Document:

Amendment to Loan and Security Agreement

 Exhibit 10.17 
 EIGHTH AMENDMENT TO 
 LOAN AND SECURITY AGREEMENT 

THIS EIGHTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”) is entered into this 23rd day of January 2012
(“Closing Date”), by and between SILICON VALLEY BANK (“Bank”) and IWATT INC., a California corporation (“Borrower”). 
 RECITALS 
 A. Bank and Borrower have entered into
that certain Loan and Security Agreement dated as of November 25, 2008 (as the same may from time to time be amended, modified, supplemented or restated, the “Loan Agreement”). 

B. Bank has extended credit to Borrower for the purposes permitted in the Loan Agreement. 

C. Borrower has requested that Bank amend the Loan Agreement to (i) extend the Revolving Line Maturity Date and
(ii) make certain other revisions to the Loan Agreement as more fully set forth herein. 
 D. Although Bank is under
no obligation to do so, Bank is willing to (i) extend the Revolving Line Maturity Date and (ii) make certain other revisions to the Loan Agreement, all on the terms and conditions set forth in this Amendment, so long as Borrower complies
with the terms, covenants and conditions set forth in this Amendment in a timely manner. 
 AGREEMENT

 NOW, THEREFORE, in consideration of the foregoing recitals and other
good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 
 1. Definitions. Capitalized terms used but not defined in this Amendment, including its preamble and recitals, shall have the meanings given to them in the Loan Agreement. 

2. Amendments to Loan Agreement. 
 2.1 Section 2.3 (Payment of Interest on the Credit Extensions). Section 2.3(a)(i) of the Loan Agreement is hereby amended by deleting it in its entirety and replacing it with the
following: 
 (i) Advances. Subject to Section 2.3(b), the principal amount outstanding under the
Revolving Line shall accrue interest at a floating per annum, rate equal to the WSJ Rate, plus one and one quarter of one percent (1.25%), which interest shall be payable monthly in accordance with Section 2.3(g) below. 

 2.2 Section 2.4 (Fees). Section 2.4 of the Loan Agreement is hereby
amended by adding Section 2.4(f) to the Loan Agreement immediately after Section 2.4(e) of the Loan Agreement as follows: 
 (f) 2012 Commitment Fee. A fully earned, non-refundable commitment fee of Sixty Thousand Dollars ($60,000) (the “2012 Commitment Fee”) of which, (i) Thirty Thousand Dollars
($30,000), shall be paid on the Supplemental Closing Date and (ii) Thirty Thousand Dollars ($30,000), shall be paid not later than the first anniversary of the Supplemental Closing Date; 

2.3 Section 6.2 (Financial Statements, Reports, Certificates). Section 6.2(a)(vii) of the Loan Agreement is
hereby amended by deleting it in its entirety and replacing it with the following: 
 (vii) as soon as available,
but no later than one hundred eighty (180) days after the last day of Borrower’s fiscal year, audited consolidated financial statements prepared under GAAP, consistently applied, together with an unqualified opinion on the financial
statements from an independent certified public accounting firm acceptable to Bank in its reasonable discretion. Notwithstanding the requirements of the foregoing to the contrary, Borrower shall deliver to Bank its consolidated financial statements
for fiscal year ended December 31, 2010 on or before December 31, 2012. 
 2.4 Section 6.9 (Financial
Covenants). Section 6.9(a) of the Loan Agreement is hereby amended by deleting it in its entirety and replacing it with the following: 
 (a) Minimum EBITDA. A minimum EBITDA for the trailing three (3) month period then ended of not less than the following amounts at the following times: 

 

