Exhibit 10.14
MEMORANDUM
This Memorandum made and entered into the 5th day of January, 1998 by and
between NeoMagic Corporation, a company organized and existing under the laws of
California, U.S.A. (hereinafter referred to as "NMC"), and Mitsubishi
International Corporation, a company organized and existing under the laws of
New York, U.S.A. (herinafter referred to as "MIC"), regarding modifications and
amendments to the Agreement made and entered into the 20th day of November 1995,
and between the parties hereto (hereinafter referred to as "ORIGINAL
AGREEMENT").
WITNESSETH:
It is mutually agreed as follows:
1. The Subsection 3.a. of the ORIGINAL AGREEMENT shall be modified as follows:
3. TERMS OF PAYMENT
a. Payment to be made by NMC to MIC shall be net 30 days after the
delivery of Products from Foundries, beginning with deliveries
after January 31, 1998.
2. The Subsection 4.b. of the ORIGINAL AGREEMENT shall be modified as follows:
4. COMMISSION
b.
(1) The commission rate shall be 1.50% minus one sixth of Mitsubishi
Corporation's internal Interest rate (hereinafter referred to as
"MC's Interest Rate") of the purchase price of Products from
Foundries to MIC for the shipments from January 1, 1998 to
June 30, 1998.
(2) The Commission rate shall be 1.25% minus one sixth of MC's
Interest Rate of the purchase price of Products from Foundries
to MIC for the shipments after July 1, 1998.
(3) MC's Interest Rate shall be adjusted subject to the Japanese
financial market situation, but higher that Japanese Yen London
Inter-Bank Bid Rate (LIBID)as published in the Nikkei Newspaper
on the date of the invoice.
(4) If there is a need to change the commission rate, the rate shall
be reviewed and determined by written mutual agreement between
NMC and IC form time to time at the request of either party.
IN WITNESS WHEREOF, the parties have hereunto executed this Memorandum on the
date first above written.
Mitsubishi International Corp. NeoMagic Corporation
/s/ XXXXXXXXX XXXXXX /s/ XXXXXXX XXXXXXX
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By: Xxxxxxxxx Xxxxxx By: Xxxxxxx Xxxxxxx
Title: General Manager Title: President and Chief
Date: January 5, 1998 Executive Officer
Date: January 5, 1998