Intel receives $5.695B from CHIPS Act; issues 274.6M shares, warrant to DOC; removes milestone obligations

INTEL CORP

Intel receives $5.695B accelerated CHIPS Act disbursement; certifies $7.865B spent on eligible projects.
Issues 274.6M shares and warrant for up to 240.5M shares to DOC; 158.7M escrowed for future Secure Enclave disbursements.
DFA Amendment removes project milestone requirements, workforce policies (except law), and upside sharing provisions.
Remaining restrictions: no fund use for dividends/repurchases; limits on foreign expansion/joint research with entities of concern.
Indemnification cap set at $2B; breach of certain obligations could require repayment of awards.

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