Document:

Agreement to Amend the Manufacturing Services Collaboration Agreement

 Exhibit 10.1 
 CONFIDENTIAL TREATMENT REQUESTED. OMITTED PORTIONS MARKED WITH [***] AND FILED SEPARATELY WITH THE SEC. 
 Agreement 
 Between 
 NXP SEMICONDUCTORS NETHERLANDS B.V. 
 And 

DSP GROUP, INC. 
 And 

DSP GROUP LTD. 

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SEC. 
  

 Agreement 
 THE UNDERSIGNED: 
  

	(1)	NXP SEMICONDUCTORS NETHERLANDS B.V., a limited liability company incorporated under the laws of the Netherlands with corporate seat in Eindhoven, the
Netherlands and having its address at High Tech Campus 60, 5656 AG Eindhoven, the Netherlands (“NXPBV”), acting on behalf of itself and also acting for the benefit of its Affiliates (collectively “NXP”),

 and 
  

	(2)	DSP GROUP, INC., a company incorporated under the laws of the State of Delaware, United States of America, having its address at 2580 North First Street,
Suite 460, San Jose, CA 95131, United States of America (“DSPG INC”), 

 and 

 

	(3)	DSP GROUP LTD., a private company with limited liability incorporated under the laws of Israel, with corporate seat in Herzeliya, Israel and having
its address at 5 Shenkar Street, Herzeliya, 46120, Israel (“DSPG LTD”), entering into this Agreement on behalf of itself and its Affiliates, the obligations of which shall be guaranteed by DSPG INC as provided for in Clause 14 of
the SBSA, 

 DSPG INC, DSPG LTD (each, or collectively, as applicable, “DSPG”) and NXP shall also be referred to
as “Parties” or a “Party”, as the case may be. 
 WHEREAS: 

 

	(A)	Following negotiations, the Parties agreed to adjust the commercial understandings between them - anchored in the various contracts and SLAs signed between the
Parties in connection to the 2007 acquisition by DSPG of NXP’s cordless and VOIP terminals business (hereinafter, the “Contracts”) - to accommodate the changing needs and constraints of all Parties and thus continue their
collaboration on an amicable basis; 

  

	(B)	The Parties wish to achieve a high as possible level of clarity to facilitate their mutual and separate planning for the short and long term;

  
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 IT IS AGREED AS FOLLOWS: 

 

	1	INTERPRETATION 

  

	1.1	New Definitions 

Capitalized words in this Agreement (including the preamble and recitals), shall have the same meaning as set out in the Contracts, except
if defined otherwise herein and unless the subject or context otherwise requires, and the following definitions are added as follows: 
 “APK” means the NXP facility located in Kaohsiung, Taiwan 

“CAEN” means the Service Level Agreement regarding Support Services to Manufacturing Operations for DSPG by CAEN dated
April 7, 2008. 
 “Design, Test and Software Tools” means the design components, electronic design
automation and test tools and software, as per the format, set forth in Annex A. 
 “Die Bank” means a
manageable storage of Sorted Wafers at APK that shall provide interface for monitoring inventory and releasing wafers per order. 

“FAB * * *” means the wafer fabrication facility of TSMC at * * *. 

“Finished Goods” means Products approved for delivery by DSPG. 

“* * * Test” means additional wafer sort stage to test the * * * module. 

“Hardware” means load boards, probe cards, sockets and other related accessories used in the production of Products for
DSPG, and related design documentation including but not limited to the Hardware set forth in Annex B. 

“IPLSRA” means the IP Library Services and R&D Agreement by and between NXP and DSPG, effective as of
September 4, 2007. 
 “MSCA” means the Manufacturing Services Collaboration Agreement, effective
September 4, 2007, relating to the manufacturing, pre-testing, assembling and final-testing of NXP Products by NXP and/or NXP Sub-contractors, as amended by the Amendment Agreement to the Manufacturing Services Collaboration Agreement dated
January 27, 2009 (“AAMSCA”). 
 “Products” means products fabricated for DSPG using
processes * * * (which includes for the avoidance of doubt * * *), including without limitation Sorted Wafers, Unsorted Wafers and Finished Goods. 

“Sorted Wafers” means wafers that have been tested by NXP prior to delivery for purposes of determining Wafer Sort yield
pursuant to Schedule 2 to the MSCA. 
 “TEA Products” means - each or collectively, as applicable -
* * *. For sake of clarity, these products are based on the NXP Process named * * *. 

“Test Infrastructure” means all hardware (including Hardware), software (in source code form), databases and related
documentation associated with the testing of the Products, including without limitation the Test Infrastructure set forth in Annex C. 
 “SSMC” means Systems on Silicon Manufacturing Co. Pte. Ltd, a joint venture of NXPBV and Taiwan Semiconductor Manufacturing Company Ltd (TSMC). 

“UTSA” means the Umbrella Transitional Services Agreement (schedule 7 of the Share and Business Sale Agreement dated
September 3, 2007). 

  
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 “Unsorted Wafers” means Wafers produced in accordance with the
applicable NXP Process specifications that are not Sorted Wafers. 
 “WSS” means the Service Level Agreement
titled Warehousing and Shipping Services for DSPG, which is included in the UTSA. 
  

	1.2	Principles of Interpretation 

 The provisions of this Agreement supplement the provisions of the Contracts. The provisions of this Agreement will supersede the provisions of the Contracts only and to the extent that they explicitly
conflict. Except for areas in which a conflict exists between the provisions of this Agreement and the provisions of the Contracts, the Parties intend that this Agreement be interpreted in a manner consistent with the Contracts. 

