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Exhibit 10.22.2  

 
  AMENDMENT
  NO. 2    
    

        This agreement ("Amendment") dated July 24, 2001 is entered into by and between Displaytech, Inc., a corporation organized and existing under the laws of
the State of Colorado in the United States of America, with its principal place of business located at 2602 Clover Basin Drive, Longmont, CO 80503 U.S.A. ("DT"), and Miyota Co., Ltd.,
established and existing under the laws of Japan, with its registered office located at 4107-5 Miyota-machi, Kitasaku-gun, Nagano-ken, 389-0294 Japan
("MYT" along with DT a "Party", and together the "Parties"). This Amendment amends that certain Manufacturing Agreement between the Parties dated December 10, 1998, as amended by Amendment
No. 1 dated March 25, 1999, as follows: 

        1.    Article 15, Term.    Section 15.1, Initial Term
and Renewal, is hereby amended to read in its entirety as follows: 

        15.1    Initial Term and Renewal.    The initial term of this Agreement is eight
(8) years. The Agreement will automatically renew for an indefinite period thereafter, unless either Party provides written notice to the other Party of its intention not to renew the Agreement
at least eighteen (18) months prior to the expiration date of the initial term of the Agreement. During the renewal term of the Agreement, either of the Parties will have the right to terminate
the Agreement by providing written notice to the other Party eighteen (18) months prior to the date of termination. 

        Except
as amended hereby, all other terms and conditions of the Agreement shall remain in full force and effect. 

        IN
WITNESS WHEREOF, the Parties have executed this Amendment as of the date first written above. 

	MIYOTA CO., LTD.	 	DISPLAYTECH, INC.
	

By:	
 	

/s/  YUZO MAEKAWA      
	
 	

By:	
 	

/s/  HAVILAND WRIGHT      

	Name:	 	Yuzo Maekawa
	 	Name:	 	Haviland Wright

	Title:	 	President
	 	Title:	 	Chairman and CEO

1

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AMENDMENT NO. 2QuickLinks
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Exhibit 10.22.3  

        [*****]
= Certain confidential information contained in this document, marked with brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
 

AMENDMENT
  NO. 3    
    

        THIS AMENDMENT NO. 3 (this "Amendment"), dated March 17, 2003, is entered into by and between Displaytech, Inc., a corporation organized and existing under
the laws of the State of Colorado in the United States of America, with its principal place of business located at 2602 Clover Basin Drive, Longmont, CO 80503 U.S.A. ("DT"), and Miyota
Co., Ltd., established and existing under the laws of Japan, with its registered office located at 4107-5 Miyota-machi, Kitasaku-gun, Nagano-ken,
389-0294 Japan ("MYT" along with DT a "Party," and together the "Parties"). 

        This
Amendment amends that certain Manufacturing Agreement between the Parties dated December 10, 1998, as amended by Amendment No. 1 dated March 25, 1999, and
Amendment No. 2 dated July 24, 2001 (the "Original Agreement"), as follows: 

        1.    Definitions.    The following definitions shall be added to Section 1 of the Original Agreement: 

        "Affiliate" of a Party means any entity or person which directly or indirectly controls, is controlled by, or is under common control with
such Party. 

        "HP" means Hewlett-Packard Company, a Delaware corporation. 

        "Line" means all areas of MYT's manufacturing facilities that are used by MYT to manufacture the Products. 

