##### 



EXHIBIT 10.24
CONFIDENTIAL TREATMENT REQUESTED
 ASSET PURCHASE AGREEMENT
 THIS ASSET PURCHASE AGREEMENT  Agreement  Buyer  Seller  Exhibit A
 RECITALS
 WHEREAS Business
 WHEREAS
 WHEREAS Exhibit B License Agreement
 WHEREAS Section 2.1 Deposit
 WHEREAS st Escrow Agent Escrow
Cash Escrow Fund
 WHEREAS Exhibit C Escrow Agreement
  
 1




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AGREEMENT
 ARTICLE 1. THE TRANSACTION
 1.1 Purchased Assets Purchased Assets
 Machinery and Equipment Machinery and Equipment Schedule
1.1(a)
 Crusoe Specific Design Deliverables. Schedule 1.1(b) Crusoe Specific
Design Deliverables
 Crusoe Ancillary Technology Schedule 1.1(c)  Crusoe Ancillary Technology
 Intellectual Property Seller Intellectual Property Schedule 1.1(d)
 Goodwill
 1.2 Excluded Assets Excluded Assets
 Cash
 Inventory
 Corporate Documents
 Insurance Policies
 Records
 
 2




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Rights Under Certain Agreements
 Residuals provided
 Customer Support Materials
 1.3 Excluded Liabilities Excluded Liabilities
     ARTICLE 2. PURCHASE AND SALE
 2.1 Terms of Purchase and Sale st
 
 3




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Schedule 2.1 Cash
Consideration
 2.2 Transfer Taxes; Prorations.
 provided
   2.3 Allocation of Purchase Price Section 2.3
 2.4 Deposit
  Sections 7.2(a) 7.2(b) 7.2(c) 7.2(d) 7.2(h) 7.2(i)
 
 4




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7.2(j)
 Sections 7.2(a) 7.2(b) 7.2(c) 7.2(d) 7.2(h) 7.2(i) 7.2(j) provided however
 ARTICLE 3. THE CLOSING
 3.1 Time and Place of Closing Closing Article 7 Closing Date
 3.2 Closing Deliveries by Seller.
 Intellectual Property Assignment
 Consents Schedule 3.2(b)
 Payoff and Release Letters
 Officers Certificate
  
 5




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Secretarys Certificate
   Certificate of Good Standing
 3.3 Closing Deliveries by Buyer
 Escrow Release Certificate
 Officers Certificate
   
 6




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##### 



3.4 Closing Deliveries by Buyer and Seller
 License Agreement
 Services Agreement
 General Assignment and Bill of Sale Exhibit
D General Assignment and Bill of Sale
 ARTICLE 4. REPRESENTATIONS AND WARRANTIES OF SELLER
 Seller
Disclosure Schedule
 4.1 Organization and Qualification
 4.2 Corporation Authorization
 4.3 Governmental Authorization.
 
 7




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4.4 Noncontravention
 4.5 Subsidiaries Schedule 4.5 Subsidiaries
 4.6 Absence of Changes
    4.7 Insurance
 
 8




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4.8 Title; Condition of Assets
 Schedule 4.8
  4.9 Intellectual Property
   Schedule 4.9(c)(i) Schedule 4.9(c)(ii)
   4.10 Brokers
 
 9




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4.11 Litigation .
 4.12 Third-Party Technology Schedule 4.12
 ARTICLE 5. REPRESENTATIONS AND WARRANTIES OF BUYER
 Buyer
Disclosure Schedules
 5.1 Organization and Good Standing
 5.2 Corporate Authorization
 5.3 Governmental Authorization.
 
 10




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5.4 Noncontravention Section 5.3
 5.5 Financial Capacity
 5.6 Brokers
 ARTICLE 6. ADDITIONAL AGREEMENTS
 6.1 Expenses Section
2.4
 6.2 Bulk Sales Law Waiver
 6.3 Regulatory Approvals
  
 11




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Schedule 6.3(c)
 CFIUS Amendment
 
 12




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6.4 Condition of Purchased Assets
 ARTICLE 7. CONDITIONS TO CLOSING
 7.1 Conditions Precedent to Obligations of Buyer
 Representations and Warranties
 Performance of Obligations
 No Material Adverse Effect
 Closing Deliveries Sections 3.2 3.4
 Legal Requirements
 Export Licenses and Approvals
 Exon-Florio Approval
 
 13




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Services Agreement Schedule 7.1(h) Services Agreement
 7.2 Conditions Precedent to Obligations of Seller
 Representations and Warranties
 Performance of Obligations
 No Material Adverse Effect
 Closing Deliveries Sections 3.3 3.4
 Legal Requirements
 Export Licenses and Approvals
 Exon-Florio Approval
 Cash Consideration
 