 

	2	COMMENCEMENT DATE AND DURATION OF AGREEMENT 

 This Agreement shall take effect immediately upon the signing of the Agreement by the Parties and shall remain in effect until the expiration of the Parties’ obligations pursuant to this Agreement.

  

	3	CONTINUATION AND EXTENTION OF THE CONTRACTS 

 Except as amended and/or supplemented by this Agreement and its annexes, including without limitation the provisions regarding future prices, the MSCA and the AAMSCA shall continue in full force and
effect. 
  

	3.1	The WSS is hereby extended through * * *, but may be further extended by DSPG as long as NXP is continuing to provide DSPG with Finished Goods. In exchange
for the warehousing service provided under the WSS, DSPG shall pay a price * * *. 

  

	3.2	The CAEN is hereby extended through * * *, based on its current terms and conditions, but subject to the reduction of headcount and fees set forth in Annex
D, with an option to further extend it for an additional * * * term under the same terms and conditions. 

  

	3.3	NXP’s provision of the Committed R&D Services, Maintenance Services, Support Services and Additional Services as defined in Sections 3, 4, 5 and 6 of the
IPLSRA to DSPG and its Affiliates shall be extended through * * *, on the same terms and conditions as set forth in the IPLSRA in exchange for a payment of * * *, with an option to further extend it for additional * * *
terms in exchange for * * *. 

  

	4	MANUFACTURING OF PRODUCTS AND TRANSFER OF RESPONSIBILITY 

  

	4.1	 NXP guarantees that for * * * SSMC will allocate to TSMC - for the sole use of DSPG - * * * new
* * * wafers from NXP’s * * * capacity at SSMC. DSPG’s entitlement to the aforesaid * * * wafers shall be in addition to DSPG’s separate entitlement to the already confirmed Purchase
Orders and to the inventories (including Finished Goods and Work In Progress) that shall exist at NXP, at NXP FABs and at SSMC at * * * and which shall be ordered by DSPG (at its discretion)

  
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at the earliest date possible. Conditioned upon the aforesaid allocation of * * * new * * * wafers from NXP’s * * * capacity at SSMC, the
fabrication of new DSPG orders during * * * for * * * wafers shall transfer from NXP to TSMC and will be done by TSMC at SSMC as shall be agreed by and between DSPG and TSMC directly. The aforementioned
* * * new wafers from NXP’s * * * capacity at SSMC will be ordered by DSPG for * * * taking into account the maximum number of * * * wafer starts * * * as
follows: * * * wafers in the * * * of * * *; * * * wafers * * *; * * * wafers in * * *; * * * wafers in
* * *. Orders for wafers allocated to * * * may be submitted as early as required taking into account the lead times as set forth in Annex H. 

 

	4.2	The Parties will use their best efforts to enable TSMC to fabricate * * * wafers at FAB* * *. DSPG will use its best efforts to follow
the same qualification schedule that NXP follows for its other customers. NXP will use its best efforts to give full transparency to DSPG on technical, timing and planning aspects of the project. DSPG will consent to the transfer of
* * * related products to FAB* * * conditioned upon, in addition to the conditions set in the Contracts between the Parties, the (a) satisfactory completion of process and product qualification; and
(b) obtaining the approval of DSPG’s customers, which DSPG procures will not be unreasonably withheld. 

  

	4.3	The first * * * wafers (up to * * *) that will be fabricated at FAB* * * before * * * will be
allocated to DSPG on top and in addition to the allocation guaranteed under section 4.1 supra. NXP- undertakes to have TSMC fabricate as soon as possible such additional * * * new wafers at FAB* * * for DSPG

  

	4.4	NXP will ensure that SSMC will allocate * * * new * * * wafers from NXP’s * * * capacity at SSMC to TSMC, for
DSPG. The allocated capacity shall be spread * * * and shall be in addition to the * * * capacity allocated to TSMC under this Agreement for use by DSPG. 

 

	4.5	If FAB* * * will not be able and qualified to fabricate and deliver to DSPG * * * new * * * wafers during
* * *, NXP will allocate to DSPG from its * * * capacity at SSMC the difference between the guaranteed * * * wafers and the actual number of wafers supplied to DSPG by FAB* * *
during * * *. If FAB* * * will not be able and qualified to fabricate and deliver to DSPG * * * new * * * wafers during * * *, NXP will allocate to DSPG from its
* * * capacity at SSMC the difference between the guaranteed * * * wafers and the actual number of wafers supplied to DSPG by FAB* * * during * * *. For the avoidance of doubt, the
aforementioned obligation to allocate the difference is in addition to NXP’s other capacity obligations under this Agreement. 

  

	4.6	Newly produced wafers will be deducted from the agreed quota of * * * in which they were completed (“fab-out”), unless there has been a delay
that is not the fault of DSPG, in which case the wafers will be deducted from the agreed quota of the quarter in which they were supposed to be completed (absent the delay). 

 

	4.7	Conditioned upon adequate technical support from NXP (as set forth in Annex E), the sorting of new * * * wafers will transfer as soon as
possible from NXP to a third party provider qualified by DSPG. Such qualification will occur on market standard conditions and without undue delay. 

  

	4.8	* * * manufacturing and supply of * * * wafers will continue by NXP at * * * until * * *.
* * * and * * * manufacturing and supply of * * * and * * * wafers will continue by NXP at one of its FABs until * * *. 

  
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	4.9	According to the current Long-Term Plan, DSPG’s projected demand for * * * wafers is as follows: for * * * –
* * * wafers; for * * * – * * * wafers; for * * * – * * * wafers; for * * * – * * * wafers.

