Document:

Exhibit 10.24

 

SECURITY AGREEMENT

 

THIS SECURITY AGREEMENT
(this “Agreement”) dated as of November 30, 2017 is made by and between Summit Semiconductor, LLC (the
 “Company”) and those certain purchasers of Company notes and warrants set forth on the Schedule of Purchasers
attached hereto (collectively, the “Purchasers”).

 

RECITALS

 

A.           To
induce the Purchasers to lend to the Company, the Company has agreed to pledge and grant a security interest in the Collateral
as security for the Secured Obligations (each as defined below) effective as of November 30, 2017 (the “Effective Date”).

 

NOW, THEREFORE, the parties
agree as follows as of the Effective Date:

 

		1.	DEFINITIONS.

 

The following capitalized
terms used in this Agreement shall have the following meanings under this Agreement:

 

1.1           “Change
of Ownership” has the meaning assigned to it in the Operating Agreement.

 

1.2           “Collateral”
means the property described in Exhibit A hereto.

 

1.3           “Company
Intellectual Property Rights” means all of the Company’s: (i) United States and foreign letters patent, utility
models, and applications therefor, and other indicia of invention ownership, including any such rights granted upon any reissue,
division, continuation or continuation-in-part applications; (ii) all copyright rights and all other literary property, software
(in both object and source code), and author rights, whether or not copyrightable, all copyrights and copyrighted interests, and
all mask works and registered mask works, including any registrations and renewals of any of the foregoing, which are owned by
or licensed to the Company; (iii) trade secrets and know how with respect to all of the foregoing; (iv) trademarks and
service marks; and (v) any and other intellectual property rights of any nature owned or licensed by the Company which are
necessary to enable the Company to manufacture any of its products and other products which incorporate, contain, or embody any
and all of the foregoing, including, without limitation, the registered intellectual property rights as listed on Exhibit B
attached hereto.

 

1.4           “Event
of Default” shall have the meaning as set forth in the Purchaser’s applicable Loan Documents.

 

1.5           “Existing
Loans” shall mean the Obligations of the Company to MARCorp Signal LLC in the approximate amount of $5,883,000 plus any
additional accrued interest and/or penalties.

 

1.6           [Reserved]

 

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1.7           “Lien”
means any lien (statutory or other), mortgage, pledge, hypothecation, assignment, deposit arrangement, security interest, charge,
claim or other encumbrance of any kind (including any conditional sale or other title retention agreement, any lease in the nature
thereof, and any agreement to give any security interest) and any agreement to give or refrain from giving a lien, mortgage, pledge,
hypothecation, assignment, deposit arrangement, security interest, charge, claim or other encumbrance of any kind.

 

1.8           “Loan
Documents” means this Agreement, the Securities Purchase Agreement, the Notes, any other instrument evidencing indebtedness
to the Purchasers (secured by the assets of the Company), all financing statements and instruments of perfection filed pursuant
to this Agreement, and such other documents and instruments as are signed and delivered by the Purchasers or the Company for the
transactions contemplated by this Agreement, each as may be amended.

 

1.9           “Notes”
mean the Series F Senior Secured 15% Convertible Notes issued by the Company to the Purchasers as amended, modified or supplemented
from time to time in accordance with their terms.

 

1.10         “Obligations”
means any principal, interest, penalties, fees, indemnifications, reimbursements, attorneys’ fees and expenses, damages and
other liabilities payable under the Loan Documents.

 

1.11         “Operating
Agreement” means the Amended and Restated Limited Liability Company Agreement dated April 9, 2016 by and among the
members of the Company, as it may be amended.

 

1.12         “Perfection
Schedule” means the duly completed Perfection Schedule attached hereto as Exhibit C.

 

1.13         “Permitted
Liens” means: (i) Liens imposed by law, such as carriers’, warehousemen’s, materialmen’s and mechanics’
liens, or Liens arising out of judgments or awards against the Company which do not constitute an Event of Default, (ii) Liens
for taxes not yet subject to penalties for non-payment and Liens for taxes the payment of which is being contested in good faith
and by appropriate proceedings and for which, to the extent required by generally accepted accounting principles then in effect,
proper and adequate book reserves relating thereto are established by the Company, (iii) Liens (A) upon or in any equipment acquired
or held by the Company to secure the purchase price of such equipment or indebtedness incurred solely for the purpose of financing
the acquisition of such equipment, or (B) existing on such equipment at the time of its acquisition, provided that the Lien is
confined solely to the property so acquired and improvements thereon, and the proceeds of such equipment and other equipment financed
by the holder of such Lien; (iv) Liens consisting of leases or subleases and licenses and sublicenses granted to others in the
ordinary course of the Company’s business not interfering in any material respect with the business of the Company and any
interest or title of a lessor or licensor under any lease or license, as applicable; (v) Liens incurred or deposits made in the
ordinary course of either the Company’s business in connection with worker’s compensation, unemployment insurance,
social security and other like laws; (vi) Liens in favor of customs and revenue authorities arising as a matter of law to secure
payment of customs duties in connection with the importation of goods; (vii) Liens to which the Purchasers have expressly consented
in writing; (viii) Liens related to unpaid wages; and (ix) Liens held by MARCorp Signal LLC.

 

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1.14         “Proceeding”
means any action, suit, arbitration, mediation, investigation or other proceeding (including by or before a Governmental Authority,
stock exchange or similar body).

 

1.15         [Reserved]Purchasers

 

1.16         “Secured
Obligations” means the Company’s obligations and liabilities to the Purchasers under the Loan Documents (including,
without limitation, the Company’s obligation to timely pay the principal amount of, and interest on, the Notes) and any fees
or other amounts payable by the Company under any Loan Document.

 

1.17         “Securities
Purchase Agreement” means the Securities Purchase Agreement, dated as of November 30, 2017 among the Company and the
Purchasers, as amended, modified or supplemented from time to time in accordance with its terms.

 

1.18         “Taxes”
means, U.S. federal, state, local and foreign taxes of any kind whatsoever (whether payable directly or by withholding), together
with any estimated tax, additions to tax, interest, fines and penalties related thereto.

 

1.19         “Uniform
Commercial Code” means the Uniform Commercial Code as in effect in the state of New York from time to time or, by reason
of mandatory application, any other applicable jurisdiction.

 

The following terms have the meaning assigned
to them in Article 9 of the Uniform Commercial Code: “Commodities Account,” “Commodities Entitlement,”
 “Commodities Intermediary,” “Commodity,” “Control,” “Securities
Account,” “Securities Entitlement” and “Securities Intermediary.”

 

Additional defined terms are set forth on Exhibit
A.

 

		2.	GRANT OF SECURITY INTEREST; COLLATERAL; ACKNOWLEDGEMENT.

 

2.1           Grant.
To secure the prompt payment in full when due (whether at stated maturity, by acceleration or otherwise) and performance of the
Secured Obligations, the Company hereby pledges and grants to Purchasers, a continuing security interest in all of the Company’s
right, title and interest in and to the Collateral, whether now owned or hereafter acquired by the Company and whether now existing
or hereafter coming into existence, which shall remain in effect until indefeasible payment and performance in full of all of the
Secured Obligations.

 

2.2           The
Company Remains Liable. The Company shall remain liable to perform its duties and obligations under the contracts and agreements
included in the Collateral in accordance with their respective terms to the same extent as if this Agreement had not been executed
and delivered. The exercise by Purchasers of any right, remedy, power or privilege in respect of this Agreement shall not release
the Company from any of its duties and obligations under such contracts and agreements. Purchasers shall not have any duty, obligation
or liability under such contracts and agreements or in respect to any government approval included in the Collateral by reason
of this Agreement or any other Loan Document, nor shall Purchasers be obligated to perform any of the duties or obligations of
the Company under any such contract or agreement or any such government approval or to take any action to collect or enforce any
claim (for payment) under any such contract or agreement or government approval.

 

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2.3           Perfection;
Financing Statement. The Company authorizes Purchasers to file, at any time and from time to time, all financing statements,
assignments, continuation financing statements, termination statements, control agreements and other documents and instruments,
including all appropriate Uniform Commercial Code and Patent and Trademark Office and Copyright filings, in form satisfactory to
the Purchasers, and to take all other action as the Purchasers may reasonably request, to perfect and continue perfected, maintain
the priority of, or provide notice of, the security interest of the Purchasers in the Collateral granted under this Agreement and
to accomplish the purposes of this Agreement. Without limiting the foregoing, the Company will cooperate with the Purchasers in
obtaining Control for the Purchasers of Collateral consisting of Deposit Accounts, Investment Property, Letter-of-Credit Rights
and Electronic Chattel Paper, as requested by the Purchasers.

 

2.4           Use
of Collateral. So long as an Event of Default does not exist, the Company shall have the right (a) to use and possess
the Collateral, (b) to exercise its rights, title and interest in all contracts, agreements, licenses and government approvals
related thereto, and (c) to manage its property and sell its inventory in the ordinary course of business.

 

2.5           Subordination
and Intercreditor Arrangements. Each party to this Agreement agrees that the rights of the undersigned Purchasers in the Collateral
are pari passu to the rights of each other Purchaser.