					
	 Three (3) Month Period Ending
	  	Minimum EBITDA	 
		
	 December 31, 2011
	  	$	300,000	  
		
	 January 31, 2012
	  	$	700,000	  
		
	 February 29, 2012
	  	$	700,000	  
		
	 March 31, 2012
	  	$	700,000	  
		
	 April 30, 2012
	  	$	1,100,000	  
		
	 May 31, 2012
	  	$	1,100,000	  
		
	 June 30, 2012
	  	$	1,100,000	  
		
	 July 31, 2012 and at all times thereafter
	  	$	1,250,000	  

  
 2 

 2.5 Section 13 (Definitions). 

(a) The following terms and their respective definitions set forth in Section 13.1 of the Loan Agreement are hereby amended by deleting
each in its entirety and replacing each with the following: 
 “Borrowing Base” is seventy-five
percent (75%) of Eligible Accounts, as determined by Bank from Borrower’s most recent Transaction Report; provided, however, that Bank may decrease the foregoing percentage in its good faith business judgment based on events, conditions,
contingencies, or risks which, as determined by Bank, may adversely affect Collateral. 
 “Maximum Dollar
Amount” is Eleven Million Dollars ($11,000,000). 
 “Revolving Line Maturity Date” is
November 24, 2013. 
 (b) Clause (c) of the definition of Eligible Accounts set forth in Section 13.1 of the Loan
Agreement is hereby amended by deleting it in its entirety and replacing it with the following: 
 (c) Accounts
owing from an Account Debtor which does not have its principal place of business in the United States unless such Accounts are otherwise Eligible Accounts and (i) covered in full by credit insurance satisfactory to Bank, less any deductible,
(ii) supported by letter(s) of credit acceptable to Bank, (iii) that constitute Eligible Pre-Qualified Foreign Accounts, provided, further, that continuing eligibility and the determination of which Accounts are eligible hereunder is a
matter of Bank discretion in each instance and may be changed at any time with notice to Borrower, or (iv) that Bank otherwise approves of in writing; 
 (c) The following terms and their respective definitions are hereby added in alphabetical order to Section 13.1 of the Loan Agreement as follows: 

“2012 Commitment Fee” is defined in Section 2.4(f) of this Agreement. 

“EBITDA” shall mean (a) Net Income, plus (b) Interest Expense, plus (c) to the extent
deducted in the calculation of Net Income, depreciation expense and amortization expense, plus (d) income tax expense, plus (e) an amount equal to the amount of all non-cash expenses as agreed to by Borrower and Bank (including, but not
limited to, stock compensation paid by Borrower), minus (f) non-cash income of Borrower for any period as at any date of determination. 
 “Eligible Pre-Qualified Foreign Accounts” are Accounts for which the Account Debtor does not have its principal place of business in the United States and which (a) otherwise satisfy the
definition of Eligible Accounts and (b) are owing from Foxlink, ASEC International Corp, LG Innotek Co., Ltd., RF Tech Co., Ltd., Cytech, Frontek, or Haem Co Ltd. 

  
 3 

 “Interest Expense” means for any fiscal period, interest
expense (whether cash or non-cash) determined in accordance with GAAP for the relevant period ending on such date, including, in any event, interest expense with respect to any Credit Extension and other Indebtedness of Borrower and its
Subsidiaries, including, without limitation or duplication, all commissions, discounts, or related amortization and other fees and charges with respect to letters of credit and bankers’ acceptance financing and the net costs associated with
interest rate swap, cap, and similar arrangements, and the interest portion of any deferred payment obligation (including leases of all types). 
 “Net Income” means, as calculated on a consolidated basis for Borrower and its Subsidiaries for any period as at any date of determination, the net profit (or loss), after provision for
taxes, of Borrower and its Subsidiaries for such period taken as a single accounting period. 

“Supplemental Closing Date” is January 23, 2012. 

“WSJ Rate” is the “prime rate” of interest, as published from time to time by The Wall Street
Journal in the “Money Rates” section of its Western Edition newspaper. In the event The Wall Street Journal or such rate is no longer published or available, Bank shall select a comparable rate. 

3. Compliance Certificate. From and after the Closing Date, Exhibit B of the Loan Agreement is replaced in its
entirety with Exhibit B attached hereto and all references in the Loan Agreement to the Compliance Certificate shall be deemed to refer to Exhibit B attached hereto. 

4. Limitation of Amendments. 
 4.1 The amendments set forth in Sections 2 and 3 above, are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to
any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the future under or in connection with any Loan Document.

 4.2 This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions,
representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect. 