  

	4.10	The prices for unsorted * * * wafers that shall be fabricated from * * * to * * * shall not exceed
$* * *. The prices for sorted * * * Dies that shall be fabricated from * * * to * * * shall not exceed the following prices: for * * *: $* * *; for
* * *: $* * *; for * * *: $* * *. 

  

	4.11	Throughout * * *, NXP will continue to provide DSPG with sorted * * * wafers. Starting from a date in * * * to be
agreed upon by the parties - no later than * * * - NXP will switch to providing DSPG with unsorted * * * wafers. 

  

	4.12	In the * * * delivery of unsorted * * * wafers to DSPG, NXP shall be entitled to require DSPG to purchase (take or pay) any remaining
* * * wafers that have been pre-produced by NXP based on the * * * forecast included in the first STPs for * * * and * * * of * * * onward. To facilitate
DSPG’s STP planning and thus help both parties avoid the creation of redundant inventories, NXP will provide DSPG with * * * inventory reports and WIP reports. 

 

	4.13	For * * *, the guaranteed capacity will remain until * * * as agreed in the MSCA. 

 

	4.14	The agreed prices for the * * * products detailed below that shall be fabricated from * * * to the end of * * * shall
be as follows: 

  

	4.14.1	The price of unsorted * * * wafers shall not exceed $* * *. 

 

	4.14.2	The price of unsorted * * * wafers shall not exceed $* * *. 

 

	4.14.3	The price of unsorted * * * wafers shall not exceed $* * *. 

 

	4.14.4	The price of sorted * * * Dies shall not exceed $* * *. 

 

	4.14.5	The price of sorted * * * Dies shall not exceed $* * *. 

 

	4.14.6	The price of sorted * * * Dies shall not exceed $* * *. 

 

	4.14.7	The price of Finished Goods * * * shall not exceed $* * *. 

 

	4.15	Throughout * * * NXP will continue to provide DSPG with sorted * * * wafers and * * * Finished Goods. Starting from a
date in * * * to be agreed upon by the parties - no later than * * * - NXP will switch to providing DSPG with unsorted * * * and * * * wafers. 

 

	4.16	For * * * and * * * NXP will continue to provide sorted wafers from APK until * * *. 

 

	4.17	For the following products, NXP will continue to supply Finished Goods until * * *: * * *. The prices of these products will
* * * compared to the * * * by DSPG for these products during the * * * (as set forth in Annex F). 

 

	4.18	 From * * * DSPG will become responsible for managing the Supply Chain of * * * and will release NXP from its
obligation to supply these products as Finished Goods. The pre-conditions for the aforementioned transfer of responsibility, is that NXP shall provide - and DSPG will be able to successfully implement - an appropriate supply chain interface that
will comply with the requirements set forth in Annex G-1 and that the way of work with APK will comply with the requirements set forth in Annex G-2. With regard to * * *, a pre-condition to the aforementioned transfer
of responsibility is that APK will create a * * * for DSPG. Until the aforementioned 

  
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transfer of responsibility will take place, the prices of the aforementioned products shall * * * compared to the * * * for these products by DSPG during the
* * * (as set forth in Annex F). Notwithstanding anything to the contrary, until * * * NXP will continue to provide DSPG in APK with NXP Back-end Services for these products for * * * for
which these services are provided during the * * *. 

  

	4.19	NXP will continue to provide DSPG (via APK) with sorted * * * wafers until * * *. The price for * * * sorted Die
shall not exceed $* * * for the aforementioned period. The price for * * * sorted Die shall not exceed $* * * for the aforementioned period. 

 

	4.20	For the * * * Products, NXP will continue to supply Finished Goods until * * *, except for * * * which will be
handled as described below. The prices of * * * Products that shall be fabricated by NXP until * * * shall * * * compared to the * * * for these products by DSPG during the
* * * (as set forth in Annex F). 

  

	4.21	NXP will continue to supply * * * as Finished Goods until * * * with wafer sorting performed at APK. Prior to * * *,
the Parties shall transfer from APK to DSPG’s third party provider the * * * wafer sort process, after which DSPG will become responsible for * * * wafer sorting. NXP will continue to fabricate unsorted
* * * wafers for DSPG until * * *. The price for unsorted * * * wafers fabricated from * * * to the end of * * * shall not exceed $* * *. DSPG will
review business development during * * * and will consider whether to accelerate the end-of-life process for the * * * from * * *. 

 

	4.22	NXP will allocate to DSPG at TSMC the following irrevocable * * * capacity for * * * until ultimately * * *:
* * * new * * * and * * * wafers; * * * new * * * wafers. 

  

	4.23	The lead time for the products detailed in section 4, shall be as set forth in Annex H. 

 

	5	GRANT OF LICENSES, TRANSFER OF INFRASTRUCTURE, AND CONTINOUS SUPPORT 

 

	5.1	To enable the successful transfer of responsibility and the continuous manufacturing of products described in section 4 supra: 

 

	5.1.1	The Parties shall cooperate in good faith, and NXP shall use its best efforts and make available sufficient resources to complete the tasks in the Production
Ramp-Up Procedures Checklist set forth in Annex I as soon as practicable but no later than * * *. 

  

	5.1.2	NXP shall transfer all rights, ownership and title of the * * * at the agreed consideration of USD* * *, free and clear of all
liens and encumbrances to DSPG as specified in Annex B. To the extent applicable, DSPG shall designate in advance to NXP the destination(s) to which some of the * * * should be transferred, and NXP shall take full
responsibility for the transfer of such * * *. 

