Document:

Security Agreement certain secured parties thereto.

 Exhibit 10.67 
 SECURITY AGREEMENT 
 This SECURITY AGREEMENT (this “Agreement”) is dated as
of March 30, 2007 and entered into by and among Spansion Japan Limited, a Japanese corporation (“Company”), GE Capital Leasing Corporation, as security agent for and representative of (in such capacity herein
called “Security Agent”) Finance Parties (as hereinafter defined), and the financial institutions listed in Schedule 1 hereto (“Finance Parties”). 
 PRELIMINARY STATEMENTS 
 A. Pursuant to the Senior Facility Agreement dated
March 30, 2007, for Company arranged by GE Capital Leasing Corporation, acting as mandated lead arranger, and Sumisho Lease Co., Ltd. and Mitsui Leasing & Development, Ltd., acting as sub-arrangers, with GE Capital Leasing Corporation,
acting as administrative agent, Resona Bank, Limited, acting as paying agent, and GE Capital Leasing Corporation, acting as security agent, and Finance Parties (said Senior Facility Agreement, as it may hereafter be amended, restated, supplemented
or otherwise modified from time to time, being the “Credit Agreement”), Finance Parties have made certain commitments, subject to the terms and conditions set forth in the Credit Agreement, to provide Company with a
¥48,400,000,000 senior secured term loan facility to make loans to Company. 
 B. It is a condition precedent to the initial extensions
of credit by Finance Parties under the Credit Agreement that Company shall have granted the security interests and undertaken the obligations contemplated by this Agreement. 
 NOW, THEREFORE, in consideration of the agreements set forth herein and in order to induce Finance Parties to make loans and other extensions of
credit under the Credit Agreement, Company hereby agrees with Security Agent and Finance Parties as follows: 
 SECTION 1. Grant of Security.

 Company hereby assigns to Finance Parties, and hereby grants to Finance Parties a security interest in, all of Company’s right,
title and interest in and to the following personal property of Company, in each case whether now or hereafter existing, whether tangible or intangible, whether now owned or hereafter acquired and wherever the same may be located
(the “Collateral”): 
 (a) all Accounts to the extent the Account Debtor is Spansion LLC and the Account arises (whether
before or after the date hereof) pursuant to that certain Second Amended and Restated Foundry Agreement dated March 30, 2007, by and between Spansion LLC and Company (the “Pledged Account”); 
 (b) all Records relating to such Accounts; and 
 (c) all Proceeds and Accessions with respect to any of the foregoing Collateral. 
  

 Each category of Collateral set forth above shall have the meaning set forth in the UCC. 
 SECTION 2. Security for Obligations. 
 This
Agreement secures, and the Collateral is collateral security for, the prompt payment in full when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise, of all Secured Obligations of Company.
“Secured Obligations” means any and all obligations at any time, due owing or incurred by Company to all or any of Finance Parties under the Finance Documents, whether present or future, actual or contingent (and whether incurred
solely or jointly and whether as principal or surety or in some other capacity) and all or any portion of such obligations that are paid, to the extent all or any part of such payment is avoided or recovered directly or indirectly from any Finance
Party as a preference, fraudulent transfer or otherwise, together with all costs, charges and expenses incurred by any of Finance Parties under the Finance Documents, whether present or future, actual or contingent (and whether incurred solely or
jointly and whether as principal or surety or in some other capacity), together with: 
 (a) all costs, charges and expenses incurred by any
Finance Party in connection with the protection, preservation or enforcement of its rights under any other document evidencing or securing any such obligations; and 
 (b) all moneys, obligations and liabilities due, owing or incurred in respect of any variations or increases in the amount or composition of the facilities provided under this Agreement or the obligations and
liabilities imposed under such documents. 
 SECTION 3. Representations and Warranties. 
 Company represents and warrants as follows: 
 (a) Jurisdiction of Organization. Company’s name as it appears in official filings in the country of its organization, type of organization (i.e. corporation, limited partnership, etc.), jurisdiction of organization and
organization number provided by the applicable government authority of the jurisdiction of organization is set forth on Schedule 2 annexed hereto. 
 (b) Due Authorization, etc. Company is duly formed, validly existing and in good standing under the law of its jurisdiction of organization and has full entity power and authority to execute, deliver and
perform this Agreement. The execution, delivery and performance of this Agreement has been duly authorized by all necessary entity action. This Agreement constitutes a legally valid and binding obligation of Company, enforceable against Company in
accordance with its terms, except as enforcement hereof may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally or by general equitable principles.

 (c) No Conflict. The execution, delivery and performance of this Agreement by Company will not violate the organizational documents
of Company, any provision of law applicable to Company or any order, judgment or decree of any court or other governmental agency binding on Company. 
  

