Document:

Exhibit 10.10

 

BUSINESS ASSISTANCE AGREEMENT

 

This Business Assistance Agreement (the “Agreement”) is entered into on March 29, 2018, between Toppan Printing Co., Ltd., a company organized under the laws of Japan (“Toppan”), and VTS-Touchsensor Co., Ltd. (formerly known as Toppan Touch Panel Products, Co., Ltd.), a company organized under the laws of Japan (the “Company”). This Agreement is effective from March 26, 2018 (the “Effective Date”). Each of Toppan and the Company is referred to as a “Party”, and together, as the “Parties”.

 

RECITALS

 

A.                                    Toppan operates a business in Japan that develops, manufactures and markets copper touch panel sensors used in touch panel modules and copper PET film used in touch panel sensors (the “Business”).

 

B.                                    Toppan and VIA optronics GmbH, a company organized under the laws of Germany (“VIA”), entered into a Framework Agreement dated November 30, 2017 (the “Framework Agreement”) pursuant to which (i) Toppan will transfer certain assets and liabilities relating to the Business to the Company and (ii) VIA will own 65% of the Company and Toppan will own 35% of the Company.

 

C.                                    In accordance with Section 2.07(a) of the Framework Agreement, the Company desires to procure, and Toppan desires to provide, certain services to support the Business, including administrative and back-office support, procurement support and design and mask support.

 

The Parties hereby agree as follows:

 

1.                                      Term.

 

(a)                                 The term of this Agreement (the “Term”) shall begin on the Effective Date, and shall continue for 3 years unless terminated earlier (i) in writing by the Company on the 30th day after the Company delivers a notice of termination to Toppan in writing or (ii) pursuant to Section 1(b), Section 1(c), or Section 1(d).

 

(b)                                 Either Party may terminate this Agreement immediately upon giving written notice to the other Party if the other Party: (1) becomes insolvent or its liabilities exceeds its assets; (2) suspends payments or any drafts or checks drawn, issued, or undertaken by the other Party are dishonored, (3) becomes subject, voluntarily or involuntarily, to any bankruptcy, civil rehabilitation, corporate reorganization, or other legal procedure for debt restructuring or work-out (out-of-court procedure for its debts); or (4) is dissolved or liquidated or takes any corporate action for such purpose.

 

(c)                                  Either Party may terminate this Agreement immediately upon giving written notice to the other Party if the other Party materially breaches this Agreement and, if such breach is curable, fails to cure such breach within 15 days after the first Party’s written notice of such breach.

 

 

(d)                                 Toppan may terminate this Agreement immediately upon giving written notice to the Company if (i) VIA, alone or in combination with its affiliates, no longer has a majority stake in the Company or the right to appoint a majority of the Company’s board members, or (ii) Toppan no longer holds any shares in the Company.

 

2.                                      Services.

 

(a)                                 Toppan shall perform the services set forth on Schedule 1 (the “Services”) in accordance with the terms contained therein. The Services set forth on Schedule 1 may be altered, from time to time, to expand, reduce or delete Services, to alter the scope of any of the Services, or to modify their frequency (in which case appropriate changes to the section of the Payment of the Work (Cost of Consignment), including the Standard Monthly Fee, may be made) upon mutual consent of the Parties, which consent shall revise Schedule 1 and supersede and replace the Schedule 1 then in effect. The Company shall furnish Toppan with such information and other reasonable assistance as is necessary to enable Toppan to perform the Services.

 

(b)                                 Toppan will use reasonable and good care, skill and diligence to perform the Services, which shall be at minimum at the same level as Toppan provides or would provide to its own firm or to its other affiliates under similar circumstances.

 

3.                                      Staffing. In the provision of Services, Toppan will allocate an appropriate number of staff with appropriate qualifications to perform the Services.

 

4.                                      Fees and Expenses.

 

(a)                                 In consideration for the Services provided by Toppan, the Company shall pay Toppan an amount equal to the aggregate figures listed in “(4) Payment of the work (Cost of consignment) - Standard Monthly Fee” in Schedule 1, subject to the adjustment set forth in Section 5 below (the “Fees”).

 

(b)                                 Toppan may, with the Company’s consent, incur expenses, such as travel expenses, in connection with performance of the Services (the “Expenses”). Toppan shall pay the Expenses in the first instance and the Company shall reimburse Toppan for the Expenses. The Company acknowledges that if it does not grant its consent to Toppan’s incurrence of an expense, Toppan will not be obligated to incur that expense and Toppan will not be deemed to have breached its obligation to perform a Service if the reason Toppan does not perform the Service is attributable to the Company’s failure to consent to an expense that is necessary for Toppan’s performance of the Service.

 

5.                                      Invoicing for Fees and Expenses. Toppan shall calculate the Fees for Services rendered each month, taking into account the proportion of total work hours each Toppan staff spends on the Services (i.e., the Fees for a Toppan staff who spends 80% of his or her work time performing a Service would be that proportion multiplied by the Standard Monthly Fee

 

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corresponding to the Service) will invoice the Company monthly for the Fees for Services rendered and for Expenses incurred through the end of each month. Each invoice shall include sufficient detail to support the Fees and Expenses set forth therein. All invoices will be in Japanese Yen. The Company will pay the invoiced amounts within 60 days of receipt of each invoice. Payments shall be made by wire transfer of immediately available funds to the following account, or such other account as Toppan may designate to the Company in writing:

 

6.                                      Supply Price. Any supplies obtained from third parties sold by Toppan to the Company in connection with the provision of the Services shall be sold without any mark-up and at the price that Toppan paid for such supplies.

