Exhibit
10.1


 


SUMMIT
SEMICONDUCTOR INC


 


2018 LONG-TERM STOCK
INCENTIVE PLAN


 


1.
Purpose



 


The
Summit Semiconductor, Inc. 2018 Long-Term Stock Incentive Plan is intended to promote the best interests of Summit Semiconductor,
Inc. and its stockholders by (i) assisting the Corporation and its Affiliates in the recruitment and retention of persons with
ability and initiative, (ii) providing an incentive to such persons to contribute to the growth and success of the Corporation’s
businesses by affording such persons equity participation in the Corporation and (iii) associating the interests of such persons
with those of the Corporation and its Affiliates and stockholders.


 


2.
Definitions


 


As
used in this Plan the following definitions shall apply:


 


A.
“Affiliate”
means (i) any Subsidiary, (ii) any Parent, (iii) any corporation, or trade or business (including, without limitation, a partnership,
limited liability company or other entity) which is directly or indirectly controlled fifty percent (50%) or more (whether by ownership
of stock, assets or an equivalent ownership interest or voting interest) by the Corporation or one of its Affiliates, and (iv)
any other entity in which the Corporation or any of its Affiliates has a material equity interest and which is designated as an
“Affiliate” by resolution of the Committee.


 


B.
“Award” means any Option or Stock Award granted hereunder.


 


C.
“Board” means the Board
of Directors of the Corporation.


 


D.
“Cause” means: (i) conduct involving a felony criminal offense under U. S. federal or state law or an equivalent violation
of the laws of any other country; (ii) dishonesty, fraud, self dealing or material violations of civil law in the course of fulfilling
the Participant’s employment or other assigned duties on behalf of the Corporation; (iii) breach of any confidentiality,
employment, or other written agreement with the Corporation; or (iv) willful misconduct injurious to the Corporation or any of
its Subsidiaries or Affiliates as shall be determined by the Committee.


 


E.
“Code” means the Internal
Revenue Code of 1986, and any amendments thereto.


 


F.
“Committee”
means the Board or any Committee of the Board to which the Board has delegated any responsibility for the implementation, interpretation
or administration of this Plan. As of the date of the Plan, the Board has initially delegated responsibility for the administration
of the Plan to the Corporation’s Compensation Committee.


 


G.
“Common Stock” means
the common stock, $0.0001 par value, of the Corporation.


 


H.
“Consultant” means
(i) any person performing consulting or advisory services for the Corporation or any Affiliate, or (ii) a director of an Affiliate.


 


I.
“Corporation” means
Summit Semiconductor, Inc., a Delaware corporation.


 


J.
“Corporation
Law” means the Delaware General Corporation Law.


 






    	 	 	 



     


    

 


K.
“Deferral
Period” means the period of time during which Deferred Shares are subject to deferral limitations under Section
7.D of this Plan.


 


L.
“Deferred Shares” means
an award pursuant to Section 7.D of this Plan of the right to receive shares of Common Stock at the end of a specified Deferral
Period.


 


M.
“Director” means a
member of the Board.


 


N.
“Eligible
Person” means an employee of the Corporation or an Affiliate (including a corporation that becomes an Affiliate
after the adoption of this Plan), a Director or a Consultant to the Corporation or an Affiliate (including a corporation that becomes
an Affiliate after the adoption of this Plan).


 


O.
“Exchange Act” means
the Securities Exchange Act of 1934, as amended.


 


P.
“Fair Market Value”
means, on any given date, the current fair market value of the shares of Common Stock as determined as follows:


 


(i)
If the Common Stock is traded on a national securities exchange, the closing price for the day of determination as quoted on such
market or exchange, including the NASDAQ Global Market or NASDAQ Capital Market, or the OTC Bulletin Board, whichever is the primary
market or exchange for trading of the Common Stock or if no trading occurs on such date, the last day on which trading occurred,
or such other appropriate date as determined by the Committee in its discretion, as reported in The
Wall Street Journal or such other source as the Committee deems reliable;


 


(ii)
If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, its Fair Market
Value shall be the mean between the high and the low asked prices for the Common Stock for the day of determination; or


 


(iii)
In the absence of an established market for the Common Stock, Fair Market Value shall be determined by the Committee in good faith.


 


Q.
“Incentive
Stock Option” means an Option (or portion thereof) intended to qualify for special tax treatment under Section
422 of the Code.


 


R.
“Nonqualified
Stock Option” means an Option (or portion thereof) which is not intended or does not for any reason qualify as
an Incentive Stock Option.


 


S.
“Option” means any
option to purchase shares of Common Stock granted under this Plan.


 


T.
“Parent” means any
corporation (other than the Corporation) in an unbroken chain of corporations ending with the Corporation if each of the corporations
(other than the Corporation) owns stock possessing at least fifty percent (50%) of the total combined voting power of all classes
of stock in one of the other corporations in such chain.


 


U.
“Participant” means
an Eligible Person who (i) is selected by the Committee or an authorized officer of the Corporation to receive an Award and (ii)
is party to an agreement setting forth the terms of the Award, as appropriate.