 

		3.	REPRESENTATIONS, WARRANTIES.

 

The Company represents and warrants to the
Purchasers as follows:

 

3.1           Name
and Identifying Information. The legal name of the Company (as it appears in the Certificate of Formation of the Company as
currently in force and effect) is “Summit Semiconductor, LLC,” and its organizational identification number as issued
by the Delaware Secretary of State is 4823903. The true and complete current mailing address of the Company is set forth in Section 6.3
of this Agreement.

 

3.2           Other
Names. Section 1 of the Perfection Schedule sets forth a true and complete list of each other name (including trade
names and fictitious business names) used by the Company at any time within five (5) years before the Effective Date.

 

3.3           Places
of Business. Section 2 of the Perfection Schedule sets forth (a) the current location of the chief executive
office of the Company; (b) each other location of records related to the Collateral; (c) each place of business presently
maintained by the Company.

 

3.4           Other
Locations of Collateral; Bailees. Section 3 of the Perfection Schedule sets forth a true and complete list of (a) each
location (other than as set forth on Section 2 of the Perfection Schedule) where the Company has tangible Collateral
located and (b) the name and address of each person other than the Company (such as lessees, consignees, warehousemen or other
bailees) who has or is presently intended to have possession of any of the Collateral.

 

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3.5           Intellectual
Property. Exhibit B hereto sets forth a true and complete list of the following items of Company Intellectual Property:
(a) patents and patent applications; (b) copyright registrations and copyright registration applications; (c) mask
works and mask work registration applications; (d) trademark registrations and trademark registration applications; and (e) domain
names (all of the Intellectual Property described in clauses (a) through (e), whether now owned or hereafter acquired, is
collectively referred to herein as the “Registered Intellectual Property”). Upon acquisition of any material
Registered Intellectual Property after the Effective Date, the Company will promptly notify the Purchasers and update Exhibit
B hereto to reflect such acquisition.

 

3.6           Deposit
Accounts. Section 4 of the Perfection Schedule sets forth a true and complete list of all Deposit Accounts maintained
by the Company and with regard to each such account: (a) the name and address of the financial institution where it is maintained;
(b) the account number and (c) the account type. Other than for the benefit of the Company pursuant to this Agreement
and the lenders of the Existing Loans, or otherwise pursuant to the Permitted Liens, the Company has not granted to any person
or entity any security interest in, or account control agreement over, or otherwise given Control over, any Deposit Account.

 

3.7           Investment
Property. Section 5 of the Perfection Schedule sets forth a true and complete list of all Investment Property owned
by the Company, including each (a) Security, Securities Entitlement, Commodity and Commodities Entitlement, identifying the
issuer and the type of Investment Property and (b) each Securities Account and Commodities Account which the Company maintains
and, with regard to each such account, sets forth (i) the name and address of the Securities Intermediary or Commodities Intermediary,
respectively, at which such account is maintained, (ii) the account number and (iii) the account type. Other than for
the benefit of the Purchasers pursuant to this Agreement and the lenders of the Existing Loans, or otherwise pursuant to the Permitted
Liens, the Company has not granted to any person or entity any security interest in, or otherwise given entered into any control
agreement with regard to, or otherwise given Control over, any Investment Property.

 

3.8           Commercial
Tort Claims. Section 6 of the Perfection Schedule identifies each Commercial Tort Claim now held by the Company
and each Proceeding which the Company has instituted which is now pending involving the prosecution or collection of a Commercial
Tort Claim, including the name of the action, the court in which it is pending and the case number. If the Company shall at any
time before the termination of this Agreement initiate, hold or acquire a Commercial Tort Claim, the Company shall immediately
notify the Purchasers in writing of such fact and grant to the Purchasers a security interest in such Commercial Tort Claim and
in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory
to the Purchasers.

 

3.9           Title;
Valid, Perfected Security Interest; No Other Liens. The Company owns all right, title and interest in and to the Collateral.
All of the Collateral is free and clear of all Liens except for Permitted Liens. This Agreement creates a first priority security
interest (subject only to Permitted Liens) that is valid and enforceable against the Collateral in which the Company now has rights
and will create a security interest that is valid and enforceable against the Collateral in which the Company hereafter acquires
rights at the time the Company acquires any such rights.

 

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3.10         No
Bankruptcy, Insolvency Actions or Liquidation. No receiver is appointed and presently charged with authority of any kind over
any of the Collateral or any other material part of the Company’s property, nor has the Company made an assignment for the
benefit of creditors. The Company is not the debtor or alleged debtor in any case under the United States Bankruptcy Code or the
subject of any other bankruptcy or insolvency Proceeding for the general adjustment of its debts or for its liquidation. The members
have not elected to dissolve the Company pursuant to the Operating Agreement.

 

3.11         No
Events of Default. Except for the MARCorp Signal LLC indebtedness totaling approximately $5,883,000, no event has occurred
and is continuing that, with or without the giving of notice or the passage of time or both, would constitute an Event of Default.

 

3.12         Other
Financing Statements. Other than financing statements, security agreements, chattel mortgages, assignments, copyright security
agreements or collateral assignments, patent or trademark security agreements or collateral assignments, fixture filings and other
agreements or instruments executed, delivered, filed or recorded for the purpose of granting or perfecting any Lien in connection
with any Permitted Lien and financing statements in favor of the Purchasers, no effective financing statement or similar document
naming the Company as debtor, assignor, grantor, mortgagor, pledgor or the like and covering all or any part of the Collateral
is on file in any filing or recording office in any jurisdiction.

 

3.13         Organization,
Corporate Power. The Company is a limited liability company, duly organized, validly existing and in good standing under the
laws of the State of Delaware and has all requisite corporate power and authority to carry on its business as presently conducted
and as proposed to be conducted. The Company has the authority to execute, deliver and perform its obligations under the Loan Documents.

 

3.14         Due
Authorization. All action on the part of the Company’s board of directors and members necessary for the authorization,
execution, delivery of, and the performance of all obligations of the Company under, the Loan Documents has been taken. The Loan
Documents constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their
respective terms, except as may be limited by (a) applicable bankruptcy, insolvency, reorganization or other laws of general
application relating to or affecting the enforcement of creditors’ rights generally and (b) the effect of rules of law
governing the availability of equitable remedies.

 

3.15         No
Conflict. The execution and delivery of the Loan Documents by the Company does not, and the consummation of the transactions
contemplated thereby will not, conflict with, or result in any violation of or default under (with or without notice or lapse of
time, or both), or give rise to a right of termination, cancellation or acceleration of any obligation or loss of any benefit under,
or require any consent, approval or waiver from any person or entity pursuant to, any provision of the Certificate of Formation
of the Company or the Operating Agreement, in each case as amended to date.

 

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		4.	COVENANTS

 

4.1           Other
Liens. The Company shall keep the Collateral free and clear of all Liens, other than Permitted Liens.

 

4.2           No
Change of Status; Notice of Certain Events. The Company shall give prompt written notice to the Purchasers (and in any event
not later than ten (10) days following any change described below in this Section 4.2) of: (a) any change in the location
of the Company’s chief executive office or principal place of business; (b) any change in the locations set forth in
Section 2 of the Perfection Schedule; (c) any changes in its identity, structure or registration number which might make
any financing statement filed hereunder incorrect or misleading or ineffective to perfect or maintain the perfection of the security
interest in any of the Collateral granted hereunder. Notwithstanding any other provision of this Agreement, the Company shall not
change its legal name or its state of formation without giving the Purchasers at least thirty (30) days written notice in advance
of such change, and without taking such steps in connection therewith as the Purchasers may reasonably request in order to perfect
and continue perfected, maintain the priority of or provide notice of, the security interest in the Collateral granted hereunder
after such change.

 

4.3           Applicable
laws. The Company shall operate its business substantially in a manner consistent with past practices, but in accordance with
applicable federal, state and local statutes, ordinances and regulations (collectively, “Applicable Law”) and
shall not use the Collateral in violation of Applicable Law or in violation of any insurance policy maintained by the Company with
respect to the Collateral.

 

4.4           New
Intellectual Property. If the Company obtains rights to any Registered Intellectual Property after the Effective Date, the
Company shall in each case promptly notify the Purchasers of such fact (and in any event not later than ten (10) days following
the Company obtaining such rights) and the Company hereby authorizes the Purchasers to modify, amend or supplement Exhibit B
from time to time to include therein a description of such Registered Intellectual Property and make all necessary or appropriate
filings with respect thereto to cause the security interest in such Registered Intellectual Property to be perfected. The Company
shall, to the extent reasonably requested by the Purchasers or to the extent that it would be prudent to do so for the protection
of the Company’s business and rights in the Company Intellectual Property, promptly and diligently register each copyright,
trademark, service mark, trade name or other Company Intellectual Property which is registrable with the applicable governmental
or other registration authority, and shall in each case in connection with such registration execute such documents and take such
further actions as the Purchasers shall reasonably request in its sole discretion to perfect and continue perfected, maintain the
priority of or provide notice of, the security interest granted to the Purchasers under this Agreement in such copyrightable works
or mask works notwithstanding such registration.

 

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4.5           Deposit
and Security Accounts; Control. The Company shall give the Purchasers prompt written notice of the Company’s acquisition
after the Effective Date of any Investment Property (and in any event not later than ten (10) days following the Company’s
acquisition of such Investment Property) and shall not establish any new Deposit Account, any new Securities Account or any new
Commodities Account unless it shall have given the Purchasers prompt written notice thereof and taken such further steps (including,
if requested by the Purchasers, entering into a control agreement with the relevant institution in form and substance satisfactory
to the Purchasers) so that, upon the acquisition of such Investment Property or the creation of each such new account, as applicable,
the Purchasers shall have a perfected security interest in such Investment Property or such account. The Company shall promptly
deposit for collection any checks, drafts or other cash equivalents it receives drawn to its order or endorsed to it and shall
deposit all Money received from time to time (other than reasonable petty cash advances) in its existing Deposit Accounts.