 

7.                                      Books and Records. Toppan shall maintain accurate and complete books of account, documents and records relating to the provision of the Services for a period of five years from the creation of those books, and documents, and records. During the Term, Toppan agrees to provide the Company reasonable access to Toppan’s books and records that it is obligated to maintain pursuant to the previous sentence as necessary to monitor the Services and invoicing therefor.

 

8.                                      Confidentiality. Each Party agrees not to disclose the contents of this Agreement or the other Party’s Confidential Information without the other Party’s advance written consent. “Confidential Information” of a Party means all non-public or sensitive or proprietary information about or of that Party but does not include information (a) that has become publicly known through no breach by either Party of its confidentiality obligations hereunder, (b) that is independently and lawfully developed or obtained by a Party without access to the other Party’s Confidential Information, (c) is or becomes available to a Party on a non-confidential basis from a third Person, on condition that that third Person is not and was not prohibited from disclosing that information, or (d) that was known by or in the possession of a Party before the disclosure of that information to that Party pursuant to this Agreement, on condition that, in the case of each of (a) through (d), the Party seeking to disclose such information has the burden of demonstrating that it is not Confidential Information: provided, however, each Party may disclose such Confidential Information to its affiliates, in each case on a need-to-know basis for the purpose of facilitating the performance of this Agreement, on condition that the disclosing Party cause its affiliates that have received any Confidential Information of the other Party to comply with this provision and that the disclosing Party be responsible for any act by such affiliates that would constitute a breach of this provision had the act been undertaken by the disclosing Party. A Party may disclose Confidential Information of the other Party if required pursuant to applicable law, regulation or a valid order issued by a court or governmental agency of competent jurisdiction, on condition that the Party first make commercially reasonable efforts to provide the other Party

 

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(i) prompt written notice of such requirement so that the other Party may seek, at its sole cost and expense, a protective order or other remedy, and (ii) reasonable assistance, at the other Party’s sole cost and expense, in opposing such disclosure or seeking a protective order or other limitations on disclosure.

 

9.                                      Relationship of the Parties. In performing the Services, it is understood and agreed that Toppan will be deemed to be an independent contractor of the Company.

 

10.                               Indemnification.

 

(a)                                 Toppan shall indemnify the Company from and against any loss, liability, damage or expense suffered or incurred as a result of Toppan’s gross negligence or willful misconduct in performing the Services, in accordance to the general principals of applicable contract laws in Japan.

 

(b)                                 WITH THE EXCEPTION OF THE FIRST SENTENCE IN SECTION 2(b), TOPPAN EXPRESSLY DISCLAIMS ALL WARRANTIES CONCERNING THE SERVICES (INCLUDING THE RESULTS OF THE SERVICES); WHETHER EXPRESS OR IMPLIED BY LAW.

 

(c)                                  EXCEPT FOR DAMAGES ARISING FROM EITHER PARTY’S INTENTIONAL MISCONDUCT OR GROSS NEGLIGENCE, TO THE FULLEST EXTENT PERMITTED BY LAW, NEITHER PARTY WILL BE LIABLE TO THE OTHER PARTY FOR ANY CONSEQUENTIAL, INCIDENTAL, INDIRECT, EXEMPLARY, SPECIAL, PUNITIVE, OR ENHANCED DAMAGES WHETHER ARISING OUT OF BREACH OF CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY, PRODUCT LIABILITY, OR OTHERWISE (INCLUDING THE ENTRY INTO, PERFORMANCE, OR BREACH OF THIS AGREEMENT). UNDER NO CIRCUMSTANCES WILL EITHER PARTY BE LIABLE TO THE OTHER PARTY FOR DAMAGES IN EXCESS OF THE AMOUNT OF PAYMENTS RECEIVED BY TOPPAN UNDER THIS AGREEMENT.

 

11.                               Communication. All written or oral communication between the Parties related to this Agreement and that involve the participation of a Company officer, director, or employee who does not speak Japanese shall be in the English language. Other communications in connection with this Agreement between Japanese-speaking Toppan personnel and Japanese-speaking Company personnel may be in Japanese if it is efficient to do so and as long as any information exchanged in such communications that is material to the Company’s operations or that should, by its nature, be conveyed to the Company board of directors, is subsequently recorded or conveyed to the Company board in English. All costs and expenses related to any translation or interpretation services required by either Party shall be borne by the Party requiring such translation or interpretation services.

 

12.                               Notices. All notices under this Agreement that are required to be in writing shall be given in writing upon receipt by either registered mail, return receipt requested, by recognized overnight courier, by email, or by such other means as the Parties mutually agree, as follows:

 

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If to Toppan:

 

Toppan Printing Co., Ltd.

Toppan Shibaura Bldg.