 


V.
“Performance Agreement”
means an agreement described in Section 8 of this Plan.


 






    	 	 	 



     


    

 


W.
“Performance Objectives”
means the performance objectives established pursuant to this Plan for Participants who have received grants of Performance Shares
or, when so determined by the Committee, Stock Awards. Performance Objectives may be described in terms of Corporation-wide objectives
or objectives that are related to the performance of the individual Participant or the Affiliate, subsidiary, division, department
or function within the Corporation or Affiliate in which the Participant is employed or has responsibility. Any Performance Objectives
applicable to Awards to the extent that such an Award is intended to qualify as “performance-based compensation” under
Section 162(m) of the Code shall be limited to specified levels of or increases in the Corporation’s or a business unit’s
return on equity, earnings per share, total earnings, earnings growth, return on capital, return on assets, economic value added,
earnings before interest and taxes, earnings before interest, taxes, depreciation and amortization, sales growth, gross margin
return on investment, increase in the Fair Market Value of the shares, share price (including but not limited to growth measures
and total stockholder return), net operating profit, cash flow (including, but not limited to, operating cash flow and free cash
flow), cash flow return on investments (which equals net cash flow divided by total capital), internal rate of return, increase
in net present value or expense targets. The Awards intended to qualify as “Performance Based Compensation” under Section
162(m) of the Code shall be pre-established in accordance with applicable regulations under Section 162(m) of the Code and the
determination of attainment of such goals shall be made by the Committee. If the Committee determines that a change in the business,
operations, corporate structure or capital structure of the Corporation (including an event described in Section 9), or the manner
in which it conducts is business, or other events or circumstances render the Performance Objectives unsuitable, the Committee
may modify such Performance Objectives or the related minimum acceptable level of achievement, in whole or in part, as the Committee
deems appropriate and equitable; provided, however, that no such modification shall be made to an Award intended to qualify as
performance-based compensation under Section 162(m) of the Code unless the Committee determines that such modification will not
result in loss of such qualification or the Committee determines that loss of such qualification is in the best interests of the
Corporation.


 


X.
“Performance Period”
means a period of time established under Section 8 of this Plan within which the Performance Objectives relating to a Performance
Share or Stock Award are to be achieved.


 


Y.
“Performance
Share” means a bookkeeping entry that records the equivalent of one share of Common Stock awarded pursuant to
Section 8 of this Plan.


 


Z.
“Plan” means this Summit
Semiconductor, Inc. 2018 Long-term Stock Incentive Plan.


 


AA.
“Repricing”
means, other than in connection with an event described in Section 9 of this Plan, (i) lowering the exercise price of an Option
or Stock Appreciation Right after it has been granted or (ii) canceling an Option or Stock Appreciation Right at a time when the
exercise price exceeds the then Fair Market Value of the Common Stock in exchange for another Option or Stock Award.


 


BB.
“Restricted
Stock Award” means an award of Common Stock under Section 7.B.


 


CC.
“Securities
Act” means the Securities Act of 1933, as amended.


 


DD.
“Stock
Award” means a Stock Bonus Award, Restricted Stock Award, Stock Appreciation Right, Deferred Shares, or Performance
Shares.


 


EE.
“Stock Bonus Award”
means an award of Common Stock under Section 7.A.


 






    	 	 	 



     


    

 


FF.
“Stock Appreciation
Right” means an award of a right of the Participant under Section 7.C to receive a payment in cash or shares
of Common Stock (or a combination thereof) based on the increase in Fair Market Value of the shares of Common Stock covered
by the award between the date of grant of such award and the Fair Market Value of the Common Stock on the date of exercise of
such Stock Appreciation Right.


 


GG.
“Stock
Award Agreement” means an agreement (written or electronic) between the Corporation and a Participant setting
forth the specific terms and conditions of a Stock Award granted to the Participant under Section 7. Each Stock Award Agreement
shall be subject to the terms and conditions of this Plan and shall include such terms and conditions as the Committee shall authorize.


 


HH.
“Stock
Option Agreement” means an agreement (written or electronic) between the Corporation and a Participant setting
forth the specific terms and conditions of an Option granted to the Participant. Each Stock Option Agreement shall be subject to
the terms and conditions of this Plan and shall include such terms and conditions as the Committee shall authorize.


 


II.
“Subsidiary”
means any corporation (other than the Corporation) in an unbroken chain of corporations beginning with the Corporation if each
of the corporations (other than the last corporation in the unbroken chain) owns stock possessing at least fifty percent (50%)
of the total combined voting power of all classes of stock in one of the other corporations in such chain.


 


JJ.
“Ten Percent Owner”
means any Eligible Person owning at the time an Option is granted more than ten percent (10%) of the total combined voting power
of all classes of stock of the Corporation or of a Parent or Subsidiary. An individual shall, in accordance with Section 424(d)
of the Code, be considered to own any voting stock owned (directly or indirectly) by or for such Eligible Person’s brothers,
sisters, spouse, ancestors and lineal descendants and any voting stock owned (directly or indirectly) by or for a corporation,
partnership, estate or trust shall be considered as being owned proportionately by or for its stockholders, partners, or beneficiaries.


