EXHIBIT 10.24
AMENDMENT NUMBER ONE
TO
WAFER SUPPLY AGREEMENT
This Amendment Number One (the "Amendment"), dated as of February 26, 1999,
amends the Wafer Supply Agreement dated as of October 1, 1998, (the "OKI
Agreement"), by and between OKI Electric Industry Co., Ltd. ("OKI"), a Japanese
corporation, and Power Integrations, Inc., a Delaware corporation (the
"Company"). Unless specifically designated otherwise, capitalized terms used
herein shall have the same meanings given them in the OKI Agreement.
RECITALS
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WHEREAS, pursuant to the terms of the OKI Agreement, the Company grants to
OKI licenses of certain of the Company's intellectual property and the Company
acquires from OKI fabrication and supply of wafers of certain Power IC products;
WHEREAS, the Company and OKI desire to amend the terms of the OKI
Agreement;
WHEREAS, in accordance with Section 16.10 of the OKI Agreement, the OKI
Agreement may be amended by an instrument in writing duly executed by authorized
officers of OKI and the Company;
NOW, THEREFORE, in consideration of the mutual promises, covenants and
agreements of the parties contained herein, the parties hereby agree to amend
the OKI Agreement as follows:
AGREEMENT
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1. The last sentence of EXHIBIT B shall be struck, and the following three
sentences inserted in its place:
"Additionally, a F/X_ADDITIONAL_CHARGE will be paid to OKI for each of
the WAFERS accepted by PI during the first year of the Agreement. The
F/X_ADDITIONAL_CHARGE will be set at * for the first quarter of the
Agreement. * will set the value, in its sole discretion, including
the possible value of *, of the F/X_ADDITIONAL_CHARGE for each
subsequent quarter during the first year of the Agreement."
2. This Amendment shall be governed in accordance with the laws of the
State of California, without regard to conflict of law principles.
3. This Amendment may be executed in counterparts, each of which shall be
an original and all of which together shall constitute one and the same
instrument.
[*] IDENTIFIES REDACTED MATERIAL DELETED PURSUANT TO A REQUEST FOR CONFIDENTIAL
TREATMENT AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.
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4. Except as amended hereby, the OKI Agreement remains in full force and
effect.
IN WITNESS WHEREOF, the undersigned parties have caused this Amendment to
be executed by their duly authorized representatives.
OKI ELECTRIC INDUSTRY CO., LTD. POWER INTEGRATIONS, INC.
/s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ /s/ ▇. ▇. ▇▇▇▇▇
By: ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ By: ▇.▇. ▇▇▇▇▇
Title: DBG SF Sales and Marketing Title: Vice President Operations
[*] IDENTIFIES REDACTED MATERIAL DELETED PURSUANT TO A REQUEST FOR CONFIDENTIAL
TREATMENT AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.
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