3-19-26 Shibaura Minato-ku, Tokyo 108-8539

Email: teruo.ninomiya@toppan.co.jp

kentaro.kitaoka@toppan.co.jp

Attention: Teruo Ninomiya and Kentaro Kitaoka

 

If to the Company:

 

VTS-Touchsensor Products, Co., Ltd.

1101-20, Myohoji-cho, Higashiomi

Shiga, 527-0046, Japan

Email: JWoerle@via-optronics.com

Attention: Dr. Jasmin Wörle

 

With a copy (which will not constitute notice):

 

VIA optronics GmbH

Sieboldstr. 18, 90411 Nurnberg

E-mail: kbickelbacher@via-optronics.com

Attention: Kathrin Bickelbacher

 

Jones Day

Kamiyacho Prime Place

1-17, Toranomon 4-chome

Minato-ku, Tokyo 105-0001, JAPAN

E-mail: mushiiimaionesday.com

Attention: Makiko Ushijima

 

13.                               Headings. The headings in this Agreement are for reference only and do not affect its interpretation.

 

14.                               Entire Agreement. This Agreement, and all related Schedules hereto or Statements of Work delivered hereunder, constitutes the sole and entire agreement of the Parties with respect to the subject matter contained herein and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to this subject matter.

 

15.                               Successors and Assigns; Assignment. This Agreement is binding upon and will inure to the benefit of the Parties and their respective successors and permitted assigns. Neither Party shall assign its rights or obligations hereunder without the advance written consent of the other Party, which consent must not be unreasonably withheld or delayed by either Party. No assignment will relieve the assigning Party of any of its obligations hereunder.

 

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16.                               No Third Party Beneficiaries. This Agreement is for the sole benefit of the Parties (and their respective successors and assigns) and nothing herein, express or implied, is intended to or will confer upon any other Person, any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

 

17.                               Amendment and Modification; Waiver. This Agreement may be amended, modified or supplemented only by an agreement in writing signed by each Party. No waiver by either Party of any other provisions hereof will be effective unless explicitly set forth in writing and signed by that Party. No waiver by either Party will be, or will be construed as, a waiver in respect of any failure, breach or default not expressly identified by that written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement will be, or will be construed as, a waiver thereof, nor will any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

 

18.                               Governing Law. This Agreement shall be governed by and construed in accordance with the laws of Japan without giving effect to any choice or conflict of law provision or rule.

 

19.                               Dispute Resolution. The Parties shall endeavor to resolve any dispute, controversy or difference arising out of, in connection with, or related to this Agreement (a “Dispute”) though good-faith negotiations. If a Dispute is not settled within 20 days after receipt by a Party of a written request for negotiation under this Section 19, the Dispute will be referred for consideration by the Parties’ senior officers. The senior officers will have full authority to settle the Dispute. If the senior officers are unable to resolve the Dispute within 20 days after the receipt by a Party of a written request for consideration of the Dispute by senior officers under this Section 19, the Parties shall submit the Dispute to arbitration in Tokyo in accordance with the Commercial Arbitration Rules of the Japan Commercial Arbitration Association for final settlement. The Parties shall appoint three arbitrators in accordance with the rules and shall conduct the arbitration in English. The decision by the arbitration tribunal will be final and binding on the Parties and may be approved of or entered in (or otherwise be granted enforceability through necessary procedures by) any court having jurisdiction. The Parties consent to the consolidation by the Japan Commercial Arbitration Association of arbitral proceedings initiated under this Agreement with arbitration proceedings initiated under any one or more of the Ancillary Agreements (as defined in the Framework Agreement) (notwithstanding the fact that those agreements may be governed by different laws).

 

20.                               Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together will be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, email or other means of electronic transmission will be deemed to have the same legal effect as delivery of any original signed copy of this Agreement.

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the Parties have executed this Business Assistance Agreement on the date first stated above.

 

	
 
    	
TOPPAN PRINTING   CO., LTD.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Teruo Ninomiya
    
	
 
    	
Name: Teruo Ninomiya
    
	
 
    	
 
    
	
 
    	
Title: Senior General   Manager
    

 

 

IN WITNESS WHEREOF, the Parties have executed this Business Assistance Agreement on the date first stated above.

 

	
 
    	
VTS-TOUCHSENSOR   PRODUCTS, CO., LTD.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Dr. Jasmin Wörle
    
	
 
    	
Name: Dr. Jasmin   Wörle
    
	
 
    	
 
    
	
 
    	
Title: Representative   Director
    

 

 