 


3.
Administration


 


A.
Delegation to Board Committee.
The Board shall be the sole Committee of this Plan unless the Board delegates all or any portion of its authority to administer
this Plan to a Committee. To the extent not prohibited by the charter or bylaws of the Corporation, the Board may delegate all
or a portion of its authority to administer this Plan to a Committee of the Board appointed by the Board and constituted in compliance
with the applicable Corporation Law. The Committee shall consist solely of two (2) or more Directors who are (i) Non-Employee Directors
(within the meaning of Rule 16b-3 under the Exchange Act) for purposes of exercising administrative authority with respect to Awards
granted to Eligible Persons who are subject to Section 16 of the Exchange Act; (ii) to the extent required by the rules of the
market on which the Corporation’s shares are traded or the exchange on which the Corporation’ shares are listed, “independent”
within the meaning of such rules; and (iii) at such times as an Award under this Plan by the Corporation is subject to Section
162(m) of the Code (to the extent relief from the limitation of Section 162(m) of the Code is sought with respect to Awards and
administration of the Awards by a committee of “outside directors” is required to receive such relief) “outside
directors” within the meaning of Section 162(m) of the Code.


 


B. Delegation
to Officers. The Committee may delegate to one or more officers of the Corporation the authority to grant and
administer Awards to Eligible Persons who are not Directors or executive officers of the Corporation; provided that the
Committee shall have fixed the total number of shares of Common Stock that may be subject to such Awards. No officer holding
such a delegation is authorized to grant Awards to himself or herself. In addition to the Committee, the officer or officers
to whom the Committee has delegated the authority to grant and administer Awards shall have all powers delegated to the
Committee with respect to such Awards. Such delegation shall be subject to the limitations of Section 157(c) (or any
successor provision) of the Corporation Law.


 






    	 	 	 



     


    

 


C.
Powers of the Committee. Subject
to the provisions of this Plan, and in the case of a Committee appointed by the Board, the specific duties delegated to such Committee,
the Committee (and the officers to whom the Committee has delegated such authority) shall have the authority:


 


(i)
To construe and interpret all provisions of this Plan and all Stock Option Agreements, Stock Award Agreements and Performance Agreements
under this Plan.


 


(ii)
To determine the Fair Market Value of Common Stock.


 


(iii)
To select the Eligible Persons to whom Awards are granted from time to time hereunder.


 


(iv)
To determine the number of shares of Common Stock covered by an Award; to determine whether an Option shall be an Incentive Stock
Option or Nonqualified Stock Option; and to determine such other terms and conditions, not inconsistent with the terms of this
Plan, of each such Award. Such terms and conditions include, but are not limited to, the exercise price of an Option, purchase
price of Common Stock subject to a Stock Award, the time or times when Options or Stock Awards may be exercised or Common Stock
issued thereunder, the right of the Corporation to repurchase Common Stock issued pursuant to the exercise of an Option or a Stock
Award and other restrictions or limitations (in addition to those contained in this Plan) on the forfeitability or transferability
of Options, Stock Awards or Common Stock issued upon exercise of an Option or pursuant to an Award. Such terms may include conditions
which shall be determined by the Committee and need not be uniform with respect to Participants.


 


(v)
To accelerate the time at which any Option or Stock Award may be exercised, or the time at which a Stock Award or Common Stock
issued under this Plan may become transferable or non-forfeitable.


 


(vi)
To determine whether and under what circumstances an Option may be settled in cash, shares of Common Stock or other property under
Section 6.H instead of Common Stock.


 


(vii)
To waive, amend, cancel, extend, renew, accept the surrender of, modify or accelerate the vesting of or lapse of restrictions on
all or any portion of an outstanding Award. Except as otherwise provided by this Plan, the Stock Option Agreement, Stock Award
Agreement or Performance Agreement or as required to comply with applicable law, regulation or rule, no amendment, cancellation
or modification shall, without a Participant’s consent, adversely affect any rights of the Participant; provided, however,
that (x) an amendment or modification that may cause an Incentive Stock Option to become a Nonqualified Stock Option shall not
be treated as adversely affecting the rights of the Participant and (y) any other amendment or modification of any Stock Option
Agreement, Stock Award Agreement or Performance Agreement that does not, in the opinion of the Committee, adversely affect any
rights of any Participant, shall not require such Participant’s consent. Notwithstanding the foregoing, the restrictions
on the Repricing of Options and Stock Appreciation Rights, as set forth in this Plan, may not be waived.


 


(viii)
To prescribe the form of Stock Option Agreements, and Stock Award Agreements and Performance Agreements; to adopt policies and
procedures for the exercise of Options or Stock Awards, including the satisfaction of withholding obligations; to adopt, amend,
and rescind policies and procedures pertaining to the administration of this Plan; and to make all other determinations necessary
or advisable for the administration of this Plan. The Award’s effectiveness will not be dependent on any signature unless
specifically so provided in the Award Agreement. Awards shall generally be subject to a three year vesting period and no more
than 60% of Awards to executives and directors may have a vesting period of less than three years; provided, however, that vesting
may accelerate in the event of change in control and certain other events as set forth in Section [__] herein, and in the events
of death, disability or retirement, as will be specified in the Award Agreement.


 






    	 	 	 



     


    

 


The
express grant in this Plan of any specific power to the Committee shall not be construed as limiting any power or authority of
the Committee; provided that the Committee or any committee of the Board may not exercise any right or power reserved to the Board.
Any decision made, or action taken, by the Committee or in connection with the administration of this Plan shall be final, conclusive
and binding on all persons having an interest in this Plan.