  

	5.1.3	NXP will provide to DSPG * * * the * * * (see also Annex C), and will use its best efforts to provide test training to DSPG
personnel with respect to the Products, in accordance with such procedures as reasonably agreed by and between DSPG and NXP. 

  

	5.1.4	 NXP hereby grants to DSPG and its Affiliates effective as of the date hereof, a perpetual, non-transferable, irrevocable, world-wide,
royalty-free, fully paid-up license, to the intellectual 

  
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property rights associated with the * * *, including, without limitation, * * * for the agreed products, thus allowing DSPG and its Affiliates (directly and
through its contractors), to use the * * * for the purpose of * * * only. 

  

	5.1.5	NXP hereby grants to DSPG and its Affiliates effective as of the date hereof a perpetual, non-transferable, irrevocable, world-wide, royalty-free, fully paid-up
license, to the intellectual property rights associated with the * * * set forth in Annex A, thus allowing DSPG and its Affiliates (directly and through its contractors), to use the * * * all within the scope
of this Agreement and for the purpose agreed therein. 

  

	5.2	NXP grants, by separate instruments, to TSMC and its Affiliates and FABs (including, without limitation, SSMC), a perpetual, non-transferable, irrevocable, world-wide,
royalty-free, fully paid-up license - to be used solely for the fabrication of wafers and products for DSPG - to the intellectual property rights associated with the following fabrication processes: * * *, all within the scope of
this Agreement and for the purpose agreed therein. 

  

	6	PENALTIES 

  

	6.1	The Parties agree that the penalties clauses of the MSCA shall remain in effect only for * * *, wafers. 

THIS AGREEMENT IS AGREED AND SIGNED ON December 8, 2010 BY: 
  

			
	DSP GROUP LTD.
	
	/S/ DROR LEVY
	        Name:	 	Dror Levy
	        Title:	 	CFO
	
	DSP GROUP, INC
	
	/S/ DROR LEVY
	        Name:	 	Dror Levy
	        Title:	 	CFO
	
	/S/ GILAD YEHUDAI
	        Name:	 	Gilad Yehudai
	        Title:	 	VP Finance
	
	NXP SEMICONDUCTORS NETHERLANDS B.V.
	
	/S/ CHRISTOPHER BELDEN
	        Name:	 	Chris Belden
	        Title:	 	SVP Operations
	
	/S/ CHARLES SMIT
	        Name:	 	Charles Smit
	        Title:	 	Director

  
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 ANNEX A 
 Design, Test and Software Tools 
 * * * License package: 

 

	 	•	 	 The license is extended until * * * and will be extended for * * * more, if there is a request from DSPG and if DSPG
continues to manufacture, sell and use applicable products 

  

	 	•	 	 No support can be provided for any software. 

 The list of available software/tools is the following 
 * * * Tools Package
(* * *)
 * * * 
 Only for front end - for new designs 
 * * *

Software application 

* * *

  
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 ANNEX B 
 Hardware 
 Specific hardware will be transferred when DSPG will take ownership for the
specific product. 
 Docking plates, Sockets and Change Kits will be shared by ASEN according to DSPG production needs 

 

	1.	* * * Wafer Sort 

Final quantities will be determined by DSPG prior to ownership transfer based on following quotation 

 

											
	 Probe
Card
	  	 Type
	  	Future
prod site	 	Platform	 	 Test site
	  	 Quotation(usd/pcs)

						
	***	  	***	  	***	 	***	 	***	  	***

  

	2.	Other Wafer Sort 

  

															
	 Probe Card
	  	 Type
	  	Future
prod site	 	Platform	 	Test site	 	Quotation
(usd/pcs)	 	Qty	 	amount
(USD)
								
	 ***
	  	***	  	***	 	***	 	***	 	***	 	***	 	***

  

	3.	Final Test 

  

															
	 Loadboard
	  	 Type
	  	Future
prod site	 	Platform	 	Test site	 	Quotation
(usd/pcs)	 	Qty	 	amount (USD)
								
	 ***
	  	***	  	***	 	***	 	***	 	***	 	***	 	***

  
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 ANNEX C 
 Test Infrastructure 
  

	1.	*** 

  

	2.	*** 

  

	3.	*** 

  

	4.	*** 

  
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 ANNEX D 
 CAEN Headcount and Fees 
 ***. 

  
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 ANNEX E 
 Requirements for Transferring of the * * * Process 
  

	1)	NXP Nijmegen team to provide to DSPG source files for * * * programs and also applicable * * * test related documentation.

  

	2)	NXP Nijmegen team to be available for Email/Phone support for questions related to the maintenance of the transferred * * * programs, until final
release of the test operation at third party and no later than * * *. Such support to be provided within reasonable time (* * * hours). 

 

	3)	DSPG will do test program study as part of the test transfer and will determine if knowledge acquired during this process is sufficient for
further * * * production maintenance. 

  

	4)	* * * program training will be performed by NXP for DSPG test engineers on site at * * * if needed after transfer above (such need to
be determined by DSPG and NXP test engineering team in mutual agreement). 

  
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 ANNEX F 
 Actual Prices Paid in * * * For Finished Goods 
  

					
	 ***
	  	***	  	***

  
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 ANNEX G-1 
 Requirements for a Supply Chain Interface 
  

	1.	Work In Process – * * * transaction of WIP Lots at APK including all relevant attributes. 

 

	2.	Invoice – Invoicing from NXP to DSPG on * * * 

  

	3.	Shipping Interface – Shipping Instructions, Shipping Confirmation and additional required shipping documents. 

 

	4.	Build Request and Purchase Order – * * *, Lot level instructions and orders for production execution at APK from DSPG and * * *
Lot level confirmation from NXP via * * *. 