Schedule 1   Consignment Work List Monthly Fee delivery customer’s approval. (TP Technical   Taro Sakamoto company company statement (draft) will be Prepared confirmation   / approval of contents government offices at an appropriate electronic   manifest 7 business days. Before appraisal, appropriate personnel   consideration (compensation) for Response to social security system expenses   for principal environment Performing obligation environment environment in   compliance with laws Department 1) Scope of Work 2) Task 3) Deliverables 4)   Payment of the work (Cost of consignment) 5)Expected Outcomes (e.g. PO issued   financial data provided on xx date,) Proportion (Schedule) Number of   Persons/month Standard Sales/CS Supporting Sales and production control   Preparation of price proposal, creation of quotation for customer submission   Develop customer supply drawing, hold design review meeting Product   arrangement Follow up delivery schedule Shipment arrangement Processing   instructions at the time of complaint Price Proposal, Quotation Design Review   Minutes Payment date response form Shipping instructions Processing in the   factory related to complaint processing 100% 2 persons 979, 276 Replying   price to customer requirements Adjustment for customer’s requested date   Delivery of products as expected Appropriate complaint handling Design   Manufacturing design operation 1) Pattern design 2) CAD 3) Checking Drawing   1) Mask design instruction, customer approval drawing 2) 3) Mask Production   drawing (toppan – mask vendor) 100% ‘33%x3 Persons’ 6 persons 3 persons   5,213,904 551,782 816,008 1). Pattern design according to customer’s request   and get Opening 2T) 2) Instructions for manufacturing masks according to   customers’ requests (Manufacturing design (Shim)) 3) Instructions for   manufacturing masks according to customers’ requests 1) Pattern Design   Takahiro Harada (Manager) Kanae Bani Bi shi (Contract Engineer) Masaaki   Serizawa (Contract Engineer) Muhammad Razin (Contract Engineer) 2)CAD, 3)   Checking Drawing Yasunori Kitagawa Tetsutaro Kawabata Kazuki Shima   Procurement Purchasing service agency 1) Main materials, sub-materials and   equipment procurement 2) Purchasing specification maintenance 3) Vendor   management 4) Repair price negotiation Possible procurement under letterpress   transaction Counterparty on concluding and maintenance Stable procurement   through monitoring Possible procurement under letterpress transaction   conditions (price, delivery date) 100% 2 persons Price negotiation for cost   reduction Reduction of workload of new company Reduction of workload of new   Reduction of workload of new Accounting Accounting / accounting work of the   new company, substitution for inventory calculation work 1) Bookkeeping   business 2) Management of liability outstanding balance 3) Payment approval   work 4) Calculation of valuation of products • work in process 0) Others VTS,   work agreed on letterpress (assuming support for account owning and tax   notice) Based on Japanese GAAP Balance sheet • Profit and loss statement   (draft) (Response and explanation such as confirmation / approval of contents   and audit etc. Responsibility is out of scope) 100% 1 person 1,1478,001 Based   on Japanese GAAP Balance sheet • profit and loss (Response and explanation   such as and audit etc. Responsibility is out of scope) Environment Work   related to environmental improvement 1) Government agency reporting of   notification procedures and annual results (energy, chemicals, industrial   waste) based on environmental laws of the new company 2) Follow-up system for   industrial waste disposal (Support for concluding contract with contractor,   support for electronic manifest operation) 3) Support for continuation of ISO   14001 certification Conduct obligation to comply with government agency   reports on environment Conclusion of contracts for contracting industrial   waste • commissioned operation, electronic manifest operation support   Continuation of ISO 14001 certification 30% 30% 40% 1 person 1person 1 person   197,871 Report notification procedures and yearly results (energy, chemical   substances, industrial waste) based on environmental laws of VTS to time.   Support for concluding contract with contractor for industrial waste   disposal, support for managing Continued ISO 14001 certification, prevention   of environmental accidents General Affairs Administrative work of seconded   employees 1) Labor management (such as attendance management, arrangement of   medical examination etc.) 2) Personnel evaluation, personnel change   correspondence (adjustment of appraisal of regular salary / bonus,   correspondence of personnel change, organization of various in-house   education, etc.) 3) Salary / bonus calculation, payment 4) Social insurance   (health insurance / welfare pension) Employment insurance procedure 5)   Contingency expense, checking of business trip settlement work (general   affairs approval work ... BIT system) 6) Welfare welfare (welfare   association, financial form, Izumi party, lek, various events, etc.) 7)   Payment processing of expenses necessary for the operation of corporate   activities (facility utility fee (gas, electricity & water), pest control   • cleaning & garbage disposal fee, medical examination, postage charge,   uniform cleaning fee etc.), as agreed by the Company 8) Labor Insurance   premium payment support (data provision to social insurance labor office) We   provide time data (overtime work / temporary attendance time) from 1st of the   current month to the end of this month by the next implementing the medical   examination, notify the list of subjects and estimate amount. Adjustment   result of adjustment of personnel evaluation (regular salary revision, bonus   ... twice a year, grading promotion, supervisory appointment and dismissal)   feedback, reflection on salary • bonus amount, notification of personnel   change notification before implementation, notification before implementation   of various In-house training Salary payment to seconded employees is 25th   every month. Present invoiced labor cost to VTS from accounting (in the case   of salary base at the end of the current month, on the basis of labor cost the   eighth business day of the next month) Payment of insurance premium.   Regarding company burden amount, it is presented from accounting, including   in labor cost. Payment is carried out at any time. We present billing   expenses to VTS from accounting. Presentation from company accounting   Presented from accounting by billing amount Provide data to the social   insurance labor office at the annual renewal (June) 100% 1 person 494,680   Realization of a healthy working environment conforming to laws and   regulations. Employee health management. Reflect on the treatment according   to allocation Execution obligation to pay labor Completion obligation of   liquidating Realization of safe and secure work to pay necessary expenses.   Realization of a clean and safe work Realization of a healthy working and   regulations 

    

 