 

4.6           Taxes.
The Company shall pay all Taxes due and owing by the Company at such time as they become due, except for any Taxes subject to bona
fide dispute for which the Company makes adequate reserves and diligently pursues resolution of such dispute.

 

4.7           Records;
Insurance. The Company will at all times keep in a manner reasonably satisfactory to the Purchasers accurate and complete records
of the Collateral and will keep such Collateral insured to the extent similarly situated companies insure their assets. If requested
by the Purchasers, the Company shall add the Purchasers to policies covering the Collateral as an additional loss payee. The Purchasers
shall be entitled, at reasonable times and intervals after reasonable notice to the Company, to enter any of the Company’s
premises for purposes of inspecting the Collateral and the Company’s books and records relating thereto.

 

4.8           Notices,
Reports and Information. The Company will (i) notify the Purchasers of any material claim made or asserted against the
Collateral by any person or entity and of any material change in the composition of the Collateral or other event which could materially
adversely affect the value of the Collateral or the Purchasers’ Lien thereon; (ii) furnish to the Purchasers such statements
and schedules further identifying and describing the Collateral and such other reports and other information in connection with
the Collateral as the Purchasers may reasonably request, all in reasonable detail; and (iii) upon request of the Purchasers
make such demands and requests for information and reports as the Company is entitled to make in respect of the Collateral.

 

4.9           Disposition
of Collateral. The Company will not, except in the ordinary course of its business, (i) surrender or lose possession of,
sell, lease, rent, or otherwise dispose of or transfer any of the Collateral or any right or interest therein, except to the extent
permitted by this Agreement or in connection with a Change of Ownership permitted by the Operating Agreement, or (ii) remove
any of the Collateral from its present location (other than disposals of Collateral permitted by Section 4.9(i)) except upon
at least 15 days’ prior written notice to the Purchasers.

 

4.10         Further
Assurances. The Company agrees that, from time to time upon the written request of the Purchasers, the Company will execute
and deliver such further documents and do such other acts and things as the Purchasers may reasonably request in order fully to
effect the purposes of this Agreement.

 

4.11         Organization
and Qualification. The Company is a limited liability company duly organized, validly existing and in good standing under the
laws of Delaware. The Company has all requisite power and authority to conduct its business and own its property and to enter into
and perform its obligations under the Loan Documents.

 

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		5.	DEFAULT.

 

5.1          Remedies
Upon Default. Upon the occurrence and during the continuation of any Event of Default, and following delivery of written notice
to the Company from the Purchasers requesting the remedies set forth herein, the Purchasers shall have, in addition to all other
rights and remedies provided under the Loan Documents and by Applicable Law, all of the rights and remedies of a secured party
under the Uniform Commercial Code, including, but not limited to, the right to take possession of the Collateral (subject, in all
cases, to the provisions set forth in this Agreement), and for that purpose the Purchasers may, and the Company hereby authorizes
the Purchasers and their authorized representatives to, enter upon any premises on which Collateral may be located or situated
and remove the same therefrom or without removal render the same unusable and may use or dispose of the Collateral on such premises
without any liability for rent, storage, utilities or other sums, and upon request the Company shall, to the extent practicable,
assemble and make the Collateral available to the Purchasers at a place to be designated by the Purchasers, which is reasonably
convenient to the Company and the Purchasers. The Company agrees that, to the extent notice of sale shall be required by law, at
least ten days’ notice to the Company of the time and place of any public sale or the time after which any private sale or
any other intended disposition is to be made shall constitute reasonable notification of such sale or disposition. Upon approval
of the Purchasers, the Purchasers shall also have the right to apply for and have a receiver appointed by a court of competent
jurisdiction in any action taken by the Purchasers to enforce its rights and remedies hereunder, to manage, protect and preserve
the Collateral or continue the operation of the business of the Company, and the Purchasers shall be entitled to collect all revenues
and profits thereof and apply the same to the payment of all expenses and other charges of such receivership, including the compensation
of the receiver, and to the payment of Secured Obligations until a sale or other disposition of such Collateral shall be finally
made and consummated. In the event of any disposition or collection of or any other realization upon all or any part of the Collateral,
the Purchasers shall apply the proceeds of such disposition, collection or other realization as follows:

 

(a)          First,
to the payment of the reasonable costs and expenses of the Purchasers in exercising or enforcing their rights hereunder, including,
but not limited to, costs and expenses incurred in retaking, holding or preparing the Collateral for sale, lease or other disposition,
and to the payment of all expenses of the Purchasers pursuant to Section 6.4;

 

(b)          Second,
to the payment of the Secured Obligations; and

 

(c)          Third,
the surplus, if any, shall be paid to the Company or to whosoever may be lawfully entitled to receive such surplus.

 

If in the event of any
disposition or collection of or any other realization upon all or any part of the Collateral are insufficient to permit the payment
to the Purchasers of the full amounts of their Secured Obligations, then the entire assets of the Company legally available for
distribution shall be distributed with equal priority and pro rata among the Purchasers in proportion to the full amounts they
would otherwise be entitled to receive pursuant to this Section 5.1.

 

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5.2           NO
WAIVER OF RIGHTS. THE LENDERS’ ACCEPTANCE OF PARTIAL OR DELINQUENT PAYMENT FROM THE COMPANY UNDER ANY OF THE LOAN DOCUMENTS,
OR THE LENDERS’ FAILURE TO EXERCISE ANY RIGHT HEREUNDER, SHALL NOT CONSTITUTE A WAIVER OF ANY OBLIGATION OF THE COMPANY HEREUNDER,
OR ANY RIGHT OF THE LENDERS HEREUNDER, AND SHALL NOT AFFECT IN ANY WAY THE RIGHT TO REQUIRE FULL PERFORMANCE AT ANY TIME THEREAFTER.

 

		6.	MISCELLANEOUS.

 

6.1           Termination.
When all Secured Obligations shall have been indefeasibly paid in full, this Agreement shall terminate, and the Purchasers shall
forthwith cause to be released and canceled all Liens granted by the Company in the Collateral pursuant to this Agreement. The
Purchasers shall file upon such termination such Uniform Commercial Code termination statements and shall execute and deliver such
other documentation as shall be reasonably requested by the Company, at the Company’s sole expense, to effect the termination
and release of such Liens.

 

6.2           Waiver.
No failure on the part of the Purchasers to exercise and no delay in exercising, and no course of dealing with respect to, any
right, remedy, power or privilege under this Agreement shall operate as a waiver of such right, remedy, power or privilege, nor
shall any single or partial exercise of any right, power or privilege under this Agreement preclude any other or further exercise
of any such right, remedy, power or privilege or the exercise of any other right, remedy, power or privilege. Waiver of any provision
of any of the Loan Documents in one instance shall not operate as a waiver of that provision in any other instance or as a waiver
of any other provision of any of the Loan Documents. The rights, remedies, powers and privileges provided in this Agreement are
cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

 

6.3           Notices.
All notices and other communications shall be addressed to the intended recipient as follows, or to such other address or number
as may be specified from time to time by like notice to the parties:

 

To the Company:

 

6840 Via Del Oro., Ste 280

San Jose, CA 95119

Attention: Chief Financial Officer

 

To a Purchaser: At the address of the Purchaser as set forth
on the signature pages hereto.

 

Any party may from time to time specify a different
address for notices by like notice to the other parties.

 

6.4           Expenses.
The Company agrees to pay or to reimburse the Purchasers for all costs and expenses (including reasonable attorney’s fees
and expenses) that may be incurred by the Purchasers in any effort to enforce any of the provisions of the Loan Documents, including
any of the obligations of the Company in respect of the Collateral or in connection with the preservation of the Lien of, or the
rights of the Purchasers , under the Loan Documents or with any actual or attempted sale, lease, disposition, exchange, collection,
compromise, settlement or other realization in respect of, or care of the Collateral, including all such costs and expenses (and
reasonable attorney’s fees and expenses) incurred in any bankruptcy, reorganization, workout or other similar proceeding.

 

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6.5           Amendments.
Any provision of this Agreement may be modified, supplemented or waived only by an instrument in writing duly executed by the Company
and the Purchasers. Any such modification, supplement or waiver shall be for such period and subject to such conditions as shall
be specified in the instrument effecting the same and shall be binding upon the Purchasers and the Company, and any such waiver
shall be effective only in the specific instance and for the purposes for which given.

 

6.6           Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the Company and the Purchasers and their respective
successors and permitted assigns.

 

6.7           Survival.
All representations and warranties made in this Agreement or in any certificate or other document delivered pursuant to or in connection
with this Agreement shall survive the execution and delivery of this Agreement or such certificate or other document (as the case
may be) or any deemed repetition of any such representation or warranty.

 

6.8           Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Agreement, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction.

 

6.9           Captions.
The captions and section headings appearing in this Agreement are included solely for convenience of reference and are not intended
to affect the interpretation of any provision of this Agreement.

 

6.10         Counterparts.
This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument
and any of the parties to this Agreement may execute this Agreement by signing any such counterpart.