  

	5.	IT focal point at * * * 

  
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 ANNEX G-2 
 Requirements for a Way of Work with APK 
  

	6.	No change of logistics parameters as used in this agreement by NXP – * * *, etc. 

 

	7.	Capacity Reservation and confirmation based on * * * forecast. 

 

	8.	Die Bank service (for * * * products, where needed) 

  

	9.	Full transparency of test * * * status using a * * * report or upon request. 

 

	10.	Full transparency of assembly materials to support production (* * *, etc.) using * * * reports. 

 

	11.	* * * handling procedures. 

  

	12.	Planning focal point at APK. 

  
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 ANNEX H 
 Lead Time Table 
  

											
	 ***
	  	***	  	***	  	***	  	***	  	***

  
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 ANNEX I 
 Production Ramp-Up Procedures 
  

			
	 ***
	  	***

  
 18 / 18Investment Advisor Agreement effective as of December 8, 2010

 Exhibit 10.1 
 INVESTMENT ADVISOR AGREEMENT 
 This INVESTMENT ADVISOR AGREEMENT
(the “Agreement”) is effective as of December 8, 2010 by and between NORTHERN TRUST INVESTMENTS, N.A., a national banking association, (“NTI”), and GALLIARD CAPITAL MANAGEMENT, INC. (the “Advisor”). 

WHEREAS the American Bar Association Members Retirement Trust and the American Bar Association Members Pooled Trust for Retirement Plans
(collectively referred to as the “Trusts”), for which The Northern Trust Company, the affiliate of NTI, acts as trustee, are maintained pursuant to agreements between the ABA Retirement Funds (“ABRF”) and The Northern Trust
Company for the purpose of funding the American Bar Association Members Retirement Plan, the American Bar Association Members Defined Benefit Pension Plan (together, the “ABA Members Plans”) and other employee benefit plans, as adopted by
eligible individuals, organizations, partnerships, corporations or associations (each such individual employee benefit plan being referred to as a “Plan” and collectively as the “Plans”), which Plans must meet the requirements
for qualification under Section 401 of the Internal Revenue Code of 1986, as amended and in effect from time to time (the “Code”); 
 WHEREAS, certain assets of the Trusts are deposited in a collective investment fund, known as the ABA RF Stable Asset Return FUND (the “Fund”), established under the American Bar Association
Members/NTI Collective Trust (the “ABA Members Collective Trust”) under which NTI is trustee (the “Trustee”), pursuant to the Declaration of Trust, effective July 1, 2010, as amended and in effect from time to time (the
“Declaration of Trust”); 
 WHEREAS, the Fund is established under a group trust maintained by the Trustee and is
exempt from tax pursuant to Revenue Ruling 81-100; 
 WHEREAS, the Trustee desires to retain the Advisor to make recommendations
with respect to the appointment, retention and termination of investment advisors to assist the Trustee in managing such assets of the Fund as the Trustee may designate from time to in writing to the Advisor (such designated assets in each case to
be referred to as the “Sub-Account”) ; and 
 WHEREAS the parties desire to set forth, among other things, the duties,
terms and conditions under which the Advisor will carry out such advisory functions; 
 NOW, THEREFORE, in consideration of the
promises and mutual covenants contained in this Agreement, it is agreed as follows: 
 1. Appointment of the Advisor. The Advisor is
hereby appointed and employed as investment advisor to the Trustee to make recommendations with respect to the appointment, retention and termination of investment advisors to assist the Trustee in its management of the assets of the Fund. The
Advisor shall provide investment advisory and certain other related services to or on behalf of the Trustee, all in accordance with the terms and conditions of this Agreement. 

 2. Acceptance by the Advisor. The Advisor hereby accepts such appointment and employment and
acknowledges that, (a) with respect to the assets in the Fund it is a fiduciary, as defined in the Employee Retirement Income Security Act of 1974, as amended and in effect from time to time (“ERISA”), with respect to the Trusts and
the Plans and (b) no person associated with the Advisor is a trustee or administrator of, or an employer of anyone covered by, any Plan. The Advisor represents that it is registered, or exempt from registration, under the Investment Advisers
Act of 1940, as amended (the “Advisers Act”), and that it is in the business of acting as a fiduciary with respect to assets of various retirement plans and trusts. The Advisor agrees and covenants that it will notify the Trustee within
ten (10) business days of (v) any change of its status under the Advisers Act, (w) the receipt of formal notice of the commencement of any proceeding by any governmental agency to take any action which would change its status under
the Advisers Act, (x) notice by any governmental agency of the intent to place material limitations on the activities of the Advisor, (y) notice by any governmental agency that it intends to begin an investigation of the Advisor that is
outside of the scope of routine investigations that such agency conducts from time to time of businesses engaged in the same or similar activities as the Advisor, or (z) notice by any governmental agency that it has identified an area of
non-compliance or other concern in the course of any investigation of the Advisor. Throughout this Agreement, the term “business day” shall mean any day in which the New York Stock Exchange is open for trading and on which the
Trustee’s principal office is open for business. 
 3. The Advisor’s Services. (a) The Advisor shall make recommendations
to the Trustee with respect to the appointment, retention and termination of investment advisors for each such Subaccount of the Fund as Trustee may request, from time to time. The Trustee will determine the manner, form and frequency with which
such recommendations are to be provided and updated, and communicate such requirements to the Advisor. Advisor will make recommendations to the Trustee with respect to deposits to and withdrawals from sub-investment advisor’s accounts in
accordance with the Investment Objectives and Guidelines. Advisor will monitor the investment activity of each sub-investment advisor, review compliance with the Investment Objectives and Guidelines and monitor their performance, all in connection
with its responsibilities as described in the first sentence of this paragraph 3(a) and will provide such reports and other information with respect to such activity as the Trustee determines are required. 

