alleges that AOS product Design or AOS Process infringes upon such third party’s Intellectual Property Rights (“AOS Claims”), AOS shall, at its own expense, defend HHNEC and/or its Affiliates against AOS Claims, and indemnify and hold HHNEC and/or its Affiliates harmless from and against any expenses and losses, including without limitation reasonable attorneys’ fees, resulting from AOS Claims; provided that (i) HHNEC and/or its Affiliates 

gives AOS reasonably prompt notice in writing of any AOS Claims and permits AOS, through counsel of its choice, to answer the charge of infringement and defend AOS Claims; (ii) HHNEC and/or its Affiliates provides AOS information, assistance and authority, at AOS’s expense, to enable AOS to defend AOS Claims; and (iii) AOS shall not be responsible for any settlement made by HHNEC and/or its Affiliates without AOS’s written consent.
(b) If any third party claims or alleges that HHNEC Process or HHNEC Unit Process Module infringes upon such third party’s intellectual Property Rights (“HHNEC Claims”), HHNEC shall, at its own expense, defend AOS and/or its Affiliates against HHNEC Claims and indemnify and hold AOS and/or its Affiliates harmless from and against any expenses and losses, including without limitation reasonable attorneys’ fees, resulting from HHNEC Claims; provided that (i) AOS and/or its Affiliates gives HHNEC reasonably prompt notice in writing of any HHNEC Claims and permits HHNEC, through counsel of its choice, to answer the charge of infringement and defend HHNEC Claims; (ii) AOS and/or its Affiliates provides HHNEC information, assistance and authority, at HHNEC’s expense, to enable HHNEC to defend HHNEC Claims; and (iii) HHNEC shall not be responsible for any settlement made by AOS and/or its Affiliates without HHNEC’s written consent.  For purpose of this Section, “Affiliate(s)” means any legal entity that directly or indirectly controls another entity via beneficial ownership of more than ninety percent (900/o) of voting power or equity in another entity (“Control”), or is Controlled by another entity or is under common Control with another entity, so long as such Control exists.
4.Section 10.8 (Governing Law; Arbitration) in the Foundry Agreement is hereby deleted in its entirely and replaced with the following:
10.8 Governing Law; Arbitration.  This Agreement shall be governed by and construed in all respects in accordance with the laws of Hong Kong.  Any dispute or claim arising out of or in connection with this Agreement or the performance, breach or termination thereof, shall be finally settled by arbitration in Hong Kong and administrated by Hong Kong International Arbitration Centre in accordance with its rules in force when the notice of arbitration is submitted in accordance with these rules.  Judgment on the award rendered by the arbitrators may be entered in any court having jurisdiction thereof, provided, however, that either party may apply to any court of competent jurisdiction for injunction relief to enforce Section 7.4.
5.HHNEC and AOS hereby agree to delete the Section 3 in the Second Addendum in its entirety as described with the following: HHNEC shall NOT enter into any agreement for production, supply, and/or service related to any trench DMOS products from any direct customers that are headquartered in Taiwan and/or have substantial control entity in Taiwan without prior approval by AOS.
6.All rights and obligations of AOS under the Foundry Agreement and all its Addendums are hereby assigned to Alpha & Omega Semiconductor (Macau) Limited in whole.
7.Except as to the subject matter expressly modified in this Third Addendum, the Foundry Agreement, as amended by the First Addendum and the Second Addendum, shall remain in full force and effect in all respects.  In the event of a conflict between this Third Addendum, the 

Second Addendum, the First Addendum, or the Foundry Agreement, the terms of this Third Addendum shall prevail.
IN WITNESS WHEREOF, HHNEC and AOS have caused this Third Addendum to the Foundry Agreement to be executed by their duly authorized representatives on the date first written above.
Shanghai Hua Hong NEC Electronics Co. Ltd.    Alpha and Omega Semiconductor Limited
By: /s/ Gao Feng        By: /s/ Yueh-Se Ho    
Name & Title: Feng Gao, VP                                     Name & Title:  Yueh-Se Ho / Director     
    February 27, 2012
Acknowledged and accepted by:
Alpha and Omega Semiconductor (Macau), Limited
By:  /s/ David Chou    
Name & Title:  David Chou / Director    
March 6, 2012

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