Document:

EX-10.20

 

 
 [*] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF
THE SECURITIES ACT OF 1933, AS AMENDED. 

EXHIBIT 10.20 

MANUFACTURING AGREEMENT 

THIS MANUFACTURING AGREEMENT (“Agreement”) is made on 23 October, 2014 (“Effective Date”) by and between: 

 

	(1)	EVERSPIN TECHNOLOGIES, INC., with its principal place of business at 1347 N. Alma School Road, Suite 220 Chandler, AZ, USA 85224 (“Customer” or “Everspin”); and 

 

	(2)	GLOBALFOUNDRIES SINGAPORE PTE. LTD. with its principal place of business at 60 Woodlands Industrial Park D, Street 2, Singapore 738406 (“GLOBALFOUNDRIES”) 

(individually a “Party” and collectively the “Parties”). 
  

	1.	DEFINITIONS 

  

	 	1.1.	“Acceptance Criteria” means the criteria specified in GLOBALFOUNDRIES’ prevailing Etest Corporate Specification (specification EX-009) and prevailing Outgoing Wafer Inspection Procedure
(specification QX-050) for a Product, except to the extent otherwise agreed in writing between GLOBALFOUNDRIES and Customer. 

  

	 	1.2.	“Affiliate” means any entity which now or hereinafter, directly or indirectly, Controls, is Controlled by, or is under common Control with a Party. An entity has “Control” if it possesses more
than fifty percent (50%) of the (i) outstanding shares or securities representing the right to vote for the entity’s managing authority or (ii) ownership interest representing the right to (a) make decisions for such entity
or (b) vote for, designate, or otherwise select members of the highest governing or decision making, managing or authority body of such entity. An entity is considered to be an Affiliate so long as such ownership or Control exists. In the case
of GLOBALFOUNDRIES, the term “Affiliate” shall include Silicon Manufacturing Partners Pte Ltd. 

  

	 	1.3.	“Business Day” means any day except Saturdays, Sundays and public holidays in the United States or Singapore. 

  

	 	1.4.	“Etest Corporate Specification” means GLOBALFOUNDRIES’ specification and procedure for testing scribe line test sites. 

 

	 	1.5.	“Exclusivity Period” means the definition and time period as defined in the JDA. 

  

	 	1.6.	“Infringement Claim(s)” means any claim(s), complaint(s) or demand(s) arising from or in connection with any actual or claimed infringement or misappropriation of any patent, trademark, service mark,
copyright or any other third party intellectual property right. 

  

	 	1.7.	“Joint Development Agreement” or “JDA” means the STT-MRAM Joint Development Agreement between the Parties with an effective date of October 17, 2014, for (a) the technology
transfer of Customer’s 200mm STT-MRAM technology to the GLOBALFOUNDRIES’ 300mm platform, and (b) the joint technology development of 40nm and 28nm STT-MRAM technologies. 

	 	1.8.	“Masks” means the masks and reticle sets used in the production of Products for Customer. 

  

	 	1.9.	“NRE” means any non-recurring engineering work performed by or for GLOBALFOUNDRIES in connection with the manufacture of Products or Masks, including but not limited to reticle frame generation, test
program development, fabrication of reticle set and prototype wafers, multi-purpose wafers, and fabrication of and all work using probe card wafers, probe cards and load board. 

 

	 	1.10.	“Order Acceptance” means the document issued by GLOBALFOUNDRIES after receipt of Customer’s purchase order wherein GLOBALFOUNDRIES accepts the purchase order based on terms specified in such Order
Acceptance which may include, but not be limited to, indication of applicable part numbers, quantity, price and Original Scheduled Date of the Products to be provided. 

 

	 	1.11.	“Original Scheduled Date” means the date the Products will be available for delivery as prescribed in GLOBALFOUNDRIES’ Order Acceptance. 

 

	 	1.12.	“Process” means the manufacturing process technologies specific to any Product used by GLOBALFOUNDRIES to manufacture such Product. 

 

	 	1.13.	“Product(s)” means unsorted wafers manufactured by GLOBALFOUNDRIES for sale to Customer in accordance with the terms of this Agreement. 

 

	 	1.14.	“Service Price List” means GLOBALFOUNDRIES’ prevailing charges for services such as storage of wafers and Masks, lot expedites, purchase order cancellations and substrate management, a copy of
which shall be provided to Customer at Customer’s request. 

  

	 	1.15.	“Specifications” means mutually agreed to functional performance characteristics, including quality and reliability requirements, for a Product as set forth in Appendix A. 

 

	 	1.16.	“Tape-Out” means the event when Customer submits a design database and supporting documentation to GLOBALFOUNDRIES to serve as a basis for Mask creation and subsequent Product manufacturing.

  

	 	1.17.	“Turn Key Services” means post-wafer production services provided by GLOBALFOUNDRIES, including but not limited to bump and sort, as mutually agreed to by the Parties. 

 

	2.	PRE-PRODUCTION PROCEDURES 

  

	 	2.1.	General. This Agreement governs the supply of Products by GLOBALFOUNDRIES or its Affiliates to Customer. Subject to GLOBALFOUNDRIES’ approval, Customer’s Affiliates may also order Products under this
Agreement, in which event references to “Customer” herein shall also include Customer’s Affiliate(s). All purchase orders placed by Customer or its Affiliates shall be deemed to incorporate the terms and conditions of this Agreement.

  

	 	2.2.	Quoting. For Products not identified under Appendix B (Product Pricing), GLOBALFOUNDRIES will provide Customer with one or more quotations for Products (“Quote(s)”) which will include, among other
terms, the prices for Products. 

  

	 	2.3.	 Purchase Orders. Unless otherwise mutually agreed upon in writing by the Parties, Customer may place
purchase orders for Products consistent with this Agreement and its Appendices; provided that (a) the Joint Development Agreement has not been terminated for Customer’s material breach in accordance with its terms, (b) the purchase
order is placed within the applicable lead time [*], (c) the purchase order quantities do not exceed [*] wafers per month (unless otherwise specifically 

  

			
	[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as
amended.	  	2

	 	
agreed to in writing by GLOBALFOUNDRIES, and (d) the purchase quantity is in line with the last binding customer forecast (Section 3.1.1). Pursuant to Section 3.3 herein,
GLOBALFOUNDRIES will issue an Order Acceptance for Products that it will supply, subject to the terms and conditions of this Agreement and such Order Acceptance. 

 

	 	2.4.	NRE. Following the Parties’ agreement with respect to NRE, NRE charges shall be invoiced by GLOBALFOUNDRIES and paid by Customer pursuant to Section 6. Notwithstanding, NRE known to the Parties as of
the Effective Date is set forth in Appendix C. In the event that NRE efforts are cancelled at Customer’s request, unless otherwise mutually agreed in writing, Customer will remain responsible for the originally agreed NRE charges. NRE charges
will be invoiced and all undisputed amounts will be due immediately upon cancellation. 

  

	 	2.5.	Masks. Unless otherwise agreed (including as set forth in the JDA), GLOBALFOUNDRIES shall commission the manufacture of Customer’s Masks with a qualified Masks manufacturer. GLOBALFOUNDRIES will invoice
Customer for Masks as an NRE charge. Customer shall furnish GLOBALFOUNDRIES with all information and technical support necessary for the manufacture of the Masks. Masks shall at all times be the property of Customer. Customer agrees to bear all risk
of damage to the Masks except where such damage was caused by GLOBALFOUNDRIES’ negligent or intentional acts. If Customer’s Masks stored on GLOBALFOUNDRIES’ premises are not used for a period of more than a year, GLOBALFOUNDRIES will
give Customer no less than twenty-one (21) days’ prior written notice for Customer to collect such Masks. If Customer fails to collect such Masks, GLOBALFOUNDRIES will be entitled to scrap, dispose or destroy such Masks in the manner
GLOBALFOUNDRIES in its discretion deems fit, taking into consideration the protection of Customer’s design intellectual property, and GLOBALFOUNDRIES will have no further obligations whatsoever to the Customer with respect to such Masks. In the
alternative, GLOBALFOUNDRIES in its sole discretion may agree, if requested by Customer, to store such Masks, and in such event, Customer will pay GLOBALFOUNDRIES a storage fee as detailed in the Service Price List. 

 

	 	2.6.	Operating Procedures. Except as otherwise agreed in writing by the Parties, GLOBALFOUNDRIES will manufacture Products pursuant to its standard operating procedures as amended from time to time in its sole
discretion. GLOBALFOUNDRIES’ relevant operating procedures will be made available to Customer through its proprietary FoundryView portal or such other electronic portal which GLOBALFOUNDRIES uses for customer communication purposes.

  

	 	2.7.	Product Specific Terms. Any mutually agreed upon Product specific terms not otherwise set forth herein will be set forth in Appendix A. 