 


4.
Eligibility


 


A.
Eligibility for Awards. Awards,
other than Incentive Stock Options, may be granted to any Eligible Person selected by the Committee. Incentive Stock Options may
be granted only to employees of the Corporation or a Parent or Subsidiary.


 


B.
Eligibility of Consultants. A Consultant
shall be an Eligible Person only if the offer or sale of the Corporation’s securities would be eligible for registration
on Form S-8 Registration Statement because of the identity and nature of the service provided by such person, unless the Corporation
determines that an offer or sale of the Corporation’s securities to such person will satisfy another exemption from the registration
under the Securities Act and complies with the securities laws of all other jurisdictions applicable to such offer or sale.


 


C.
Substitution Awards. The Committee
may make Awards and may grant Options under this Plan by assumption, in substitution or replacement of performance shares, phantom
shares, stock awards, stock options, stock appreciation rights or similar awards granted by another entity (including an Affiliate)
in connection with a merger, consolidation, acquisition of property or stock or similar transaction. Notwithstanding any provision
of this Plan (other than the maximum number of shares of Common Stock that may be issued under this Plan), the terms of such assumed,
substituted, or replaced Awards shall be as the Committee, in its discretion, determines is appropriate.


 


5.
Common Stock Subject to Plan


 


A.
Share Reserve and Limitations on Grants.
Subject to adjustment as provided in Section 9, the maximum aggregate number of shares of Common Stock that may be (i) issued under
this Plan pursuant to the exercise of Options, (ii) issued pursuant to Stock Awards, (iii) covered by Stock Appreciation Rights
(without regard to whether payment on exercise of the Stock Appreciation Right is made in cash or shares of Common Stock) and (iv)
covered by Performance Shares shall be limited to 15% of the shares of Common Stock outstanding, which calculation shall be made
on the first trading day of a new fiscal year; provided that, in any year no more than 8% of the Common Stock of the company or
derivative securitization with Common Stock underlying 8% of the Common Stock may be issued in any fiscal year. The number shares
of Common Stock subject to the Plan shall be subject to adjustment as provided in Section 9. Subject to adjustment as provided
in Section 9, and notwithstanding any provision hereto to the contrary, shares subject to the Plan shall include shares forfeited
in a prior year as provided herein. For purposes of determining the number of shares of Common Stock available under this Plan,
shares of Common Stock withheld by the Corporation to satisfy applicable tax withholding obligations pursuant to Section 10 of
this Plan shall be deemed issued under this Plan. No single participant may receive more than 25% of the total shares awarded in
any single year.


 






    	 	 	 



     


    

 


B.
Reversion of Shares. If an Option
or Stock Award is terminated, expires or becomes unexercisable, in whole or in part, for any reason, the unissued or unpurchased
shares of Common Stock (or shares subject to an unexercised Stock Appreciation Right) which were subject thereto shall become available
for future grant under this Plan. Shares of Common Stock that have been actually issued under this Plan shall not be returned to
the share reserve for future grants under this Plan; except that shares of Common Stock issued pursuant to a Stock Award which
are forfeited to the Corporation or repurchased by the Corporation at the original purchase price of such shares, shall be returned
to the share reserve for future grant under this Plan.


 


C.
Source of Shares. Common Stock
issued under this Plan may be shares of authorized and unissued Common Stock or shares of previously issued Common Stock that have
been reacquired by the Corporation.


 


6.
Options


 


A.
Award. In accordance with the provisions
of Section 4, the Committee will designate each Eligible Person to whom an Option is to be granted and will specify the number
of shares of Common Stock covered by such Option. The Stock Option Agreement shall specify whether the Option is an Incentive Stock
Option or Nonqualified Stock Option, the vesting schedule applicable to such Option and any other terms of such Option. No Option
that is intended to be an Incentive Stock Option shall be invalid for failure to qualify as an Incentive Stock Option.


 


B.
Option Price. The exercise price
per share for Common Stock subject to an Option shall be determined by the Committee, but shall comply with the following:


 


(i)
The exercise price per share for Common Stock subject to an Option shall not be less than one hundred percent (100%) of the Fair
Market Value on the date of grant.


 


(ii)
The exercise price per share for Common Stock subject to an Incentive Stock Option granted to a Participant who is deemed to be
a Ten Percent Owner on the date such option is granted, shall not be less than one hundred ten percent (110%) of the Fair Market
Value on the date of grant.


 


C.
Maximum Option Period. The maximum
period during which an Option may be exercised shall be ten (10) years from the date such Option was granted. In the case of an
Incentive Stock Option that is granted to a Participant who is or is deemed to be a Ten Percent Owner on the date of grant, such
Option shall not be exercisable after the expiration of five (5) years from the date of grant.


 


D.
Maximum Value of Options which are Incentive
Stock Options. To the extent that the aggregate Fair Market Value of the Common Stock with respect to which Incentive
Stock Options granted to any person are exercisable for the first time during any calendar year (under all stock option plans of
the Corporation or any Parent or Subsidiary) exceeds $100,000 (or such other amount provided in Section 422 of the Code), the Options
are not Incentive Stock Options. For purposes of this section, the Fair Market Value of the Common Stock will be determined as
of the time the Incentive Stock Option with respect to the Common Stock is granted. This section will be applied by taking Incentive
Stock Options into account in the order in which they are granted.


