EXHIBIT 10.3
Credence DUO Rental Agreement
This Credence DUO Tester Rental Agreement ("Agreement") is entered into as of
May 5, 1999 ("Effective Date") by and between Artest Corporation, with offices
at ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ ("Artest") and MMC Networks Inc.,
with offices at ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ ("MMC").
Whereas, Artest agrees to provide engineering rental time on one high-pincount
Credence DUO to MMC;
Now, therefore, the parties hereto agree as follows:
1. Terms and Conditions
A. The duration of this Agreement is 12 months from the Effective Date.
B. This Agreement is renewable with mutual consent of both parties.
C. [*].
D. Artest will make all reasonable efforts to provide additional hours to MMC
if needed.
E. [*].
F. Artest to make all reasonable efforts to provide capacity and tester
configuration based on MMC's forecasts. Artest and MMC to mutually agree on
future capacity and tester configuration.
G. In the event that MMC notifies Artest that it will not utilize the minimum
number of hours per week, Artest will make all reasonable efforts to sell
the tester time to another party. MMC will not be invoiced for any time that
Artest is able to resell.
H. Artest will invoice MMC on a monthly basis; payment terms are NET30.
I. MMC will submit purchase orders based on their fiscal quarters.
J. All precautions will be taken by Artest to insure that the tester and
equipment are in excellent condition. If any damage to the tester and
associated equipment is caused by MMC personnel during usage, then MMC will
assume responsibility for repair charges after MMC verifies cause of damage
in association with Artest.
K. The validity, performance and construction of this Agreement shall be
governed by the laws of the State of California, U.S.A.
Accepted and Agreed:
Artest Corporation MMC Networks
Signature: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇ Signature: /s/ ▇▇▇▇ ▇▇▇▇▇
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Name: ▇▇▇▇▇▇ ▇▇▇▇▇▇ Name: ▇▇▇▇ ▇▇▇▇▇
Title: Vice President, Operations Title: Executive Vice President of
Operations
Date: May 5, 1999 Date: May 14, 1999
* Confidential Treatment Requested