Monthly Fee   sorting customer delivered items and instructed by VTS. VTS, shipping   processing: creation finished products, reporting to VTS carry out the work   from issuance of company and training based on BCP accidents (Note) Either   delegate Department 1) Scope of Work 2) Task 3) Deliverables 4) Payment of   the work (Cost of consignment) 5)Expected Outcomes (e.g. PO issued financial   data provided on xx date,) Proportion (Schedule) Number of Persons/month   Standard Production Control Product shipping business 1) Acceptance / sorting   of products: acceptance of shipped products from the VTS manufacturing   department, sorting of customer delivered items and outsourced processed   items 2) Issuance of product label: the work from issuance and pasting of   packing exterior label required for product (including issuance and pasting   of case mark of products to be shipped to overseas customers) 3) Shipment   processing: creation of shipping processing details of finished products,   reporting to VTS production management, issuance of invoice 4) Packing   /.shipping: work until issuance of a form required for shipping the product   to the shipping company Inventory table Product label Delivery note Packing /   shipping: Issuance of a form required for shipping products 100% 2 persons   1,086,004 Acceptance of shipped products from the VTS manufacturing division,   outsourced processed items. Issue and paste the product label as According to   the Instructions of of shipping processing details of production management   and issuing invoice Follow the instructions of VTS to the form required for   shipment to delivery to the shipping company. Quality Control QMS management   secretariat Management of chemical substances contained in products BCP   Management Office Safety risk assessment secretariat 1) Internal audit   management, auditor training 2) New company OMS launch support 3) Support for   acquisition of ISO 9001 certification 1) Supplier survey, preparation of   report 2) Management of green procurement guidelines 1) Document management,   BCP training to letterpress or consult after April 1) Secretariat of in   -process work risk analysis (publication setup) Internal audit report,   auditor certification Quality manual, upper standard revision ISO 9001   certification Product content survey report Green Procurement Guidelines   Prepare for response in case of emergency Risk assessment table 15% 20% (2%)   5% 2 persons 1 person (1 person) 1 person 349,236 Construction and operation   of the new company’s OMS Acquired 1509001 certification Reduction of workload   of new Continuation of BCM and education Risk reduction of occupational 

    

 

 

AMENDMENT TO

BUSINESS ASSISTANCE AGREEMENT

 

This Amendment to Business Assistance Agreement (this “Amendment”) is dated as of April 1, 2019 (the “Amendment Effective Date”), and is by and between Toppan Printing Co., Ltd., a Japanese corporation with its principal place of business at 3-19-26 Shibaura Minato-ku, Tokyo 108-8539, Japan (“Toppan”), and VTS-Touchsensor Co., Ltd., a Japanese corporation with its principal place of business at1101-20, Myohoji-cho, Higashi-ohmi, Shiga 527-0046 Japan (“VTS”). Defined terms used herein not otherwise defined shall have the meaning ascribed to them in the Agreement (as defined below).

 

RECITALS

 

WHEREAS, the parties entered into BUSINESS ASSISTANCE AGREEMENT dated March 29, 2018 (the “Agreement”).

 

WHEREAS, the parties wish to amend the terms and conditions of the Agreement.

 

AGREEMENT

 

NOW, THEREFORE, the parties hereto agree as follows:

 

1.              Amendment to SCHEDULE 1 Consignment Work List. The parties hereto hereby delete SCHEDULE 1 Consignment Work List in its entirety and replace SCHEDULE 1 Consignment Work List to read as the SCHEDULE 1 Consignment Work List attached hereto.

 

2.              Term and Termination. This Amendment shall take effect on April 1, 2019, and shall terminate on March 31, 2020.

 

3.              All Other Terms Remain in Effect. Except and to the extent modified herein, all terms and conditions of the Agreement shall remain in full force and effect. This Amendment may be executed in any number of counterparts, and delivered via e-mail transmission, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

IN WITNESS WHEREOF, the parties hereto execute this Amendment as of the Amendment Effective Date.

 

	
Toppan
    	
 
    	
VTS
    
	
 
    	
 
    	
 
    
	
Toppan Printing   Co., Ltd.
    	
 
    	
VTS-Touchsensor   Co., Ltd.
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/ Yoji Tonooka
    	
 
    	
By:
    	
/s/ Dr. Jasmin   Wörle
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Name:
    	
Yoji Tonooka
    	
 
    	
Name:
    	
Dr. Jasmin Wörle
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Title
    	
Senior General Manager
    	
 
    	
Title
    	
Representative Director
    

 

1

 

AMENDMENT TO

BUSINESS ASSISTANCE AGREEMENT

 

This Amendment to Business Assistance Agreement (this “Amendment”) is dated as of April 1, 2020 (the “Amendment Effective Date”), and is by and between Toppan Printing Co., Ltd., a Japanese-corporation with its principal place of business at 3-19-26 Shibaura Minato-ku, Tokyo 108-8539, Japan (“Toppan”). and VTS-Touchsensor Co., Ltd., a Japanese corporation with its principal place of business at 1101-20, Myohoji-cho, Higashi-ohmi, Shiga 527-0046 Japan (“VTS”). Defined terms used herein not otherwise defined shall have the meaning ascribed to them in the Agreement (as defined below).