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 (d) Security Interests. The security interests in the Collateral granted hereunder constitute
valid security interests in the Collateral, securing payment of the Secured Obligations. 
 SECTION 4. Further Assurances. 
 Company agrees that from time to time, at the expense of Company, Company will promptly execute and deliver all further instruments and documents, and
take all further action, that may be necessary or desirable, or that Security Agent may reasonably request, in order to perfect and protect any security interest granted or purported to be granted hereby or to enable Security Agent to exercise and
enforce its rights and remedies hereunder with respect to any Collateral. Without limiting the generality of the foregoing, Company will: (a) (i) execute (if necessary) and file such financing or continuation statements, or amendments
thereto and (ii) deliver such other instruments or notices, in each case, as may be necessary or desirable, or as Security Agent may request, in order to perfect and preserve the security interests granted or purported to be granted hereby;
(b) furnish to Security Agent from time to time statements and schedules further identifying and describing the Collateral and such other reports in connection with the Collateral as Security Agent may reasonably request, all in reasonable
detail; (c) at Security Agent’s request, appear in and defend any action or proceeding that may affect and take any and all other actions necessary to defend Company’s title to or Finance Parties’ security interest in all or any
part of the Collateral and the priority thereof; and (d) use commercially reasonable efforts to obtain any necessary consents of third parties to the creation and perfection of a security interest in favor of Finance Parties with respect to any
Collateral. Company hereby authorizes Security Agent to file one or more financing or continuation statements, and amendments thereto, relative to all or any part of the Collateral. 
 SECTION 5. Certain Covenants of Company. 
 Company shall: 
 (a) not use or permit any Collateral to be used unlawfully or in violation of any provision of this Agreement or any applicable statute, regulation or
ordinance or any policy of insurance covering the Collateral; 
 (b) give Security Agent at least 30 days’ prior written notice of any
change in Company’s name, identity or corporate structure; and 
 (c) give Security Agent at least 30 days’ prior written notice of
any reincorporation, reorganization or other action that results in a change of the jurisdiction of organization of Company. 
 SECTION 6. Special
Covenants with respect to Pledged Accounts. 
 Except as otherwise provided in this Section 6, Company shall continue to
collect, at its own expense, all amounts due or to become due to Company under the Pledged Accounts. 

  

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In connection with such collections, Company may take (and, upon the occurrence and during the continuance of an Event of Default at Security Agent’s
direction, shall take) such action as Company or Security Agent may deem necessary or advisable to enforce collection of amounts due or to become due under the Pledged Accounts; provided, however, that Security Agent shall have the
right at any time, upon the occurrence and during the continuation of an Event of Default and upon written notice to Company of its intention to do so, to (a) notify the account debtors or obligors under any Pledged Accounts of the assignment
of such Pledged Accounts to Security Agent and to direct such account debtors or obligors to make payment of all amounts due or to become due to Company thereunder directly to Security Agent, (b) notify each Person maintaining a lockbox or
similar arrangement to which account debtors or obligors under any Pledged Accounts have been directed to make payment to remit all amounts representing collections on checks and other payment items from time to time sent to or deposited in such
lockbox or other arrangement directly to Security Agent, (c) enforce collection of any such Pledged Accounts at the expense of Company, and (d) adjust, settle or compromise the amount or payment thereof, in the same manner and to the same
extent as Company might have done. After receipt by Company of the notice from Security Agent referred to in the proviso to the preceding sentence, (i) all amounts and proceeds (including checks and other Instruments) received by Company in
respect of the Pledged Accounts shall be received in trust for the benefit of Security Agent hereunder, shall be segregated from other funds of Company and shall be forthwith paid over or delivered to Security Agent in the same form as so received
(with any necessary endorsement), and (ii) Company shall not, without the written consent of Security Agent, adjust, settle or compromise the amount or payment of any Pledged Account, or release wholly or partly any account debtor or obligor
thereof, or allow any credit or discount thereon. 
 SECTION 7. Security Agent Appointed Attorney-in-Fact. 
 Company hereby irrevocably appoints Security Agent as Company’s attorney-in-fact, with full authority in the place and stead of Company and in the
name of Company, Security Agent or otherwise, from time to time in Security Agent’s discretion to take any action and to execute any instrument that Security Agent may deem necessary or advisable to accomplish the purposes of this Agreement,
including, without limitation: 
 (a) upon the occurrence and during the continuance of an Event of Default, to ask for, demand, collect, sue
for, recover, compound, receive and give acquittance and receipts for moneys due and to become due under or in respect of any of the Collateral; 
 (b) upon the occurrence and during the continuance of an Event of Default, to receive, endorse and collect any drafts or other Instruments, Documents, Chattel Paper and other documents in connection with clause (a) above; 

