Item 5.02 -Departure
of Directors or Certain Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain
Officers.
Resignation of Officers
On March 9, 2020, Mr. Chi Ming Tso tendered her resignation as Chief
Executive Officer, President and Director to the Board of Directors (the “Board”) of Summit Networks, Inc. (the “Company”),
effective immediately. Mr. Tso’s resignation from the Board and departure from the Company are for personal reasons and are
not due to any disagreement with the Company. In addition, on March 9, 2020, Mr. Fat Kwong Chan tendered his resignation as Treasurer
and Secretary, effective immediately. Mr. Chan’s departure from the Company is for personal reasons and is not due to any
disagreement with the Company.
Resignation of Directors
On March 9, 2020, each of Mses. Fengming Su and Yaya Zhang, and
Mr. Xiang Yang Chang tendered their respective resignations as Directors to the Board, effective immediately. Each director resigned
for personal reasons and not due to any disagreement with the Company.
Appointment of Directors
On March 9, 2020, following the resignation of directors, Ms. Shuhua
Liu, the sole remaining director, took action to reduce the size of the Board from five directors to two directors. Thereafter,
on March 9 2020, the Board appointed Chao Long (Charlene) Huang, the Company’s Chief Financial Officer, to fill the sole
vacancy on the Board. There are no arrangements or understandings between Ms. Huang and any other persons pursuant to which Ms.
Huang was appointed as Director of the Company. There are no family relationships between Ms. Huang and any other directors or
executive officers of the Company. There are no transactions to which the Company is or was a participant and in which Ms. Huang
has a material interest subject to disclosure under Item 404(a) of Regulation S-K. There is no material plan, contract or arrangement
to which Ms. Huang is a party or in which she participates that was entered into.
Chao Long (Charlene) Huang, age 68, has served as Chief Financial
Officer of the Company since May 2019. Ms. Huang has also been serving as Chief Executive Officer of Zenox Enterprises Ltd., a
trading company based in Canada, since 2005. From 1993 to 2016, Ms. Huang served as Chief Executive Officer for various companies,
including Shanghai Wellson Welding Materials Import & Export Co. Ltd., Shanghai Flying Dragon Mineral Products Co. Ltd. and
Shanghai Starlink Forwarding Co. Ltd. Ms. Huang received an associate degree from China Anhui Huangshan Forestry College in 1975
and a Bachelor of Arts degree from China Nanjing Teacher-training University in 1991.
Appointment of Officers
On March 9, 2020, Ms. Liu, a director of the Company, was appointed
to serve as the Company’s Chief Executive Officer and Chairman. There are no arrangements or understandings between Ms. Liu
and any other persons pursuant to which Ms. Liu was appointed as Chief Executive Officer or Chairman of the Company. There are
no family relationships between Ms. Liu and any other directors or executive officers of the Company. There are no transactions
to which the Company is or was a participant and in which Ms. Liu has a material interest subject to disclosure under Item 404(a)
of Regulation S-K. There is no material plan, contract or arrangement to which Ms. Liu is a party or in which she participates
that was entered into.
In addition, Ms. Huang, the Company’s Chief Financial Officer,
was also appointed to serve as the Company’s Treasurer and Secretary on March 9, 2020. Please see the details referenced
above.
Shuhua Liu, age 49, has served as a Director of the Company since
June 2019. She has also been serving as the President of Hebei Jingxin Group, a construction company in China, since 2015. Prior
to that, Ms. Liu served as the Executive Deputy General Manager of Hebei Jingxin Group from 2010 to 2015. Ms. Liu received her
Bachelor of Arts degree from National Open University in 2016, China and MBA degree from Business School Netherlands of Tsinghua
University of Beijing in 2017.