4.3 In addition to those Events of Default specifically enumerated in the Loan Documents, the failure to comply with the terms of
any covenant or agreement contained herein shall constitute an Event of Default and shall entitle the Bank to exercise all rights and remedies provided to the Bank under the terms of any of the other Loan Documents as a result of the occurrence of
the same. 

  
 4 

 5. Representations and Warranties. To induce Bank to enter into this Amendment,
Borrower hereby represents and warrants to Bank as follows: 
 5.1 Immediately after giving effect to this Amendment
(a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which
case they are true and correct in all material respects as of such date), and (b) no Event of Default, has occurred and is continuing; 
 5.2 Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 

5.3 The Borrower’s Articles of Incorporation (as amended on August 21, 2009) and Bylaws previously delivered to Bank are
true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 
 5.4 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized;

 5.5 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under
the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or
decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower; 
 5.6 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order,
consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on Borrower, except as already has been obtained or
made; and 
 5.7 This Amendment has been duly executed and delivered by Borrower and is the binding obligation of
Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable
principles relating to or affecting creditors’ rights. 
 6. Prior Agreement. The Loan Documents are hereby ratified
and reaffirmed and shall remain in full force and effect. This Amendment is not a novation and the terms and conditions of this Amendment shall be in addition to and supplemental to all terms and conditions set forth in the Loan Documents. In the
event of any conflict or inconsistency between this Amendment and the terms of such documents, the terms of this Amendment shall be controlling, but such document shall not otherwise be affected or the rights therein impaired. 

7. Counterparts. This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be
deemed to constitute one and the same instrument. 

  
 5 

 8. Effectiveness. This Amendment shall be deemed effective upon (a) the due
execution and delivery to Bank of this Amendment by each party hereto, (b) Borrower’s payment of the first installment of the 2012 Commitment Fee of Thirty Thousand Dollars ($30,000), and (c) payment of all Bank’s legal fees and
expenses in connection with the preparation and negotiation of this Amendment and the other Loan Documents. 
 [Signature Page
Follows.] 

  
 6 

 IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above. 
  

					
	BANK
	
	SILICON VALLEY BANK
		
	By:	 	 /s/ Carley Brandt

		 	Name:	 	Carley Brandt
		 	Title:	 	Relationship Manager
	
	BORROWER
	
	IWATT INC.
		
	By:	 	 /s/ Ronald Edgerton

		 	Name:	 	Ronald Edgerton
		 	Title:	 	President & CEO
		
		 	 /s/ James V. McCanna

		 	James V. McCanna
		 	Vice President & CFO

 EXHIBIT B 

COMPLIANCE CERTIFICATE 
  

							
	TO:	 	SILICON VALLEY BANK	 		  	Date:                     
	FROM:	 	 IWATT INC.
	 		  	

 The undersigned authorized officer of iWatt, Inc. (“Borrower”) certifies that under the terms and
conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”), (1) Borrower is in complete compliance for the period ending
                     with all required covenants except as noted below, (2) there are no Events of Default, (3) all representations
and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are
qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date,
(4) Borrower, and each of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower except as
otherwise permitted pursuant to the terms of Section 5.9 of the Agreement, and (5) no Liens have been levied or claims made against Borrower or any of its Subsidiaries relating to unpaid employee payroll or benefits of which Borrower has
not previously provided written notification to Bank. Attached are the required documents supporting the certification. The undersigned certifies that these are prepared in accordance with GAAP consistently applied from one period to the next except
as explained in an accompanying letter or footnotes. The undersigned acknowledges that no borrowings may be requested at any time or date of determination that Borrower is not in compliance with any of the terms of the Agreement, and that compliance
is determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement. 
 Please indicate compliance status by circling Yes/No under “Complies” column. 
  