(c) upon the occurrence and during the continuance of an Event of Default, to file any claims or take any action or institute any proceedings that
Security Agent may deem necessary or desirable for the collection of any of the Collateral or otherwise to enforce or protect the rights of Security Agent with respect to any of the Collateral; 
 (d) to pay or discharge liens (other than liens permitted under this Agreement or the Credit Agreement) levied or placed upon or threatened against the
Collateral, the legality or validity thereof and the amounts necessary to discharge the same to be determined by Security Agent in its sole discretion, any such payments made by Security Agent to become obligations of Company to Security Agent, due
and payable immediately without demand; 
  

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 (e) upon the occurrence and during the continuance of an Event of Default, to sign and endorse any
invoices, freight or express bills, drafts against debtors, assignments, verifications and notices in connection with Pledged Accounts and other documents relating to the Collateral; and 
 (f) upon the occurrence and during the continuance of an Event of Default, generally to sell, transfer, pledge, make any agreement with respect to or
otherwise deal with any of the Collateral as fully and completely as though Security Agent were the absolute owner thereof for all purposes, and to do, at Security Agent’s option and Company’s expense, at any time or from time to time, all
acts and things that Security Agent deems necessary to protect, preserve or realize upon the Collateral and the ranking of the Collateral and Finance Parties’ security interest therein in order to effect the intent of this Agreement, all as
fully and effectively as Company might do. 
 SECTION 8. Security Agent May Perform; Standard of Care. 
 If Company fails to perform any agreement contained herein, Security Agent may itself perform, or cause performance of, such agreement, and the expenses
of Security Agent incurred in connection therewith shall be payable by Company under Section 11 of this Agreement. The powers conferred on Security Agent hereunder are solely to protect interest of Finance Parties in the Collateral and
shall not impose any duty upon it to exercise any such powers. Except for the exercise of reasonable care in the custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder, Security Agent shall have
no duty as to any Collateral or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral. Security Agent shall be deemed to have exercised reasonable care in the custody and
preservation of Collateral in its possession if such Collateral is accorded treatment substantially equal to that which Security Agent accords its own property. 
 SECTION 9. Remedies. 
 If any Event of Default shall have occurred and be continuing, to the extent permitted by
applicable laws, Security Agent, on behalf of Finance Parties, may exercise in respect of the Collateral, in addition to all other rights and remedies provided for herein or otherwise available to it, all the rights and remedies of a secured party
on default under the UCC (whether or not the UCC applies to the affected Collateral), and also may (i) require Company to, and Company hereby agrees that it will at its expense and upon request of Security Agent forthwith, assemble all or part
of the Collateral as directed by Security Agent and make it available to Security Agent at a place to be designated by Security Agent that is reasonably convenient to both parties, (ii) enter onto the property where any Collateral is located
and take possession thereof with or without judicial process, (iii) prior to the disposition of the Collateral, store, process or otherwise prepare the Collateral for disposition in any manner to the extent Security Agent deems appropriate and
(iv) sell the Collateral or any part thereof in one or more parcels at public or private sale, at any of Security Agent’s offices or elsewhere, for cash, on credit or for future delivery, at such time or times and at such price or prices
and upon such other 

  

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terms as Security Agent may deem commercially reasonable. Security Agent or any Finance Party may be the purchaser of any or all of the Collateral at any
such sale and Security Agent, shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply any of the Secured Obligations
as a credit on account of the purchase price for any Collateral payable by Security Agent at such sale. Company hereby waives any claims against Security Agent arising by reason of the fact that the price at which any Collateral may have been sold
at such a private sale was less than the price which might have been obtained at a public sale, even if Security Agent accepts the first offer received and does not offer such Collateral to more than one offeree. If the proceeds of any sale or other
disposition of the Collateral are insufficient to pay all the Secured Obligations, Company shall be liable for the deficiency and the fees of any attorneys employed by Security Agent to collect such deficiency. Company further agrees that a breach
of any of the covenants contained in this Section 9 will cause irreparable injury to Security Agent, that Security Agent has no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant
contained in this Section 9 shall be specifically enforceable against Company, and Company hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that no
default has occurred giving rise to the Secured Obligations becoming due and payable prior to their stated maturities. 
 SECTION 10. Application of
Proceeds. 
 Except as expressly provided elsewhere in this Agreement, all monies from time to time received or recovered by the
Security Agent in respect of any sale of, collection from, or other realization upon all or any part of the Collateral shall be paid to and held by the Security Agent to apply them at such times as the Security Agent sees fit, to the extent
permitted by applicable law in accordance with Clause 29 of the Credit Agreement. 
 SECTION 11. Indemnity and Expenses. 
 Company agrees to indemnify Security Agent and each Finance Party in accordance with the Credit Agreement. 
 SECTION 12. Amendments; Etc. 
 No amendment,
modification, termination or waiver of any provision of this Agreement, and no consent to any departure by Company therefrom, shall in any event be effective unless the same shall be in writing and signed by Security Agent and, in the case of any
such amendment or modification, by Company. Any such waiver or consent shall be effective only in the specific instance and for the specific purpose for which it was given. 
 SECTION 13. Notices. 
 Any notice or other communication herein required or permitted to be
given shall be given in accordance with Clause 30 of the Credit Agreement. 
  

