Document:

Exhibit 10.18

 

Series D Notes (Issued Pursuant to November 18,
2016 SPA)

 

SUMMIT SEMICONDUCTOR,
LLC

 

Consent,
AMENDMENT and Termination AGREEMENT

 

This Consent,
Amendment and Termination Agreement (this “Agreement”) is made as of May 16, 2017 (the “Effective
Date”) between Summit Semiconductor, LLC, a Delaware limited liability company (the “Company”),
and the undersigned holders of Promissory Notes (as defined below) (“Noteholders”).

 

Recitals

 

Whereas,
Noteholders purchased from the Company, and the Company sold to Noteholders, Senior Secured Original Issue Discount Convertible
Notes (the “Promissory Notes”) and Common Units Purchase Warrants (the “Warrants”)
pursuant to that certain Securities Purchase Agreement dated as of November 18, 2016 (the “Purchase Agreement”);

 

Whereas,
in connection with the Purchase Agreement, the Company and Noteholders entered into that certain Security Agreement dated as of
November 18, 2016 wherein the Company granted Noteholders a security interest in certain of its assets as security for amounts
loaned to the Company by Noteholders (the “Security Agreement”);

 

Whereas,
the Company is offering to MARCorp Signal, LLC (“MARCorp”) convertible promissory notes and warrants
to acquire the Company’s Common Units (the “Offering”);

 

Whereas,
as a condition to closing the Offering, MARCorp requires (a) the amendment of Noteholders’ Promissory Notes to extend its
maturity date, (b) the amendment of Noteholders’ Warrants to extend the date on which Noteholders’ Warrant Units (as
defined in the Warrant) double if the Company has not consummated an initial public offering, and (c) the termination of the Security
Agreement;

 

Whereas,
Section 5.5 of the Purchase Agreement requires the written consent of Noteholders to amend or waive the Notes and the Warrants;
and

 

Whereas,
Section 6.5 of the Security Agreement requires the written consent of Noteholders holding Notes with at least 51% of the aggregate
principal amount of all Notes issued under the Purchase Agreement to amend or waive the Security Agreement,

 

Now,
Therefore, in consideration of the mutual promises and other good and valuable consideration set forth herein, the receipt
and sufficiency of which are hereby acknowledged, the Company and Noteholders, intending to be legally bound, hereby agree as follows:

 

Agreement

 

1.            Consent
to the Offering. Noteholders hereby consent to the Company pursuing, negotiating and consummating the closing of the Offering
pursuant to that certain (i) promissory note, in substantially the form attached hereto as Exhibit A, (ii) warrant, in substantially
the form attached hereto as Exhibit B, (iii) Securities Purchase Agreement, in substantially the form attached hereto as
Exhibit C, (iv) Security Agreement, in substantially the form attached hereto as Exhibit D, (v) Intercreditor Agreement,
in substantially the form attached hereto as Exhibit E, (vi) Operating Agreement Amendment, in substantially the form attached
hereto as Exhibit F, (vii) Security Agreement Joinder, in substantially the form attached hereto as Exhibit G, (vii)
Consent, Amendment and Termination Agreements to be executed by all Existing Noteholders (as defined in the Securities Purchase
Agreement), in substantially the forms attached hereto as Exhibit H, and the Management Rights Letter, in substantially
the form attached hereto as Exhibit I.

 

     

     

    

 

2.            Amendment
to the Promissory Note. The definition of “Maturity Date”, as stated and used in the Promissory Notes, is hereby
amended to be February 28, 2018.

 

3.            Amendments
to Purchase Agrement. The Purchase agreement shall be amended as follows:

 

		(a)	The following definition of “Requisite Holders” is added to Section 1.1 of the Purchase Agreement:

 

““Requisite Holders” shall mean those
Purchasers holding Notes having a majority of the aggregate principal amount of all Notes issued pursuant to this Agreement.”

 

		(b)	Section 4.5 of the Purchase Agreement is amended and restated in its entirety to read:

 

“4.5 Conversion and Exercise Procedures.
Each of the form of Notice of Exercise included in the Warrants and the mandatory conversion feature included in the Notes set
forth the totality of the procedures required of the Purchasers in order to exercise the Warrants or convert the Notes. No additional
legal opinion, other information or instructions shall be required of the Purchasers to exercise their Warrants or convert their
Notes. The Company shall honor exercises of the Warrants and conversions of the Notes and shall deliver Underlying Units in accordance
with the terms, conditions and time periods set forth in the Transaction Documents. Each Purchaser agrees and acknowledges that
upon written consent of the Company and the Requisite Holders, the aggregate principal amount of all the outstanding Notes shall
convert into Common Units at the Conversion Price. For clarity, such consent by the Requisite Holders shall be binding upon all
Purchasers.”

