A novel hybrid dynamical system comprising a continuous and a discrete state is introduced and shown to exhibit chaotic dynamics. The system includes an unstable first-order filter subject to asynchronous switching of a set point according to a feedback rule. Regular samples of the continuous state yield a one-dimensional return map that is a tent function. An exact analytic solution is derived using a nonlinear transformation of a previously solved chaotic oscillator. Conjugacy to a symbolic dynamics is shown, and a practical realization of the system in an electronic circuit is demonstrated.