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| AMD > SEC Filings for AMD > Form 8-K on 21-Aug-2008 | All Recent SEC Filings |
21-Aug-2008
Entry into a Material Definitive Agreement
On August 15, 2008, Advanced Micro Devices, Inc. (the "Company") entered into a First Amended and Restated Participation Agreement ("Participation Agreement") with International Business Machines Corp. ("IBM"), pursuant to which certain development activities conducted jointly by the Company and IBM under the Company's Third Amendment and Restatement of "S" Process Development Agreement, effective as of December 28, 2002, will be replaced and superseded, and pursuant to which the Company will join additional Development Projects (as defined in the Participation Agreement) with other participating parties and IBM. The continuation of the obligations under the Participation Agreement is conditioned upon the approval of the Company's Board of Directors, which must be received by September 15, 2008.
Pursuant to the Participation Agreement, the Company will pay IBM quarterly development fees. In addition, the Company will pay IBM certain license fees for licenses granted to the Company relating to background know-how technology.
The term of the Participation Agreement has been extended from the end of 2011
and now expires upon the earlier of (i) the expiration or earlier termination of
all Project Agreements (as defined in the Participation Agreement) or
(ii) December 31, 2015. Either party may terminate the Participation Agreement
for specified reasons, including in the event of insolvency or liquidation of
the other party or if the other party undergoes a Change of Control (as defined
in the Participation Agreement).
The foregoing summary is qualified in its entirety by reference to the Participation Agreement, which will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ending September 29, 2008. The Company intends to submit a FOIA Confidential Treatment Request to the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended, requesting that it be permitted to redact certain portions of the Participation Agreement. The omitted material will be included in the request for confidential treatment.
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