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IMI > SEC Filings for IMI > Form 8-K on 18-Jun-2013All Recent SEC Filings

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Entry into a Material Definitive Agreement


Amendment to Collaborative Development Program Agreement with GLOBALFOUNDIES

On June 13, 2013, we agreed to amend the collaborative development program (CDP) agreement that we had entered into with GLOBALFOUNDRIES in June 2011 to develop and improve certain semiconductor products. Prior to this amendment, the GLOBALFOUNDRIES agreement was amended in April 2012 in order to (i) clarify the terms of certain licenses granted to GLOBALFOUNDRIES; and (ii) re-allocate out-of-pocket costs.

As amended, the initial period for development activities under the CDP (the "Activity Period") will be extended until December 31, 2014. GLOBALFOUNDRIES will have the right to reduce the duration of the Activity Period by notifying us, which reduction will be effective 120 calendar days after we are notified, provided that the Activity Period shall at least continue until June 1, 2014. Subject to the foregoing, GLOBALFOUNDRIES will pay us additional fees for the resources dedicated by us during the period beginning June 1, 2014 through December 31, 2014.

For the period beginning July 1, 2013 through June 1, 2014, our obligation to supply full-time employees or contractors dedicated to supporting the development activities under the CDP has been reduced and our obligation to dedicate workflow resources has been eliminated, in exchange for reduced fees.

The foregoing description of the amendment does not purport to be complete and is qualified in its entirety by reference to the amendment that will subsequently be filed as an exhibit to our Quarterly Report on Form 10-Q as required by SEC rules.

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