Common use of Venture Clause in Contracts

Venture. 1.1 On or before October 31, 2005, Micron intends to execute an agreement with Intel Corporation, a Delaware corporation (“Intel”), to form a Delaware limited liability company (the “Manufacturer”) to manufacture NAND flash products. Intel and Micron will be the only members of the Manufacturer. Micron will be a 51% owner of the Manufacturer and 51% of the Manufacturer’s wafer starts will be for NAND flash products sold to Micron. 1.2 The chief executive officer of Micron will recommend to the Board of Directors of Micron that the formation of the Manufacturer be approved by the Board of Directors on or before October 31, 2005.