 

6.11         Governing
Law; Submission to Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this
Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without
regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations,
enforcement and defense of the transactions contemplated by this Agreement and (whether brought against a party hereto or its respective
affiliates, directors, officers, members, partners, members, employees or agents) shall be commenced exclusively in the state and
federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state
and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection
herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert
in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such
suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal
service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered
or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under
this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.

 

    	11

     

    

 

6.12         Entire
Agreement. This Agreement, together with the exhibits and schedules hereto, contains the entire understanding of the parties
with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral or written, with respect
to such matters, which the parties acknowledge have been merged into this Agreement and its exhibits and schedules.

 

    	12

     

    

 

IN WITNESS WHEREOF, the
parties have caused this Agreement to be duly executed and delivered as of the day and year first above written.

 

	COMPANY:	 
	 	 
	SUMMIT SEMICONDUCTOR LLC	 
	 	 	 
	By:		 
	 	 	 
	Name:	Brett Moyer	 
	 	 	 
	Title:	President & CEO	 

 

SIGNATURE PAGE FOR SECURITY AGREEMENT

 

    	13

     

    

 

	PURCHASERS:	 
	 	 
	 	 	 
	 	Purchaser’s name	 
	 	 	 
	 	 	 
	 	Signature of authorized signatory of the Purchaser:	 
	 	 	 
	 	 	 
	 	Name of authorized signatory:	 
	 	 	 
	 	 	 
	 	Title of authorized signatory	 
	 	 	 
	 	 	 

 

SIGNATURE PAGE FOR SECURITY AGREEMENT

 

    	14

     

    

 

SCHEDULE OF PURCHASERS

 

	Name of Purchaser	 	Principal Amount of Obligation
	 	 	 
	 	 	 
	 	 	 

 

    	A-1

     

    

 

EXHIBIT A

 

COLLATERAL

 

“Collateral”
means all current and hereafter acquired personal Property of the Company, including all insurance relating thereto, and including
all Accounts, Commercial Tort Claims, Deposit Accounts, Equipment, General Intangibles, Inventory, Money, and Negotiable Collateral,
all other Goods not previously referenced, any Supporting Obligations, and any and all Proceeds thereof.

 

Notwithstanding the foregoing
the term “Collateral” shall not include: (a) “intent-to-use” trademarks at all times prior to the
first use thereof, whether by the actual use thereof in commerce, the recording of a statement of use with the United States Patent
and Trademark Office or otherwise, but only to the extent the granting of a security interest in such “intent to use”
trademarks would be contrary to Applicable Law or (b) any contract, Instrument or Chattel Paper in which the Company has any
right, title or interest if and to the extent such contract, instrument or chattel paper includes a provision containing a restriction
on assignment such that the creation of a security interest in the right, title or interest of the Company therein would be prohibited
and would, in and of itself, cause or result in a default thereunder enabling another person or entity party to such contract,
Instrument or Chattel Paper to enforce any remedy with respect thereto; provided, however, that the foregoing exclusion
shall not apply if (i) such prohibition has been waived or such other person has otherwise consented to the creation hereunder
of a security interest in such contract, Instrument or Chattel Paper, or (ii) such prohibition would be rendered ineffective
pursuant to UCC Sections 9-407(a) or 9-408(a), as applicable and as then in effect in any relevant jurisdiction, or any other
Applicable Law (including the U.S. Bankruptcy Code or principles of equity); provided further that immediately upon the
ineffectiveness, lapse or termination of any such provision, the term “Collateral” shall include, and the Company shall
be deemed to have granted a security interest in, all its rights title and interests in and to such contract, Instrument or Chattel
Paper as if such provision had never been in effect; and provided further that the foregoing exclusion shall in no way be
construed so as to limit, impair or otherwise affect the Purchasers’ unconditional continuing security interest in and to
all rights, title and interests of the Company in or to any payment obligations or other rights to receive monies due or to become
due under any such contract, Instrument or Chattel Paper and in any such monies and other Proceeds of such contract, Instrument
or Chattel Paper.

 

For purposes of this Agreement,
the foregoing terms have the following meaning:

 

“Account Debtor”
means any Person who is or who may become obligated under, with respect to or on account of an Account.

 

“Accounts”
means all of the Company’s currently existing and hereafter arising accounts, as defined in UCC Section 9102(a)(2),
including any contract rights to payment arising out of the sale or lease of goods or the rendition of services by the Company,
irrespective of whether earned by performance, and any and all credit insurance, guarantees or security therefor.

 

“Commercial Tort
Claims” means all commercial tort claims as defined in UCC Section 9102(a)(12), now or hereafter held by the Company.

 

    	A-2

     

    

 

“Deposit Accounts”
means all deposit accounts, as defined in UCC Section 9102(a)(29), now or hereafter held in the Company’s name.

 

“Equipment”
means equipment as defined in UCC Section 9102(a)(33), including all of the Company’s present and hereafter acquired
machinery, machine tools, motors, computers, equipment, furniture, furnishings, fixtures, vehicles (including motor vehicles and
trailers), tools, parts, goods, wherever located, including all attachments, accessories, accessions, replacements, substitutions,
additions and improvements to any of the foregoing.

 

“General Intangibles”
means general intangibles as defined in UCC Section 9102(a)(42), including all of the Company’s present and future general
intangibles and other personal Property (including contract rights, rights arising under common law, statutes or regulations, choses
or other things in action, goodwill, Company Intellectual Property Rights, blueprints, drawings, purchase orders, customer lists,
monies due or recoverable from pension funds, route lists, rights to payment, and other rights under any royalty or licensing agreements,
infringement claims, computer programs, information contained on computer disks or tapes, literature, reports, catalogs, insurance
premium rebates, tax refunds and tax refund claims).

 

“Goods”
means goods as defined in UCC Section 9102(a)(44).

 

“Inventory”
means inventory as defined in UCC Section 9102(a)(48), including all present and future inventory in which the Company has
any interest, including goods held for sale or lease or to be furnished under a contract of service and all of the Company’s
present and future raw materials, work in process, finished goods and packing and shipping materials, wherever located.

 

“Money”
means money as defined in Article 1 of the Uniform Commercial Code.

 

“Negotiable Collateral”
means all of the Company’s present and future Letters of Credit, Letter-of-Credit Rights, notes, drafts, Instruments, Investment
Property, Securities (including the shares of capital stock or other equity or membership interests of United States subsidiaries
of the Company), Documents, personal property leases (wherein the Company is the lessor) and Chattel Paper. (All capitalized terms
used in the preceding sentence that are defined in the Uniform Commercial Code shall have the meanings set forth therein.)

 

“Proceeds”
means proceeds as defined in UCC Section 9102(a)(64).

 

“Supporting Obligations”
means supporting obligations as defined in UCC Section 9102(a)(77).

 

    	A-3

     

    

 

EXHIBIT B

 

 

 

 

 

 

 

 

 

 

 

    B-1

     

    

 

EXHIBIT C

 

 

 

 

 

 

 

 

 

 

 

 

    C-1Exhibit 10.25

 

SUBSCRIPTION AGREEMENT

 

This SUBSCRIPTION AGREEMENT
(this “Agreement”) is made as of is made as of the last date set forth on the signature page hereof,
between Summit Semiconductor, Inc., a Delaware corporation (the “Company”), and the undersigned subscribers
(the “Subscribers” and each a “Subscriber”).

 

WITNESSETH:

 

WHEREAS, the Company
is conducting a private offering (the “Offering”) of up to One Million Five Hundred Thousand Dollars
($1,500,000) in principal amount of Series G 15% Original Issue Discount Senior Secured Promissory Notes the (“Notes”),
pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and/or
Rule 506 promulgated thereunder; and

 

WHEREAS, each
Subscriber desires to purchase the Notes on the terms and conditions hereinafter set forth;

 

NOW, THEREFORE, in consideration
of the premises and the mutual representations and covenants hereinafter set forth, the parties hereto do hereby agree as follows:

 

		I.	SUBSCRIPTION FOR NOTES AND REPRESENTATIONS BY SUBSCRIBER

 

1.1       Subject
to the terms and conditions hereinafter set forth, each Subscribers hereby subscribe for and agrees to purchase from the Company,
and the Company subject to its rights to accept or reject this subscription, agrees to sell to the Subscribers, the Notes in the
principal amount set forth on the signature page hereof. The purchase price is payable by check or wire transfer, to be held in
escrow until the conditions to closing are achieved, to Signature Bank, the escrow agent (the “Escrow Agent”).

 

1.2       The
closing of the Offering (the “Closing”) will occur on the date hereof (the “Closing Date”).

 

1.3       Each
Subscriber recognizes that the purchase of the Notes involves a high degree of risk including, but not limited to, the following:
(a) the Company has a limited operating history and requires substantial funds in addition to the proceeds of the Offering; (b)
an investment in the Company is highly speculative, and only investors who can afford the loss of their entire investment should
consider investing in the Company and the Notes; (c) such Subscriber may not be able to liquidate its investment; (d) transferability
of the Notes is extremely limited; (e) in the event of a disposition, such Subscriber could sustain the loss of its entire investment;
(f) the Company has not paid any dividends since its inception and does not anticipate paying any dividends; and (g) the other
risks associated with the Company’s business, financial condition and the Offering.