 

		(c)	Section 5.5 of the Purchase Agreement is amended and restated in its entirety to read:

 

“5.5 Amendments; Waivers. The Transaction
Documents shall not be amended, and no provision of the Transaction Documents may be waived, except upon written consent of the
Company and the Requisite Holders. Each Purchaser acknowledges that (i) in the event of a conflict, this provision controls all
Transaction Documents regarding the subject matter hereof, and (ii) an amendment of the Transaction Documents (or waiver of any
provision of the Transaction Documents) may occur by consent of the Requisite Holders and shall be binding upon all Purchasers.”

 

4.            Amendment
to the Warrant. Notwithstanding anything in the Warrants to the contrary, the number of Warrant Units (as defined in the
Warrants) exercisable pursuant to the Warrants shall double only if the Company does not consummate an initial public offering
by February 28, 2018.

 

5.            Termination
of Security Agreement. Noteholders hereby consent to the termination of, and hereby waive their rights and privileges under,
the Security Agreement, which termination shall be effective as of the earlier of (1) the Second Closing Date (as defined in the
Securities Purchase Agreement) and (2) June 7, 2017.

 

     

     

    

 

6.            Full
Force and Effect. Except as expressly provided herein, this Agreement shall not be deemed to constitute a waiver of, consent
to, modification of or amendment of any other provision of any other agreement.

 

7.            Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original part and all of which together shall
constitute a single agreement. Each party hereto, and their respective successors and assigns, shall be authorized to rely upon
the signatures of all of the parties hereto on this Agreement which are delivered by facsimile as constituting a duly authorized,
irrevocable, actual, current delivery of this Agreement with original signatures of each party.

 

8.            Governing
Law. This Agreement will be governed by and construed in accordance with the laws of the State of Delaware, without reference
to such state’s conflicts of law principles.

 

[Signature page follows]

 

     

     

    

 

In
Witness Whereof, the parties hereto have executed and delivered this Agreement Effective Date.

 

	 	The Company
	 	   
	 	Summit Semiconductor, LLC
	 	   	    
	 	By:	
	 	 	Brett Moyer, Chief Executive Officer
	 	   
	 	Date:	 	                          

 

Summit
Semiconductors, LLC

Signature
Page to Consent, Amendment and Termination Agreement

 

     

     

    

 

In
Witness Whereof, the parties hereto have executed and delivered this Agreement Effective Date.

 

	 	NOTEHOLDER
	 	 
	 	[Noteholder]
	 	 
	 	 
	 	Signature
	 	 
	 	Date:	 	                          

 

Summit
Semiconductors, LLC

Signature
Page to Consent, Amendment and Termination Agreement

 

     

     

    

 

Exhibit
A

 

Form
of Note

 

     

     

    

 

Exhibit
B

 

Form
of Warrant

 

     

     

    

 

 

Exhibit
C

 

Securities
Purchase Agreement

 

     

     

    

 

Exhibit
D

 

Security
Agreement

 

     

     

    

 

Exhibit
E

 

Intercreditor
Agreement

 

     

     

    

 

Exhibit
F

 

Operating
Agreement Amendment

 

     

     

    

 

Exhibit
G

 

Security
Agreement Joinder

 

     

     

    

 

Exhibit
H

 

CONSENT,
AMENDMENT AND TERMINATION AGREEMENTS

 

     

     

    

 

Exhibit
i

 

MANAGEMENT
RIGHTS LETTERExhibit
10.19

 

Series D Notes (Issued Pursuant to November 30,
2016 SPA)

 

SUMMIT SEMICONDUCTOR,
LLC

 

Consent,
AMENDMENT and Termination AGREEMENT

 

This Consent,
Amendment and Termination Agreement (this “Agreement”) is made as of May 16, 2017 (the “Effective
Date”) between Summit Semiconductor, LLC, a Delaware limited liability company (the “Company”),
and the undersigned holders of Promissory Notes (as defined below) (“Noteholders”).

 

Recitals

 

Whereas,
Noteholders purchased from the Company, and the Company sold to Noteholders, Senior Secured Original Issue Discount Convertible
Notes (the “Promissory Notes”) and Common Units Purchase Warrants (the “Warrants”)
pursuant to that certain Securities Purchase Agreement dated as of November 30, 2016 (the “Purchase Agreement”);

 

Whereas,
in connection with the Purchase Agreement, the Company and Noteholders entered into that certain Security Agreement dated as of
November 30, 2016 wherein the Company granted Noteholders a security interest in certain of its assets as security for amounts
loaned to the Company by Noteholders (the “Security Agreement”);

 

Whereas,
the Company is offering to MARCorp Signal, LLC (“MARCorp”) convertible promissory notes and warrants
to acquire the Company’s Common Units (the “Offering”);

 