					
	 Reporting Covenant
	  	 Required
	  	 Complies

			
	Monthly financial statements with Compliance Certificate	  	Monthly within 30 days	  	Yes    No
			
	Annual financial statement (CPA Audited) + CC (Waiver)	  	FYE within 180 days (FYE 2010 due not later than 12/31/12)	  	Yes    No
			
	10-Q, 10-K and 8-K (if applicable)	  	Within 5 days after filing with SEC	  	Yes    No
			
	Financial Projections	  	Annually within 30 days after start of Fiscal Year	  	Yes    No
			
	A/R & A/P Agings, Reconciliations, Deferred Revenue Report	  	Monthly within 30 days	  	Yes    No
			
	Transaction Report	  	Bi-Weekly and with each Advance, or Monthly within 30 days while on Streamline	  	Yes    No

 The following Intellectual Property was registered (or a registration application submitted) after the Effective Date (if
no registrations, state “None”) 
  
  

 
  

													
	 Financial Covenant
	  	 Required
	 	  	 Actual
	 	  	 Complies
	 
				
	 Maintain on a Monthly Basis:
	  				  				  			
	 Minimum EBITDA
	  				  				  			
	 December 31, 2011
	  	$	300,000	  	  				  			
	 January 31, 2012
	  	$	700,000	  	  	$	            	  	  	 	Yes    No	  
	 February 29, 2012
	  	$	700,000	  	  	$	            	  	  	 	Yes    No	  
	 March 31, 2012
	  	$	700,000	  	  	$	            	  	  	 	Yes    No	  
	 April 30, 2012
	  	$	1,100,000	  	  	$	            	  	  	 	Yes    No	  
	 May 31, 2012
	  	$	1,100,000	  	  	$	            	  	  	 	Yes    No	  
	 June 30, 2012
	  	$	1,100,000	  	  	$	            	  	  	 	Yes    No	  
	 July 31, 2012 and at all times thereafter
	  	$	1,250,000	  	  	$	            	  	  	 	Yes    No	  

 The following financial covenant analyses and information set forth in Schedule 1 attached hereto are
true and accurate as of the date of this Certificate. 
 The following are the exceptions with respect to the certification
above: (If no exceptions exist, state "No exceptions to note.”) 
  

 
  

 
  

 

 

			
	IWATT INC.
		
	By:	 	  

	Name:
	Title:

 

			
	BANK USE ONLY
		
	Received by:	 	  

		 	AUTHORIZED SIGNER  

			
		
	Date:	 	  

			
		
	Verified:	 	  

		 	AUTHORIZED SIGNER  

			
		
	Date:	 	  

					
		
	Compliance Status:	 	Yes    No    

 
 

 Schedule 1 to Compliance Certificate 

Financial Covenants of Borrower 
 In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern. 
 Dated:                      

 

	I.	Minimum EBITDA (Section 6.9(a)) 

  

			
	Required:	  	A minimum EBITDA for the trailing three (3) month period then ended of not less than the following amounts at the following times:

  

					
	 Three (3) Month Period Ending
	  	Minimum EBITDA	 
	 December 31, 2011
	  	$	300,000	  
	 January 31, 2012
	  	$	700,000	  
	 February 29, 2012
	  	$	700,000	  
	 March 31, 2012
	  	$	700,000	  
	 April 30, 2012
	  	$	1,100,000	  
	 May 31, 2012
	  	$	1,100,000	  
	 June 30, 2012
	  	$	1,100,000	  
	 July 31, 2012 and at all times thereafter
	  	$	1,250,000	  

  

			
	Actual:	  	$                    

  

					
	A.	  	 Net Income (or loss)
	  	$            
			
	B.	  	 Interest Expense
	  	$            
			
	C.	  	 To the extent deducted in the determination of Net Income, depreciation expense, plus amortization expense
	  	$            
			
	D.	  	 All non-cash expenses
	  	$            
			
	E.	  	 Income tax expense
	  	$            
			
	F.	  	 All non-cash income
	  	$            
			
	G.	  	 EBITDA (line A, plus line B, plus line C, plus line D, plus line E, minus line
F)
	  	$            

 Is line G equal to or greater than the required amount? 