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 SECTION 14. Failure Or Indulgence Not Waiver; Remedies Cumulative; Severability. 
 (a) If, at any time, any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction,
neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired. 
 (b) No failure to exercise, nor any delay in exercising, on the part of any Finance Party, any right or remedy under this Agreement shall operate as a
waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any
rights or remedies provided by law. 
 SECTION 15. Continuing Security Interest; Transfer of Loans; Termination and Release. 
 (a) This Agreement shall create a continuing security interest in the Collateral and shall (i) remain in full force and effect until the payment in
full of the Secured Obligations and termination of all commitments to extend credit under the Credit Agreement, (ii) be binding upon Company and its successors and assigns, and (iii) inure, together with the rights and remedies of Security
Agent and each Finance Party hereunder, to the benefit of Security Agent and each Finance Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (iii), Security Agent and each Finance Party may
assign or otherwise transfer any loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Security Agent and each Finance Party herein or otherwise. 
 (b) Upon the payment in full of all Secured Obligations and termination of all commitments to extend credit under the Credit Agreement, the security
interest granted hereby shall terminate and all rights to the Collateral shall automatically revert to Company. Upon any such termination Security Agent will, at Company’s expense, execute and deliver to Company such documents as Company shall
reasonably request to evidence such termination. 
 SECTION 16. Headings. 
 Section and subsection headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement
for any other purpose or be given any substantive effect. 
 SECTION 17. Governing Law; Rules of Construction. 
 THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE
INTERNAL LAWS OF THE STATE OF CALIFORNIA (INCLUDING, WITHOUT LIMITATION, SECTION 1646.5 OF THE CIVIL CODE OF THE STATE OF CALIFORNIA), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES, EXCEPT TO THE EXTENT THAT THE UCC PROVIDES THAT THE 

  

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PERFECTION OF THE SECURITY INTEREST HEREUNDER, OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL ARE GOVERNED BY THE LAWS OF A JURISDICTION
OTHER THAN THE STATE OF CALIFORNIA, IN WHICH CASE THE LAWS OF SUCH JURISDICTION SHALL GOVERN WITH RESPECT TO THE PERFECTION OF THE SECURITY INTEREST IN, OR THE REMEDIES WITH RESPECT TO, SUCH PARTICULAR COLLATERAL. 
 SECTION 18. Consent to Jurisdiction and Service of Process. 
 ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST COMPANY ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR ANY OBLIGATIONS HEREUNDER, MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE OF
CALIFORNIA. 
 SECTION 19. Waiver of Jury Trial. 
 COMPANY AND SECURITY AGENT HEREBY AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL
ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY
CLAIMS. 
 SECTION 20. Counterparts. 
 This Agreement may be executed in one or more counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall
constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document. 
 SECTION 21. Miscellaneous. 
 All actions taken
by Security Agent, all rights and benefits granted to Security Agent and all covenants, representations and warranties made to Security Agent under this Agreement are taken, granted or made, as the case may be, for and on behalf of itself and
Finance Parties. 
 SECTION 22. Suretyship Waiver by Company; Etc.. 
 (a) Company agrees that its obligations hereunder are irrevocable, absolute, independent and unconditional and shall not be affected by any circumstance
which constitutes a legal or equitable discharge of a guarantor or surety other than payment in full of the Secured Obligations. In furtherance of the foregoing and without limiting the generality thereof, Company agrees as follows:
(i) Security Agent or any Finance Party may from time to time, without notice or demand and without affecting the validity or enforceability of this Agreement 

  