(a) Advisor’s Duty of Care. The Advisor shall discharge its duties under this Agreement solely in the
interests of the participants in the Plans and their beneficiaries with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in like capacity and familiar with such matters would use in the
conduct of an enterprise of like character and with like aims. The Advisor shall not be responsible for the operation or administration of the Trusts or the Plans. The Advisor shall have no investment advisory responsibilities other than those
expressly provided in this Agreement. The Advisor shall discharge its duties in accordance with the requirements of ERISA, other applicable law and this Agreement. 

(b) Fidelity Bond and Insurance. The Advisor shall maintain for the period of the Agreement a fidelity bond meeting
the requirements of Section 412 of ERISA (unless the Trustee acknowledges that the Advisor is exempt from such requirements) and including its officers, directors and employees to the extent so required. The Advisor will provide to ABRF and the
Trustee within twenty (20) business days of the effective date of this Agreement and at such subsequent times as requested by the Trustee or ABRF, a certificate of coverage with respect to any such policies. The Advisor will notify ABRF and the
Trustee of any material changes in such policies, which change affects the coverage of the Advisor, within twenty (20) business days after the earlier of when such changes are made or are effective. (d) Nondisclosure of Information. To
the extent necessary for the execution of this Agreement or to satisfy the requirements for disclosure to participants or to meet the requirements of Sections 8 and 9, the Advisor shall keep in strict confidence all information about the financial
affairs of the Fund. The Advisor may include information about the Subaccount in aggregate information provided by the Advisor as long as the information is not set out separately or in any other manner that would enable a third party to determine
the financial affairs of the Fund. 

  
 2 

 (c) Liability of the Advisor; Indemnification. 

(1) Limitation of Liability of the Advisor. The Advisor shall not be liable for any act or omission of any other person or
entity exercising a fiduciary responsibility, if such fiduciary responsibility has been allocated to such other person or entity in accordance with this Agreement, the Declaration of Trust, the Fund Declaration, the Plans or the Trusts, except to
the extent that the Advisor has itself violated its fiduciary responsibility or its obligations under this Agreement, or except to the extent that applicable law (including ERISA) may expressly provide otherwise. 

(d) Indemnification. 
 (i) Indemnification of Advisor. To the extent permitted by applicable law, the Trustee agrees to indemnify and hold harmless the Advisor for losses, damages or expenses directly resulting from
(A) actions taken by the Advisor in reliance on information provided by the Trustee to the Advisor in accordance with this Agreement, including but not limited to the Trustee’s operating requirements and cash availability information,
(B) actions omitted to be taken by the Advisor pursuant to instructions or directions provided by the Trustee and/or (C) valuation of the assets held in the Subaccount, computation of unit values for the Subaccount by the Trustee, or
performance data and other financial information provided by the Trustee to Subaccount participants except to the extent that the Advisor has incorrectly reported or failed to report securities transactions in the Subaccount to the Trustee as
provided in this Agreement and to the extent that any error in such valuation or computation is due to prices or other information provided by the Advisor. 
 (ii) Indemnification of the Trustee. To the extent permitted by applicable law, the Advisor agrees to indemnify and hold harmless the Trustee for any losses, damages or expenses arising out of or
resulting from (A) the Advisor’s performance of its responsibilities under this Agreement, and (B) any disclosure relating to the Advisor or the services provided by the Advisor with respect to the Fund which the Advisor has prepared,
approved in writing or has not disapproved within five (5) business days following transmission by facsimile, Trustee approved electronic transmission or overnight mail to a person designated by the Advisor to review such disclosure;
provided, however, that the Advisor shall not be required to indemnify and hold harmless the Trustee to the extent that such losses, damages or expenses result from the Trustee’s own negligent or willfully wrong actions or from an
act or omission of the Advisor with respect to which the Advisor not only has used such care, skill, prudence and diligence as a reasonably prudent person acting in like capacity and familiar with such matters would use in the conduct of an
enterprise of like character and with like aims, but also has otherwise acted in accordance with this Agreement and applicable law. 

  
 3 

 (iii) Advisor and Trustee Indemnification Procedures. If the party
seeking indemnification is either the Advisor or the Trustee, such party shall promptly notify the indemnifying party of any claim, action, suit or proceeding, or threat thereof, which may result in a claim for indemnification. Upon such
notification, the indemnifying party may, at its option, undertake the conduct and cost of defending any such claim, action, suit or proceeding and in such case shall have full control of such defense, including but not limited to selection of
counsel (provided that such counsel must be reasonably acceptable to the party being indemnified) and entry into settlement agreements (provided that any such settlement agreement shall require the consent of the party being indemnified, which
consent shall not be unreasonably delayed or withheld). The Trustee or the Advisor, as the indemnifying party, shall not be liable for any legal or other expenses incurred in connection with any such defense that were not specifically authorized by
it; provided, however, if such indemnifying party fails to undertake and prosecute vigorously the defense of any such claim, action, suit or proceeding, it shall be liable for reasonable legal and other expenses incurred by the party
being indemnified. 
 (e) Indemnification of ABRF. 