 14




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##### 



st
 Services Agreement
 Manufacturing Termination Section 7.2(j)
 ARTICLE 8. TERMINATION
 8.1 Termination by Mutual Consent
 8.2 Unilateral Termination
 Termination Date provided Section 8.2(a) Article 7
  Section 8.2(c)
 8.3 Treatment of Deposit upon Termination
 Section 8(a)
 Sections 7.2(a) 7.2(b) 7.2(c) 7.2(d) 7.2(h) 7.2(i) 7.2(j)
 
 15




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Sections 7.2(a) 7.2(b) 7.2(c) 7.2(d) 7.2(h) 7.2(i) 7.2(j) provided however
 Section 8.2(b) provided however
 Section 8.2(c) provided however
 8.4 No Liability for Termination Terminating
Party Article 8 provided Section 8.4 Article 10
 ARTICLE 9. LIMITS ON LIABILITY
 9.1 Sellers Total Liability Buyer Damages Seller Maximum Liability Amount provided Threshold provided further
 
 16




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9.2 Buyers Total Liability Seller Damages Buyer Maximum Liability Amount provided Threshold provided further
 ARTICLE 10. MISCELLANEOUS PROVISIONS
 10.1 Survival of Representations and Warranties
 10.2 Amendments and Waivers provided
 10.3 Notices
 
 17




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If to Buyer:Culture.Com Technology LimitedThe Penthouse, Culturecom Centre47 Hung To Road, Kwun Tong,Kowloon, Hong KongAttention: Frank W.T. Cheung, Chairman and Chief Executive OfficerTelephone No.: (852) 2950-8811Facsimile No.: (852) 2345-3882With a copy, which shall not constitute notice, given in the manner
prescribed above, to:Coblentz, Patch, Duffy & Bass LLPOne Ferry Building, Suite 200San Francisco, CA 94111Attention: Paul J. TauberTelephone No.: (415) 391-4800Facsimile No.: (415) 989-1663If to Seller:Transmeta Corporation3990 Freedom CircleSanta Clara, CA 95054Attention: General CounselTelephone No.: (408) 919-3000Facsimile No.: (408) 919-6400With a copy, which shall not constitute notice, given in the manner
prescribed above, to:Fenwick & West LLPSilicon Valley Center801 California StreetMountain View, CA 94041Attention: Mark A. LeahyTelephone No.: (650) 988-8500Facsimile No.: (650) 938-5200
  
 18




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10.4 Governing Law
 10.5 Exhibits and Schedules
 10.6 Assignments Prohibited; Successors and Assigns provided
 10.7 No Third-Party Beneficiaries
 10.8 Counterparts
 10.9 Entire Agreement
 10.10 Interpretation
 
 19




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10.11 Construction
 10.12 Expenses of the Parties
 10.13 Jurisdiction; Service of Process.
 10.14 Recovery of Fees by Prevailing Party
 10.15 Further Assurances
 
 20




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provided however
 10.16 Time of the Essence
 10.17 Publicity
 [Signatures Follow On a Separate Page]
 
 21




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CULTURE.COM TECHNOLOGY LIMITEDBy:
    
    /s/ Frank W. T. CheungName:
    
    Frank W. T. CheungTitle:
    
    Chairman and Chief Executive OfficerTRANSMETA CORPORATIONBy:
    
    /s/ Arthur L. SwiftName:
    
    Arthur L. SwiftTitle:
    
    President and CEO
 [Signature Page to Asset Purchase Agreement]




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EXHIBIT A  CERTAIN DEFINITIONS
 Agreement Exhibit A
 Business
 Business Day
 Buyer
 Buyer Disclosure Schedule Article 5
 Cash Consideration Section 2.1
 Closing Section 3.1
 Closing Date Section 3.1
 Code
 Consent
 Contract
 Copyrights
 Crusoe Product
 Encumbrance
 Entity
 
 A-1




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Excluded Assets Section 1.2
 Excluded Liabilities Section 1.3
 GAAP
 General Assignment and Bill of Sale Section 3.4(b)
 Governmental Approval
 Governmental Authority
 HSR Act
 Intellectual Property Rights
 IRS
 knowledge
 Legal Requirement
 
 A-2




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Liability
 License Agreement
 Machinery and Equipment Section 1.1(a)
 Mask Works
 Material Adverse Effect
 Order
 Patents
 Permitted Encumbrance
    
 A-3




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Schedule 4.8
  Person
 Post-Closing Period
 Pre-Closing Period
 Proceeding
 Purchase Price Section 2.1
 Purchased Assets Section 1.1
 Residuals provided provided
 Seller
 Seller Disclosure Schedule Article 4
 Seller Intellectual Property Section 1.1(d)
 
