TERMINATION AGREEMENT
Exhibit 10.2
This Termination Amendment ("Agreement") is made effective as of November 3, 2021 by and between:
SiTime Corporation, a US Delaware corporation, having its principal business place at 0000 Xxxxxxx Xxxxx Xxxxx, Xxxxx Xxxxx, Xxxxxxxxxx 00000 ("SiTime"); and
MegaChips Corporation, a Japan corporation, having its principal business place at 0-0-0 Xxxxxxxx Xxxxxxxxx xx Xxxxx 000-0000 Xxxxx ("MegaChips").
Recitals:
A. The parties hereto entered into the DISTRIBUTION AGREEMENT dated as of April 1, 2015 (as amended and including all Memorandums of Understanding related thereto) ("Original Agreement"); and
B. The parties hereto wish to terminate the Original Agreement by mutual agreement.
NOW THEREFORE, in consideration of the mutual promises contained herein, the parties hereto agree as follows:
Effective as of November 3, 2021, the parties hereto agree to terminate the Original Agreement.
MegaChips shall pay the outstanding amount of the account payable to SiTime as of the Effective Date, if any, within thirty(30) days after the receipt of invoice from SiTime.
Pursuant to Section 31 of the Original Agreement, all obligations and duties thereunder which by their nature extend beyond the expiration or termination of the Original Agreement shall survive and remain in effect beyond any expiration or termination thereof.
IN WITNESS WHEREOF the parties hereto have executed this Agreement on the date first above written.
SiTime Corporation MegaChips Corporation
Signature: /s/ Xxxxxx Xxxxxxx Signature: /s/ Xxxxxxxxx Xxxxxxx
Name: Xxxxxx Xxxxxxx Name: Xxxxxxxxx Xxxxxxx
Title: Chief Executive Officer Title: Senior Managing Director