Whereas,
as a condition to closing the Offering, MARCorp requires (a) the amendment of Noteholders’ Promissory Notes to extend its
maturity date, (b) the amendment of Noteholders’ Warrants to extend the date on which Noteholders’ Warrant Units (as
defined in the Warrant) double if the Company has not consummated an initial public offering, and (c) the termination of the Security
Agreement;

 

Whereas,
Section 5.5 of the Purchase Agreement requires the written consent of Noteholders holding Notes with a majority of the aggregate
principal amount of all Notes issued under the Purchase Agreement to amend or waive the Notes and the Warrants; and

 

Whereas,
Section 6.5 of the Security Agreement requires the written consent of Noteholders holding Notes with at least 51% of the aggregate
principal amount of all Notes issued under the Purchase Agreement to amend or waive the Security Agreement,

 

Now,
Therefore, in consideration of the mutual promises and other good and valuable consideration set forth herein, the receipt
and sufficiency of which are hereby acknowledged, the Company and Noteholders, intending to be legally bound, hereby agree as follows:

 

Agreement

 

1.          Consent
to the Offering. Noteholders hereby consent to the Company pursuing, negotiating and consummating the closing of the Offering
pursuant to that certain (i) promissory note, in substantially the form attached hereto as Exhibit A, (ii) warrant, in substantially
the form attached hereto as Exhibit B, (iii) Securities Purchase Agreement, in substantially the form attached hereto as
Exhibit C, (iv) Security Agreement, in substantially the form attached hereto as Exhibit D, (v) Intercreditor Agreement,
in substantially the form attached hereto as Exhibit E, (vi) Operating Agreement Amendment, in substantially the form attached
hereto as Exhibit F, (vii) Security Agreement Joinder, in substantially the form attached hereto as Exhibit G, (vii)
Consent, Amendment and Termination Agreements to be executed by all Existing Noteholders (as defined in the Securities Purchase
Agreement), in substantially the forms attached hereto as Exhibit H, and the Management Rights Letter, in substantially
the form attached hereto as Exhibit I.

 

     

     

    

 

2.          Amendment
to the Promissory Note. The definition of “Maturity Date”, as stated and used in the Promissory Notes, is hereby
amended to be February 28, 2018.

 

3.          Amendment
to the Warrant. Notwithstanding anything in the Warrants to the contrary, the number of Warrant Units (as defined in the
Warrants) exercisable pursuant to the Warrants shall double only if the Company does not consummate an initial public offering
by February 28, 2018.

 

4.          Termination
of Security Agreement. Noteholders hereby consent to the termination of, and hereby waive their rights and privileges under,
the Security Agreement, which termination shall be effective as of the earlier of (1) the Second Closing Date (as defined in the
Securities Purchase Agreement) and (2) June 7, 2017.

 

5.          Full
Force and Effect. Except as expressly provided herein, this Agreement shall not be deemed to constitute a waiver of, consent
to, modification of or amendment of any other provision of any other agreement.

 

6.          Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original part and all of which together shall
constitute a single agreement. Each party hereto, and their respective successors and assigns, shall be authorized to rely upon
the signatures of all of the parties hereto on this Agreement which are delivered by facsimile as constituting a duly authorized,
irrevocable, actual, current delivery of this Agreement with original signatures of each party.

 

7.          Governing
Law. This Agreement will be governed by and construed in accordance with the laws of the State of Delaware, without reference
to such state’s conflicts of law principles.

 

[Signature page follows]

 

     

     

    

 

In
Witness Whereof, the parties hereto have executed and delivered this Agreement Effective Date.

 

	 	The Company
	 	   
	 	Summit Semiconductor, LLC
	 	   	    
	 	By:	
	 	 	Brett Moyer, Chief Executive Officer
	 	   
	 	Date:	 	                          

 

Summit
Semiconductors, LLC

Signature
Page to Consent, Amendment and Termination Agreement

 

     

     

    

 

In
Witness Whereof, the parties hereto have executed and delivered this Agreement Effective Date.

 

	 	NOTEHOLDER
	 	 
	 	[Noteholder]
	 	 
	 	 
	 	Signature
	 	 
	 	Date:	 	                          

 

Summit
Semiconductors, LLC

Signature
Page to Consent, Amendment and Termination Agreement

 

     

     

    

 

Exhibit
A

 

Form
of Note

     

     

    

 

Exhibit
B

 

Form
of Warrant

 

     

     

    

 

Exhibit
C

 

Securities
Purchase Agreement

 

     

     

    

 

Exhibit
D

 

Security
Agreement

 

     

     

    

 

Exhibit
E

 

Intercreditor
Agreement

 

     

     

    

 

Exhibit
F

 

Operating
Agreement Amendment

 

     

     

    

 

Exhibit
G

 

Security
Agreement Joinder

 

     

     

    

 

Exhibit
H

 

CONSENT,
AMENDMENT AND TERMINATION AGREEMENTS

 

     

     

    

 

Exhibit
i

 

MANAGEMENT
RIGHTS LETTER

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