        2.    Design and Manufacture of Products.    Section 2 of the Original Agreement shall be amended as follows: 

        (a)   Section 2.4
shall be deleted in its entirety and the following shall inserted in lieu thereof 

Manufacturing Processes for Products. DT will be responsible for the design of manufacturing processes for the Products, whether such processes are
implemented in DT's facilities in Longmont, Colorado, or in MYT's facilities in Nagano, Japan. As provided below, MYT agrees to collaborate with DT toward the development and refinement of
manufacturing processes for the Products. DT will document all material information related to its manufacturing processes and include such information in a schedule attached hereto as  Schedule 2.4, Process Procedure
Documentation. Such documentation will include specifications for each process, a process flow chart and certain
standards, such as, but not limited to, assembly, environmental and safety standards. All material information related to the manufacturing process subsequently developed during the term of this
Agreement or any renewal period, whether by DT or MYT, will be documented and added to Schedule 2.4. DT will furnish such documentation to MYT,
free of charge, for the sole purpose of enabling MYT to manufacture the Products under the terms of this Agreement. MYT agrees that, if it determines that the Products can be manufactured more
efficiently or for less cost by changing, adding to or deleting from any of DT's manufacturing processes, it will (1) perform reasonable testing on the proposed modified process prior to
implementation; (2) notify DT of the proposed modified process prior to implementation; (3) supply DT with statistical information demonstrating process efficacy and reliability;
(4) unless otherwise agreed to by the Parties, execute all necessary assignments and other documentation necessary to assign the Intellectual Property associated with such modified process in
accordance with Section 11; and (5) create appropriate documentation of the proposed modified manufacturing process and deliver it to DT. Notwithstanding the foregoing, MYT shall direct
and complete the manufacture of the Products under this Agreement in a safe, useful and workmanlike manner, 

 

in
compliance with good engineering practices, and shall comply with all applicable laws, rules, ordinances, regulations and the like, including but not limited to those related to safety, health,
environmental and employee matters. 

        (b)   Sections
2.5.2 and 2.5.3 shall be deleted in their entirety. 

        3.    Covenants relating to HP.    A new Section 6.12 shall be added to the Original Agreement as follows: 

        6.12    Covenants Relating to HP.    

        6.12.1    Obligations to HP.    HP and DT have an agreement relating to the sale of the
Products for use in digital still cameras ("DSCs"). Pursuant to such agreement, DT has agreed to supply MYT with sufficient FLC materials to support HP's forecast for the purchase of Finished Products
through calendar year 2004. In furtherance of the foregoing, DT will train MYT on the process used to store such FLC materials. MYT hereby agrees to hold such FLC materials in trust for DT and HP and
use such FLC materials solely for the manufacturing of Products ordered by HP. In addition, at the request of HP, MYT hereby agrees to sell Products for use in DSCs directly to HP under the terms and
conditions set forth on Schedule 6.12, HP Pricing, as amended from time to time, to HP as a second source of supply. 

        6.12.2    Audit Rights.    HP or any person designated by HP (other than direct competitors of
MYT) shall have the right to visit MYT's manufacturing facilities and the Line during normal business hours and to inspect MYT's operation relating to the manufacture of Finished Products for use in
DSCs being sold to HP only. HP or its authorized representatives shall have the right to inspect all incoming materials, inventory and Finished Products for conformity to the Product specifications
and quality standards (as all of such relate to the manufacture of Finished Products for use in DSCs being sold to HP only); provided that such inspection shall not unreasonably disrupt MYT's
operations; and provided further that HP or any person designated by HP agrees that it will keep in confidence any information it comes to know in the course of the inspection and will not use such
information for any purpose other than the inspection and the possible recommendation to MYT of a corrective action. Any such inspections prior to delivery of any Finished Products to HP shall not
constitute final acceptance by DT or HP. MYT agrees to implement within a reasonable time all mutually agreed corrective action recommended by HP or its representatives to MYT. 

        6.12.3    Pricing.    To the extent that HP uses MYT as a second source of supply, MYT agrees
to maintain the same supply volume to HP as committed to DT for the sale of Finished Products to HP at the then current price in effect at the time of any order of such Products by HP in accordance
with Section 6.12.1 when DT is unable to supply to HP. If DT is able to supply to HP, and HP requests Miyota to sell directly to HP, then Miyota will charge HP the then current price plus $1.00
per viewfinder, which $1.00 will be paid to DT in addition to the margin DT would have received if the sale to HP were through DT. 