 

	 	2.8.	Unique materials. If Customer’s Products require unique materials in order to be manufactured, GLOBALFOUNDRIES will obtain such materials from qualified suppliers in the quantities needed to support
Customer’s Product forecasts. If Customer’s Product forecasts decrease and GLOBALFOUNDRIES cannot use, or return the unique materials (the “Excess Materials”), Customer will work with GLOBALFOUNDRIES to dispose of the Excess
Materials. If GLOBALFOUNDRIES cannot dispose of any Excess Materials in a reasonable time, Customer will pay GLOBALFOUNDRIES for such Excess Materials at the price GLOBALFOUNDRIES paid for them including any associated management fee as detailed in
the Service Price List. 

  

	 	2.9.	Qualification. GLOBALFOUNDRIES will qualify each Process to be used in the manufacture of any Products while Customer will be responsible for qualification of each Product. During the qualification of the
Product, Customer will reasonably inform GLOBALFOUNDRIES of the status of qualification. The qualification of each Process and Product will be in accordance with GLOBALFOUNDRIES’ prevailing Readiness to Ramp (“RTR”) and Release To
Production (“RTP”) procedures (collectively the “RTR/ RTP Specification”). Customer agrees that Products that have not been qualified pursuant to the RTR/RTP Specification are unwarranted and provided on an “AS IS”
basis only. 

  

			
	[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as
amended.	  	3

	3.	ORDERING PROCEDURES 

  

	 	3.1.	Product and Turn Key Services Forecasting. 

  

	 	3.1.1.	On a monthly basis, Customer will provide GLOBALFOUNDRIES with a rolling [*]-month forecast of Customer’s monthly volume requirements for Products and for Turn Key Services, if applicable. The first [*] months of
such forecast will (a) specify Product capacity requirements and (b) constitute a binding volume commitment on Customer’s part, pursuant to which Customer will issue one or more purchase orders for the relevant quantities of Products
specified for such [*] months of the forecast, provided that (c) the quantities shall not exceed the volume set forth in Section 2.3. Unless otherwise agreed, Customer may not (i) revise any remaining portion of the binding period in
a subsequent forecast cycle, or (ii) submit purchase orders in quantities smaller than the binding volume commitment. Purchase orders issued in quantities smaller than the binding volume commitment shall be considered a breach of forecast
commitment and GLOBALFOUNDRIES shall not be obligated to accept such purchase orders. The next [*] months of such forecast is non-binding and will specify Product capacity requirements. The next [*] months of such forecast will specify the Process
to be used. 

  

	 	3.1.2.	(a) On a quarterly basis, Customer will provide GLOBALFOUNDRIES with a rolling [*]-month forecast, (b) on a semi-annual basis, Customer will provide GLOBALFOUNDRIES with an [*]-month forecast, and (c) on an
annual basis, Customer will provide GLOBALFOUNDRIES with a [*]-month forecast of Customer’s quarterly volume projections for the Products. 

  

	 	3.2.	Tape Out Forecasting. On a quarterly basis, Customer will provide GLOBALFOUNDRIES with a rolling [*]-month forecast of Customer’s requirements for Tape-Outs. 

 

	 	3.3.	Ordering Procedures. After receipt of Customer’s purchase orders, GLOBALFOUNDRIES will acknowledge receipt of such purchase order, and then, within a reasonable period of time (targeting [*] Business Days or
less), issue an Order Acceptance to Customer. GLOBALFOUNDRIES shall be obliged to supply Products to Customer only upon its issuance of an Order Acceptance and subject to any conditions specified in the Order Acceptance and this Agreement; provided
any changes to the purchase order proposed in the Order Acceptance are subject to Customer’s acceptance or rejection which shall be promptly given. GLOBALFOUNDRIES will issue an Order Acceptance for all purchase orders that are consistent with
the binding portion of Customer’s forecast pursuant to 3.1.1. Customer shall be excused from any order failures caused by erroneous delivery dates or erroneous quantities specified by GLOBALFOUNDRIES in an Order Acceptance. 

 

	 	3.4.	Minimum Orders. Unless otherwise specified in GLOBALFOUNDRIES’ Quote, the minimum order quantity for wafers of prototype Products is [*] wafers and the minimum order quantity for wafers of production
Products is [*] wafers. 

  

	 	3.5.	End of Life. In the event GLOBALFOUNDRIES determines that it will discontinue the availability of a Product, it will provide Customer with an end of life notice “EOL Notice” as follows:

  

	 	3.5.1.	 When Customer has been ordering wafer Products pursuant to and consistent with, or better than, the binding
volume commitment under Section 3.1.1 herein, GLOBALFOUNDRIES will provide Customer with at least [*] months prior written EOL Notice. Following receipt of said EOL Notice, Customer will be provided the opportunity to place purchase

  

			
	[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as
amended.	  	4

	 	
orders for Products to be delivered within [*] months from the original EOL Notice date. Purchase orders placed after receipt of the EOL Notice will be non-cancellable by Customer.

  

	 	3.5.2.	When Customer has not ordered wafer Products pursuant to, and consistent with, the binding volume commitment under Section 3.1.1 herein for a period of [*] months or longer, GLOBALFOUNDRIES will provide Customer
with at least [*] months prior written EOL Notice. Following receipt of said EOL Notice, Customer will be provided the opportunity to place purchase orders for Products to be delivered within a time period to be specified in the EOL Notice. Purchase
orders placed after receipt of the EOL Notice will be non-cancellable by Customer. 

  

	4.	PRODUCTION AND DELIVERY PROCEDURES 

  

	 	4.1.	Manufacturing. GLOBALFOUNDRIES will manufacture the Products to conform to the Acceptance Criteria. If changes to the Acceptance Criteria are made other than to correct any defects in the manufacture of a
Product, the Parties will in good faith re-negotiate any existing terms and conditions of the purchase (including delivery commitments) which require amending due to such changes. 

 

	 	4.2.	Changes. Processes and materials will not be changed except in accordance with GLOBALFOUNDRIES’ then prevailing Change Request Procedures. Any requests by Customer for changes to a qualified Process for a
Product, or lot of Products, will be evaluated by GLOBALFOUNDRIES in accordance with its then prevailing Process Request Form Procedure. 

  

	 	4.3.	Expedited Lots. Customer may request Products to be processed at an accelerated cycle time, which will be accepted subject to GLOBALFOUNDRIES’ commercially reasonable efforts. Should GLOBALFOUNDRIES perform
such accelerated services, Customer shall pay GLOBALFOUNDRIES the price premiums for such expedited lots as detailed in the Service Price List. 

  

	 	4.4.	Rescheduling. Prior to GLOBALFOUNDRIES’ commencement of manufacture of a Product, Customer may request up to [*] times for GLOBALFOUNDRIES’ to reschedule the delivery of that Product to a date later
than the Original Scheduled Date issued in the Order Acceptance (“Rescheduled Date”), provided that the Rescheduled Date for [*] of the ordered quantities does not extend beyond [*]. The Rescheduled Date for the balance of up to [*] of the
ordered quantities may extend [*]. 

  

	 	4.5.	Suspension of Processing. In the event GLOBALFOUNDRIES suspends processing of partially processed wafers at Customer’s behest, Customer will pay inventory holding costs as set forth in the Service Price
List. Notwithstanding, GLOBALFOUNDRIES reserves the right to delay said suspension of related fabrication at the conclusion of the manufacturing step in process, and wafers may be held at the next available safe hold stage. 

 

	 	4.6.	Cancellation. Customer may cancel the whole or a part of its purchase order with not less than [*] Business Days written notice to GLOBALFOUNDRIES, subject to payment of a cancellation charge as detailed in the
Service Price List (“Cancellation Fee”). The Cancellation Fee will also include any applicable sales, use, excise or other similar taxes levied on or otherwise payable in connection with the Cancellation Fee. Unless otherwise instructed by
Customer, GLOBALFOUNDRIES may dispose of or destroy cancelled wafers in any manner that GLOBALFOUNDRIES deems fit and at Customer’s expense. 

  

	 	4.7.	Delivery. GLOBALFOUNDRIES will deliver the quantity of Products stipulated in the applicable Order Acceptance, subject to the variance identified below. Delivery of an aggregate quantity of Products within plus
or minus [*], of the quantity stipulated in an Order Acceptance will constitute compliance; provided however, the amount Customer will be invoiced will be based on the actual number of Products delivered. 

  

			
	[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as
amended.	  	5

	 	4.8.	Shipping. Unless otherwise agreed by the Parties and stated in GLOBALFOUNDRIES’ Order Acceptance, all deliveries will be made EXW (GLOBALFOUNDRIES’ facilities) (INCOTERMS 2010). Title and risk will pass
to Customer upon delivery to the delivery point at GLOBALFOUNDRIES’ shipping facility. GLOBALFOUNDRIES will use commercially reasonable efforts to make Products available for collection on the Original Scheduled Date. However, delivery of
Products [*] Business Days before or [*] Business Days after the Original Scheduled Date will constitute compliance with the Order Acceptance and Customer agrees to accept such delivery. GLOBALFOUNDRIES will provide Customer with as much advance
notice as possible of late deliveries, and will use commercially reasonable efforts, at its cost, to expedite such late deliveries. Customer will visually inspect all Product shipments promptly upon receipt. 