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or giving rise to any limitation, impairment or discharge of Company’s liability hereunder, (A) renew, extend, accelerate or otherwise change the
time, place, manner or terms of payment of the Secured Obligations, (B) settle, compromise, release or discharge, or accept or refuse any offer of performance with respect to, or substitutions for, the Secured Obligations or any agreement
relating thereto and/or subordinate the payment of the same to the payment of any other obligations, (C) request and accept guaranties of the Secured Obligations and take and hold other security for the payment of the Secured Obligations,
(D) release, exchange, compromise, subordinate or modify, with or without consideration, any other security for payment of the Secured Obligations, any guaranties of the Secured Obligations, or any other obligation of any Person with respect to
the Secured Obligations, (E) enforce and apply any other security now or hereafter held by or for the benefit of Security Agent or any Finance Party in respect of the Secured Obligations and direct the order or manner of sale thereof, or
exercise any other right or remedy that Security Agent, Finance Parties, or any of them, may have against any such security, as Security Agent in its discretion may determine consistent with the Credit Agreement and any applicable security
agreement, including foreclosure on any such security pursuant to one or more judicial or nonjudicial sales, whether or not every aspect of any such sale is commercially reasonable, and (F) exercise any other rights available to Security Agent,
Finance Parties, or any of them, under the Finance Documents, at law or in equity; and (ii) this Agreement and the obligations of Company hereunder shall be valid and enforceable and shall not be subject to any limitation, impairment or
discharge for any reason (other than payment in full of the Secured Obligations), including, without limitation, the occurrence of any of the following, whether or not Company shall have had notice or knowledge of any of them: (A) any failure
to assert or enforce or agreement not to assert or enforce, or the stay or enjoining, by order of court, by operation of law or otherwise, of the exercise or enforcement of, any claim or demand or any right, power or remedy with respect to the
Secured Obligations or any agreement relating thereto, or with respect to any guaranty of or other security for the payment of the Secured Obligations, (B) any waiver, amendment or modification of, or any consent to departure from, any of the
terms or provisions of the Credit Agreement, any of the other Finance Documents, or any agreement or instrument executed pursuant thereto, or of any guaranty or other security for the Secured Obligations, (C) the Secured Obligations, or any
agreement relating thereto, at any time being found to be illegal, invalid or unenforceable in any respect, (D) the application of payments received from any source to the payment of indebtedness other than the Secured Obligations, even though
Security Agent, Finance Parties, or any of them, might have elected to apply such payment to any part or all of the Secured Obligations, (E) any failure to perfect or continue perfection of a security interest in any other collateral which
secures any of the Secured Obligations, (F) any defenses, set-offs or counterclaims which Company may allege or assert against Security Agent or any Finance Party in respect of the Secured Obligations, including, without limitation, failure of
consideration, breach of warranty, payment, statute of frauds, statute of limitations, accord and satisfaction and usury, and (G) any other act or thing or omission, or delay to do any other act or thing, which may or might in any manner or to
any extent vary the risk of Company as an obligor in respect of the Secured Obligations. 
 (b) Company hereby waives, for the benefit of
Security Agent and Finance Parties: (i) any right to require Security Agent or Finance Parties, as a condition of payment or performance by Company, to (A) proceed against or exhaust any other security held from Company, any guarantor of
the Secured Obligations or any other Person, (B) proceed against or have resort to any balance of any deposit account or credit on the books of Security Agent or any 

  

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Finance Party in favor of Company or any other Person, or (C) pursue any other remedy in the power of Security Agent or any Finance Party whatsoever;
(ii) any defense arising by reason of the incapacity, lack of authority or any disability or other defense of Company including, without limitation, any defense based on or arising out of the lack of validity or the unenforceability of the
Secured Obligations or any agreement or instrument relating thereto or by reason of the cessation of the liability of Company from any cause other than payment in full of the Secured Obligations; (iii) any defense based upon any statute or rule
of law which provides that the obligation of a surety must be neither larger in amount nor in other respects more burdensome than that of the principal; (iv) any defense based upon Security Agent’s or any Finance Party’s errors or
omissions in the administration of the Secured Obligations, except behavior which amounts to bad faith; (v) (A) any principles or provisions of law, statutory or otherwise, which are or might be in conflict with the terms of this Agreement
and any legal or equitable discharge of Company’s obligations hereunder, (B) the benefit of any statute of limitations affecting Company’s liability hereunder or the enforcement hereof, (C) any rights to set-offs, recoupments and
counterclaims, and (D) promptness, diligence and any requirement that Security Agent or any Finance Party protect, secure, perfect or insure any other security interest or lien or any property subject thereto; (vi) notices, demands,
presentments, protests, notices of protest, notices of dishonor and notices of any action or inaction, notices of default under the Credit Agreement or any agreement or instrument related thereto, notices of any renewal, extension or modification of
the Secured Obligations or any agreement related thereto, notices of any extension of credit to Company and notices of any of the matters referred to in the preceding paragraph and any right to consent to any thereof; and (vii) to the fullest
extent permitted by law, any defenses or benefits that may be derived from or afforded by law which limit the liability of or exonerate guarantors or sureties, or which may conflict with the terms of this Agreement. 
 (c) Security Agent and Finance Parties shall have no obligation to disclose or discuss with Company their assessment of the financial condition of
Company. 
 SECTION 23. Definitions. 
 (a) Each capitalized term utilized in this Agreement that is not defined in this Agreement, but that is defined in the UCC, including the categories of Collateral listed in Section 1 of this Agreement, shall have the meaning set
forth in Divisions 1, 8 or 9 of the UCC. 
 (b) In addition, the following terms used in this Agreement shall have the following meanings:

 “Agreement” has the meaning set forth in the Introductory Paragraph of this Agreement. 
 “Collateral” has the meaning set forth in Section 1 of this Agreement. 
 “Company” has the meaning set forth in the Introductory Paragraph of this Agreement. 
 “Credit Agreement” has the meaning set forth in the Preliminary Statements of this Agreement. 
  