 A-4




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Seller Owned Intellectual Property Rights
 Seller Products
 Subsidiaries Section 4.5.
 Tax
 Tax Authority
 Tax Return
 Trade Secrets
 Trademarks
 Transaction
 
 A-5




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Transaction Documents
 Transfer Taxes
 
 A-6




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##### 



List of Schedules and Exhibits
 Exhibit A
    
    DefinitionsExhibit B
    
    License AgreementExhibit C
    
    Escrow AgreementExhibit D
    
    General Assignment and Bill of SaleSchedule 1.1(a)
    
    Machinery and EquipmentSchedule 1.1(b)
    
    Crusoe Specific Design DeliverablesSchedule 1.1(c)
    
    Crusoe Ancillary TechnologySchedule 1.1(d)
    
    Intellectual PropertySchedule 2.1
    
    Cash ConsiderationSchedule 3.2(b)
    
    ConsentsSchedule 6.3(c)
    
    Terms of Export Licenses and ApprovalsSchedule 7.1(h)
    
    Service Agreement TermsSeller Disclosure SchedulesBuyer Disclosure Schedules




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ASSET PURCHASE AGREEMENT
 BY AND BETWEEN
 CULTURE.COM TECHNOLOGY LIMITED
 AND
 TRANSMETA CORPORATION
 MAY 26, 2005




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##### 



Schedule 1.1(a)
(Machinery and Equipment)
 Crusoe Manufacturing Infrastructure:
 Part #
    
    Description
    
    NumberTM5500/TM5800 Package/substrate tooling (NTK)
    
    
    1TM5500/TM5800 Package/substrate tooling (Kyocera)
    
    
    1TM5500/TM5800 Package/substrate tooling (Ibiden)
    
    
    1TM5500/TM5800 Tray tooling (E-Pak)
    
    
    1TM5500/TM5800 Assembly fixtures  general (ASE)
    
    
    1TM5500/TM5800 Ball mount tooling  manual  (ASE)
    
    
    1TM5500/TM5800 Ball mount tooling  auto (ASE)
    
    
    1TM5500/TM5800 Bump masks (ASE)
    
    
    1TM5500/TM5800 Reliability boards (HAST, etc.) (ASE)
    
    
    1TM5700/TM5900  Package/substrate tooling (NTK)
    
    
    1TM5700/TM5900  Substrate e-probe tooling (NTK)
    
    
    1TM5700/TM5900  Package/substrate tooling (ASE)
    
    
    1TM5700/TM5900  Ball mount tooling  manual (ASE)
    
    
    1TM5700/TM5900  Ball mount tooling  auto (ASE)
    
    
    1TM5500/5800  System Screen Testers (hardware only)
    
    
    27TM5700/5900  System Screen Testers (hardware only)
    
    
    18FRED 2.1/4.0 Probe Card  ST (MLC)
    
    
    6FRED 2.1/4.0 Probe Head  ST (MLC)
    
    
    7ATC Upgrade Kit
    
    
    4FRED 2.1 (25x32.5) Test Loadboard
    
    
    5FRED 2.1 (25x32.5) LGA Socket
    
    
    5FRED 2.1 (25x32.5) BGA Socket
    
    
    5FRED 2.1 (25x32.5) ATC Change Kit
    
    
    3FRED 2.1 (25x32.5) Synax Change Kit
    
    
    1FRED 2.1 (25x32.5) MT9410 Change Kit
    
    
    1FRED 4.0 (21x21) Test Loadboard
    
    
    4FRED 4.0 (21x21) LGA Socket
    
    
    2FRED 4.0 (21x21) BGA Socket
    
    
    1FRED 4.0 (21x21) ATC Change Kit
    
    
    1FRED 4.0 (21x21) MT9410 Change Kit
    
    
    1




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##### 



Efficeon Manufacturing Infrastructure
 Part #
    
    Description
    
    NumberTM8600 System Screen Testers (Hardware Only)
    
    4ASTRO 1.x Probe Card  ST (MLO)
    
    2ASTRO 1.x Probe Head (MLO)
    
    4Astro 1.x (29x29) Test Loadboard
    
    1Astro 1.x (29x29) LGA Socket
    
    1Astro 1.x (29x29) BGA Socket
    
    1Astro 1.x (29x29) ATC Change Kit
    
    1Astro 1.x (29x29) Synax Change Kit
    
    1Astro 1.x (29x29) MT9410 Change Kit
    
    1TM8600 Burn In Boards
    
    4
 Crusoe Samples
 Part #
    
    Description
    
    NumberCrusoe 25X32.5nm package, 1GHz
    
    25Crusoe 21X21nm package, 1GHz
    
    25
 Efficeon Samples
 Part #
    
    Description
    
    NumberEfficeon 130nm 29X29 package, 1 GHz
    
    25
 Crusoe Reference and Debug Boards
 Part #
    
    Description
    
    NumberCrusoe Micro-ATX reference board
    
    30Crusoe Cooper Mini-ITX reference board
    
    47Crusoe TDM-1 debugging module (board only) includingcables
    
    37
 Efficeon Reference Boards
 Part #
    
    Description
    
    NumberEfficeon Riviera evaluation boards
    
    
    4




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##### 



Schedule 1.1(b)
(Crusoe Specific Design Deliverables)
 