 

	 	4.9.	Packaging. Unless otherwise agreed by the Parties and stated in the Order Acceptance, all Products will be delivered in GLOBALFOUNDRIES’ standard packaging based on semiconductor industry standards with
labels identifying the specific Product and lot number and will be accompanied by a packing list and other agreed upon processing documentation. 

  

	5.	.WARRANTY/ RETURNS 

  

	 	5.1.	Warranty. Subject to the limitations set forth in this Agreement, GLOBALFOUNDRIES warrants that the Products will conform to the Specifications and be free from any defects in material and workmanship during the
Warranty Period. Customer is solely responsible for any failures or non-conforming Products caused by Customer’s design or any Customer Information (as that term is defined in Section 8.3 below), provided that Customer has required the
specific implementation of such Customer Information. GLOBALFOUNDRIES does not warrant samples, prototypes or other Products that have not yet completed qualification. 

 

	 	5.2.	Return Procedures. If Customer believes a Product does not comply with the warranty set forth in Section 5.1 above, Customer should notify its customer service representative to initiate a Return Materials
Authorization (“RMA”). As part of the RMA process, Customer shall notify GLOBALFOUNDRIES in writing of the quantity and type of Product it would like to return and the reason and underlying data that supports the return. At
GLOBALFOUNDRIES’ request Customer will return the Products (or a sample amount as requested by GLOBALFOUNDRIES) freight prepaid to a location designated by GLOBALFOUNDRIES. GLOBALFOUNDRIES will assess the returned Products to verify warranty
coverage. If GLOBALFOUNDRIES verifies that such Products contain defects which are not due to any event caused by Customer or any third party not authorized by GLOBALFOUNDRIES, including but not limited to accident, misuse, neglect, improper
installation, handling or packing, repair or alteration, or by improper testing or usage contrary to any reasonable instructions provided by GLOBALFOUNDRIES to Customer prior to receipt of shipment, GLOBALFOUNDRIES will notify Customer that it
authorizes such return and, at GLOBALFOUNDRIES’ election, will replace the returned Products as soon as reasonably practicable, freight prepaid by GLOBALFOUNDRIES, or issue Customer one or more credit note(s) for an amount or amounts
representing the purchase price of the returned Products. All Products validated for return by GLOBALFOUNDRIES shall be returned to GLOBALFOUNDRIES by Customer (to the extent not already done so) or destroyed (as evidenced by a scrap certificate to
be provided by Customer) as directed by GLOBALFOUNDRIES. 

  

	 	5.3.	Warranty Period. If any Product does not comply with the warranty set forth in Section 5.1 above, Customer must request an RMA pursuant to Section 5.2 no later than [*] from the date of delivery of the
Products, except that any request for an RMA due to [*], must be made no later than [*] from the date of delivery of the Product (the “Warranty Period”). GLOBALFOUNDRIES will have no liability and will not be obliged to accept the return
of any Products after the expiration of the Warranty Period. 

  

			
	[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as
amended.	  	6

	 	5.4.	Warranty Disclaimer. EXCEPT AS SPECIFICALLY PROVIDED IN THIS AGREEMENT, AND TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, GLOBALFOUNDRIES EXPRESSLY DISCLAIMS ALL WARRANTIES AND CONDITIONS OF ANY KIND
REGARDING ANY PRODUCTS OR SERVICES, WHETHER EXPRESS, IMPLIED OR STATUTORY, INCLUDING WITHOUT LIMITATION ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT AND/OR ARISING FROM COURSE OF DEALING OR USAGE IN
TRADE. THIS SECTION 5 STATES GLOBALFOUNDRIES’ ENTIRE LIABILITY, AND CUSTOMER’S ENTIRE REMEDY (OTHER THAN TERMINATION) WITH RESPECT TO BREACH OF WARRANTY OR NON-CONFORMITY OF THE PRODUCTS. 

 

	6.	PRICING AND PAYMENT TERMS 

  

	 	6.1.	Pricing. All Product pricing shall be in accordance with Appendix B. During the Exclusivity Period only, pricing will be consistent with, or better than, GLOBALFOUNDRIES’ other customers who order
substantially similar products as Customer. Subject to Section 6.3, GLOBALFOUNDRIES will invoice and Customer will pay: (i) the prices for the Products as set forth in the Order Acceptance and any NRE and other charges; and (ii) the
cost of any freight, insurance, handling and other duties levied on the shipment and all goods and services taxes, value added taxes and any other sales, use, excise or other similar taxes levied on the purchase of Products. Notwithstanding
Section 4.8 above, Customer shall be responsible for any export related costs. Each shipment is considered a separate and independent transaction. GLOBALFOUNDRIES may provide a separate invoice for each Product shipment by GLOBALFOUNDRIES.

  

	 	6.2.	Payment Terms. Customer will pay all invoices in United States dollars within [*] days from the date of an invoice. Any late payment will be subject to interest charges payable by Customer of [*] or the maximum
rate allowable by law, whichever is less, on any unpaid and undisputed balance calculated from the due date of payment up to and including the date of actual payment. In its discretion, GLOBALFOUNDRIES may establish, modify or revoke credit terms
for Customer or any of its Affiliates pursuant to GLOBALFOUNDRIES’ prevailing credit practices. In the event of any dispute over the amount invoiced, Customer will first make timely payment of any undisputed portion pending resolution between
the Parties of the disputed amount. 

  

	 	6.3.	Pricing Adjustments. If Customer requests or requires any change(s) to the Process, Acceptance Criteria, test or Masks, or any engineering redesign(s) with respect to any Product, GLOBALFOUNDRIES may reasonably
adjust the pricing for such Products, notwithstanding any previously quoted prices. 

  

	7.	TERM AND TERMINATION 

  

	 	7.1.	Term. This Agreement will commence on the Effective Date and will continue for a period of three (3) years (“Initial Term”). The Agreement will automatically renew for successive one (1) year
periods (“Renewal Term”) unless either Party gives written notice of non-renewal at least ninety (90) days prior to the end of the Initial Term or any Renewal Term. 

 

	 	7.2.	Early Termination. This Agreement may also be earlier terminated as follows: 

  

	 	7.2.1.	By written agreement of the Parties; 

  

	 	7.2.2.	Immediately upon written notice by GLOBALFOUNDRIES if Customer fails to pay any undisputed sum which has been outstanding for sixty (60) or more days from date of invoice; 

  

			
	[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as
amended.	  	7

	 	7.2.3.	By either Party if the other Party is purchased by a third party or otherwise experiences a change of control of more than fifty percent of its outstanding stock, except in connection with an authorized assignment or
transfer as provided in Section 10.6, with such termination effective immediately. 

  

	 	7.2.4.	By either Party upon written notice if the other Party has committed a material breach of this Agreement, and the breaching Party has not remedied the breach within sixty (60) days of the written notice; or

  

	 	7.2.5.	By either Party, if the other Party becomes the subject of any voluntary or involuntary proceeding in bankruptcy, liquidation, dissolution, receivership, attachment or composition or general assignment for the benefit
of creditors; provided that if such condition is assumed involuntarily it has not been dismissed with prejudice within ninety (90) days after it begins. 

  

	 	7.3.	Effect of Termination. Termination will be without prejudice to the obligations or rights of either Party which have accrued prior to such termination. Notwithstanding the foregoing or the provisions listed in
Section 7.4, GLOBALFOUNDRIES may at its option deliver Products as set forth in any Order Acceptance it has issued prior to the termination, and Customer shall remain obligated to pay for Products, pursuant to the terms and conditions of this
Agreement. 

  

	 	7.4.	Surviving Provisions. The following provisions shall survive any termination of this Agreement: 2.4 (NRE), 2.5 (Masks), 2.8 (Unique Materials); , 5 (Warranty/Returns); 6.1 (Pricing); 6.2 (Payment Terms); 7.3
(Effect of Termination), 8 (Restrictions) Indemnification and Limitation of Liability), 9 (Confidentiality), and 10 (General Provisions). 