 


E.
Nontransferability. Options granted
under this Plan which are intended to be Incentive Stock Options shall be nontransferable except by will or by the laws of descent
and distribution and during the lifetime of the Participant shall be exercisable by only the Participant to whom the Incentive
Stock Option is granted. Except to the extent transferability of a Nonqualified Stock Option is provided for in the Stock Option
Agreement or is approved by the Committee, during the lifetime of the Participant to whom the Nonqualified Stock Option is granted,
such Option may be exercised only by the Participant. If the Stock Option Agreement so provides or the Committee so approves, a
Nonqualified Stock Option may be transferred by a Participant through a gift or domestic relations order to the Participant’s
family members to the extent in compliance with applicable securities laws and regulations and provided that such transfer is not
a transfer for value (within the meaning of applicable securities laws and regulations). The holder of a Nonqualified Stock Option
transferred pursuant to this section shall be bound by the same terms and conditions that governed the Option during the period
that it was held by the Participant. No right or interest of a Participant in any Option shall be liable for, or subject to, any
lien, obligation, or liability of such Participant.


 






    	 	 	 



     


    

 


F.
Vesting. Options will vest as provided
in the Stock Option Agreement.


 


G.
Exercise. Subject to the provisions
of this Plan and the applicable Stock Option Agreement, an Option may be exercised to the extent vested in whole at any time or
in part from time to time at such times and in compliance with such requirements as the Committee shall determine. A partial exercise
of an Option shall not affect the right to exercise the Option from time to time in accordance with this Plan and the applicable
Stock Option Agreement with respect to the remaining shares subject to the Option. An Option may not be exercised with respect
to fractional shares of Common Stock.


 


H.
Payment. Unless otherwise provided
by the Stock Option Agreement, payment of the exercise price for an Option shall be made in cash or a cash equivalent acceptable
to the Committee or if the Common Stock is traded on an established securities market, by payment of the exercise price by a broker-dealer
or by the Option holder with cash advanced by the broker-dealer if the exercise notice is accompanied by the Option holder’s
written irrevocable instructions to deliver the Common Stock acquired upon exercise of the Option to the broker-dealer or by delivery
of the Common Stock to the broker-dealer with an irrevocable commitment by the broker-dealer to forward the exercise price to the
Corporation. With the consent of the Committee, payment of all or a part of the exercise price of an Option may also be made (i)
by surrender to the Corporation (or delivery to the Corporation of a properly executed form of attestation of ownership) of shares
of Common Stock that have been held for such period prior to the date of exercise as is necessary to avoid adverse accounting treatment
to the Corporation, or (ii) any other method acceptable to the Committee, including without limitation, the withholding of shares
receivable upon settlement of the option in payment of the exercise price. If Common Stock is used to pay all or part of the exercise
price, the sum of the cash or cash equivalent and the Fair Market Value (determined as of the date of exercise) of the shares surrendered
must not be less than the Option price of the shares for which the Option is being exercised.


 


I.
Stockholder Rights. No Participant
shall have any rights as a stockholder with respect to shares subject to an Option until the date of exercise of such Option and
the certificate for shares of Common Stock to be received on exercise of such Option has been issued by the Corporation.


 


J.
Disposition and Stock Certificate Legends
for Incentive Stock Option Shares. A Participant shall notify the Corporation of any sale or other disposition of Common
Stock acquired pursuant to an Incentive Stock Option if such sale or disposition occurs (i) within two years of the grant of an
Option or (ii) within one year of the issuance of the Common Stock to the Participant. Such notice shall be in writing and directed
to the Chief Financial Officer of the Corporation or is his/her absence, the Chief Executive Officer. The Corporation may require
that certificates evidencing shares of Common Stock purchased upon the exercise of Incentive Stock Option issued under this Plan
be endorsed with a legend in substantially the following form:


 


THE
SHARES EVIDENCED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO __, 20__, IN THE ABSENCE OF A WRITTEN STATEMENT FROM
THE CORPORATION TO THE EFFECT THAT THE CORPORATION IS AWARE OF THE FACTS OF SUCH SALE OR TRANSFER.


 






    	 	 	 



     


    

 


The
blank contained in this legend shall be filled in with the date that is the later of (i) one year and one day after the date of
the exercise of such Incentive Stock Option or (ii) two years and one day after the grant of such Incentive Stock Option.


 


K.
No Repricing. In no event shall
the Committee permit a Repricing of any Option without the approval of the stockholders of the Corporation.


 


7.
Stock Awards


 


A.
Stock Bonus Awards. Each Stock
Award Agreement for a Stock Bonus Award shall be in such form and shall contain such terms and conditions (including provisions
relating to consideration, vesting, reacquisition of shares following termination, and transferability of shares) as the Committee
shall deem appropriate. The terms and conditions of Stock Award Agreements for Stock Bonus Awards may change from time to time,
and the terms and conditions of separate Stock Bonus Awards need not be identical.


 


B.
Restricted Stock Awards. Each Stock
Award Agreement for a Restricted Stock Award shall be in such form and shall contain such terms and conditions (including provisions
relating to purchase price, consideration, vesting, reacquisition of shares following termination, and transferability of shares)
as the Committee shall deem appropriate. The terms and conditions of the Stock Award Agreements for Restricted Stock Awards may
change from time to time, and the terms and conditions of separate Restricted Stock Awards need not be identical. Vesting of any
grant of Restricted Stock Awards may be further conditioned upon the attainment of Performance Objectives established by the Committee
in accordance with the applicable provisions of Section 8 of this Plan regarding Performance Shares.