 

					
	             No, not in compliance	 		  	             Yes, in complianceEmployment Offer Letter

 Exhibit 10.18 

 

					
	

	 	 telephone:
 fax:
 internet:
	  	 iWatt

101 Albright Way, Suite D
 Los Catos, CA
95032
 408.374.4200

408.341.0455
 www.iwatt.com

	 	  
	 	  
	 	  
	 	  
	 	  

 February 7, 2008 
 Ronald P. Edgerton 
 695 Altamont View 
 Asheville, NC 28804 
 Dear Ron, 
 We are pleased to offer you employment at iWatt. Your title will be President and Chief Executive Officer of iWatt, reporting to the Board of Directors. You will be working at iWatt’s offices in Los
Gatos. As discussed, your expected start date is March 10, 2008. 
 iWatt is an exciting place to work and we are pleased that you will be
part of the team. Our mission is to lead the revolution in power supply design with the industry’s first truly digital approach to power regulation and control. I am sure that iWatt will provide you with a rewarding and stimulating career.

 Your beginning base salary while employed by iWatt will be $300,000.00 per annum, to be paid semi-monthly in accordance with iWatt’s
regular payroll policy and subject to applicable withholding tax. Your job is exempt, which means you are not subject to the minimum wage and overtime provisions of the Federal Fair Labor Standards Act (FLSA). 

iWatt will pay you $40,000.00 for your moving expenses, to be paid on the first payroll after your hire date, minus taxes and applicable withholding. In
the event that you voluntarily leave the company within six months of your hire date, iWatt requires 100% payback of the bonus and moving payment. If you leave within six months to one year, iWatt requires 50% payback. If you leave between one and
two years of your hire date, the repayment is linearly decreased from 50% to zero. 
 iWatt will also reimburse you up to $15,000.00 for
justifiable and documentable air transportation expenses from your home in North Carolina to iWatt’s Los Gatos office and lodging expenses in the Los Gatos area. These monies cover the aforementioned expenses for a period not to exceed 8 weeks
or $15,000.00. 
 In addition to your cash compensation, in connection with the commencement of your employment, iWatt will recommend that the
Board of Directors grant to you a stock option under iWatt’s 2000 Stock Option Plan to purchase a number of shares equal to 5% of the outstanding shares of iWatt stock, calculated on a fully-diluted basis, determined after your grant and the
increase to the option pool that will be required to accommodate your grant. You option will vest over four years, with 25 percent of the total shares vesting one year after your employment start date, and then vesting at the rate of one
forty-eighth of the total shares each month thereafter until fully vested. The per share exercise price of the option will be equal to the fair market value of iWatt common stock on the grant date as determined by the iWatt Board. 

 For your information, the Board recently determined that the fair market value of the common stock was $0.15
per share. 
 To the extent that you are an employee of the company, if your continuous status as an employee is involuntarily terminated
without Cause during the 12-month period following a Change of Control (as defined below and as such terms are defined in the stock option agreement), then the vesting schedule set forth on the Notice of Stock Option Grant will accelerate
automatically such that 100% of the then remaining unvested shares under this Option will become immediately vested and exercisable. 
 If your
employment is involuntarily terminated without cause at any time, you will be entitled to receive severance equal to six (6) months’ base salary; however, no such severance shall be payable in the event that such termination is based upon
performance issues that have been identified in writing by the Board of Directors at least twelve (12) months prior to termination. In addition to this amount, if your employment is involuntarily terminated without cause during the six-month
period following a Change of Control of the Company, you will receive one (1) month’s salary for each full month period remaining at the time of termination prior to the end of such six-month period. 

As a condition to the Company’s obligation to provide the acceleration of vesting and severance benefits described above, you agree to execute and
deliver to the Company a general release of claims in form and substance satisfactory to the Company and its counsel. 
 “Cause” for
purposes of this Agreement shall mean termination of your employment following: (a) conviction of, or entry of a plea of guilty or nolo contendere in a court of competent jurisdiction with respect to, any crime which constitutes a felony in the
jurisdiction involved (other than a felony traffic offense); (b) misappropriation of funds or commission of an act of fraud, whether prior or subsequent to the date hereof, upon the Company; (c) a willful breach by you of a provision of
the Company’s policies, as set forth in the Company’s employee handbook, or other written document binding upon the Company’s employees generally; (d) material breach of your Confidentiality Agreement (as defined below); or
(e) conduct, which in the good faith and reasonable determination of the Company, demonstrates unacceptable job performance or gross unfitness to serve. Physical or mental disability shall not constitute “Cause” hereunder. 