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 “Event of Default” means any Event of Default as defined in the Credit Agreement.

 “Finance Documents” has the meaning set forth in the Credit Agreement. 
 “Finance Parties” has the meaning set forth in the Introductory Paragraph of this Agreement. 
 “Paying Agent” means Resona Bank, Limited. 
 “Pledged Account” has the meaning set forth in Section 1(a) of this Agreement. 
 “Secured Obligations” has the meaning set forth in Section 2 of this Agreement. 
 “Security
Agent” has the meaning set forth in the Introductory Paragraph of this Agreement. 
 “UCC” means the Uniform
Commercial Code, as it exists on the date of this Agreement or as it may hereafter be amended, in the State of California. 
 [Remainder
of page intentionally left blank] 
  

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 IN WITNESS WHEREOF the parties hereto have caused this Agreement to be duly executed and delivered
by their duly authorized representatives on the date first written above. 
  

	
	“COMPANY”:
	
	SPANSION JAPAN LIMITED

					
			
		 	By:	 	 /s/ Masao Taguchi

		 	Name:	 	 Masao Taguchi

		 	Title:	 	 President and Representative Director

	
	
	“SECURITY AGENT”:
	
	GE CAPITAL LEASING CORPORATION, in its capacity as security agent

					
			
		 	By:	 	 /s/ Takuji Tohyama

		 	Name:	 	 Takuji Tohyama

		 	Title:	 	 Representative Director

	
	
	“FINANCE PARTIES”:
	
	GE CAPITAL LEASING CORPORATION, as agent for and on behalf of each of the Finance Parties

					
			
		 	By:	 	 /s/ Takuji Tohyama

		 	Name:	 	 Takuji Tohyama

		 	Title:	 	 Representative Director

  

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 SCHEDULE 1 
 TO 
 SECURITY AGREEMENT 
 List of Finance Parties 
  

	
	 Finance Party

	
	 GE Capital Asset Finance Corporation

	
	 Mitsui Leasing & Development, Ltd.

	
	 Sumisho Lease Co., Ltd.

	
	 Resona Bank, Limited

	
	 Showa Leasing Co., Ltd.

	
	 Diamond Lease Company Limited

	
	 UFJ Central Leasing Co., Ltd.

	
	 NTT Finance Corporation

	
	 Century Leasing System, Inc.

	
	 Kyodo Leasing Co., Ltd.

	
	 BOT Lease Co., Ltd.

	
	 GE Capital Leasing Corporation

 SCHEDULE 2 
 TO 
 SECURITY AGREEMENT 
 Type and Jurisdiction of Organization 
  

							
	 Name
	  	 Type of
 Organization
	  	 Jurisdiction
 of Organization
	  	 Organization
 Number

	 Spansion Japan Limited
	  	Corporation	  	Japan	  	3804-01-000809Memorandum of Understanding