 

    	 	1	 

     

    

 

1.4       At
the time such Subscriber was offered the Notes, it was, and as of the date hereof it is, an “accredited investor” as
defined in Rule 501(a) under the Securities Act, and such Subscriber is able to bear the economic risk of an investment in the
Notes.

 

1.5       Each
Subscriber hereby acknowledges and represents that (a) such Subscriber has knowledge and experience in business and financial matters,
prior investment experience, including investment in securities that are non-listed, unregistered and/or not traded on a national
securities exchange or each Subscriber has employed the services of a “purchaser representative” (as defined in Rule
501 of Regulation D), attorney and/or accountant to read all of the documents furnished or made available by the Company to each
Subscriber to evaluate the merits and risks of such an investment on each Subscriber’s behalf; (b) such Subscriber recognizes
the highly speculative nature of this investment; and (c) such Subscriber is able to bear the economic risk that each Subscriber
hereby assumes.

 

1.6       Each
Subscriber hereby acknowledges receipt and careful review of this Agreement, the Notes, and the Security Agreement, and all exhibits
thereto or incorporated by reference therein (collectively referred to as the “Transaction Documents”)
and has received any additional information that such Subscriber has reasonably requested from the Company, and has been afforded
the opportunity to ask questions of and receive answers from duly authorized officers or other representatives of the Company concerning
the Company and the terms and conditions of the Offering; provided, however that no investigation performed by or
on behalf of each Subscriber shall limit or otherwise affect its right to rely on the representations and warranties of the Company
contained herein.

 

1.7    (a)   In
making the decision to invest in the Notes each Subscriber has relied solely upon the information provided by the Company in the
Transaction Documents and incorporated by reference therein. To the extent necessary, each Subscriber has retained, at its own
expense, and relied upon appropriate professional advice regarding the investment, tax and legal merits and consequences of this
Agreement and the purchase of the Notes hereunder. Each Subscriber disclaims reliance on any statements made or information provided
by any person or entity in the course of Subscriber’s consideration of an investment in the Notes other than the Transaction
Documents.

 

 (b)       Each
Subscriber represents that (i) such Subscriber was contacted regarding the sale of the Notes by the Company with whom such Subscriber
had a prior substantial pre-existing relationship and (ii) it did not learn of the offering of the Notes by means of any form of
general solicitation or general advertising, and in connection therewith, such Subscriber did not (A) receive or review any advertisement,
article, notice or other communication published in a newspaper or magazine or similar media or broadcast over television or radio,
whether closed circuit, or generally available; or (B) attend any seminar meeting or industry investor conference whose attendees
were invited by any general solicitation or general advertising.

 

1.8       Each
Subscriber hereby acknowledges that the Offering has not been reviewed by the U.S. Securities and Exchange Commission (the “SEC”)
nor any state regulatory authority since the Offering is intended to be exempt from the registration requirements of Section 5
of the Securities Act, pursuant to Regulation D. Each Subscriber understands that the Notes have not been registered under the
Securities Act or under any state securities or “blue sky” laws and agrees not to sell, pledge, assign or otherwise
transfer or dispose of the Notes unless it is registered under the Securities Act and under any applicable state securities or
“blue sky” laws or unless an exemption from such registration is available.

 

    	 	2	 

     

    

 

1.9       Each
Subscriber understands that the Notes have not been registered under the Securities Act by reason of a claimed exemption under
the provisions of the Securities Act that depends, in part, upon such Subscriber’s investment intention and investment qualification.
In this connection, each Subscriber hereby represents that such Subscriber is purchasing the Notes for such Subscriber’s
own account for investment and not with a view toward the resale or distribution to others; provided, however, that
nothing contained herein shall constitute an agreement by such Subscriber to hold the Notes for any particular length of time and
the Company acknowledges that each Subscriber shall at all times retain the right to dispose of its property as it may determine
in its sole discretion, subject to any restrictions imposed by applicable law. Each Subscriber, if an entity, further represents
that it was not formed for the purpose of purchasing the Notes.

 

1.10       Each
Subscriber consents to the placement of a legend on any document evidencing the Notes that such Notes not been registered under
the Securities Act or any state securities or “blue sky” laws and setting forth or referring to the restrictions on
transferability and sale thereof contained in this Agreement. Each Subscriber is aware that the Company will make a notation in
its appropriate records with respect to the restrictions on the transferability of the Notes.

 

1.11       Each
Subscriber hereby represents that the address of such Subscriber furnished by Subscriber on the signature page hereof is such Subscriber’s
principal residence if Subscriber is an individual or its principal business address if it is a corporation or other entity.

 

1.12       Such
Subscriber understands that the Notes are a “restricted security” and has not been registered under the Securities
Act or any applicable state securities law and is acquiring the Notes as principal for its own account and not with a view to or
for distributing or reselling the Notes or any part thereof in violation of the Securities Act or any applicable state securities
law, has no present intention of distributing any of the Notes in violation of the Securities Act or any applicable state securities
law and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution
of the Notes in violation of the Securities Act or any applicable state securities law. Furthermore, such Subscriber is not purchasing
the Notes as a result of any advertisement, article, notice or other communication regarding the Notes published in any newspaper,
magazine or similar media or broadcast over television or radio or presented at any seminar or any other general solicitation or
general advertisement.

 

1.13       Each
Subscriber represents that such Subscriber has full power and authority (corporate, statutory and otherwise) to execute and deliver
this Agreement and to purchase the Notes. This Agreement constitutes the legal, valid and binding obligation of each Subscriber,
enforceable against such Subscriber in accordance with its terms.

 

    	 	3	 

     

    

 

1.14       If
each Subscriber is a corporation, partnership, limited liability company, trust, employee benefit plan, individual retirement account,
Keogh Plan, or other tax-exempt entity, it is authorized and qualified to invest in the Company and the person signing this Agreement
on behalf of such entity has been duly authorized by such entity to do so.

 

1.15       Each
Subscriber acknowledges that if he, she, or it is a Registered Representative of a Financial Industry Regulatory Authority (“FINRA”)
member firm, he or she must give such firm the notice required by the FINRA’s Rules of Fair Practice.

 

1.16       Each
Subscriber agrees not to issue any public statement with respect to such Subscriber’s investment or proposed investment in
the Company or the terms of any agreement or covenant between them and the Company without the Company’s prior written consent,
except such disclosures as may be required under applicable law or under any applicable order, rule or regulation.

 

1.17       Each
Subscriber understands, acknowledges and agrees with the Company that this subscription may be rejected, in whole or in part, by
the Company, in the sole and absolute discretion of the Company, at any time before the Closing notwithstanding prior receipt by
such Subscriber of notice of acceptance of such Subscriber’s subscription.

 

1.18       Each
Subscriber acknowledges that the information contained in the Transaction Documents or otherwise made available to such Subscriber
is confidential and non-public and agrees that all such information shall be kept in confidence by each Subscriber and neither
used by such Subscriber for such Subscriber’s personal benefit (other than in connection with this subscription) nor disclosed
to any third party for any reason, notwithstanding that a Subscriber’s subscription may not be accepted by the Company; provided,
however, that (a) such Subscriber may disclose such information to its affiliates and advisors who may have a need for such
information in connection with providing advice to such Subscriber with respect to its investment in the Company so long as such
affiliates and advisors have an obligation of confidentiality, and (b) this obligation shall not apply to any such information
that (i) is part of the public knowledge or literature and readily accessible at the date hereof, (ii) becomes part of the public
knowledge or literature and readily accessible by publication (except as a result of a breach of this provision) or (iii) is received
from third parties without an obligation of confidentiality (except third parties who disclose such information in violation of
any confidentiality agreements or obligations, including, without limitation, any subscription or other similar agreement entered
into with the Company).

 

1.19       Each
Subscriber will indemnify and hold harmless the Company and, where applicable, its directors, officers, employees, agents, advisors,
affiliates and shareholders, and each other person, if any, who controls any of the foregoing from and against any and all loss,
liability, claim, damage and expense whatsoever (including, but not limited to, any and all fees, costs and expenses whatsoever
reasonably incurred in investigating, preparing or defending against any claim, lawsuit, administrative proceeding or investigation
whether commenced or threatened) (a “Loss”) arising out of or based upon any representation or warranty
of such Subscriber contained herein or in any document furnished by such Subscriber to the Company in connection herewith being
untrue in any material respect or any breach or failure by such Subscriber to comply with any covenant or agreement made by such
Subscriber herein or therein.

 

    	 	4	 

     

    

 

		II.	REPRESENTATIONS BY AND COVENANTS OF THE COMPANY

 

The Company hereby represents
and warrants to each Subscriber that:

 

2.1       Organization,
Good Standing and Qualification. The Company is a corporation duly organized, validly existing and in good standing under the
laws of the State of Delaware and has full corporate power and authority to own and use its properties and its assets and conduct
its business as currently conducted. Each of the Company’s subsidiaries (the “Subsidiaries”) is
an entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation with the
requisite corporate power and authority to own and use its properties and assets and to conduct its business as currently conducted.
Neither the Company nor any of its Subsidiaries is in violation of any of the provisions of their respective articles of incorporation,
by-laws or other organizational or charter documents, including, but not limited to the Charter Documents (as defined below). Each
of the Company and its Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation in each
jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where
the failure to be so qualified or in good standing, as the case may be, would not result in a direct and/or indirect (i) material
adverse effect on the legality, validity or enforceability of the Notes and/or this Agreement, (ii) material adverse effect
on the results of operations, assets, business, condition (financial and other) or prospects of the Company and its Subsidiaries,
taken as a whole, or (iii) material adverse effect on the Company’s ability to perform in any material respect on a timely
basis its obligations under the Transaction Documents (any of (i), (ii) or (iii), a “Material Adverse Effect”).