“Change of Control” shall mean (a) a sale or disposition of all or substantially all of the assets of the Company; (b) any
consolidation or merger of the Company with or into any other corporation or other entity or person, or any other corporate reorganization in which the stockholders of the Company immediately prior to such consolidation, merger or reorganization,
own less than fifty percent (50%) of the Company’s voting power immediately after such consolidation, merger, or reorganization; or (c) any transaction or series of related transactions in which in excess of fifty percent
(50%) of the Company’s voting power is transferred; provided that the foregoing shall not include (i) any consolidation or merger with a wholly owned subsidiary of the Company; (ii) any consolidation or merger effected
exclusively to change the domicile of the Company or (iii) any transaction or series of transactions principally for bona fide financing purposes in which cash is received by the Company or indebtedness of the Company is cancelled or converted
or a combination thereof. 

  
 Page 2

 iWatt also offers you a package of benefits in addition to your cash and stock option compensation. The
current benefits are summarized below. 
 As of the first day of the month following your date of hire you will be eligible for iWatt’s
medical, dental, vision and life insurance. After 90 days of employment, you will be eligible for iWatt’s tuition reimbursement plan. You will begin to accrue other benefits such as paid vacation and will be eligible to enroll in iWatt’s
401 (k) tax-deferred retirement plan, as of your date of hire. Contact iWatt’s Human Resources Department for complete details. 

Your acceptance of this offer and commencement of employment with iWatt is contingent upon the execution and delivery of iWatt’s Confidential
Information and Invention Assignment Agreement, a copy of which is enclosed for your review and execution (the “Confidentiality Agreement”), prior to or on your start date. 
 This offer of employment is also contingent upon the successful verification of the information you provided to iWatt during your application process, as well as a general background check performed by
iWatt to confirm your suitability for employment. 
 You understand and agree that by accepting this offer of employment, you represent to iWatt
that your performance will not breach any other agreement to which you are a party and that you have not, and will not during the term of your employment with iWatt, enter into any oral or written agreement in conflict with any of the provisions of
this letter or iWatt’s policies. 
 As an employee, you will be expected to adhere to iWatt’s standards of professionalism, loyalty,
integrity, honesty, reliability and respect for all. iWatt is an equal opportunity employer. iWatt does not permit, and will not tolerate, the unlawful discrimination or harassment of any employees, consultants, or related third parties on the basis
of sex, race, color, religion, age, national origin or ancestry, marital status, veteran status, mental or physical disability or medical condition, sexual orientation, pregnancy, childbirth or related medical condition, or any other status
protected by applicable law. Any questions regarding this EEO statement should be directed to Human Resources. 
 Your employment with iWatt
will be on an “at will” basis, meaning that either you or iWatt may terminate your employment at any time for any reason or no reason, without further obligation or liability. iWatt also reserves the right to modify or amend the terms of
your employment at any time for any reason. This at-will employment policy is the entire agreement as to the duration of your employment and may only be modified in an express written agreement signed by an officer of iWatt. 

The employment terms in this letter supersede any other agreements or promises made to you by anyone, whether oral or written. This letter will be
governed by the laws of California, without regard to its conflict of laws provisions. 
 If this letter accurately reflects your understanding
of this employment relationship, please sign below to indicate your acceptance, and return it to me. I look forward to welcoming you on board the iWatt team and working with you to make iWatt the most successful achievement of your career!

  
 Page 3

 
	
	Sincerely,
	
	 Pat Splinter
 iWatt Board of
Directors

 Acceptance. I hereby accept iWatt’s offer of employment, and I agree to the terms and conditions of
employment set forth in this letter. 
  

					
	 /s/ Ronald Edgerton
	 		 	 3/10/08

	Ronald Edgerton	 		 	Start Date
			
	 3/8/08
	 		 	
	Date	 		 	

  
 Page 4

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