(i) To the extent permitted by applicable law, the Advisor agrees to defend, indemnify and hold harmless ABRF, its then
present and former officers, directors and advisory directors, the ABA, and its then present and former officers and Board of Governors (the “Indemnified Persons”) against any and all expenses (including attorney’s fees, judgments,
fines and penalties, including any civil penalties assessed under Section 502(l) of ERISA) and amounts paid in settlement actually or reasonably incurred in connection with any threatened, pending or current action, suit, proceeding or claim,
whether civil, criminal, administrative or otherwise, and the amount of any adverse judgment entered against any of them and any reasonable expenses attendant thereto by reason of any of the Advisor’s acts or omissions in connection with this
Agreement; . For the above defense, indemnity and hold harmless provision to apply (i) the Indemnified Persons (or ABRF) shall inform the Advisor promptly of any claims threatened or made against any Indemnified Person, (ii) the
Indemnified Persons shall cooperate fully with the Advisor in responding to such threatened or actual claims and (iii) any settlement agreement entered into by the Indemnified Persons shall require the written approval of the Advisor, which
approval shall not be unreasonably withheld or delayed, and any settlement agreement entered into by the Advisor shall require written approval, within the time frame established by the Advisor, of the Indemnified Persons, which approval shall not
be unreasonably withheld. 

  
 4 

 (ii) Right to Counsel. The Indemnified Persons shall have the right
to employ counsel in their, its, his or her sole discretion. Such Indemnified Persons shall be responsible for the expenses of such separate counsel except as provided in Subsection 6(c)(iii). The Advisor agrees to cooperate fully with the
Indemnified Persons and their separate counsel in responding to such threatened or actual claims. 
 (iii)
Separate Counsel. The Advisor agrees to cooperate fully with the Indemnified Persons in responding to such threatened or actual claims. The Indemnified Persons shall have the right to reasonable expenses of separate counsel paid by the
Advisor, provided that the Advisor shall not be liable for any legal or other expenses incurred in connection with any such threatened claim or defense that were not specially authorized by the Advisor in writing and provided that the
Advisor shall have received a written opinion reasonably acceptable in form and substance to the Advisor of counsel reasonably acceptable to the Advisor (and which counsel shall not represent or otherwise be affiliated with any of the Indemnified
Persons) that there exists a material conflict of interest between one or more of the Indemnified Persons and the Advisor in the conduct of the response to a threatened claim or in the conduct of the defense of an actual claim, in which event the
Advisor shall be liable for the reasonable legal expenses of each counsel whose appointment is necessary to resolve such conflict; provided, however, the Advisor shall not be responsible for more than one (1) counsel for all
Indemnified Persons and selection of such counsel shall be reasonably acceptable to the Advisor. 
 (iv)
Payment of Expenses. Expenses (including counsel fees) specifically authorized by the Advisor and actually and reasonably incurred by the Indemnified Persons in defending against or responding to such threatened or actual claims as provided
in (i) and (iii) of this Subsection shall be paid as they are incurred. If an Indemnified Person is reasonably required to bring any action to enforce rights or collect monies due under Subsection 6(c) and is successful in such action, the
Advisor shall reimburse such Indemnified Person or its subrogee for reasonable fees and expenses incurred in bringing and pursuing such action. 
 (v) Supplemental Rights. Indemnification pursuant to Subsection 6(c) is intended to be supplemental to any other rights to indemnification available to the Indemnified Persons. Nothing herein shall
be deemed to diminish or otherwise restrict the Indemnified Persons’ rights to indemnification under law. 

  
 5 

 (vi) Third Party Beneficiaries. The indemnifying party acknowledges
that the Indemnified Persons are intended to be third-party beneficiaries of Subsection 6(c). 
 7. Transactions Prohibited
with Respect to the Advisor. The Advisor, its officers, partners, directors and affiliates, and each of them, shall not, with respect to the Trust, (a) as a principal, purchase assets from or sell assets to the Fund, (b) receive any
compensation or fees with respect to the Fund, other than the fees provided for in Appendix A to this Agreement and the separate investment advisor agreement dated December 8, 2010 (“Sub-Advisor Agreement”), pursuant to which the
Advisor has been retained by the Trustee to act as an investment advisor with respect to the Sub-Account described in the Sub-Advisor Agreement. 
 8. Reports and Meetings. 
 (a) Quarterly Reports. At
least quarterly the Advisor shall render to the Trustee and ABRF, or their designee, reports concerning its services under this Agreement based on the reporting procedures set forth in Appendix F, which is hereby adopted and made a part of this
Agreement. 
 (b) Meetings. The Advisor will meet with the Trustee and with such other persons as the
Trustee may designate on reasonable notice and at reasonable times and locations, to discuss matters relating to the advisory services to be provided by the Advisor pursuant to this Agreement. 

(c) Additional Reports. The Advisor shall furnish to the Trustee and ABRF such additional reports and information
as may be reasonably requested by the Trustee or ABRF. 
 9. Accounting. The Advisor shall keep accurate and detailed
records concerning its services under this Agreement and all such records shall be open to inspection at all reasonable times by the Trustee and ABRF, or their designee, and by duly authorized representatives of the Secretary of Labor and the
Secretary of the Treasury acting pursuant to their authority under ERISA and the Code, respectively, and other appropriate regulatory authorities. 
 10. Advisor’s Compensation. The amount and manner of payment of fees payable by the Trustee to the Advisor for the Advisor’s services under this Agreement are set forth in
Appendix A. The Advisor agrees that if it enters into a fee schedule with any new non-eleemosynary client whose portfolio is advised or managed under the same investment policies and objectives as the Subaccount, and is similarly or smaller
sized, for services which are similar to the services provided under this Agreement and such fee schedule contains fees that are less than the fees set forth in Appendix A, it will offer the same fee schedule to the Trustee, which shall have
the right to require the amendment to Appendix A to reflect that lower fee schedule. 