        6.12.4    Agreement with HP.    MYT agrees to use its best efforts to negotiate an agreement
with HP confirming MYT's responsibilities as a second source of supply contemplated under this Section 6.12. 

        4.     Section 17
of the Original Agreement shall be amended as follows: 

        (a)   Section 17.8
shall be deleted in its entirety and the following shall be inserted in lieu thereof: 

        17.8    Assignment.    Except for the sale or transfer by DT of all or substantially all of
its assets, a sale of a majority ownership in DT's capital stock, DT's merger into another 

2

 

company,
or any assignment by DT of all or part of this Agreement to an Affiliate, this Agreement shall not be assigned (by contract, operation of law or change of control) by either Party without the
prior written consent of the other Party, which consent shall not be unreasonably delayed or withheld. Any assignment to which consent is given shall be binding upon, inure to the benefit of, and be
enforceable by and against, the assignee and any successors and assigns of the assignee. DT agrees to give MYT reasonable notice of the sale or transfer by DT of all or substantially all of its
assets, a sale of a majority ownership in DT's capital stock, DT's merger into another company or any assignment to an Affiliate of DT; however, failure to give such notice shall not prevent DT from
consummating such sale, transfer or merger. 

        (b)   A
new Section 17.10 shall be added as follows: 

        17.10    Governing Language.    The Parties acknowledge and agree that this Agreement has been
entered into in the English language, which language shall govern in all respects. Any translation of this Agreement shall be for convenience only and shall not be binding upon the Parties. All
written communications between the Parties shall be in English, including, but not limited to, written communications relating to changes or modifications in the manufacturing processes for the
Products as contemplated under Section 2.4 of this Agreement. 

        5.    Schedules.    Schedule 6.12, HP Pricing (which Schedule
is attached hereto) shall be attached to the Original Agreement. 

        6.    Amendment No. 4.    The Parties hereby agree to use best efforts to negotiate a definitive Amendment
No. 4 to the Original Agreement by March 30, 2003. Amendment No. 4 will address (i) the use of MYT's manufacturing facilities for third parties, (ii) licenses and
assignments of certain intellectual property necessary to permit such activities and to protect the Parties in the event of bankruptcy and other circumstances, and (iii) additional amendments
that are necessary to clarify the Original Agreement, to comply with certain legal requirements, to update the Schedules and to enable DT to make certain certifications relating to government grants. 

        7.    Conflict.    If any conflict should arise between the terms and provisions of this Amendment and the Original
Agreement, this Amendment shall govern. 

        8.    No Other Amendments.    Except as amended hereby, the Original Agreement shall remain in full force and effect
in accordance with its original terms. 

        9.    Counterparts.    This Amendment may be executed in counterparts, each of which shall constitute an original and
all of which, when taken together, shall constitute one and the same document. Executed counterparts sent by facsimile or by other means of transmission shall be effective as originals. 

[The remainder of this page is intentionally left blank.]

3

 

        IN
WITNESS WHEREOF, the Parties have executed this Amendment as of the date first written above. 

	MIYOTA CO., LTD.	 	DISPLAYTECH, INC.
	

By:	
 	

/s/  YUZO MAEKAWA      
 Name: Yuzo Maekawa

Title: President	
 	

By:	
 	

/s/  RICHARD BARTON      
 Name: Richard Barton

Title: CEO

[Signature
Page to Amendment No. 3] 

4

Schedule 2.4  

 Process Procedure Documentation  

[*****] 

Schedule 6.12  

 HP Pricing  

	 
	 	Q1 03
	 	Q2 03
	 	Q3 03
	 	Q4 03
	 	Q1 04

	SE2 SELLING PRICE TO DISPLAYTECH	 	 	 	 	 	 	 	 	 	 
	Beginning Q2 03 [*****] rebate per part to be accrued and paid to Miyota by Displaytech when Displaytech reaches cashflow positive	 	[*****]	 	[*****]	 	[*****]	 	[*****]	 	[*****]

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AMENDMENT NO. 3

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