 

2.2       Capitalization
and Voting Rights. All issued and outstanding shares of capital stock of the Company are validly issued, fully paid and nonassessable.
All of the issued and outstanding shares of capital stock of the Company are validly issued, fully paid and nonassessable and the
shares of capital stock of the Subsidiaries are owned by the Company. All of such outstanding capital stock has been issued in
compliance with applicable federal and state securities laws.

 

2.3       Authorization;
Enforceability. The Company has all corporate right, power and authority to enter into, execute and deliver this Agreement
and each other agreement, document, instrument and certificate to be executed by the Company in connection with the consummation
of the transactions contemplated hereby, including, but not limited to, the Transaction Documents, and to perform fully its obligations
hereunder and thereunder. All corporate action on the part of the Company, its directors and stockholders necessary to authorize
the (a) execution, delivery and performance of this Agreement and the other Transaction Documents by the Company and (b) the sale,
issuance and delivery of the Notes contemplated hereby has been taken. This Agreement and the other Transaction Documents have
been duly executed and delivered by the Company and each constitutes a legal, valid and binding obligation of the Company, enforceable
against the Company in accordance with its respective terms, subject to laws of general application relating to bankruptcy, insolvency
and the relief of debtors and rules of law governing specific performance, injunctive relief or other equitable remedies, and to
limitations of public policy. The Notes are duly authorized and, when issued and paid for in accordance with the applicable Transaction
Documents, will be duly and validly issued, fully paid.

 

    	 	5	 

     

    

 

2.4       No
Conflict; Governmental Consents.

 

(a)       The
execution and delivery by the Company of this Agreement and the other Transaction Documents, the issuance and sale of the Notes
and the consummation of the other transactions contemplated hereby or thereby do not and will not (i) result in the violation of
any law, statute, rule, regulation, order, writ, injunction, judgment or decree of any court or governmental authority to or by
which the Company is bound including without limitation all foreign, federal, state and local laws applicable to its business and
all such laws that affect the environment, except in each case as could not have or reasonably be expected to result in a Material
Adverse Effect, (ii) conflict with or violate any provision of the Company’s Articles of Incorporation, as amended, or the
Company’s Bylaws, as amended (collectively, the “Charter Documents”), and (iii) conflict with,
or result in a material breach or violation of, any of the terms or provisions of, or constitute (with or without due notice or
lapse of time or both) a default or give to others any rights of termination, amendment, acceleration or cancellation (with or
without due notice, lapse of time or both) under any agreement, credit facility, lease, loan agreement, mortgage, security agreement,
trust indenture or other agreement or instrument to which the Company or any Subsidiary is a party or by which any of them is bound
or to which any of their respective properties or assets is subject.

 

(b)       Except
as has been previously obtained, no approval by the holders of shares of the Company’s common stock, par value $0.0001 per
share, or other equity securities of the Company is required to be obtained by the Company in connection with the authorization,
execution, delivery and performance of this Agreement and the other Transaction Documents or in connection with the authorization,
issuance and sale of Notes.

 

(c)       No
consent, approval, authorization or other order of any governmental authority or any other person is required to be obtained by
the Company in connection with the authorization, execution, delivery and performance of this Agreement and the other Transaction
Documents or in connection with the authorization, issuance and sale of the Notes, except such post-sale filings as may be required
to be made with the SEC, FINRA and with any state or foreign blue sky or securities regulatory authority, all of which shall be
made when required.

 

2.5       Consents
of Third Parties. Except as previously obtained, no vote, approval or consent of any holder of capital stock of the Company
or any other third parties is required or necessary to be obtained by the Company in connection with the authorization, execution,
deliver and performance of this Agreement and the other Transaction Documents or in connection with the authorization, issuance
and sale of the Notes.

 

    	 	6	 

     

    

 

2.6       Regulatory
Permits. The Company and the Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal,
state, local or foreign regulatory authorities necessary to conduct their respective businesses, except where the failure to possess
such permits could not reasonably be expected to result in a Material Adverse Effect (“Material Permits”),
and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of
any Material Permit.

 

2.7       Investment
Company. The Company is not an “investment company” within the meaning of such term under the Investment Company
Act of 1940, as amended, and the rules and regulations of the SEC thereunder.

 

2.8       [Intentionally
Omitted].

 

2.9       No
General Solicitation. None of the Company, its Subsidiaries, any of their affiliates, and any person acting on their
behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D under the
Securities Act) in connection with the offer or sale of the Notes.

 

2.10       [Intentionally
Omitted].

 

2.11       Application
of Takeover Protections. The Company has taken all necessary action, if any, in order to render inapplicable any control share
acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover
provision under the Company's Charter Documents or the laws of its state of incorporation that is or could become applicable to
each Subscriber as a result of such Subscriber and the Company fulfilling their obligations or exercising their rights under this
Agreement, including, without limitation, the Company's issuance of the Notes and such Subscriber’s ownership of the Notes.

 

2.12       Taxes.
Each of the Company and its Subsidiaries has filed all U.S. federal, state, local and foreign tax returns which are required to
be filed by each of them and all such returns are true and correct in all material respects. The Company and each Subsidiary has
paid all taxes whether or not shown on such returns or pursuant to any assessments received by any of them or by which any of them
are obligated to withhold from amounts owing to any employee, creditor or third party. The Company and each Subsidiary has properly
accrued all taxes required to be accrued and/or paid, except where the failure to accrue would not have a Material Adverse Effect.
To the knowledge of the Company, none of the tax returns of the Company nor any of its Subsidiaries is currently being audited
by any state, local or federal authorities. Neither the Company nor any Subsidiary has waived any statute of limitations with respect
to taxes or agreed to any extension of time with respect to any tax assessment or deficiency. The Company has set aside on its
books adequate provision for the payment of any unpaid taxes.

 

2.13       Private
Placement. Assuming the accuracy of each Subscribers’ representations and warranties set forth in Section I, no registration
under the Securities Act is required for the offer and sale of the Notes by the Company to such Subscriber as contemplated hereby.

 

    	 	7	 

     

    

  

2.14       No
Events of Default. Except for the events of default with respect to those certain Series D Senior Secured Original Issue Discount
Convertible Notes and related transaction documents, no event has occurred and is continuing that, with or without the giving of
notice or the passage of time or both, would constitute an Event of Default

 

		III.	TERMS OF SUBSCRIPTION

 

3.1       The
Company reserves the right to accept or reject any subscription made hereby, in whole or in part, in its sole discretion. The Company’s
agreement with each Subscriber is a separate agreement and the sale of the Notes to each Subscriber is a separate sale. 

 

3.2       All
funds shall be deposited in the account identified in Section 1.1 hereof.

 

		IV.	CONDITIONS TO OBLIGATIONS OF THE SUBSCRIBERS

 

4.1       Each
Subscribers’ obligation to purchase the Notes at the Closing at which such purchase is to be consummated is subject to the
fulfillment on or prior to the Closing of the following conditions, which conditions may be waived at the option of such Subscriber
to the extent permitted by law:

 

(a)       Representations
and Warranties; Covenants. The representations and warranties made by the Company in Section 2 hereof shall be true and correct
in all material respects when made and on the Closing Date (unless such representation or warranty expressly speaks as of an earlier
date, in which case such representation or warranty shall be true and correct as of such earlier date). All covenants, agreements
and conditions contained in this Agreement to be performed by the Company on or prior to the date of the Closing shall have been
performed or complied with in all material respects.

 

(b)       No
Legal Order Pending. There shall not then be in effect any legal or other order enjoining or restraining the transactions contemplated
by this Agreement.

 

(c)       No
Law Prohibiting or Restricting Such Sale. There shall not be in effect any law, rule or regulation prohibiting or restricting
such sale or requiring any consent or approval of any person, which shall not have been obtained, to issue the Notes (except as
otherwise provided in this Agreement).

 

(d)       Required
Consents. The Company shall have obtained any and all consents, permits, approvals, registrations and waivers necessary or
appropriate for consummation of the purchase and sale of the Notes and the consummation of the other transactions contemplated
by the Transaction Documents, all of which shall be in full force and effect. Notwithstanding the foregoing, each Subscriber acknowledges
and agrees that (1) the Company is required to obtain the consent of the purchasers with respect to those certain Series F Senior
Secured 15% Convertible Notes and related transaction documents; and (2) such consents may not be obtained on or prior to the Closing
Date; and (3) such consents may be obtained within a reasonable period of time after the Closing Date.

 

    	 	8	 

     

    

 

(e)       Adverse
Changes. Since the date of execution of this Agreement, no event or series of events shall have occurred that reasonably could
have or result in a Material Adverse Effect.

 

		V.	COVENANTS OF THE COMPANY

 

5.1       Transfer
Restrictions.

 

(a)       The
Notes may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of the Notes
other than pursuant to an effective registration statement or Rule 144 promulgated under the Securities Act, to the Company or
to an affiliate of a Subscriber or in connection with, the Company may require the transferor thereof to provide to the Company
an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion
shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of the transferred
Notes under the Securities Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the terms
of this Agreement and shall have the rights of a Subscriber under this Agreement.