  

	8.	RESTRICTIONS, INDEMNIFICATION AND LIMITATION OF LIABILITY 

  

	 	8.1.	High Risk Activities. The Products are not fault-tolerant and are not designed, manufactured or intended for use as a Critical Component in (a) any medical, life saving or life support device or system
(defined below), (b) any nuclear facilities, (c) any air traffic control device, application or system, (d) any weapons device, application or system, to specifically include any nuclear weapons, or (e) any other device,
application or system where it is reasonably foreseeable that failure of the Product(s) as used in such device, application or system would lead to death, bodily injury or catastrophic property damage (“High Risk Activities”).
“Medical, life saving or life support devices or systems” are those which are intended for surgical implant into the human body, or to support or sustain life, and whose malfunction or failure to perform may result in significant injury or
death to the user. A Critical Component is one whose malfunction or failure to perform may cause the failure of a device or system, or may affect the effectiveness of such device or system. Accordingly, GLOBALFOUNDRIES specifically disclaims any
express or implied warranty of any kind for Products when installed or embedded into Customer’s products and used in High Risk Activities. Customer agrees that GLOBALFOUNDRIES will not be liable for any claims or damages arising from the use of
the Products in such High Risk Activities beyond the claims or damages for which GLOBALFOUNDRIES is liable pursuant to the terms of this Agreement prior to being installed or embedded into Customer’s products for such High Risk Activities.
Notwithstanding the foregoing, Customer shall remain responsible for its obligations under Section 10.4, and in no event shall any warranty apply to any Products used in war or combat. 

 

	 	8.2.	 High Risk Use by Third Parties. In the event Customer sells to any third party (a “Sub-Buyer”)
any Products, whether in the form in which they were purchased by Customer or GLOBALFOUNDRIES or incorporated as a Critical Component into any device, system or application or in any other form, Customer hereby undertakes that such sale to the
Sub-Buyer will be on terms that the use of the Products will be subject to the limitations set out in Section 8.1 and that the Products are not warranted for any of the uses referred to in Section 8.1. Customer will indemnify, hold
harmless and defend GLOBALFOUNDRIES, its officers, directors, employees 

  

			
	[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as
amended.	  	8

	 	
and subcontractors from and against any claim, suit, demand or action (including all losses, liabilities, damages, settlements and attorneys’ fees and expenses) which arises out of, involves
or relates to Customer’s failure to comply with this Section. 

  

	 	8.3.	Customer Indemnification. Customer will defend GLOBALFOUNDRIES, its affiliates, subsidiaries, employees, directors, agents, successors, and assigns against any Infringement Claims arising from or in connection
with Customer’s design of any portion of the Product or any proprietary specifications, requirements or instructions required by Customer, but excluding any GLOBALFOUNDRIES Background IP or GLOBALFOUNDRIES IP (as those terms are defined under
the JDA) (“Customer Information”), where such Infringement Claim would not have occurred but for such Customer Information, and will indemnify and hold GLOBALFOUNDRIES harmless from and against any damages, costs, judgment(s), litigation
expenses (including attorneys’ fees) and settlement(s) arising therefrom. Customer’s indemnification obligations herein are subject to (i) GLOBALFOUNDRIES providing Customer with prompt notification and tender of the Infringement
Claim and (ii) Customer having sole control of the defense and all related settlement negotiations for the Infringement Claim, except that Customer may not enter into any final settlement that would require any admission of liability or payment
by GLOBALFOUNDRIES without GLOBALFOUNDRIES’ prior written approval. GLOBALFOUNDRIES shall provide reasonable cooperation, assistance and information with respect to the Infringement Claim. 

 

	 	8.4.	 GLOBALFOUNDRIES Indemnification. GLOBALFOUNDRIES will defend Customer, its affiliates, subsidiaries,
employees, directors, agents, successors, and assigns against any Infringement Claims arising from or in connection with the Process, including any proprietary specifications, requirements or instructions imposed by GLOBALFOUNDRIES but excluding any
Everspin Background IP or Everspin IP (as those terms are defined in the JDA) (“GLOBALFOUNDRIES Information”), and will indemnify and hold Customer harmless from and against any damages, costs, judgment(s), litigation expense(s) (including
attorneys’ fees) and settlement(s) arising therefrom. GLOBALFOUNDRIES’ indemnification obligations herein are subject to (i) Customer providing GLOBALFOUNDRIES with prompt notification and tender of the Infringement Claim and
(ii) GLOBALFOUNDRIES having sole control of the defense and all related settlement negotiations for the Infringement Claim, except that GLOBALFOUNDRIES may not enter into any final settlement that would require any admission of liability or
payment by Customer without Customer’s prior written approval. Customer shall provide reasonable cooperation, assistance and information with respect to the Infringement Claim. Notwithstanding the foregoing, GLOBALFOUNDRIES will have no
obligation or liability for any Infringement Claims based upon: a) GLOBALFOUNDRIES’ compliance with or use of any Customer Information, including without limitation any modifications to GLOBALFOUNDRIES Information provided or specified by
Customer, where such Infringement Claim would not have occurred but for such Customer Information; or, b) any modification of the Product by anyone other than GLOBALFOUNDRIES, where such Infringement Claim would not have occurred but for such
modification; or c) the operation, sale or use of the Product in combination with any device, component, program, data, material, apparatus, method or process that GLOBALFOUNDRIES did not supply or use, where such Infringement Claim would not have
occurred but for such combination, provided that this exception to GLOBALFOUNDRIES’ indemnification obligations shall not apply if the basis of the Infringement Claim is GLOBALFOUNDRIES Information. To the extent that a court of competent
jurisdiction issues a final order that enjoins the manufacture, use or sale of the Product due to an infringement by GLOBALFOUNDRIES Information, GLOBALFOUNDRIES shall exercise either of the following in its discretion: (i) procure for Customer
the right to continue to use the Product 

  

			
	[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as
amended.	  	9

	 	
without liability for infringement based on GLOBALFOUNDRIES Information; or (ii) replace the Product with a substitute Product that does not infringe based on GLOBALFOUNDRIES Information. If
GLOBALFOUNDRIES determines that neither (i) nor (ii) are commercially reasonable, Customer may return enjoined Products for a credit or refund for the amounts previously paid to GLOBALFOUNDRIES for such returned Products, and Customer
shall have no exclusive sourcing or binding forecast obligations with respect to such Products. Subject to GLOBALFOUNDRIES’ compliance with its obligations in this Section 8.4, this Section 8.4 states GLOBALFOUNDRIES’ entire
obligation to Customer and Customer’s entire remedy regarding any third party claim of intellectual property infringement or misappropriation. 

  

	 	8.5.	Limitation of Liability. TO THE EXTENT THAT EITHER PARTY MAY BE HELD LEGALLY LIABLE BY A COURT OF COMPETENT JURISDICTION UNDER CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE ARISING OUT OF THE PERFORMANCE OR
BREACH OF ITS OBLIGATIONS IN THIS AGREEMENT, EXCEPT FOR EACH PARTY’S CONFIDENTIALITY OR INDEMNITY OBLIGATIONS HEREUNDER OR FOR DAMAGES FOR BODILY INJURY OR PROPERTY DAMAGE, SUCH PARTY’S MAXIMUM AGGREGATE LIABILITY FOR ALL CLAIMS OF ANY
KIND WILL NOT EXCEED THE TOTAL PURCHASE PRICE RECEIVED BY GLOBALFOUNDRIES FROM CUSTOMER IN THE TWELVE (12) MONTHS IMMEDIATELY PRECEDING THE DATE OF THE FIRST CLAIM FROM CUSTOMER FOR THE SPECIFIC PRODUCT(S) (BASED ON THE RELEVANT PRODUCT NUMBER)
THAT CAUSED THE DAMAGES, UP TO A CAP OF [*]. CUSTOMER AND GLOBALFOUNDRIES ACKNOWLEDGE THAT THESE LIMITATIONS ON POTENTIAL LIABILITIES WERE AN ESSENTIAL ELEMENT IN SETTING CONSIDERATION HEREIN. 

 

	 	8.6.	Limitations on Damages. THE REMEDIES PROVIDED HEREIN ARE EACH PARTY’S SOLE AND EXCLUSIVE REMEDIES. EXCEPT AS OTHERWISE MAY BE EXPRESSLY PROVIDED HEREIN AND EXCEPT FOR EACH PARTY’S CONFIDENTIALITY OR
INDEMNITY OBLIGATIONS HEREUNDER OR FOR DAMAGES FOR BODILY INJURY OR PROPERTY DAMAGE, NEITHER PARTY IS LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, PUNITIVE, OR EXEMPLARY DAMAGES (INCLUDING BUT NOT LIMITED TO ANY INCREASED
MANUFACTURING OR REWORK COSTS, DAMAGES RELATING TO PROCUREMENT OF SUBSTITUTE PRODUCT (i.e. “COST OF COVER”), LOSS OF PROFITS, REVENUES OR GOODWILL), WHETHER BASED ON CONTRACT, TORT OR ANY OTHER LEGAL THEORY, AND WHETHER OR NOT
GLOBALFOUNDRIES HAS BEEN INFORMED OF THE POSSIBILITY OF SUCH DAMAGES, AND NOTWITHSTANDING ANY FAILURE OF ESSENTIAL PURPOSE OF ANY LIMITED REMEDY. 