 


C.
Stock Appreciation Rights. Each
Stock Award Agreement for Stock Appreciation Rights shall be in such form and shall contain such terms and conditions (including
provisions relating to vesting, reacquisition of shares following termination, and transferability of shares) as the Committee
shall deem appropriate. The terms and conditions of Stock Appreciation Rights may change from time to time, and the terms and conditions
of separate Stock Appreciation Rights need not be identical. No Stock Appreciation Right shall be exercisable after the expiration
of seven (7) years from the date such Stock Appreciation Right is granted. The base price per share for each share of Common Stock
covered by an Award of Stock Appreciation Rights shall not be less than one hundred percent (100%) of the Fair Market Value of
a share of Common Stock on the date of grant. In no event shall the Committee permit a Repricing of any Stock Appreciation Right
without the approval of the stockholders of the Corporation.


 


D.
Deferred Shares. The Committee
may authorize grants of Deferred Shares to Participants upon such terms and conditions as the Committee may determine in accordance
with the following provisions:


 


(i)
Each grant shall constitute the agreement by the Corporation to issue or transfer shares of Common Stock to the Participant in
the future in consideration of the performance of services, subject to the fulfillment during the Deferral Period of such conditions
as the Committee may specify.


 


(ii)
Each grant may be made without additional consideration from the Participant or in consideration of a payment by the Participant
that is less than the Fair Market Value on the date of grant.


 


(iii)
Each grant shall provide that the Deferred Shares covered thereby shall be subject to a Deferral Period, which shall be fixed by
the Committee on the date of grant, and any grant or sale may provide for the earlier termination of such period in the event of
a change in control of the Corporation or other similar transaction or event.


 






    	 	 	 



     


    

 


(iv)
During the Deferral Period, the Participant shall not have any right to transfer any rights under the subject Award, shall not
have any rights of ownership in the Deferred Shares and shall not have any right to vote such shares, but the Committee may on
or after the date of grant, authorize the payment of dividend or other distribution equivalents on such shares in cash or additional
shares on a current, deferred or contingent basis.


 


(v)
Any grant of the vesting thereof may be further conditioned upon the attainment of Performance Objectives established by the Committee
in accordance with the applicable provisions of Section 8 of this Plan regarding Performance Shares.


 


(vi)
Each grant shall be evidenced by an agreement delivered to and accepted by the Participant and containing such terms and provisions
as the Committee may determine consistent with this Plan.


 


8.
Performance Shares


 


A.
The Committee may authorize grants of Performance Shares, which shall become payable to the Participant upon the achievement of
specified Performance Objectives, upon such terms and conditions as the Committee may determine in accordance with the following
provisions:


 


(i)
Each grant shall specify the number of Performance Shares to which it pertains, which may be subject to adjustment to reflect changes
in compensation or other factors.


 


(ii)
The Performance Period with respect to each Performance Share shall commence on the date established by the Committee and may be
subject to earlier termination in the event of a change in control of the Corporation or similar transaction or event.


 


(iii)
Each grant shall specify the Performance Objectives that are to be achieved by the Participant.


 


(iv)
Each grant may specify in respect of the specified Performance Objectives a minimum acceptable level of achievement below which
no payment will be made and may set forth a formula for determining the amount of any payment to be made if performance is at or
above such minimum acceptable level but falls short of the maximum achievement of the specified Performance Objectives.


 


(v)
Each grant shall specify the time and manner of payment of Performance Shares that shall have been earned, and any grant may specify
that any such amount may be paid by the Corporation in cash, shares of Common Stock or any combination thereof and may either grant
to the Participant or reserve to the Committee the right to elect among those alternatives.


 


(vi)
Any grant of Performance Shares may specify that the amount payable with respect thereto may not exceed a maximum specified by
the Committee on the date of grant.


 


(vii)
Any grant of Performance Shares may provide for the payment to the Participant of dividend or other distribution equivalents thereon
in cash or additional shares of Common Stock on a current, deferred or contingent basis.


 


(viii)
If provided in the terms of the grant and subject to the requirements of Section 162(m) of the Code (in the case of Awards intended
to qualify for exception therefrom), the Committee may adjust Performance Objectives and the related minimum acceptable level of
achievement if, in the sole judgment of the Committee, events or transactions have occurred after the date of grant that are unrelated
to the performance of the Participant and result in distortion of the Performance Objectives or the related minimum acceptable
level of achievement.


 






    	 	 	 



     


    

 


(ix)
Each grant shall be evidenced by an agreement that shall be delivered to and accepted by the Participant, which shall state that
the Performance Shares are subject to all of the terms and conditions of this Plan and such other terms and provisions as the Committee
may determine consistent with this Plan.


 


9.
Changes in Capital Structure


 


A.
No Limitations of Rights. The existence
of outstanding Awards shall not affect in any way the right or power of the Corporation or its stockholders to make or authorize
any or all adjustments, recapitalizations, reorganizations or other changes in the Corporation’s capital structure or its
business, or any merger or consolidation of the Corporation, or any issuance of bonds, debentures, preferred or prior preference
stock ahead of or affecting the Common Stock or the rights thereof, or the dissolution or liquidation of the Corporation, or any
sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character
or otherwise.