 

(b)       Each
Subscriber agrees to the imprinting, so long as is required by this Section 5.1, of a legend on the Notes, in the following form:

 

[NEITHER] THIS SECURITY [NOR THE SECURITIES
INTO WHICH THIS SECURITY IS EXERCISABLE] HAS [NOT] BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH
EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY [AND THE SECURITIES ISSUABLE UPON EXERCISE
OF THIS SECURITY] MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY THE NOTES.

 

5.2       Replacement
of Notes. If any certificate or instrument evidencing the Notes is mutilated, lost, stolen or destroyed, the Company shall issue
or cause to be issued in exchange and substitution for and upon cancellation thereof, or in lieu of and substitution therefor,
a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or
destruction and customary and reasonable indemnity, if requested. The applicants for a new certificate or instrument under such
circumstances shall also pay any reasonable third-party costs associated with the issuance of such replacement securities. If a
replacement certificate or instrument evidencing any securities is requested due to a mutilation thereof, the Company may require
delivery of such mutilated certificate or instrument as a condition precedent to any issuance of a replacement.

 

    	 	9	 

     

    

  

5.3       Indemnification. 

 

(a)       The
Company agrees to indemnify and hold harmless each Subscriber, its affiliates and their respective officers, directors, employees,
agents and controlling persons (collectively, the “Indemnified Parties”) from and against any and all
loss, liability, damage or deficiency suffered or incurred by any Indemnified Party by reason of any misrepresentation or breach
of warranty by the Company or, after any applicable notice and/or cure periods, nonfulfillment of any covenant or agreement to
be performed or complied with by the Company under this Agreement and the other Transaction Documents. The Company will promptly
reimburse the Indemnified Parties for all expenses (including reasonable fees and expenses of legal counsel) as incurred in connection
with the investigation of, preparation for or defense of any pending or threatened claim related to or arising in any manner out
of any of the foregoing, or any action or proceeding arising therefrom (collectively, “Proceedings”),
whether or not such Indemnified Party is a formal party to any such Proceeding.

 

(b)       If
for any reason (other than a final non-appealable judgment finding any Indemnified Party liable for losses, claims, damages, liabilities
or expenses for its fraud, gross negligence or willful misconduct) the foregoing indemnity is unavailable to an Indemnified Party
or insufficient to hold an Indemnified Party harmless, then the Company shall contribute to the amount paid or payable by an Indemnified
Party as a result of such loss, claim, damage, liability or expense in such proportion as is appropriate to reflect not only the
relative benefits received by the Company on the one hand and the Indemnified Party on the other, but also the relative fault by
the Company and the Indemnified Party, as well as any relevant equitable considerations.

 

5.4       Use
of Proceeds. The Company shall use the net proceeds from the sale of the Notes for working capital and general corporate purposes.
The Company must receive the consent of at least 50.1% in interest of the Notes then outstanding by the Subscribers prior to withdrawing
the Subscribers aggregate subscription amounts from the escrow account.

 

5.5       Weekly
Expense Reports. The Company shall send to each Subscriber a weekly expense report on Monday of each calendar week to be reviewed
by each Subscriber. In the event that a Monday is a holiday, then the Company shall send to each Subscriber such weekly expense
report on the next available business day.

 

		VI.	MISCELLANEOUS

 

6.1       Any
and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall
be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered via
facsimile or by electronic mail at or prior to 5:30 p.m. (New York City time) on a business day, (b) the next business day after
the date of transmission, if such notice or communication is delivered via facsimile or electronic mail on a day that is not a
business day or later than 5:30 p.m. (New York City time) on any business day, (c) the second (2nd) business day following
the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to
whom such notice is required to be given. The address for such notices and communications shall be addressed as follows:

 

    	 	10	 

     

    

 

if to the
Company, to it at:

 

Summit Semiconductor, Inc.

6840 Via Del Oro, Ste. 280

San Jose, CA 95119

Attn: Brett Moyer, Chief Executive Officer

Tel: (408) 627-4716

Email: bmoyer@summitsemi.com

 

With a copy to (which shall not constitute notice):

 

Robinson Brog Leinwand Greene Genovese & Gluck P.C.

875 Third Avenue, 9th Floor

New York, NY 10022

Attn: David E. Danovitch, Esq.

Tel: (212) 603-6391

Fax: (212) 956-2164

Email: ded@robinsonbrog.com

 

if to each Subscriber, to such
Subscriber’s address indicated on the signature page of this Agreement.

 

if to the Escrow Agent, to it at:

 

Signature Bank

950 Third Avenue, 9th Floor

New York, NY 10022

Attn: Timothy Collins, Group Director – VP

Tel: (646) 822-1940

Fax: (646) 758-8372

Email: tfcollins@signatureny.com

 

6.2       Except
as otherwise provided herein, this Agreement shall not be changed, modified or amended except by a writing signed by the parties
to be charged, and this Agreement may not be discharged except by performance in accordance with its terms or by a writing signed
by the party to be charged. No waiver of any default with respect to any provision, condition or requirement of this Agreement
shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision,
condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair
the exercise of any such right.

 

    	 	11	 

     

    

 

6.3       This
Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective heirs, legal representatives,
successors and assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written
consent of the Subscribers (other than by merger). Each Subscriber may assign any or all of its rights under this Agreement to
any person to whom such Subscriber assigns or transfers the Notes, provided that such transferee agrees in writing to be bound,
with respect to the transferred Notes, by the provisions of the Transaction Documents.

 

6.4       The
Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding of the parties with respect
to the subject matter hereof and supersede all prior agreements and understandings, oral or written, with respect to such matters,
which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

6.5       Upon
the execution and delivery of this Agreement by each Subscriber and the Company, this Agreement shall become a binding obligation
of such Subscriber with respect to the purchase of the Notes as herein provided, subject, however, to the right hereby reserved
by the Company to enter into the same agreements with other Subscribers and to reject any subscription, in whole or in part, provided
the Company returns to a Subscriber any funds paid by such Subscriber with respect to such rejected subscription or portion thereof,
without interest or deduction.

 

6.6       All
questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of
conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense
of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto
or its respective affiliates, directors, officers, shareholders, employees or agents) shall be commenced exclusively in the state
and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the
state and federal courts sitting in the City of New York, borough of Manhattan for the adjudication of any dispute hereunder or
in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement
of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper
or is an inconvenient venue for such proceeding. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed
to include the masculine, feminine, neuter, singular and plural forms thereof.

 

6.7       In
order to discourage frivolous claims the parties agree that unless a claimant in any proceeding arising out of this Agreement succeeds
in establishing his claim and recovering a judgment against another party (regardless of whether such claimant succeeds against
one of the other parties to the action), then the other party shall be entitled to recover from such claimant all of its/their
reasonable legal costs and expenses relating to such proceeding and/or incurred in preparation therefor.

 

    	 	12	 

     

    

 

6.8       The
holding of any provision of this Agreement to be invalid or unenforceable by a court of competent jurisdiction shall not affect
any other provision of this Agreement, which shall remain in full force and effect. If any provision of this Agreement shall be
declared by a court of competent jurisdiction to be invalid, illegal or incapable of being enforced in whole or in part, such provision
shall be interpreted so as to remain enforceable to the maximum extent permissible consistent with applicable law and the remaining
conditions and provisions or portions thereof shall nevertheless remain in full force and effect and enforceable to the extent
they are valid, legal and enforceable, and no provisions shall be deemed dependent upon any other covenant or provision unless
so expressed herein.

 

6.9       It
is agreed that a waiver by either party of a breach of any provision of this Agreement shall not operate, or be construed, as a
waiver of any subsequent breach by that same party.

 

6.10       The
Company agrees to execute and deliver all such further documents, agreements and instruments and take such other and further action
as may be necessary or appropriate to carry out the purposes and intent of this Agreement.

 

6.11       This
Agreement may be executed in two or more counterparts each of which shall be deemed an original, but all of which shall together
constitute one and the same instrument. In the event that any signature is delivered by facsimile transmission or by e-mail delivery
of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or
on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature
page were an original thereof.

 

6.12       Nothing
in this Agreement shall create or be deemed to create any rights in any person or entity not a party to this Agreement.

 

6.13       In
addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each Subscriber
and the Company will be entitled to specific performance under this Agreement. The parties agree that monetary damages may not
be adequate compensation for any loss incurred by reason of any breach of obligations described in the foregoing sentence and hereby
agrees to waive in any action for specific performance of any such obligation the defense that a remedy at law would be adequate.

 

6.14       Each
Subscriber acknowledges and agrees that subject to the cure periods described Section 4(a) of the Notes, upon any Event of Default
(as defined in the Notes) the Series F 15% Senior Secured Notes, due June 30, 2018, in the principal amount of $2,000,000 (the
“Candlewood Series F Notes”), issued to Candlewood Structured Credit Harvest Master Fund LP (“Candlewood
Harvest”) and Candlewood Structured Credit Opportunity Master Fund A LP (“Candlewood Opportunity”
and together with Candlewood Harvest, “Candlewood”), by the Company shall immediately be due and payable,
including, without limitation, the entire outstanding principal amount of the Candlewood Series F Notes, all accrued and unpaid
interest thereon, and any other amounts due under the Candlewood Series F Notes. Further, upon any Event of Default (as defined
in the Notes), the Candlewood Series F Notes shall be deemed pari passu with the Series G 15% Original Issue Discount Senior
Secured Promissory Notes issued to Candlewood, in all respects, including, without limitation, the security interests granted to
Candlewood under the Candlewood Series F Notes. For the avoidance of doubt, upon any Event of Default (as defined in the Notes),
subject to the cure periods described in Section 4(a)) of the Notes, Candlewood’s claims against the Company shall be deemed
senior to any and all claims by any other Subscriber.