  

	9.	CONFIDENTIALITY 

  

	 	9.1.	General. The exchange of any confidential information between the Parties shall be subject to the terms of the Non-Disclosure Agreement number NDA2013-0014 executed between the Parties on 5-Jan-2013, as may be
amended (“NDA”). Notwithstanding, Customer shall not, under any circumstance, disclose any GLOBALFOUNDRIES’ manufacturing Process information to any third party, including, but not limited to contractors and subcontractors without the
prior written consent of GLOBALFOUNDRIES. Without limiting the foregoing, neither Party shall make any public announcement, press release or other public statement regarding the terms and conditions of this Agreement, without the prior written
consent of the other Party. With respect to GLOBALFOUNDRIES, such consent must be provided by GLOBALFOUNDRIES’ Communications Department, and may be provided via electronic mail. 

  

			
	[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as
amended.	  	10

	10.	GENERAL PROVISIONS 

  

	 	10.1.	Force Majeure. Neither Party will be liable for any failure to perform any actions, other than payment obligations, due to unforeseen circumstances or causes beyond the Party’s reasonable control, including,
without limitation, acts of God, flood, earthquake, fire, explosion, interruption or defect in the supply of electricity or water, acts of government, war, civil commotion, terrorism, insurrection, embargo, riots, lockouts, inability to obtain raw
materials, or labor disputes (“Force Majeure”). Upon the occurrence of a Force Majeure event, the Party’s obligation to perform will be extended for a period equal to the duration of the delay caused thereby. If a Force Majeure event
continues for more than ninety (90) consecutive days, the other Party may terminate this Agreement immediately upon written notice. 

  

	 	10.2.	No License. GLOBALFOUNDRIES reserves all right, title and interest in and to the intellectual property utilized to manufacture the Products and nothing herein grants or conveys to Customer any right or license
under any trademark, copyright, patent, or other intellectual property of GLOBALFOUNDRIES, by implication, estoppel or otherwise. 

  

	 	10.3.	Severability. If any provision or part of this Agreement is rendered void, illegal or unenforceable in any respect under any enactment or rule of law, the validity, legality and enforceability of the remaining
provisions will not in any way be affected or impaired thereby. 

  

	 	10.4.	Legal Compliance. Each Party shall, in the performance of this Agreement, comply with all laws, rules and regulations issued by governmental authorities applicable to such Party. Without limiting the foregoing,
Customer shall adhere to all applicable export laws, including but not limited to the U.S. Export Administration Regulations (“EAR”) and the European Export Regulation (EG) Nr.428/2009. Pursuant to the EAR, certain controlled technology
may be exported under an EAR license exception referred to as “TSR,” if the exporter obtains a written assurance. See 15 CFR 740.6. In accordance with the TSR requirements, for technology that is exported to Customer pursuant to the TSR
license exception, Customer hereby certifies that, except pursuant to a license granted by the U.S. Department of Commerce Bureau of Industry and Security or as otherwise permitted pursuant to a License Exception under the EAR, Customer will not:
(1) export, re-export or release to a national of a country in Country Groups D:1 or E any restricted technology, software, or source code it receives from GLOBALFOUNDRIES, or (2) export to Country Groups D:1 or E the direct product of
such technology or software, if such foreign produced direct product is subject to national security controls as identified on the Commerce Control List (Supplement 1 to Part 774 of the EAR). 

 

	 	10.5.	Notices. All notices, demands or other communications required or permitted to be given or made in connection with this Agreement will be in writing and will be sent via facsimile (with confirmation of receipt),
or by registered or certified mail, return receipt requested, or by an internationally recognized overnight courier service and addressed to the other Party at its address as set forth below or any other address of which the other Party may provide.
Any notice shall be deemed to have been duly given and received by the Party to whom it is addressed (i) if sent by facsimile when sent, provided confirmation is received, (ii) if sent by registered or certified mail, three
(3) Business Days after deposit in the mail postage prepaid, or (iii) if by overnight courier service, the next Business Day. 

  

			
	GLOBALFOUNDRIES Singapore Pte. Ltd	  	 with copy to:
 GLOBALFOUNDRIES U.S.
Inc.

	60 Woodlands Industrial Park D	  	2600 Great America Way.
	Street 2	  	Santa Clara, CA 95054 U.S.A.
	Singapore 738406	  	 Attention:    (1) General Counsel

	Facsimile no: (65) 6360 4917	  	
                   
 (2) Strategic Agreements, US

	Attention: Business Alliances	  	
		
	CUSTOMER:	  	
		
	Everspin Technologies, Inc.	  	With a copy to: Cooley LLP
	1347 N. Alma School Rd, Suite 220	  	Matt Hemington
	Chandler, Arizona 85224	  	101 California, 5th Floor
	Email: phill.lopresti@everspin.com	  	San Francisco, 94111-5800
	Facsimile: (480) 347-1175	  	Email: HemingtonMB@cooley.com

  

			
	[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as
amended.	  	11

	 	10.6.	Assignment. Neither Party may assign or transfer the rights and/or obligations under the Projects without the express written consent of the other; provided, however, either Party may, without such consent,
assign and transfer its rights and obligations under this Agreement to a third party (i) in connection with the transfer or sale of all or substantially all of its MRAM business to such third party or (ii) in the event of a merger or
consolidation with, or acquisition by such third party; further, provided, that the third party in (i) and (ii) agrees, in writing, to be bound by the terms and conditions of the Agreement and acknowledges its obligations, in writing, to
comply with the terms and conditions of this Agreement. Any attempted assignment or delegation in contravention of the above provision shall be void and ineffective. 

 

	 	10.7.	Governing law and Venue. This Agreement will be governed by and construed in accordance with the laws of the State of New York, except that the application of the United Nations Convention on Contracts for the
International Sale of Goods is expressly excluded. The Parties agree that all actions or proceedings arising in connection with this Agreement shall be brought and litigated exclusively in the United States District Court for the Southern District
of New York, or if there is no jurisdiction in such court, then in a state court located in New York County, New York. EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL AND AGREES THAT ANY DISPUTES BETWEEN THE PARTIES WILL BE TRIED BY A JUDGE
WITHOUT A JURY. 

  

	 	10.8.	Entire Agreement. This Agreement, including the NDA and any Appendices, (i) embodies the entire understanding between the Parties and supersedes all previous verbal or written agreements and undertakings
with respect to the subject matter of this Agreement; and (ii) supersedes any conflicting, additional terms contained on Customer’s purchase order and other documents issued by Customer. This Agreement may only be amended by a writing
signed by the authorized representatives of both Parties. 

  

	 	10.9.	Agreement Execution. This Agreement may be executed in multiple counterparts, each of which shall constitute a signed original. Once signed, any reproduction of this Agreement made by reliable means (e.g.,
electronic image, facsimile or photocopy) shall be deemed an original. 

 ACCEPTED AND AGREED: 

 

			
	GLOBALFOUNDRIES Singapore Pte. Ltd.	  	Customer:
		
	  
	  	 /s/ Phill LoPresti

	Signature:	  	Signature:
		
	  
	  	 Phill LoPresti

	Printed Name:	  	Printed Name:
		
	  
	  	 President & Chief Executive Officer

	Title:	  	Title:

  

			
	[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as
amended.	  	12

 APPENDIX A 

1) Specifications 
 2) Additional Product Specific Terms: 

To be mutually agreed upon by the Parties 

  

			
	[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as
amended.	  	13

 APPENDIX B 

Product Pricing 
 [*] 

  

			
	[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as
amended.	  	14

 APPENDIX C 

Non-Recurring Engineering (NRE) 
 For the
40nm Discrete (in-plane) STT-RAM activities, the NRE is covered in SOW1 to the JDA 

  

			
	[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as
amended.	  	15EX-10.21

 Exhibit 10.21 

EVERSPIN TEHCNOLOGIES, INC. 

RESTRICTED STOCK PURCHASE AGREEMENT 

THIS RESTRICTED STOCK PURCHASE AGREEMENT (the
“Agreement”) is made as of October 21, 2014, (the “Issue Date”) by and between EVERSPIN TECHNOLOGIES, INC., a Delaware corporation
(the “Company”), and GLOBALFOUNDRIES Inc. (“Purchaser”). 