 


B.
Changes in Capitalization. If the
Corporation shall effect a subdivision or consolidation of shares or other capital readjustment, the payment of a stock dividend,
or other increase or reduction of the number of shares of the Common Stock outstanding, without receiving consideration therefore
in money, services or property, then (i) the number, class, and per share price of shares of Common Stock subject to outstanding
Options and other Awards hereunder and (ii) the number and class of shares then reserved for issuance under this Plan and the maximum
number of shares for which Awards may be granted to a Participant during a specified time period shall be appropriately and proportionately
adjusted. The conversion of convertible securities of the Corporation shall not be treated as effected “without receiving
consideration.” The Committee shall make such adjustments, and its determinations shall be final, binding and conclusive.


 


C.
Merger, Consolidation or Asset Sale.
If the Corporation is merged or consolidated with another entity or sells or otherwise disposes of substantially all of its assets
to another company while Options or Stock Awards remain outstanding under this Plan, unless provisions are made in connection with
such transaction for the continuance of this Plan and/or the assumption or substitution of such Options or Stock Awards with new
options or stock awards covering the stock of the successor company, or parent or subsidiary thereof, with appropriate adjustments
as to the number and kind of shares and prices, then all outstanding Options and Stock Awards which have not been continued, assumed
or for which a substituted award has not been granted shall, whether or not vested or then exercisable, unless otherwise specified
in the Stock Option Agreement or Stock Award Agreement, terminate immediately as of the effective date of any such merger, consolidation
or sale.


 


D.
Limitation on Adjustment. Except
as previously expressly provided, neither the issuance by the Corporation of shares of stock of any class, or securities convertible
into shares of stock of any class, for cash or property, or for labor or services either upon direct sale or upon the exercise
of rights or warrants to subscribe therefor, or upon conversion of shares or obligations of the Corporation convertible into such
shares or other securities, nor the increase or decrease of the number of authorized shares of stock, nor the addition or deletion
of classes of stock, shall affect, and no adjustment by reason thereof shall be made with respect to, the number, class or price
of shares of Common Stock then subject to outstanding Options or Stock Awards.


 






    	 	 	 



     


    

 


10.
Withholding of Taxes


 


The
Corporation or an Affiliate shall have the right, before any certificate for any Common Stock is delivered, to deduct or withhold
from any payment owed to a Participant any amount that is necessary in order to satisfy any withholding requirement that the Corporation
or Affiliate in good faith believes is imposed upon it in connection with U.S. federal, state, or local taxes, including transfer
taxes, as a result of the issuance of, or lapse of restrictions on, such Common Stock, or otherwise require such Participant to
make provision for payment of any such withholding amount. Subject to such conditions as may be established by the Committee, the
Committee may permit a Participant to (i) have Common Stock otherwise issuable under an Option or Stock Award withheld to the extent
necessary to comply with minimum statutory withholding rate requirements, (ii) tender back to the Corporation shares of Common
Stock received pursuant to an Option or Stock Award to the extent necessary to comply with minimum statutory withholding rate requirements
for supplemental income, (iii) deliver to the Corporation previously acquired Common Stock, (iv) have funds withheld from payments
of wages, salary or other cash compensation due the Participant, (v) pay the Corporation or its Affiliate in cash, in order to
satisfy part or all of the obligations for any taxes required to be withheld or otherwise deducted and paid by the Corporation
or its Affiliate with respect to the Option or Stock Award; or (vi) establish a 10b5-1 trading plan for withheld stock designed
to facilitate the sale of stock in connection with the vesting of such shares, the proceeds of which shall be utilized to make
all applicable withholding payments in a manner to be coordinated by the Corporation’s Chief Financial Officer.


 


11.
Compliance with Law and Approval of Regulatory Bodies


 


A.
General Requirements. No Option
or Stock Award shall be exercisable, no Common Stock shall be issued, no certificates for shares of Common Stock shall be delivered,
and no payment shall be made under this Plan except in compliance with all applicable federal and state laws and regulations (including,
without limitation, withholding tax requirements), any listing agreement to which the Corporation is a party, and the rules of
all domestic stock exchanges or quotation systems on which the Corporation’s shares may be listed. The Corporation shall
have the right to rely on an opinion of its counsel as to such compliance. Any share certificate issued to evidence Common Stock
when a Stock Award is granted or for which an Option or Stock Award is exercised may bear such legends and statements as the Committee
may deem advisable to assure compliance with federal and state laws and regulations. No Option or Stock Award shall be exercisable,
no Stock Award shall be granted, no Common Stock shall be issued, no certificate for shares shall be delivered, and no payment
shall be made under this Plan until the Corporation has obtained such consent or approval as the Committee may deem advisable from
regulatory bodies having jurisdiction over such matters.


 


B.
Participant Representations. The
Committee may require that a Participant, as a condition to receipt or exercise of a particular award, execute and deliver to the
Corporation a written statement, in form satisfactory to the Committee, in which the Participant represents and warrants that the
shares are being acquired for such person’s own account, for investment only and not with a view to the resale or distribution
thereof. The Participant shall, at the request of the Committee, be required to represent and warrant in writing that any subsequent
resale or distribution of shares of Common Stock by the Participant shall be made only pursuant to either (i) a registration statement
on an appropriate form under the Securities Act of 1933, which registration statement has become effective and is current with
regard to the shares being sold, or (ii) a specific exemption from the registration requirements of the Securities Act of 1933,
but in claiming such exemption the Participant shall, prior to any offer of sale or sale of such shares, obtain a prior favorable
written opinion of counsel, in form and substance satisfactory to counsel for the Corporation, as to the application of such exemption
thereto.