 

RECITALS

 

WHEREAS, the parties entered into BUSINESS ASSISTANCE AGREEMENT dated March 29, 2018 and its first Amendment dated April 1, 2019 (the ‘‘Agreement”).

 

WHEREAS, the parties wish to amend the terms and conditions of the Agreement.

 

AGREEMENT

 

NOW, THEREFORE, the parties hereto agree as follows:

 

1.              Amendment to SCHEDULE 1 Consignment Work List. The parties hereto hereby delete SCHEDULE 1 Consignment Work List in its entirety and replace SCHEDULE 1 Consignment Work List to read as the SCHEDULE 1 Consignment Work List attached hereto.

 

2.              Term and Termination. This Amendment shall take effect on April 1, 2020, and shall terminate on March 25, 2021.

 

3.              All Other Terms Remain in Effect. Except and to the extent modified herein, all terms and conditions of the Agreement shall remain in full force and effect. This Agreement may be delivered by facsimile or electronic (pdf) transmission, and facsimile or electronic (pdf) copies of executed documents shall be binding as originals.

 

IN WITNESS WHEREOF, the parties hereto execute this Amendment as of the Amendment Effective Date.

 

	
Toppan
    	
 
    	
VTS
    
	
 
    	
 
    	
 
    
	
Toppan Printing   Co., Ltd.
    	
 
    	
VTS-Touchsensor   Co., Ltd.
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/ Kazunori Katsumura
    	
 
    	
By:
    	
/s/ Mario Bernardo N.   Santos
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Name:
    	
Kazunori Katsumura
    	
 
    	
Name:
    	
Mario Bernardo N.Santos
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Title
    	
Senior General Manager
    	
 
    	
Title
    	
Managing Director
    

 

1Exhibit 10.18

 

VIA OPTRONICS AG

 

 

SHAREHOLDERS’ AGREEMENT

 

 

Execution Version

 

 

SHAREHOLDERS’ AGREEMENT

 

between

 

1.              Mr. Jürgen Eichner

 

Lettenfeldstraße 15, 90592 Schwarzenbruck, Germany,

 

- “Mr. Eichner” -

 

2.              Coöperatief IMI Europe U.A.

 

Luna ArenA, Herikerbergweg 238, 1101 CM Amsterdam, The Netherlands,

 

- “IMI” -

 

- the parties 1. and 2. each a “Shareholder” and jointly the “Shareholders” -

 

3.              VIA optronics AG

 

Sieboldstr. 18, 90411 Nuremberg, Germany

 

- “Company” -

 

- the Shareholders and the Company jointly individually a “Party” and jointly the “Parties” -

 

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TABLE OF CONTENTS

 

	
I.
    	
 
    	
RECITALS
    	
 
    	
5
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
II.
    	
 
    	
SUPERVISORY BOARD
    	
 
    	
5
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
1.
    	
 
    	
Composition
    	
 
    	
5
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
2.
    	
 
    	
Voting Agreement
    	
 
    	
5
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
3.
    	
 
    	
Substitute Members
    	
 
    	
6
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
4.
    	
 
    	
Cease of Application
    	
 
    	
6
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
III.
    	
 
    	
RIGHT OF FIRST REFUSAL
    	
 
    	
6
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
5.
    	
 
    	
Notification
    	
 
    	
6
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
6.
    	
 
    	
Right of First Refusal
    	
 
    	
7
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
IV.
    	
 
    	
MISCELLANEOUS
    	
 
    	
8
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
7.
    	
 
    	
Interpretation
    	
 
    	
8
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
8.
    	
 
    	
Effective Date, Term.
    	
 
    	
8
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
9.
    	
 
    	
Confidentiality
    	
 
    	
8
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
10.
    	
 
    	
Form of Amendments and Statements
    	
 
    	
8
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
11.
    	
 
    	
Severability
    	
 
    	
8
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
12.
    	
 
    	
Governing Law
    	
 
    	
9
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
13.
    	
 
    	
Jurisdiction
    	
 
    	
9
    

 

3

 

	
ADS
    	
 
    	
5
    
	
 
    	
 
    	
 
    
	
Agreement
    	
 
    	
5
    
	
 
    	
 
    	
 
    
	
American Depositary Shares
    	
 
    	
5
    
	
 
    	
 
    	
 
    
	
Company
    	
 
    	
2
    
	
 
    	
 
    	
 
    
	
IMI
    	
 
    	
2
    
	
 
    	
 
    	
 
    
	
Initial Public Offering
    	
 
    	
5
    
	
 
    	
 
    	
 
    
	
IPO
    	
 
    	
5
    
	
 
    	
 
    	
 
    
	
Mr. Eichner
    	
 
    	
2
    
	
 
    	
 
    	
 
    
	
Notification
    	
 
    	
6
    
	
 
    	
 
    	
 
    
	
Parties
    	
 
    	
2
    
	
 
    	
 
    	
 
    
	
Party
    	
 
    	
2
    
	
 
    	
 
    	
 
    
	
Purchase Statement
    	
 
    	
7
    
	
 
    	
 
    	
 
    
	
Right of First Refusal
    	
 
    	
7
    
	
 
    	
 
    	
 
    
	
Sale Shares
    	
 
    	
6
    
	
 
    	
 
    	
 
    
	
Shareholder(s)
    	
 
    	
2
    
	
 
    	
 
    	
 
    
	
Supervisory Board
    	
 
    	
5
    

 

4

 

I.                                                 RECITALS

 

(A)                                        The Shareholders are currently the sole owners of the Company.