WHEREAS, in connection with the execution of that certain STT-MRAM Joint Development
Agreement dated on or around the Issue Date (the “Development Agreement”), the Company desires to issue, and Purchaser desires to acquire, stock of the Company as herein described, on the terms and conditions hereinafter set
forth; 
 NOW, THEREFORE, IT IS
AGREED between the parties as follows: 
 1.     PURCHASE AND
SALE OF STOCK.     Purchaser hereby agrees to purchase from the Company, and the Company hereby agrees to sell to Purchaser, an aggregate of 12,000,000 shares of the Common Stock
of the Company (the “Stock”) at $0.00001 per share, for an aggregate purchase price of $120.00. The closing hereunder, including payment for and delivery of the Stock shall occur at the offices of the Company immediately
following the execution of this Agreement, or at such other time and place as the parties may mutually agree. 
 2.
    REPURCHASE OPTION 
 (a)     In the
event the Development Agreement is terminated for any reason the Company shall have an irrevocable option (the “Repurchase Option”), for a period of 365 days after said termination to repurchase from Purchaser, as the case
may be, at a price that is the lower of (i) the original price per share indicated above paid by Purchaser for such Stock or (ii) the Fair Market Value per share of such Stock as of the date of such repurchase (“Option
Price”), up to but not exceeding the number of shares of Stock that have not vested in accordance with the provisions of Section 2(b) below as of such termination date. For purposes of the Repurchase Option, the “Fair Market
Value” shall mean the value of the Stock as determined in good faith by the Company’s Board of Directors. 
 (b)
    One hundred percent (100%) of the Stock shall initially be subject to the Repurchase Option. Commencing on the Qualification Date, as defined in the Statement of Work #1 to that certain Development Agreement, that
number of shares of the Stock equal to product of (a) the number of full months between the Issue Date and the Qualification Date, multiplied by (b) 1/48, shall vest in full and be released from the Repurchase Option. Thereafter, 1/48th of the Stock shall vest and be released from the Repurchase Option on a monthly basis measured from the Issue Date until all the Stock is released from the Repurchase Option (provided in each case
that the Development Agreement has not been terminated as of the date of such release). No shares of the Stock shall vest and be released from the Repurchase Option prior to the Qualification Date. 

  
 1. 

 3.     EXERCISE OF REPURCHASE
OPTION.     The Repurchase Option shall be exercised by written notice signed by an officer of the Company or by any assignee or assignees of the Company and delivered or mailed as provided in
Section 16(a). Such notice shall identify the number of shares of Stock to be purchased and shall notify Purchaser of the time, place and date for settlement of such purchase, which shall be scheduled by the Company within the term of the
Repurchase Option set forth in Section 2 above. The Company shall be entitled to pay for any shares of Stock purchased pursuant to its Repurchase Option at the Company’s option in cash or by offset against any indebtedness owing to the
Company by Purchaser, or by a combination of both. Upon delivery of such notice and payment of the purchase price in any of the ways described above, the Company shall become the legal and beneficial owner of the Stock being repurchased and all
rights and interest therein or related thereto, and the Company shall have the right to transfer to its own name the Stock being repurchased by the Company, without further action by Purchaser. 

4.     ADJUSTMENTS TO STOCK.     If, from time to time,
during the term of the Repurchase Option there is any change affecting the Company’s outstanding Common Stock as a class that is effected without the receipt of consideration by the Company (through merger, consolidation, reorganization,
reincorporation, stock dividend, dividend in property other than cash, stock split, liquidating dividend, combination of shares, change in corporation structure or other transaction not involving the receipt of consideration by the Company), then
any and all new, substituted or additional securities or other property to which Purchaser is entitled by reason of Purchaser’s ownership of Stock shall be immediately subject to the Repurchase Option and be included in the word
“Stock” for all purposes of the Repurchase Option with the same force and effect as the shares of the Stock presently subject to the Repurchase Option, but only to the extent the Stock is, at the time, covered by such Repurchase Option.
While the total Option Price shall remain the same after each such event, the Option Price per share of Stock upon exercise of the Repurchase Option shall be appropriately adjusted. 

5.     CORPORATE TRANSACTION.     In the event of Deemed Liquidation Event
(as defined in the Company’s Amended and Restated Certificate of Incorporation and referred to herein as a “Corporate Transaction”), then the Repurchase Option shall be assigned by the Company to any successor of the
Company (or the successor’s parent) in connection with such Corporate Transaction. To the extent that the Repurchase Option remains in effect following such a Corporate Transaction, it shall apply to the new capital stock or other property
received in exchange for the Stock in consummation of the Corporate Transaction, but only to the extent the Stock is at the time covered by such right. Appropriate adjustments shall be made to the Option Price per share payable upon exercise of the
Repurchase Option to reflect the effect of the Corporate Transaction upon the Company’s capital structure; provided, however, that the aggregate Option Price shall remain the same. 

6.     TERMINATION OF REPURCHASE OPTION.
    Sections 2, 3, 4 and 5 of this Agreement shall terminate upon the exercise in full or expiration of the Repurchase Option, whichever occurs first. 

  
 2. 

 7.     ESCROW OF UNVESTED
STOCK.     As security for Purchaser’s faithful performance of the terms of this Agreement and to insure the availability for delivery of Purchaser’s Stock upon exercise of the Repurchase
Option herein provided for, Purchaser agrees, at the closing hereunder, to deliver to and deposit with the Secretary of the Company or the Secretary’s designee (“Escrow Agent”), as Escrow Agent in this
transaction, three (3) stock assignments duly endorsed (with date and number of shares blank) in the form attached hereto as Exhibit A, together with a certificate or certificates evidencing all of the Stock subject to the Repurchase
Option; said documents are to be held by the Escrow Agent and delivered by said Escrow Agent pursuant to the Joint Escrow Instructions of the Company and Purchaser set forth in Exhibit B attached hereto and incorporated by this reference,
which instructions shall also be delivered to the Escrow Agent at the closing hereunder. Purchaser hereby acknowledges that the Secretary of the Company, or the Secretary’s designee, is so appointed as the escrow holder with the foregoing
authorities as a material inducement to make this Agreement and that said appointment is coupled with an interest and is accordingly irrevocable. Purchaser agrees that Escrow Agent shall not be liable to any party hereof (or to any other party).
Escrow Agent may rely upon any letter, notice or other document executed by any signature purported to be genuine and may resign at any time. Purchaser agrees that if the Secretary of the Company, or the Secretary’s designee, resigns as Escrow
Agent for any or no reason, the Board of Directors of the Company shall have the power to appoint a successor to serve as Escrow Agent pursuant to the terms of this Agreement. Purchaser agrees that if the Secretary of the Company resigns as
Secretary, the successor Secretary shall serve as Escrow Agent pursuant to the terms of this Agreement. 
 8.
    RIGHTS OF PURCHASER.     Subject to the provisions of Sections 7, 9, 12 and 14 herein, Purchaser shall exercise all rights and privileges of a
shareholder of the Company with respect to the Stock deposited in escrow. Purchaser shall be deemed to be the holder for purposes of receiving any dividends that may be paid with respect to such shares of Stock and for the purpose of exercising any
voting rights relating to such shares of Stock, even if some or all of such shares of Stock have not yet vested and been released from the Repurchase Option. 

9.     LIMITATIONS ON TRANSFER.     In addition to any
other limitation on transfer created by applicable securities laws, Purchaser shall not assign, hypothecate, donate, encumber or otherwise dispose of any interest in the Stock while the Stock is subject to the Repurchase Option. After any Stock has
been released from the Repurchase Option, Purchaser shall not assign, hypothecate, donate, encumber or otherwise dispose of any interest in the Stock except in compliance with the provisions herein and applicable securities laws. Furthermore, the
Stock shall be subject to any right of first refusal in favor of the Company or its assignees that may be contained in the Company’s Bylaws. Purchaser hereby further acknowledges that Purchaser may be required to hold the Common Stock
purchased hereunder indefinitely. During the period of time during which the Purchaser holds the Common Stock, the value of the Common Stock may increase or decrease, and any risk associated with such Common Stock and such fluctuation in value shall
be borne by the Purchaser. 
 10.     RESTRICTIVE LEGENDS.     All
certificates representing the Stock shall have endorsed thereon legends in substantially the following forms (in addition to any other legend which may be required by other agreements between the parties hereto): 

(a)     “THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO AN OPTION SET FORTH IN AN AGREEMENT BETWEEN
THE COMPANY AND THE REGISTERED HOLDER, OR SUCH HOLDER’S PREDECESSOR IN INTEREST, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY. ANY TRANSFER OR ATTEMPTED TRANSFER OF ANY SHARES SUBJECT TO SUCH OPTION IS VOID WITHOUT THE
PRIOR EXPRESS WRITTEN CONSENT OF THE COMPANY.” 

  
 3. 

 (b)     “THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933 AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY
TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.” 
 (c)     “THE SHARES REPRESENTED BY
THIS CERTIFICATE ARE SUBJECT TO A RIGHT OF FIRST REFUSAL OPTION IN FAVOR OF THE COMPANY AND/OR ITS ASSIGNEE(S) AS PROVIDED IN THE BYLAWS OF THE COMPANY.” 

(d)     Any legend required by appropriate blue sky officials. 

11.     INVESTMENT REPRESENTATIONS.     In connection with the purchase of
the Stock, Purchaser represents to the Company the following: 
 (a)     Purchaser is aware of the Company’s
business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Stock. Purchaser is purchasing the Stock for investment for Purchaser’s own
account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act of 1933, as amended (the “Act”). 

(b)     Purchaser understands that the Stock has not been registered under the Act by reason of a specific
exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Purchaser’s investment intent as expressed herein. 