 Exhibit 10.68 
 MEMORANDUM OF UNDERSTANDING 
 THIS MEMORANDUM OF UNDERSTANDING (“MOU”) is entered into this 31st
day of March, 2007 (the “Effective Date”) by and between Spansion Inc. (“Spansion”) and Fujitsu Limited (“Fujitsu”). 
 This MOU confirms the mutual understandings of previous discussions between the parties with respect to the distribution of Products by Spansion’s channel partners to the customers within PRC previously served by Channel Partners,
namely, Mostyle, Excelpoint, and Jetronic (“Designated Channel Partners”), as defined in the Amended and Restated Fujitsu Distribution Agreement, effective December 21, 2005, between the parties hereto (the “Distribution
Agreement”). The parties have agreed as follows. 
 1. Binding. All terms and conditions expressed in this MOU are the agreement
made in the course of negotiation and shall be executed by the parties in good faith. 
 2. Limited Distribution by Spansion to Fujitsu
PRC Accounts. Notwithstanding the provisions in the Sections 2.1.1 and 2.2 of the Distribution Agreement, Spansion may by itself market, sell or otherwise distribute Products, or Spansion may appoint its sales representatives or channel partners
(collectively, “Spansion Channel Partners”), and may cause those Spansion Channel Partners to, market, sell or otherwise distribute Products, during the Term, with respect to Designated Fujitsu PRC Customers and Non-Designated Fujitsu PRC
Customers (both as defined below) subject to the Spansion’s payment of the applicable Service Fee to Fujitsu pursuant to the Section 3 and other amounts due under Section 4 below. Notwithstanding anything to the contrary set forth in
this MOU, Designated Fujitsu PRC Customers and Non-Designated Fujitsu PRC Customers shall be limited to those customers of Products served by the Designated Channel Partners during the term of the Distribution Agreement but prior to July 1,
2006. Except as expressly provided in this MOU with respect to Designated Fujitsu PRC Customers, Spansion is not receiving any other exceptions to or exemptions from the operation of Sections 2.1.1 and 2.2 of the Distribution Agreement. Subject to
the exclusivity provisions of 2.1.1 and 2.2 of the Distribution Agreement , nothing in this MOU shall imply that Spansion has, or ever had, any restriction on the appointment of Spansion Channel Partners, including any party designated as a Fujitsu
Channel Partner. 
 3. Service Fee for Designated Fujitsu PRC Customers. Spansion shall pay to Fujitsu a Service Fee equal to the
product of (i) Spansion’s direct selling price to customer if the Product is not sold through a Channel Partner or Spansion Channel Partners’ actual distributor cost for the Fujitsu PRC Customers, which are specified in Exhibit A
attached hereto and to which Spansion markets, sells or otherwise distributes Products or causes Spansion Channel Partners to, market, sell and otherwise distribute Products (“Designated Fujitsu PRC Customers”), multiplied by a Service Fee
rate of (a) 4.3% for SCO Product, and (b) such figure as specified in Section 5 below for Combined Product, for the period beginning from July 1, 2006 through September 30, 2007. If the Distribution Agreement is still in
effect on October 1, 2007, the Service Fee shall remain due and payable by Spansion to Fujitsu and the rate in (a) and (b) shall 

  

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be reduced to 1.0% for all Product. This reduced Service Fee rate of 1.0% shall continue until the earlier of December 31, 2007 or the date on which
Fujitsu’s Aggregate Ownership Interest falls below 12.5%. If the Distribution Agreement terminates prior to October 1, 2007, no Service Fee is due or payable for any period after September 30, 2007. Payment of the Service Fee
(i) for the period of July 1, 2006 through December 31, 2006 shall be made by April 6, 2007, (ii) for the period of January 1, 2007 through March 31, 2007 shall be made by May 15, 2007, and (iii) for the
period thereafter shall be made monthly on the 60th day after the end of each month. 
 4. Non-Designated Fujitsu PRC Customers. Spansion shall pay to Fujitsu an amount equal to the product of (i) Spansion’s direct
selling price to customer if the Product is not sold through a Channel Partner or Spansion Channel Partners’ actual distributor cost for Products sold to customers except Designated Fujitsu PRC Customers by Mostyle, Excelpoint or Jetronic which
were serviced by Fujitsu prior to July 1, 2006 (“Non-Designated Fujitsu PRC Customers”), to which Spansion markets, sells or otherwise distributes Products or causes Spansion Channel Partners to, market, sell and otherwise distribute
Products, multiplied by (ii) a rate of (a) 1.5% for SCO Product, and (b) 1% for Combined Product, for the period beginning from July 1, 2006 through December 31, 2006. This payment is not due under the Distribution Agreement
but is paid to settle any disagreement between Spansion and Fujitsu related to any Non-Designated PRC Customers serviced after July 1, 2006 by the three Spansion distributors named above. Payment thereof shall be made by April 6, 2007.

 5. Service Fee rate for Combined Products for Designated Fujitsu PRC Customers. 
 5.1 Combined Products. The Service Fee rate for each Combined Product sold to a Fujitsu PRC Customer shall be as follows notwithstanding anything
to the contrary in this MOU: 
 (a) for Combined Products with equal to or greater than ninety percent (90%) Spansion Content, the
Service Fee rate shall be equal to 4.3% of the Spansion’s direct selling price to customer if the Product is not sold through a Channel Partner or Spansion Channel Partners’ actual distributor cost for the Fujitsu PRC Customers for such
Product; 
 (b) for Combined Products with equal to or greater than seventy-five percent (75%) and less than ninety percent
(90%) Spansion Content, the Service Fee rate shall be equal to 3.3% of the Spansion’s direct selling price to customer if the Product is not sold through a Channel Partner or Spansion Channel Partners’ actual distributor cost for the
Fujitsu PRC Customers for such Product; 
  