 

[Signature pages follows]

    	 	13	 

     

    

 

To Subscribe for Notes in the Private
Offering of

 

SUMMIT SEMICONDUCTOR, INC.

 

		1.	Date and Fill in the principal amount of Series
G 15% Senior Secured Promissory Notes (the “Notes”) being subscribed for and Complete and Sign
the Signature Page attached to this Subscription Agreement.

 

		2.	Initial the Accredited Investor Certification attached
to this Subscription Agreement.

 

		3.	Complete and Sign the Signature Page attached to
this Subscription Agreement. NOTICE: Please notes that by executing the attached Subscription Agreement, you will be deemed
to have agreed to the terms of the Notes, which have been furnished to you.

 

		4.	Complete and Return the attached Investor Questionnaire.

 

		5.	Send all signed original documents to: Summit Semiconductor,
Inc. at 6840 Via Del Oro, Ste. 280, San Jose, CA 95119, Attention: Brett Moyer, Chief Executive Officer.

 

		6.	Please make your subscription payment by wire transfer
to:

 

Signature Bank

950 Third Avenue, 9th Floor

New York, NY 10022

ABA #.

Account #:

For credit to Signature
Bank, as Escrow Agent for Summit Semiconductor, LLC

 

    	 	14	 

     

    

 

SUMMIT SEMICONDUCTOR, INC.

SIGNATURE PAGE TO SUBSCRIPTION AGREEMENT

 

Principal Amount of the Note: $_____________

 

Purchase Price of the Note: $________________

 

Date (NOTE: To be completed by the
Subscriber): __________________, 2018

 

 

 

If the Subscriber is an INDIVIDUAL,
and if purchased as JOINT TENANTS, as TENANTS IN COMMON, or as COMMUNITY PROPERTY:

 

	 	 	 	 
	 	 	 	 
	 	Print Name(s)	 	Social Security Number(s)
	 	 	 	 
	 	 	 	 
	 	Print Name(s)	 	Social Security Number(s)
	 	 	 	 
	 	 	 	 
	 	Signature of Subscriber	 	Signature of Co-Subscriber (if applicable):

 

	 	Address:	 	 	 
	 	 	 	 
	 	 		 	Date
	 	 	 	 	 

 

 

 

If the Subscriber is a PARTNERSHIP, CORPORATION,
LIMITED LIABILITY COMPANY or TRUST:

 

	 	 	 	 
	 	 	 	Federal Taxpayer
	 	Name of Partnership,	 	Identification Number 
	 	Corporation, Limited 	 	 
	 	Liability Company or Trust	 	 
	 	 	 	 	 
	 	By: 	 	 	 
	 	 	Name:	 	State of Organization
	 	 	Title:	 	 

 

	 	Address:	 	 
	 	 	 	 
	 	 		 	Date	 
	 	 	 	 	 

 

[Company’s signature page follows]

 

     

     

    

  

	AGREED AND ACCEPTED:	 	 
	 	 	 
	SUMMIT SEMICONDUCTOR, INC.	 	 
	 	 	 	 
	By:	 	 	 
	 	Name: Brett Moyer	 	Date:
	 	Title: Chief Executive Officer	 	     

 

     

     

    

 

 

FORM OF ACCREDITED INVESTOR CERTIFICATION

 

SUMMIT SEMICONDUCTOR, INC.

 

For Individual Investors Only

 

(All individual investors must
INITIAL where appropriate. Where there are joint investors both parties must INITIAL):

 

	Initial _______ 	I certify that I have a “net worth” of at least $1 million either individually or through aggregating my individual holdings and those in which I have a joint, community property or other similar shared ownership interest with my spouse.  For purposes of calculating net worth under this paragraph, (i) the primary residence shall not be included as an asset, (ii) to the extent that the indebtedness that is secured by the primary residence is in excess of the fair market value of the primary residence, the excess amount shall be included as a liability, and (iii) if the amount of outstanding indebtedness that is secured by the primary residence exceeds the amount outstanding sixty (60) days prior to the execution of this Subscription Agreement, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability.
	 	 
	Initial _______	I certify that I have had an annual gross income for the past two years of at least $200,000 (or $300,000 jointly with my spouse) and expect my income (or joint income, as appropriate) to reach the same level in the current year.

 

For Non-Individual
Investors

 

(all Non-Individual
Investors must INITIAL where appropriate):

 

	Initial _______	The undersigned certifies that it is a partnership, corporation, limited liability company or business trust that is 100% owned by persons who meet either of the criteria for Individual Investors, above.
	 	 
	Initial _______	The undersigned certifies that it is a partnership, corporation, limited liability company or business trust that has total assets of at least $5 million and was not formed for the purpose of investing in Company.
	 	 
	Initial _______	The undersigned certifies that it is an employee benefit plan whose investment decision is made by a plan fiduciary (as defined in ERISA §3(21)) that is a bank, savings and loan association, insurance company or registered investment adviser.
	 	 
	Initial _______	The undersigned certifies that it is an employee benefit plan whose total assets exceed $5,000,000 as of the date of the Subscription Agreement.

 

     

     

    

 

	Initial _______	The undersigned certifies that it is a self-directed employee benefit plan whose investment decisions are made solely by persons who meet either of the criteria for Individual Investors, above.
	 	 
	Initial _______	The undersigned certifies that it is a U.S. bank, U.S. savings and loan association or other similar U.S. institution acting in its individual or fiduciary capacity.
	 	 
	Initial _______	The undersigned certifies that it is a broker-dealer registered pursuant to §15 of the Securities Exchange Act of 1934, as amended.
	 	 
	Initial _______	The undersigned certifies that it is an organization described in §501(c)(3) of the Internal Revenue Code, as amended, with total assets exceeding $5,000,000 and not formed for the specific purpose of investing in Company.
	 	 
	Initial _______	The undersigned certifies that it is a trust with total assets of at least $5,000,000, not formed for the specific purpose of investing in Company, and whose purchase is directed by a person with such knowledge and experience in financial and business matters that he is capable of evaluating the merits and risks of the prospective investment.
	 	 
	Initial _______	The undersigned certifies that it is a plan established and maintained by a state or its political subdivisions, or any agency or instrumentality thereof, for the benefit of its employees, and which has total assets in excess of $5,000,000.
	 	 
	Initial _______	The undersigned certifies that it is an insurance company as defined in §2(a)(13) of the Securities Act of 1933, as amended, or a registered investment company.

     

     

    

 

SUMMIT SEMICONDUCTOR, INC.

Investor Questionnaire

(Must be completed by Subscriber)

 

Section A - Individual
Subscriber Information

 

EXACT Subscriber Name(s) in which securities are to be issued:

________________________________________________________________________

 

Individual executing Profile or Trustee:

_______________________________________________________________________

 

Social Security Numbers / Federal I.D. Number:

________________________________________________________________________

 

Date of Birth: _________________     Marital
Status: _________________

 

Joint Party Date of Birth:_________________ 

 

Investment Experience (Years): ___________

 

Annual Income: _________________ 

 

Liquid Net Worth:_____________

 

Net Worth: ________________

 

Home Street Address:

________________________________________________________________________

 

Home City, State & Zip Code:

________________________________________________________________________

 

Home Phone: ________________________    Home
Fax: _____________________

 

Home Email: _______________________________

 

Employer:

________________________________________________________________________

 

Employer Street Address:

________________________________________________________________________

 

Employer City, State & Zip Code:

________________________________________________________________________

 

Bus. Phone: __________________________      Bus.
Fax: _______________________

 

Bus. Email: ________________________________

 

Type of Business:

________________________________________________________________________

 

Please
check if you are a FINRA member or affiliate of a FINRA member firm: _______

 

     

     

    

 

Section B –
Entity Subscriber Information

 

EXACT Subscriber Name(s) in which securities are to be issued:

________________________________________________________________________

 

Authorized Individual executing Profile or Trustee:

_______________________________________________________________________

 

Social Security Numbers / Federal I.D. Number:

________________________________________________________________________

 

Investment Experience (Years): ___________

 

Annual Income: _______________ 

 

Net Worth: ________________

 

Was the Trust formed for the specific purpose of purchasing
the Notes?

 

[    ]
Yes [    ] No

 

Principal Purpose (Trust)______________________________________

 

Type of Business: ________________________________________________________

 

Street Address:

________________________________________________________________________

 

City, State & Zip Code:

________________________________________________________________________

 

Phone: ________________________          Fax:
________________________

 

Email: __________________________

 

     

     

    

 

Section C – Form of Payment –Wire Transfer

 

____ Wire transfer from my account
according to the section entitled “To subscribe for the Notes in the private offering of SUMMIT SEMICONDUCTOR, INC.”

 

	Subscriber Signature(s)	 
	 	Date_______________ 
	 	 
	Joint Subscriber Signature (if applicable):	 
	 	Date_______________

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