 


12.
General Provisions


 


A.
Effect on Employment and Service.
Neither the adoption of this Plan, its operation, nor any documents describing or referring to this Plan (or any part thereof)
shall (i) confer upon any individual any right to continue in the employ or service of the Corporation or an Affiliate, (ii) in
any way affect any right and power of the Corporation or an Affiliate to change an individual’s duties or terminate the employment
or service of any individual at any time with or without assigning a reason therefor or (iii) except to the extent the Committee
grants an Option or Stock Award to such individual, confer on any individual the right to participate in the benefits of this Plan.


 






    	 	 	 



     


    

 


B.
Use of Proceeds. The proceeds received
by the Corporation from the sale of Common Stock pursuant to this Plan shall be used for general corporate purposes.


 


C.
Unfunded Plan. This Plan, insofar
as it provides for grants, shall be unfunded, and the Corporation shall not be required to segregate any assets that may at any
time be represented by grants under this Plan. Any liability of the Corporation to any person with respect to any grant under this
Plan shall be based solely upon any contractual obligations that may be created pursuant to this Plan. No such obligation of the
Corporation shall be deemed to be secured by any pledge of, or other encumbrance on, any property of the Corporation.


 


D.
Rules of Construction. Headings
are given to the Sections of this Plan solely as a convenience to facilitate reference. The reference to any statute, regulation,
or other provision of law shall be construed to refer to any amendment to or successor of such provision of law.


 


E.
Choice of Law. This Plan and all
Stock Option Agreements and Stock Award Agreements entered into under this Plan shall be interpreted under the Corporation Law
excluding (to the greatest extent permissible by law) any rule of law that would cause the application of the laws of any jurisdiction
other than the Corporation Law.


 


F.
Fractional Shares. The Corporation
shall not be required to issue fractional shares pursuant to this Plan. The Committee may provide for elimination of fractional
shares or the settlement of such fraction shares in cash.


 


G.
Foreign Employees. In order to
facilitate the making of any grant or combination of grants under this Plan, the Committee may provide for such special terms for
Awards to Participants who are foreign nationals, or who are employed by the Corporation or any Affiliate outside of the United
States, as the Committee may consider necessary or appropriate to accommodate differences in local law, tax policy or custom. Moreover,
the Committee may approve such supplements to, or amendments, restatements or alternative versions of, this Plan as it may consider
necessary or appropriate for such purposes without thereby affecting the terms of this Plan, as then in effect, unless this Plan
could have been amended to eliminate such inconsistency without further approval by the stockholders of the Corporation.


 


13.
Amendment and Termination


 


The
Board may amend or terminate this Plan from time to time; provided, however, stockholder approval shall be required for any amendment
that (i) increases the aggregate number of shares of Common Stock that may be issued under this Plan, except as contemplated by
Section 5.A or Section 9.B; (ii) changes the class of employees eligible to receive Incentive Stock Options; (iii) modifies the
restrictions on Repricings set forth in this Plan; or (iv) is required by the terms of any applicable law, regulation or rule,
including the rules of any market on which the Corporation shares are traded or exchange on which the Corporation shares are listed.
Except as specifically permitted by this Plan, Stock Option Agreement or Stock Award Agreement or as required to comply with applicable
law, regulation or rule, no amendment shall, without a Participant’s consent, adversely affect any rights of such Participant
under any Option or Stock Award outstanding at the time such amendment is made; provided, however, that an amendment that may cause
an Incentive Stock Option to become a Nonqualified Stock Option shall not be treated as adversely affecting the rights of the Participant.
Any amendment requiring stockholder approval shall be approved by the stockholders of the Corporation within twelve (12) months
of the date such amendment is adopted by the Board.


 






    	 	 	 



     


    

 


14.
Effective Date of Plan; Duration of Plan


 


A.
This Plan shall be effective upon adoption by the Board, subject to approval within twelve (12) months by the stockholders of the
Corporation. In the event that the stockholders of the Corporation shall not approve this Plan within such twelve (12) month period,
this Plan shall terminate. Unless and until the Plan has been approved by the stockholders of the Corporation, no Option or Stock
Award may be exercised, and no shares of Common Stock may be issued under the Plan. In the event that the stockholders of the Corporation
shall not approve the Plan within such twelve (12) month period, the Plan and any previously granted Options or Stock Awards shall
terminate.


 


B.
Unless previously terminated, this Plan will terminate ten (10) years after the earlier of (i) the date this Plan is adopted by
the Board, or (ii) the date this Plan is approved by the stockholders, except that Awards that are granted under this Plan prior
to its termination will continue to be administered under the terms of this Plan until the Awards terminate or are exercised.


 


IN
WITNESS WHEREOF, the Corporation has caused this Plan to be executed by a duly authorized officer as of the date of
adoption of this Plan by the Board of Directors.


 


SUMMIT
SEMICONDUCTOR, INC.



 





	By: