Document:

EX-10.16

 Exhibit 10.16 

 
 

 
 1419 Pointe Claire Court 

Sunnyvale, CA 94087 
 January 9, 2013 

Tianyue Yu 
 1512 Condor Way 

Sunnyvale, CA 94087 
 Dear Ms. Yu, 

On behalf of Quanergy, Inc. (the “Company”), I am pleased to extend an offer of employment to you as Director –
System Integration and Secretary. You will report directly to Louay Eldada, our President. While no salary is currently payable to you by the Company, upon the closing of the first round of financing of the Company, salary payments to you will
commence and your salary will be at an annual rate of $180,000.00, to be paid semi-monthly in accordance with the Company’s regular payroll practices. 

Performance appraisals will be made periodically, and, when appropriate, your salary rate and your stock option position will also be reviewed
relative to your performance and our then-current salary compensation and equity structures. Please note that the Company may modify job titles, salaries and benefits from time to time as it deems necessary. 

Personal Time Off (PTO) is earned on a pro-rated basis during each calendar year of employment. You
will be able to accrue and use PTO during current and subsequent years of employment in accordance with the company’s PTO policy. 

You will also be eligible to enroll in the Company’s standard employee benefit plans, including vacation, health plans, and other benefit
programs as they are adopted by the company. You should note that the Company reserves the right to cancel or change the benefit plans and programs it offers to its employees at any time. We will provide you more information regarding these plans
upon your request. 
 You acknowledge that you are not a party to any agreement that in any way prohibits or imposes any restriction on your
employment with the Company, and, your acceptance of this offer will not breach any agreement to which you are a party. You will provide the Company with copies of any relevant employment-related agreements with any former employer, including any non-compete agreement that you may have with another company. We also wish to emphasize that we are hiring you because we believe that you have general skills and experience that will benefit the Company. We are not
hiring you to acquire any proprietary or confidential information of your prior employers, and ask that you not bring any such information with you. 

I have also enclosed our standard Proprietary Information and Inventions Agreement, which you are required to sign as a condition of your
employment. Upon your acceptance of this offer, please return to me a signed copy of that agreement. 

 You should be aware that your employment with the Company is for no specified period and
constitutes at will employment. As a result, you are free to resign at any time, for any reason or for no reason. Similarly, the Company is free to conclude its employment relationship with you at any time, with or without cause. We request that, in
the event of your resignation, you give the Company at least two weeks notice. 
 The Company reserves the right to conduct background
investigations and/or reference checks on all of its potential employees. Your job offer, therefore, is contingent upon a clearance of such a background investigation and/or reference check, if any. 

For purposes of federal immigration law, you will be required to provide to the Company documentary evidence of your identity and eligibility
for employment in the United States. Such documentation must be provided to us within three (3) business days of your date of hire, or our employment relationship with you may be terminated. 

You agree that, during the term of your employment with the Company, you will not engage in any other employment, occupation, consulting or
other business activity directly related to the business in which the Company is now involved or becomes involved during the term of your employment, nor will you engage in any other activities that conflict with your obligations to the Company.

 In the event of any dispute or claim relating to or arising out of our employment relationship, this agreement, or the termination of our
employment relationship (including, but not limited to, any claims of wrongful termination or age, sex, disability, race or other discrimination), you and the Company agree that all such disputes shall be fully, finally and exclusively resolved by
binding arbitration conducted by the American Arbitration Association in Santa Clara County, and we waive our rights to have such disputes tried by a court or jury. However, we agree that this arbitration provision shall not apply to any disputes or
claims relating to or arising out of the misuse or misappropriation of the Company’s trade secrets or proprietary information. 
 Our
entire team is eager to welcome you to Quanergy and I personally look forward to working together with you to build our company. To indicate your acceptance of the Company’s offer, please sign and date this letter in the space provided below. A
duplicate original is enclosed for your records. This letter, along with the Proprietary Information and Inventions Agreement, set forth the terms of your employment with the Company and supersede any prior representations or agreements, whether
written or oral. This letter may not be modified or amended except by a written agreement, signed by an officer of the Company and by you. 

(Remainder of this page is intentionally left blank) 

  
 - 2 - 

1419 POINTE CLAIRE COURT * SUNNYVALE * CA * 94087 * PH: 408.542.9584 * FX: 408.542.9584 

 If you have any questions in the interim, please call me at (408) 542-9584. 
  

	
	Sincerely,
	
	 /s/ Louay Eldada

	Louay Eldada
	President

  

	
	ACCEPTED & AGREED:
	
	 /s/ Tianyue Yu

	Tianyue Yu
	
	Enclosure

  
 [Signature Page to
Offer Letter]EX-10.17

 Exhibit 10.17 

 
 

 
 September 27, 2018 

Tianyue Yu 
 1512 Condor Way 

Sunnyvale, CA 94087 
 Dear Tianyue, 

Quanergy Systems, Inc. (the “Company”) is pleased to offer you the following severance and retention terms as part of
your continued employment with the Company pursuant to the Offer Letter, dated January 9, 2013, between you and the Company. 
 If the
Company terminates your employment without Cause (as defined in the Company’s 2013 Stock Incentive Plan (the “Plan”)), and other than as a result of your death or disability, or you resign for Good Reason (as defined
below), and provided such termination constitutes a “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h), without regard to any alternative definition thereunder,
a “Separation from Service”), then subject to your obligations below, you shall be entitled to receive the following severance benefits (collectively, the “Severance Benefits”): 

 

	 	•	 	 The Company will pay you an amount equal to twelve (12) months of your then current base salary, less all
applicable withholdings and deductions, paid over such twelve (12) month period, as described further below; 

  

	 	•	 	 If you timely elect continued coverage under COBRA for yourself and your covered dependents under the
Company’s group health plans, then the Company shall pay the COBRA premiums necessary to continue your health insurance coverage in effect for yourself and your eligible dependents on the termination date until the earliest of (a) the
close of the twelve (12) month period following the termination of your employment, (b) the expiration of your eligibility for the continuation coverage under COBRA, or (c) the date when you become eligible for substantially
equivalent health insurance coverage in connection with new employment or self-employment; and 

  

	 	•	 	 The Company will accelerate the vesting of your options to purchase shares of the Company’s Common Stock
(the “Shares”) as of the date of your termination such that you will be deemed vested in those shares that would have vested in the twelve (12) month period following your termination, had you remained employed.

 In the event such termination without Cause or resignation for Good Reason occurs within the twelve (12) month
period following the closing of a Change in Control (as defined in the Plan), then in lieu of the Severance Benefits, you will be eligible for the following severance benefits (the “CIC Severance Benefits”): 

  

			
	  
 Quanergy Systems,
Inc.
 482 Mercury Drive
 Sunnyvale, CA 94085 USA
	  	  

P+1.408.245.9500
 F+1.408.245.9503

www.quanergy.com

	 	•	 	 The Company will pay you an amount equal to eighteen (18) months of your then current base salary, less all
applicable withholdings and deductions, paid over such eighteen (18) month period, as described further below; 

  

	 	•	 	 If you timely elect continued coverage under COBRA for yourself and your covered dependents under the
Company’s group health plans, then the Company shall pay the COBRA premiums necessary to continue your health insurance coverage in effect for yourself and your eligible dependents on the termination date until the earliest of (a) the
close of the eighteen (18) month period following the termination of your employment, (b) the expiration of your eligibility for the continuation coverage under COBRA, or (c) the date when you become eligible for substantially
equivalent health insurance coverage in connection with new employment or self-employment; and 

  

	 	•	 	 The Company will accelerate the vesting of the Shares as of the date of your termination such that you will be
deemed vested in 100% of the Shares. 

 Both the Severance Benefits and the CIC Severance Benefits are conditional upon
(a) you continuing to comply with your obligations under your Employee Confidential Information and Inventions Assignment Agreement; (b) you delivering to the Company an effective, general release of claims in favor of the Company in a
form acceptable to the Company within sixty (60) days following your termination date; and (c) if you are a member of the Board of Directors of the Company (the “Board”), your resignation from the Board, to be
effective no later than the date of your termination date (or such other date as requested by the Board). The base salary component of the Severance Benefits (or CIC Severance Benefits, if applicable) will be paid in equal installments on the
Company’s regular payroll schedule and will be subject to applicable tax withholdings over the period outlined above following the date of your termination date; provided, however, that no payments will be made prior to the 60th day following
your Separation from Service. On the 60th day following your Separation from Service, the Company will pay you in a lump sum those amounts that you would have received on or prior to such date under the original schedule but for the delay while
waiting for the 60th day in compliance with Code Section 409A and the effectiveness of the release, with the balance of such payments being paid as originally scheduled. 

For purposes of this agreement, you will have “Good Reason” for your resignation if any of the following actions are
taken by the Company without your prior written consent: (a) a material diminution in your duties, authority, or responsibilities; (b) a material reduction in your annual base salary; (c) a relocation of your principal place of
employment such that your commute increases by thirty-five (35) miles; or (d) a material breach by the Company of any obligation to you under any written agreement; provided that Good Reason shall not exist unless you first give written
notice to the Company of the alleged basis for Good Reason within thirty (30) days after its occurrence, the Company fails to cure the same within thirty (30) days after such written notice, and you resign within thirty (30) days
after the conclusion of such cure period. 
 It is intended that all of the severance benefits and other payments payable under this letter
satisfy, to the greatest extent possible, the exemptions from the application of Code Section 409A provided under Treasury Regulations 1.409A 1(b)(4), 1.409A 1(b)(5) and 1.409A 1(b)(9), and this letter will be construed to the greatest extent
possible as consistent with those provisions. For purposes of Code Section 409A (including, without limitation, for purposes of Treasury Regulation Section 1.409A 2(b)(2)(iii)), your right to receive any installment payments under this
letter (whether severance payments, reimbursements or otherwise) shall be treated as a right to receive a series of separate payments and, accordingly, each installment payment hereunder shall at all times be considered a separate and distinct
payment. Notwithstanding any provision to the contrary in this letter, if you are deemed by the Company at the time of your Separation from Service to be a “specified employee” for purposes of Code Section 409A(a)(2)(B)(i), and if any
of the payments upon Separation from Service set forth herein and/or under any other agreement with the Company are deemed to be “deferred compensation”, then to the extent delayed commencement of any portion of such payments is required
in order to avoid a prohibited distribution under Code Section 

  

			
	  
 Quanergy Systems,
Inc.
 482 Mercury Drive
 Sunnyvale, CA 94085 USA
	  	  

P+1.408.245.9500
 F+1.408.245.9503

www.quanergy.com

 
409A(a)(2)(B)(i) and the related adverse taxation under Section 409A, such payments shall not be provided to you prior to the earliest of (i) the expiration of the six-month period measured from the date of your Separation from Service with the Company, (ii) the date of your death or (iii) such earlier date as permitted under Section 409A without the imposition
of adverse taxation. Upon the first business day following the expiration of such applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this paragraph shall be paid in a lump sum to you, and any remaining payments
due shall be paid as otherwise provided herein or in the applicable agreement. No interest shall be due on any amounts so deferred. 
 This
document represents the entire agreement between the parties as to severance and retention payments, and, without limiting the foregoing, supersedes any severance or retention provisions (other than equity vesting provisions) contained in any offer
letter and/or amendment thereof between you and the Company and its affiliates, whether written or oral. This letter may not be modified or amended except by a written agreement, signed by an officer of the Company and by you. 

 

	
	Sincerely,
	
	 /s/ Louay Eldada

	Dr. Louay Eldada
	CEO, Co-Founder

  

	
	ACCEPTED & AGREED:
	
	 /s/ Tianyue Yu

	Tianyue Yu

  

			
	  
 Quanergy Systems,
Inc.
 482 Mercury Drive
 Sunnyvale, CA 94085 USA
	  	  

P+1.408.245.9500
 F+1.408.245.9503

www.quanergy.com

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