Crucial 2011 Annual Report Download - page 189
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38
INOTERA MEMORIES, INC.
NOTES TO FINANCIAL STATEMENTS
The Company signed a service contract with NTC. Under this contract, NTC provides transaction support in the
following areas: human resources, finance, engineering and construction, raw material, inventory, etc. The service fee is
charged based on the actual type of service rendered. The contract took effect on July 15, 2003, and will continue to be
in effect until terminated mutually by both parties.
On October 11, 2008, the Company signed a “Technology Transfer Agreement for 68-50 nm Process Nodes”
with
Micron. Under this agreement, the Company is required to pay Micron technology transfer fee of US$50,000 thousand
for the transfer of “Stack”
technology. As of December 31, 2010, this fee was fully paid and recognized as an intangible
asset - technical know-how.
On June 18, 2009, the Company signed a “Tool Repurpose Agreement for 68-50nm Process Nodes”
with NTC. This
agreement took effect on June 18, 2009, and will continue to be in effect until terminated mutually by both parties.
Under this agreement, the Company is required to pay NTC a tool repurpose fee of $191,418. This fee was fully paid as
of December 31, 2010.
For the years ended December 31, 2008, 2009 and 2010, the compensation of board of directors, supervisors, president
and vice presidents, key management, were as follows:
Refer to note 14 for information on the Company’s assets pledged to secure loans.
(Continued)
(c)
Compensation of board of directors, supervisors and management personnel:
For years ended December31,
2008
2009
2010
Salaries
$
23,661
27,712
24,121
Special compensation
1,150
-
-
$
24,811
27,712
24,121
(21)
Pledged Properties