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 (c) for Combined Products with equal to or greater than sixty-five percent (65%) and less than
seventy-five percent (75%) Spansion Content, the Service Fee rate shall be equal to 3.2% of the Spansion’s direct selling price to customer if the Product is not sold through a Channel Partner or Spansion Channel Partners’ actual
distributor cost for the Fujitsu PRC Customers for such Product; 
 (d) for Combined Products with equal to or greater than fifty percent
(50%) and less than sixty-five percent (65%) Spansion Content, the Service Fee rate shall be equal to 2.9% of the Spansion’s direct selling price to customer if the Product is not sold through a Channel Partner or Spansion Channel
Partners’ actual distributor cost for the Fujitsu PRC Customers for such Product; 
 (e) for Combined Products with equal to or greater
than twenty-five percent (25%) and less than fifty percent (50%) Spansion Content, the Service Fee rate shall be equal to 2.3% of the Spansion’s direct selling price to customer if the Product is not sold through a Channel Partner or
Spansion Channel Partners’ actual distributor cost for the Fujitsu PRC Customers for such Product; and 
 (f) for Combined Products with
less than twenty-five percent (25%) Spansion Content, the Service Fee rate shall be equal to 4.3% of the difference between Spansion’s direct selling price to customer if the Product is not sold through a Channel Partner or Spansion
Channel Partners’ actual distributor cost and one hundred percent (100%) of the price that Spansion paid for the non-Spansion Content. 
 5.2 Determination of Spansion Content. The percentage of Spansion Content of any Combined Product shall be determined by Spansion using the following formula: the RSP for such Product, less the standard, pre-established
forecasted cost (as determined by Spansion) for the non-Spansion Content of such Product; the difference is then divided by the RSP for such Product. The formula for determining the percentage of Spansion content for Combined Products is
illustrated immediately below. 
 (Product RSP) – (Price paid by Spansion for non-Spansion Content) 
 (Product RSP) 
  

 3 

 5.3 Content Review; Breakdown. Spansion shall, on a Quarterly basis, review the percentage of
Spansion Content for each Combined Product, and shall make adjustments to the Service Fee for Combined Product(s), as required based on such review. For each Combined Product, Spansion shall provide Fujitsu with a detailed cost breakdown of the
non-Spansion Content that was used in determining the percentage of Spansion Content for such Product. 
 6. Payment. 
 6.1 In cases of clauses (i) and (ii) of Section 3 and Section 4 above, Spansion shall provide Fujitsu with documents evidencing the
sales data of Products and the amount of Service Fees that accrue in each month of the applicable period prior to each of the due date. Fujitsu will then issue the invoice thereof. 
 6.2 In case of clause (iii) of Section 3 above, Spansion shall provide Fujitsu with
documents evidencing the sales data of Products and the amount of Service Fees that accrue in each month of the applicable period no later than the forty (40) days after the period has ended. If Fujitsu agrees to such documents and amount
provided by Spansion, then Fujitsu shall issue an invoice to Spansion within five (5) working days from the receipt thereof. Spansion shall pay the Service Fees within fifteen (15) working days after the receipt of such invoice. If Fujitsu
does not agree to such documents or amount, then Fujitsu shall so notify Spansion within ten (10) working days from the receipt thereof. 
 6.3 Upon Fujitsu’s reasonable request from time to time, Fujitsu shall have the right to request the reasonable data of Spansion’s books and records as necessary to verify the amounts payable to Fujitsu by Spansion under this MOU.

 7. Term. This MOU shall be effective as of the Effective Date and shall continue until the earlier of the termination of the
Distribution Agreement or the date on which the Distribution Agreement is amended in a manner to supersede this MOU. Provided, however, even if this MOU is terminated pursuant to this Section 7, due to the termination of the Distribution
Agreement, Spansion’s obligation to pay Service Fees to Fujitsu under Section 3 above shall remain intact. 
 8.
Interpretation. The parties agree that except as expressly set forth in this MOU, all the remaining provisions of the Distribution Agreement shall continue in full force and effect. Capitalized terms used in this MOU but not defined herein
shall have the meanings ascribed to such terms in the Distribution Agreement. 
 The parties hereto have caused this MOU to be executed by
their duly authorized representatives as of the date first above written. 
  

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	/s/    Thomas T. Eby	  	/s/    Koichi Ishizaka
	Spansion Inc.	  	FUJITSU LIMITED
		
	By: Thomas T. Eby	  	By: Koichi Ishizaka
	Title: Executive Vice President,	  	Title: Executive Vice President,
	Chief Marketing and Sales Officer	  	Electronic Devices Business Unit
	Date: April 3, 2007	  	Date: March 31, 2007

  

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 Exhibit A 
 Designated Fujitsu PRC Customers 
  

	 	1.	Amoi Electronics Co., Ltd. 

	 	2.	BBK Electronics Corp., Ltd. 

	 	3.	CEC Wireless R&D Ltd (CECW) 

	 	4.	Haier Group 

	 	5.	Hisense Company 

	 	6.	Konka Group 

	 	7.	Lenovo Group 

	 	8.	Longcheer Technology (Shanghai) Co., Ltd. 

	 	9.	Shenzhen Corise Telecom Technology Co., Ltd. 

	 	10.	TCL Group 

  

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