(c)     Purchaser further acknowledges and understands that the Stock must be held indefinitely unless the Stock is
subsequently registered under the Act or an exemption from such registration is available. Purchaser understands that the certificate evidencing the Stock will be imprinted with a legend which prohibits the transfer of the Stock unless the Stock is
registered or such registration is not required in the opinion of counsel for the Company. 
 (d)
    Purchaser is familiar with the provisions of Rule144, under the Act, as in effect from time to time, which, in substance, permit limited public resale of “restricted securities” acquired, directly or indirectly,
from the issuer thereof (or from an affiliate of such issuer), in a non-public offering subject to the satisfaction of certain conditions. In the event the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, as amended, the Stock may be resold by Purchaser in certain limited circumstances subject to the provisions of Rule 144, which may require, among other things, (i) the availability of certain public information
about the Company and (ii) the resale occurring following the required holding period under Rule 144 after the Purchaser has purchased, and made full payment for (within the meaning of Rule 144), the securities to be sold. 

  
 4. 

 (e)     Purchaser further understands that at the time Purchaser
wishes to sell the Stock there may be no public market upon which to make such a sale, and that, even if such a public market then exists, the Company may not be satisfying the current public information requirements of Rule 144, and that, in such
event, Purchaser may be precluded from selling the Stock under Rule 144 even if the minimum holding period requirement had been satisfied. 

(f)     Purchaser represents that Purchaser is an “accredited investor” as that term is defined in Rule
501 of Regulation D promulgated by the Securities and Exchange Commission under the Act. 
 (g)
    Purchaser further warrants and represents that Purchaser has either (i) preexisting personal or business relationships, with the Company or any of its officers, directors or controlling persons, or (ii) the
capacity to protect his own interests in connection with the purchase of the Stock by virtue of the business or financial expertise of himself or of professional advisors to Purchaser who are unaffiliated with and who are not compensated by the
Company or any of its affiliates, directly or indirectly. 
 12.     MARKET
STAND-OFF AGREEMENT.     Purchaser hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the
first sale to the public pursuant to the final prospectus relating to the registration by the Company of shares of its common stock or any other equity securities under the Act on a registration statement on Form S-1 or Form S-3 (the
“IPO”), and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) days in the case of the IPO, which period may be extended upon the request of the
managing underwriter, to the extent required by any FINRA rules, for an additional period of up to fifteen (15) days if the Company issues or proposes to issue an earnings or other public release within fifteen (15) days of the expiration
of the 180-day lockup period), (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose
of, directly or indirectly, any shares of the Stock or any securities convertible into or exercisable or exchangeable (directly or indirectly) for common stock of the Company (whether such shares or any such securities are then owned by Purchaser or
are thereafter acquired) or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described in clause
(i) or (ii) above is to be settled by delivery of common stock or other securities, in cash, or otherwise. The foregoing provisions of this Section 12 shall apply only to the IPO, shall not apply to the sale of any shares to an
underwriter pursuant to an underwriting agreement, and shall be applicable to the Purchaser only if the Company’s officers and directors are subject to the same restrictions. The underwriters in connection with such registration are intended
third party beneficiaries of this Section 12 and shall have the right, power, and authority to enforce the provisions hereof as though they were a party hereto. Purchaser further agrees to execute such agreements as may be reasonably requested
by the underwriters in connection with such registration that are consistent with this Section 12 or that are necessary to give further effect thereto. 

  
 5. 

 13.     SECTION 83(B)
ELECTION.     Purchaser understands that Section 83(a) of the Internal Revenue Code of 1986, as amended (the “Code”), taxes as ordinary income the difference between the amount paid
for the Stock and the fair market value of the Stock as of the date any restrictions on the Stock lapse. In this context, “restriction” includes the right of the Company to buy back the Stock pursuant to the Repurchase Option set forth in
Section 2 above. Purchaser understands that Purchaser may elect to be taxed at the time the Stock is purchased, rather than when and as the Repurchase Option expires, by filing an election under Section 83(b) (an “83(b)
Election”) of the Code with the Internal Revenue Service within thirty (30) days from the date of purchase. Even if the fair market value of the Stock at the time of the execution of this Agreement equals the amount paid for the
Stock, the 83(b) Election must be made to avoid income under Section 83(a) in the future. Purchaser understands that failure to file such an 83(b) Election in a timely manner may result in adverse tax consequences for Purchaser. Purchaser
further understands that an additional copy of such 83(b) Election is required to be filed with its federal income tax return for the calendar year in which the date of this Agreement falls. Purchaser further acknowledges and understands that it
is Purchaser’s sole obligation and responsibility to timely file such 83(b) Election, and neither the Company nor the Company’s legal or financial advisors shall have any obligation or responsibility with respect to such filing. Purchaser
acknowledges that the foregoing is only a summary of the effect of United States federal income taxation with respect to purchase of the Stock hereunder, and does not purport to be complete. Purchaser further acknowledges that the Company has
directed Purchaser to seek independent advice regarding the applicable provisions of the Code, the income tax laws of any municipality, state or foreign country in which Purchaser may reside, and the tax consequences of Purchaser’s death.
Purchaser assumes all responsibility for filing an 83(b) Election and paying all taxes resulting from such election or the lapse of the restrictions on the Stock. 

14.     REFUSAL TO TRANSFER.     The Company shall not be required
(a) to transfer on its books any shares of Stock of the Company which shall have been transferred in violation of any of the provisions set forth in this Agreement or (b) to treat as owner of such shares or to accord the right to vote as
such owner or to pay dividends to any transferee to whom such shares shall have been so transferred. 
 15.     NO
EMPLOYMENT RIGHTS.     This Agreement is not an employment or other service contract and nothing in this Agreement shall affect in any manner whatsoever the right or power of the Company (or a
parent or subsidiary of the Company) to terminate Purchaser’s service relationship for any reason at any time, with or without cause and with or without notice. 

16.     MISCELLANEOUS. 

(a)     Notices. All notices required or permitted hereunder shall be in writing and shall be deemed effectively
given: (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed electronic transmission, telex or facsimile if sent during normal business hours of the recipient, and if not during normal business hours of the
recipient, then on the next business day, (iii) five (5) calendar days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one (1) business day after deposit with a
nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the other party hereto at such party’s address hereinafter set forth on the signature page hereof,
or at such other address as such party may designate by ten (10) days advance written notice to the other party hereto. 

  
 6. 

 (b)     Successors and Assigns.     This Agreement
shall inure to the benefit of the successors and assigns of the Company and, subject to the restrictions on transfer herein set forth, be binding upon Purchaser, Purchaser’s successors, and assigns. The Repurchase Option of the Company
hereunder shall be assignable by the Company at any time or from time to time, in whole or in part. 
 (c)
    Attorneys’ Fees; Specific Performance.     Purchaser shall reimburse the Company for all costs incurred by the Company in enforcing the performance of, or protecting its rights under, any part of
this Agreement, including reasonable costs of investigation and attorneys’ fees. It is the intention of the parties that the Company, upon exercise of the Repurchase Option and payment therefor, pursuant to the terms of this Agreement, shall be
entitled to receive the Stock, in specie, in order to have such Stock available for future issuance without dilution of the holdings of other shareholders. Furthermore, it is expressly agreed between the parties that money damages are inadequate to
compensate the Company for the Stock and that the Company shall, upon proper exercise of the Repurchase Option, be entitled to specific enforcement of its rights to purchase and receive said Stock. 

(d)     Governing Law; Venue.     This Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware. The parties agree that any action brought by either party to interpret or enforce any provision of this Agreement shall be brought in, and each party agrees to, and does hereby, submit to the
jurisdiction and venue of, the appropriate state or federal court for the district encompassing the Company’s principal place of business. 

(e)     Further Execution.     The parties agree to take all such further action (s) as
may reasonably be necessary to carry out and consummate this Agreement as soon as practicable, and to take whatever steps may be necessary to obtain any governmental approval in connection with or otherwise qualify the issuance of the securities
that are the subject of this Agreement. 
 (f)     Entire Agreement; Amendment.
    This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes and merges all prior agreements or understandings, whether written or oral. This Agreement may not
be amended, modified or revoked, in whole or in part, except by an agreement in writing signed by each of the parties hereto. 

(g)     Severability.     If one or more provisions of this Agreement are held to be
unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such provision shall be
excluded from this Agreement, (ii) the balance of the Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance with its terms. 

(h)     Counterparts.     This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original and all of which together shall constitute one instrument. 
  

  
 7. 

 IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the day and year first above written. 
  

			
	EVERSPIN TECHNOLOGIES, INC.
		
	By:	 	/s/ Phillip LoPresti
	Title:	 	President & CEO
	Address:	 	1347 N. Alma School Road, Suite 220
		 	Chandler, AZ 85224
	
	GLOBALFOUNDRIES Inc.
		
	By:	 	/s/ Authorized Signatory
	Title:	 	/s/ Authorized Signor

  
 8. 