 

(B)                                        The Company and the Shareholders are contemplating to effect an initial public offering (an “Initial Public Offering” or “IPO”) of certain securities representing the Company’s shares (i.e. “American Depositary Shares” or “ADS”) and their listing on the New York Stock Exchange. In view of the contemplated IPO Mr. Eichner and IMI have both contributed their respective shares they originally held in VIA optronics GmbH into the Company in return for shares of the Company, whereby the ratio of their respective shareholdings in the Company remained unchanged, i.e. as of the day hereof, Mr. Eichner holds 24% and IMI holds 76% of the registered share capital of the Company.

 

(C)                                        IMI and Mr. Eichner intend to have their relationship as shareholders of the Company after the IPO governed by the provisions of this shareholders’ agreement (“Agreement”).

 

II.                                            SUPERVISORY BOARD

 

1.                                               Composition

 

The Company’s supervisory board (Aufsichtsrat) (“Supervisory Board”) consist currently of five (5) members.

 

2.                                               Voting Agreement

 

The members of the Supervisory Board shall be elected by the General Meeting (Hauptversammlung) in accordance with applicable laws, whereby IMI and Mr. Eichner agree amongst themselves in the form of a voting agreement to exercise their respective voting rights in the General Meeting duly resolving upon the appointment of supervisory board members in such a way to ensure, to the extent possible and legally permissible, that one (1) person nominated by Mr. Eichner and two (2) persons nominated by IMI are elected by the General Meeting as Supervisory Board members. Each Shareholder hereby undertakes to exercise its voting rights in such ballot in favor of the appointment of those persons nominated by Mr. Eichner and IMI as members of the Supervisory Board as per the preceding sentence. The same voting agreement shall apply in relation to the removal of the members of the Supervisory Board which were nominated Mr. Eichner and IMI.

 

For the avoidance of doubts, the foregoing shall not restrict or limit the right of IMI and of Mr. Eichner to propose additional candidates for election to the Supervisory Board and to exercise their voting rights in favour of such candidates or in favour of any other candidates being proposed by any shareholder for election to the Supervisory Board,

 

5

 

always provided that both Shareholders exercise their voting rights in such way that one (1) candidate nominated by Mr. Eichner and the two (2) candidates nominated by IMI (as per the first sentence of this section 2) are elected as Supervisory Board members.

 

3.                                               Substitute Members

 

Furthermore, each Shareholder has the right to nominate a substitute member for each member for the Supervisory Board nominated by it (to be elected by the General Meeting).

 

4.                                               Cease of Application

 

The foregoing provisions in Sections II.2 and 3 shall cease to apply and no Shareholder shall have any rights and/or obligations thereunder if either of the Shareholders holds less than 5% of the registered capital of the Company.

 

III.                                       RIGHT OF FIRST REFUSAL

 

5.                                               Notification

 

If Mr. Eichner intends to sell and/or transfer shares of the Company, it being understood that this shall not apply for any intended sale and/or transfer of ADSs through the New York Stock Exchange, or to enter into a commercially equivalent transaction, Mr. Eichner shall notify without delay IMI and the Company in writing of such intention, stating the number of shares that he intends to sell and/or transfer (such shares the “Sale Shares”, and such notification: the “Notification”) as well as the following information:

 

5.1                                        name/firm name and address/registered office of the prospective acquirer;

 

5.2                                        purchase price or other consideration for the intended transfer, if any, and, in case of a consideration other than cash, the value of any non-cash consideration in cash according to the consideration’s fair market value;

 

5.3                                        due date for payment of the purchase price and/or other consideration, if any; and

 

5.4                                        other material terms of the offer, e.g. representations and warranties that the prospective acquirer expects to be given by Mr. Eichner.

 

If Mr. Eichner intends to transfer shares for consideration other than cash, he shall, for the purpose of the right of first refusal under Section 6, indicate in the Notification the value of any non-cash consideration in cash according to the consideration’s fair market value. In such event IMI shall be entitled to request that an independent expert’s opinion on the consideration’s fair market value is obtained, provided that

 

6

 

such request must be made in writing to Mr. Eichner within two (2) weeks as of receipt of the Notification. If such request is made within said time period, the Shareholders shall agree on the person of the independent expert, or, failing such agreement within a further two (2) weeks period, the independent expert shall be determined by the managing director (geschäftsführender Vorstand) of the Institute of Auditors in Dusseldorf (Institut der Wirschaftsprüfer e.V.). The outcome of the expert’s opinion shall ultimately determine the consideration’s fair market value for the purpose of the right of first refusal under Section 6 and (i) the fair market value as determined by the independent expert shall replace the fair market value originally stated by Mr. Eichner in the Notification, and (ii) the Notification shall be deemed to have been received by IMI at the date of receipt of the expert’s opinion, and not at the date the original Notification has been received. In the event that the expert’s opinion shows the consideration’s fair market value to deviate by more than 10% from the value stated by Mr. Eichner, the latter shall bear the cost of the expert’s opinion, otherwise IMI shall bear such cost.