    
    * * *-Controller
    
    Crusoe * * * Unit
    
    * * *
    
    * * * Subsystem
    
    * * * controller
    
    * * * controller
    
    * * * Unit implementing replay by * * *




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##### 



Schedule 1.1(c)
(Crusoe Ancillary Technology)
 Documents:
 
    
    Compatibility Reports relevant to the licensed Crusoe processor/CMS version
    
    Crusoe data sheets and data book
    
    Crusoe Application notes, where appropriate
    
    Crusoe System Design Guide
    
    Crusoe BIOS Programmers Guide
    
    The Crusoe VLIW processor instruction set architecture documentation or ISA is not a
Purchased Asset but licensed under the License Agreement.
 Reference Designs or Boards
 
    
    Crusoe 25x32.5 reference design: Micro-ATX reference board
 o


    
    Including, as applicable, schematics, layout, BOM, and manufacturing
instructionso


    
    Documentation
 
    
    Crusoe 21x21 reference design: Cooper Mini-ITX reference board
 o


    
    Including, as applicable, schematics, layout, BOM, and manufacturing
instructionso


    
    Documentation
 
    
    Crusoe Socket Design for 25x32.5 and 21x21 package
 o

    
    Socket Mechanical specificationso


    
    Elastomer technical informationo


    
    Socket design and vendor information
 Materials related to Systems Engineering
 
    
    Package Design information for large package (25x32.5) and small package (21x21) Crusoe
    
    Board designs (including, as applicable, schematics, layout, BOM, and manufacturing
instructions)
 o


    
    Mini-ITX Crusoe Reference designo

    
    TDM-1 debugging and configuration module
 Materials related to Manufacturing
 
    
    Test flow documentation for Crusoe
    
    Fuse repair code for Crusoe
    
    ECID decoding information for Crusoe
    
    Board designs (including, as applicable, schematics, layout, BOM, and manufacturing
instructions) or the third-party contact information for the vendor for the following:
 o

    
    Crusoe Load-boards




---



##### 



o

    
    Crusoe Probe-cards for both package sizeso

    
    Crusoe Burn-in Boards




---



##### 



Schedule 1.1(d)
(Seller Intellectual Property)
 
    
    Trade Secrets, Copyrights, and Mask Works in the Crusoe Specific Design Deliverables
    
    Trade Secrets, Copyrights, and Mask Works in the Crusoe Ancillary Technology
    
    Crusoe Trademark




---



##### 



Schedule 2.1
(Purchase Price)
 
    
    $5,000,000 (U.S.)




---



##### 



Schedule 3.2
(Consents)




---



##### 



Schedule 6.3(c)
(Export License and Approval Terms)
 
    
    Seller must furnish a copy of the export license to Buyer, and must obtain from Buyer in
writing: (i) its acknowledgement of receipt of that export license; and (ii) its
commitment to comply with the terms, conditions and limitations of that export license.
    
    Buyer must also certify in writing that it will not reexport any of the technology, or
any direct product thereof, to any other jurisdiction, except in accordance with the United
States Export Administration Regulations, and will not transfer any item subject to the
export license to any third party without the prior authorization of the Bureau of Industry
and Security.
    
    Buyer must also certify in writing that it will not release or disclose the technology
to any Chinese military entity, and will not sell any of the products manufactured or
produced with the technology to any such Chinese military entity.
    
    Buyer must agree to permit inspection of its facility and its use of the technology by
representatives of the United States Government.
    
    Buyer must submit periodic reports to the licensee (Transmeta), for submission to the
Bureau of Industry and Security regarding its use of the technology, and its sales of the
products manufactured or produced with the technology.
    
    Buyer will prepare an internal compliance program which is designed to assure compliance
with the Export Administration Regulations and the terms of the export license. Buyer will
submit a copy of that internal compliance program to Seller.
    
    Buyer will obtained signed statements from each of its employees that will have access
to the technology acknowledging receipt of the internal compliance program and agreeing to
comply strictly with the requirements of that internal compliance program.
    
    Buyer will not utilize any of the technology directly or indirectly in connection with
activities related to the proliferation of nuclear, chemical or biological weapons or
missiles.




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##### 



Schedule 7.1(h)
(Service Agreement Terms)
 
    
    Buyer will pay Seller a rate of $* * * (U.S.) * * * for each engineer provided by Seller
for the services.