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Note 17. Commitments and contingencies

At December 31, 2015 operating leases having initial or remaining non-cancelable terms in excess of one year are as follows:

Years thereafter1,308

Operating lease obligations include leases of equipment and facilities. Lease payments recognized as an expense were €6,886 for the year ended December 31, 2015 (2014: €5,964). Per December 31, 2015 the Company had entered into purchase commitments with suppliers in the amount of €53,985 for purchases within the next 12 months. Commitments for capital expenditures and other commitments per December 31, 2015 were €1,068.

Change of Control Transaction

Pursuant to our 1997 settlement agreement with Applied Materials, as amended and restated in 1998, if we desire to effect a change of control transaction, as defined in the settlement agreement which generally involves our operations and not our investment in ASMPT, with a competitor of Applied Materials, we must first offer the change of control transaction to Applied Materials on the same terms as we would be willing to accept from that competitor pursuant to a bona fide arm’s-length offer made by that competitor.