 

6.                                               Right of First Refusal

 

Upon receipt of the Notification from Mr. Eichner, IMI shall have a right of first refusal to acquire the Sale Shares at the terms and conditions set forth in the Notification (“Right of First Refusal”). The Right of First Refusal shall be exercised by IMI by giving a respective exercise notice (“Purchase Statement”) to Mr. Eichner within 30 days as of receipt of the Notification. If IMI has exercised the Right of First Refusal, Mr. Eichner shall sell and transfer the Sale Shares to IMI within two (2) weeks following receipt of the Purchase Statement under the terms and conditions set forth in the Notification.

 

If IMI has not exercised its Right of First Refusal in full (i.e. in relation to all Sale Shares), then Mr. Eichner shall be free to sell and/or transfer the Sale Shares within two (2) months as of the lapse of the 30 days period set forth above to the acquirer stated in the Notification, but only in strict accordance with the terms and conditions set forth in the Notification.

 

If Mr. Eichner intends to convert his shares into ADSs with the purpose to sell those ADSs over the New York Stock Exchange then he must notify IMI of this intention and the Right of First Refusal pursuant to this Section 6 shall apply mutatis mutandis whereby the consideration for the acquisition of the shares Mr. Eichner intends to convert into ADSs shall be the average price per ADS traded on the New York Stock Exchange over a period of five (5) trading days prior to the notification being received by IMI about Mr. Eichner’s intention to convert his shares into ADSs for the purpose of the sale.

 

7

 

IV.                                        MISCELLANEOUS

 

7.                                               Interpretation

 

The terms printed in italics constitute German legal terms describing the meaning of the terms in the English language they refer to, and are to be taken into account when interpreting this Agreement.

 

8.                                               Effective Date, Term.

 

This Agreement shall become effective on the date of the IPO. Each Party hereto may terminate this Agreement with twelve (12) months’ notice to the end of a calendar year, but in no event with effect to a date prior to December 31, 2030. The right to terminate this Agreement for good cause (aus wichtigem Grund) remains unaffected. This Agreement shall also terminate if either of the Shareholders disposes of all of its shares in the Company.

 

9.                                               Confidentiality

 

The Parties shall keep the content of this Agreement confidential, except if and to the extent (i) disclosure is expressly agreed among the Parties, or (ii) disclosure is required pursuant to any statute or law, official or judicial orders, or provisions or regulations relating to a stock exchange. Each Party shall be further entitled to disclose the content of this Agreement to its partners, members, or any other holders of shares or interests in it, if reasonable measures are in place or have been taken that such recipient will keep the content of this Agreement confidential.

 

10.                                        Form of Amendments and Statements

 

Amendments to this Agreement including any amendment of this Section IV.10 shall be required to be in writing in order to be effective, unless a stricter form requirement (e.g. a notarization) applies by mandatory law. Any statement, declaration, notification or other communication that is required to be in writing under this Agreement, shall suffice to be transmitted by email in order to be effective.

 

11.                                        Severability

 

In the event that a provision of this Agreement is or becomes partly or entirely invalid or unenforceable or if this Agreement contains a gap or omission, the validity of the remaining provisions of this Agreement is not affected thereby. The partly or entirely invalid or unenforceable provision shall be deemed replaced in this case by a valid and enforceable provision, which the Parties would have agreed on had they been aware of the invalidity or unenforceability of the respective provision. The same applies in the event that this Agreement contains a gap or omission.

 

8

 

12.                                        Governing Law

 

This Agreement is governed by and construed in accordance with the laws of the Federal Republic of Germany under exclusion of its rules of conflict of laws.

 

13.                                        Jurisdiction

 

All disputes or claims arising out of or in connection with this Agreement, including all disputes regarding the validity, performance or termination (in whole or in part) hereof, shall be finally settled according to the Arbitration Rules of the German Institution of Arbitration (Schiedsgerichtsordnung der Deutschen Institution für Schiedsgerichtsbarkeit e.V. — DIS) as applicable at the time of filing the claim, without recourse to the ordinary courts of law and to the exclusion of the jurisdiction of any (other) court or tribunal. The arbitration panel shall have its seat in Nuremberg, Germany. It shall be composed of three (3) arbitrators (of which the chairman must be a lawyer admitted to the German lawyers’ bar) unless the matter of the dispute has a value of less than EUR 500,000.00, in which case there shall be only one (1) arbitrator who must be a lawyer admitted to the German lawyers’ bar. The proceedings and correspondence shall be in the English language, provided, however that written evidence and other supporting documentation may also be submitted in the German language. The applicable substantive law shall be the laws of the Federal Republic of Germany.

 

 

	
Schwarzenbruck, July 11, 2019
    	
 
    	
/s/   Jürgen Eichner
    
	
Place, date
    	
 
    	
Jürgen   Eichner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Amsterdam, July 11, 2019
    	
 
    	
/s/   Coöperatief IMI Europe U.A.
    
	
Place, date
    	
 
    	
Coöperatief IMI Europe U.A.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Nuremberg, July 11, 2019
    	
 
    	
/s/ VIA optronics AG
    
	
Place, date
    	
 
    	
VIA optronics AG
    

 

9

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