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LPL » Topics » Article 21. Undertakings: Non-Competition and Operation of the JVC

This excerpt taken from the LPL 20-F filed Apr 11, 2005.

Article 21. Undertakings: Non-Competition and Operation of the JVC

 

21.1 Subject to NEG’s commercially reasonable best effort to support the JVC under this Agreement and the JVC’s meeting the reasonable demand requirement of LCD Glass of LPL provided that the demand requirement of LCD Glass of LPL will be determined

through good faith discussions between LPL and NEG, LPL or any Affiliate of LPL shall not invest in, hold any shares of or engage in any business of the manufacture or “after-processing” of material glass sheets of LCD Glass in Korea during the term of this Agreement. In addition to LPL’s non-competition obligation aforesaid, if LPL acknowledges that any LG Related Company will have any intention or plan to invest in, hold any shares of or engage in any business of the manufacture or “after-processing” of material glass sheets of LCD Glass in Korea or any company investing in, holding any shares of or engaging in such business becomes a LG Related Company during the term of this Agreement, LPL shall inform NEG of such LG Related Company’s activities and shall have prior consultation with NEG.

 

21.2 It is agreed that the JVC shall export the Products manufactured or after-processed by the JVC only through NEG; provided that, the export the Products to LPL’s oversea subsidiary more than fifty percent (50%) of the voting shares of which is directly or indirectly owned by LPL shall be made through LPL (or any third party designated by LPL) or NEG.

 

21.3 It is further agreed that the JVC shall purchase the material glass sheets for the Products only from NEG; provided that, NEG shall make its best effort to stably supply material glass sheets of LCD Glass to the JVC at a fair price in accordance with the Material Glass Supply Agreement.

 

21.4 NEG shall cause the JVC to supply the Products to LPL on a first priority basis, ahead of other customers of the JVC and LPL shall give the JVC a prior right to supply LCD Glass to LPL; provided, that, the conditions of quality, cost and delivery are at least favorable in terms and conditions with other vendors or suppliers of LPL.

 

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