 EXHIBIT A 

STOCK ASSIGNMENT SEPARATE FROM CERTIFICATE 

  

 STOCK ASSIGNMENT SEPARATE FROM CERTIFICATE 

FOR VALUE RECEIVED, GLOBALFOUNDRIES INC. hereby sells, assigns and
transfers unto EVERSPIN TECHNOLOGIES, INC., a Delaware corporation (the “Company”), pursuant to the Repurchase Option under that certain Restricted Stock Purchase Agreement, dated
                                , 2014, by and between the undersigned and
the Company (the “Agreement”)
                                         
            shares of Common Stock of the Company standing in the undersigned’s name on the books of the Company represented by Certificate No[(S)]
                             and does hereby irrevocably constitute and appoint both the
Company’s Secretary and the Company’s attorney, or either of them, to transfer said stock on the books of the Company with full power of substitution in the premises. This Assignment may be used only in accordance with and subject to the
terms and conditions of the Agreement, in connection with the repurchase of shares of Stock (as defined in the Agreement) issued to the undersigned pursuant to the Agreement, and only to the extent that such shares remain subject to the
Company’s Repurchase Option under the Agreement. 

Dated:                         
                                         

 

			
	GLOBALFOUNDRIES Inc.
		
	By:	 	/s/ Authorized Signatory
	Title:	 	/s/ Authorized Signor

 [Instruction: Please do not fill in any blanks other than the signature line. The purpose of this Assignment is
to enable the Company to exercise its repurchase option set forth in the Agreement without requiring additional signatures on the part of Purchaser.] 
  

  

 EXHIBIT B 

JOINT ESCROW INSTRUCTIONS 

  
 1. 

 JOINT ESCROW INSTRUCTIONS 

Secretary 
 EVERSPIN
TECHNOLOGIES, INC. 
 1347 N. Alma School Road 

Suite 220 
 Chandler, AZ 85224 

Ladies and Gentlemen: 
 As Escrow Agent for both
EVERSPIN TECHNOLOGIES, INC. a Delaware Company (“Company”) and GLOBALFOUNDRIES INC. (“Purchaser”), you are hereby authorized
and directed to hold the documents delivered to you pursuant to the terms of that certain Restricted Stock Purchase Agreement dated as of October 21, 2014 (“Agreement”), to which a copy of these Joint Escrow Instructions
is attached as Exhibit B, in accordance with the following instructions. Capitalized terms used herein and not defined shall have the same meaning given them in the Agreement. 

1.     In the event Company or an assignee shall elect to exercise the Repurchase Option set forth in the
Agreement, the Company or its assignee will give to Purchaser and you a written notice specifying the number of shares of Stock to be purchased, the Option Price, and the time for a closing thereunder at the principal office of the Company.
Purchaser and the Company hereby irrevocably authorize and direct you to close the transaction contemplated by such notice in accordance with the terms of said notice. 

At the closing, you are directed (a) to date the stock assignments necessary for the transfer in question, (b) to fill in the number
of shares being transferred, and (c) to deliver the same, together with the certificate evidencing the shares of Stock to be transferred, to the Company against the simultaneous delivery to Purchaser of the Option Price (which may include
suitable acknowledgment of cancellation of indebtedness) for the number of shares of Stock being purchased pursuant to the exercise of the Repurchase Option. 

Purchaser irrevocably authorizes the Company to deposit with you any certificates evidencing shares of Stock to be held by you hereunder and
any additions and substitutions to said shares of Stock as specified in the Agreement. Purchaser does hereby irrevocably constitute and appoint you as his
attorney-in-fact and agent for the term of this escrow to execute with respect to such securities all documents necessary or appropriate to make such securities
negotiable and complete any transaction herein contemplated, including but not limited to any appropriate filing with state or government officials or bank officials. Subject to the provisions of this paragraph 3, Purchaser shall exercise all rights
and privileges of a shareholder of the Company while the stock is held by you. 
 This escrow shall terminate upon the exercise in full or
expiration of the Repurchase Option, whichever occurs first. 

  

 If at the time of termination of this escrow under Section 4 herein you should have in your
possession any documents, securities, or other property belonging to Purchaser, you shall deliver all of the same to Purchaser and shall be discharged of all further obligations hereunder; provided, however, that if at the time of termination of
this escrow you are advised by the Company that any property subject to this escrow is the subject of a pledge or other security agreement, you shall deliver all such property to the pledgeholder or other person designated by the Company. 

Except as otherwise provided in these Joint Escrow Instructions, your duties hereunder may be altered, amended, modified or revoked only by a
writing signed by all of the parties hereto. 
 You shall be obligated only for the performance of such duties as are specifically set forth
herein and may rely and shall be protected in relying or refraining from acting on any instrument reasonably believed by you to be genuine and to have been signed or presented by the proper party or parties. You shall not be personally liable for
any act you may do or omit to do hereunder as Escrow Agent or as attorney-in-fact for Purchaser while acting in good faith and in the exercise of your own good judgment,
and any act done or omitted by you pursuant to the advice of your own attorneys shall be conclusive evidence of such good faith. 
 You are
hereby expressly authorized to disregard any and all warnings given by any of the parties hereto or by any other person or Company, excepting only orders or process of courts of law, and are hereby expressly authorized to comply with and obey
orders, judgments or decrees of any court. In case you obey or comply with any such order, judgment or decree of any court, you shall not be liable to any of the parties hereto or to any other person, firm or Company by reason of such compliance,
notwithstanding any such order, judgment or decree being subsequently reversed, modified, annulled, set aside, vacated or found to have been entered without jurisdiction. 

You shall not be liable in any respect on account of the identity, authorities or rights of the parties executing or delivering or purporting
to execute or deliver these Joint Escrow Instructions documents or papers deposited or called for hereunder. 
 You shall not be liable for
the outlawing of any rights under any statute of limitations with respect to these Joint Escrow Instructions or any documents deposited with you. 

Your responsibilities as Escrow Agent hereunder shall terminate if you shall cease to be Secretary of the Company or if you shall resign by
written notice to the Company. In the event of any such termination, the Secretary of the Company shall automatically become the successor Escrow Agent unless the Company shall appoint another successor Escrow Agent, and Purchaser hereby confirms
the appointment of such successor as Purchaser’s attorney-in-fact and agent to the full extent of your appointment. 
 If you
reasonably require other or further instruments in connection with these Joint Escrow Instructions or obligations in respect hereto, the necessary parties hereto shall join in furnishing such instruments. 

  

 It is understood and agreed that should any dispute arise with respect to the delivery and/or
ownership or right of possession of the securities held by you hereunder, you are authorized and directed to retain in your possession without liability to anyone all or any part of said securities until such dispute shall have been settled either
by mutual written agreement of the parties concerned or by a final order, decree or judgment of a court of competent jurisdiction after the time for appeal has expired and no appeal has been perfected, but you shall be under no duty whatsoever to
institute or defend any such proceedings. 
 All notices required or permitted hereunder shall be in writing and shall be deemed effectively
given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic transmission, telex or facsimile if sent during normal business hours of the recipient, and if not during normal business hours of the
recipient, then on the next business day, (c) five (5) calendar days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) business day after deposit with a nationally
recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the other party hereto at such party’s address set forth below, or at such other address as such party may
designate by ten (10) days advance written notice to the other party hereto. 
  

	         Company: 
	Everspin Technologies, Inc. 

	 	1347 N. Alma School Road, Suite 220 

	 	Chandler, AZ 85224 

  

	         Purchaser: 
	GLOBALFOUNDRIES Inc. 

  

	 	__________________________________________ 

  

	 	__________________________________________ 

  

	         Escrow Agent: 
	Robert Schuch 

	 	1347 N. Alma School Road, Suite 220 

	 	Chandler, AZ 85224 

 By signing these Joint Escrow Instructions, you become a party hereto only for the purpose of said
Joint Escrow Instructions; you do not become a party to the Agreement. 
 You shall be entitled to employ such legal counsel and other
experts (including, without limitation, the firm of Cooley LLP) as you may deem necessary properly to advise you in connection with your obligations hereunder. You may rely upon the advice of such counsel, and you may pay such counsel reasonable
compensation therefor. The Company shall be responsible for all fees generated by such legal counsel in connection with your obligations hereunder. 

This instrument shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. It
is understood and agreed that references to “you” and “your” herein refer to the original Escrow Agents. It is understood and agreed that the Company may at any time or from time to time assign its rights under the Agreement and
these Joint Escrow Instructions. 

  

 These Joint Escrow Instructions shall be governed by and interpreted and determined in accordance
with the laws of the State of Delaware, as such laws are applied by Delaware courts to contracts made and to be performed entirely in Delaware by residents of that state. 

 

			
	Very truly yours,
	
	EVERSPIN TECHNOLOGIES, INC.
		
	By	 	/s/ Phillip LoPresti
		 	PHILLIP LOPRESTI
	
	PURCHASER
	
	GLOBALFOUNDRIES Inc.
		
	By:	 	/s/ Authorized Signatory
		
	Title:	 	/s/ Authorized Signor

 ESCROW AGENT: 

/s/ Robert
Schuch                                        
             
 Robert Schuch

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