  
 6 

 11. Removal and Resignation. 

(a) Removal of the Advisor. Upon written notice to the Advisor, the Advisor may be removed by the Trustee.

 (b) Resignation of the Advisor. The Advisor may resign under this Agreement upon sixty
(60) days’ prior written notice to the Trustee. The Advisor shall concurrently advise ABRA in writing of such resignation and the effective date thereof. 

(c) Termination of Obligations. The respective obligations of the Advisor and the Trustee under Section 6 of
the Agreement shall survive any such removal or resignation or other termination of this Agreement. 
 12. Termination,
Amendment or Modification. The provisions of this Agreement may not be terminated, changed, modified, altered or amended in any respect except in a writing signed by the parties. 

13. Definitions. As used herein the following terms shall have the meanings ascribed to them in the following sections of this
Agreement: 
  

			
	 Term Defined
	  	 Section

		
	 ABA Members Collective Trust
	  	Introduction
	 ABA Members Plans
	  	Introduction
	 ABRA
	  	Introduction
	 Advisers Act
	  	2
	 Advisor
	  	Introduction
	 Advisor’s Amendment
	  	4(c)(i)
	 Advisor’s Recommendation
	  	4(c)(ii)
	 Agreement
	  	Introduction
	 Authorized Transaction
	  	4(c)(iii)
	 Broker List
	  	4(c)(i)
	 business day
	  	2
	 Code
	  	Introduction
	 Declaration of Trust
	  	Introduction
	 ERISA
	  	2
	 Fund
	  	Introduction
	 Fund Declaration
	  	4(b)
	 Indemnified Persons
	  	6(c)(i)
	 Plans
	  	Introduction
	 NTI
	  	Introduction
	 Subaccount
	  	Introduction
	 Suggested Response
	  	4(e)
	 Termination Date
	  	8(c)
	 Trustee
	  	Introduction
	 Trustee’s Response
	  	4(c)(ii)
	 Trustee’s Rejection
	  	4(e)
	 Trusts
	  	Introduction
	 Valid Notice
	  	4(c)(v)

  
 7 

 14. Governing Law. This Agreement shall be construed and enforced according to the
laws of the State of Illinois and, to the extent of any federal preemption, the laws of the United States of America. 
 15.
Binding upon Successors. This Agreement shall be binding upon and enforceable by the successors to the parties hereto. 

16. Assignment. The Advisor may not assign this Agreement (including for this purpose any assignment within the meaning of the
Advisers Act), or any rights or responsibilities hereby created, without the prior written consent of the Trustee, which consent may be withheld by the Trustee in its sole discretion; however, the parties may amend this Agreement from time to time
in accordance with Section 12. 
 17. Notices. Written notices shall be deemed effective with respect to a party
upon delivery to such party at the address set forth below or to such other address as may be provided in writing from time to time by such party: 
  

			
	 To the Advisor:
	  	 Galliard Capital Management, Inc.
 LaSalle Plaza – Suite 1100
 800 LaSalle Ave.

Minneapolis, MN 55402
 Attention: John R.
Caswell
 Telecopier: 866-682-8295

		
	 To the Trustee:
	  	 Northern Trust Investments, N.A.
 50 South LaSalle Street
 Chicago, Illinois, 60603

Attention: Tom Benzmiller

 18. Oral Communications. Oral communications between the parties to this Agreement shall be effective hereunder only to the extent specifically authorized herein. By its execution of this
Agreement, each of the parties hereto acknowledges that the other party may record any such oral communications and consents to any such recording. All oral communications shall be confirmed in writing, except that if an oral communication is
recorded such recording shall be controlling and no written confirmation shall be required. 
 19. Authority. The parties
to this Agreement represent, respectively, that they have duly authorized the execution, delivery and performance of this Agreement and that neither such execution and delivery nor the performance of their obligations hereunder conflict with or
violate any provision of law, rule or regulation, or any instrument to which either is a party or to which any of their respective properties are subject and that this Agreement is a valid and binding obligation. 

  
 8 

 20. Authorized Representatives of the Advisor. The Advisor from time to time shall by
written notice certify to the Trustee the name of the person or persons authorized to act on behalf of the Advisor. Any person so certified shall be deemed to be the authorized representative of the Advisor. The Advisor shall give written notice to
the Trustee when any person so certified ceases to have the authority to act on behalf of the Advisor, but such revocation of authority shall not be valid until the notice is received by the Trustee. The Advisor will notify the Trustee in writing of
any significant changes in the officers of the Advisor and any changes in the personnel of the Advisor responsible for investment of the assets of the Subaccount within twenty (20) business days after such change. 

IN WITNESS WHEREOF, the parties have executed this Agreement effective December 8, 2010. 

 

					
	NORTHERN TRUST INVESTMENTS, N.A.
		
	By:	 	 /s/ Joseph W. McInerney

		 	Name:	 	Joseph W. McInerney
		 	Title:	 	Senior Vice President
	
	GALLIARD CAPITAL MANAGEMENT, INC.
		
	By:	 	 /s/ John R. Caswell

		 	Name:	 	John R. Caswell
		 	Title:	 	Managing Partner

  
 9

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