Document:

EX-10.22

 Exhibit 10.22 

INDEMNIFICATION AGREEMENT 

THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is made as of
the                day of                , 2021 by and between SkyWater Technology, Inc.,
a Delaware corporation, (the “Company”) and                  (the “Indemnitee”). This Agreement supersedes
and replaces any and all previous Agreements between the Company and Indemnitee covering the subject matter of this Agreement. 
 RECITALS

 A. The Company’s board of directors (the “Board”) has determined that the increasing difficulty in attracting
and retaining qualified persons as directors and officers is detrimental to the best interests of the Company’s stockholders and that the Company should act to assure such persons that there will be adequate certainty of protection through
insurance and indemnification against risks of claims and actions against them arising out of their service to and activities on behalf of the Company. 

B. Section 145 of the General Corporation Law of the State of Delaware (the “DGCL”) empowers the Company by agreement to
indemnify and advance expenses to its officers, directors, employees and agents and to indemnify and advance expenses to persons who serve, at the request of the Company, as directors, officers, employees or agents of other corporations or
enterprises, and expressly provides that the indemnification and advancement of expenses provided by Section 145 is not exclusive. 
 C.
The Company has adopted provisions in its Certificate of Incorporation and Bylaws providing for mandatory indemnification of its officers and directors to the fullest extent permitted by applicable law, subject to certain limitations specified in
the Certificate of Incorporation and Bylaws, and the Company wishes to clarify and enhance the rights and obligations of the Company and the Indemnitee with respect to indemnification. 

D. To induce and encourage highly experienced and capable persons such as the Indemnitee to serve and continue to serve as directors and
officers of the Company and in other capacities with respect to the Company and its affiliates, and to otherwise promote the desirable end that such persons will resist what they consider unjustified lawsuits and claims made against them in
connection with the good faith performance of their duties to the Company, with the knowledge that certain costs, judgments, liabilities and expenses incurred by them in their defense of such litigation are to be borne by the Company, the Board has
determined that this Agreement is reasonable and prudent to promote and ensure the best interests of the Company and its stockholders. 

AGREEMENT 
 NOW,
THEREFORE, in consideration of the Indemnitee’s service as a director or officer of the Company, or service at the Company’s request as a director, officer, employee or agent of other corporations or enterprises, after the date hereof,
and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties to this Agreement, intending to be legally bound, agree as follows: 

1. Service by Indemnitee. The Indemnitee will serve and/or continue to serve as a director or officer of the Company faithfully and to
the best of the Indemnitee’s ability so long as the Indemnitee is duly elected or appointed and until such time as the Indemnitee is removed, terminated or resigns. 

2. Indemnification. 

 (a) General. The Company shall indemnify the Indemnitee (i) as provided in this
Agreement and (ii) subject to the provisions of this Agreement, to the fullest extent and in a manner permitted by applicable law, as such may be amended from time to time. 

(b) Proceedings Other Than Proceedings by or in the Right of the Company. Except as provided in Section 4, the Indemnitee
shall be entitled to the rights of indemnification provided in this Section 2(b) if, by reason of the Indemnitee’s Corporate Status, the Indemnitee is or was, or is or was threatened to be made, a party to, or is or was otherwise
involved in, a Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor. The Indemnitee shall be indemnified pursuant to and in accordance with this Section 2(b) against all Losses actually
and reasonably incurred by the Indemnitee or on the Indemnitee’s behalf in connection with such a Proceeding or any claim, issue or matter therein, but only if the Indemnitee acted in good faith and in a manner that the Indemnitee reasonably
believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or proceeding, had no reasonable cause to believe the Indemnitee’s conduct was unlawful. 

(c) Proceedings by or in the Right of the Company. Except as provided in Section 4, the Indemnitee shall be entitled
to the rights of indemnification provided in this Section 2(c) if, by reason of the Indemnitee’s Corporate Status, the Indemnitee is or was, or is or was threatened to be made, a party to, or is or was otherwise involved in, a
Proceeding brought by or in the right of the Company to procure a judgment in its favor. The Indemnitee shall be indemnified pursuant to and in accordance with this Section 2(c) against all Expenses actually and reasonably incurred by
the Indemnitee, or on the Indemnitee’s behalf, in connection with such a Proceeding, but only if the Indemnitee acted in good faith and in a manner that the Indemnitee reasonably believed to be in or not opposed to the best interests of the
Company; provided, however, that no indemnification for such Expenses shall be made in respect of any claim, issue or matter in such Proceeding as to which the Indemnitee shall have been adjudged to be liable to the Company, except to
the extent (and only to the extent) that the Court of Chancery of the State of Delaware (the “Delaware Chancery Court”) or the court in which such Proceeding was brought shall determine upon application that, despite the
adjudication of liability but in view of all the circumstances of the case, the Indemnitee is fairly and reasonably entitled to indemnity for such Expenses that the Delaware Chancery Court or such other court shall deem proper. 

(d) Indemnification for Expenses if Indemnitee is Wholly or Partly Successful. Notwithstanding anything to the contrary in this
Agreement, to the extent that the Indemnitee, by reason of the Indemnitee’s Corporate Status, is or was, or is or was threatened to be made, a party to any Proceeding and is successful, on the merits or otherwise, in defending such Proceeding
(including dismissal without prejudice), the Indemnitee shall be indemnified to the maximum extent permitted by law against all Expenses actually and reasonably incurred by the Indemnitee or on the Indemnitee’s behalf in connection with the
defense of such Proceeding. If the Indemnitee is not wholly successful in defending any such Proceeding but is successful, on the merits or otherwise, in defending one or more but less than all of the claims, issues or matters in such Proceeding
(including dismissal without prejudice of certain claims), the Company shall indemnify the Indemnitee against all Expenses actually and reasonably incurred by the Indemnitee or on the Indemnitee’s behalf in defending each such successfully
resolved claim, issue or matter. To the extent the Indemnitee has been successful, on the merits or otherwise, in defending any Proceeding, or in defending any claim, issue or matter therein, the Indemnitee shall be entitled to indemnification as
provided in this Section 2(d) regardless of whether the Indemnitee met the standards of conduct set forth in Sections 2(b) and 2(c). 

  
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 (e) Indemnification for Expenses as a Witness. Notwithstanding anything to the
contrary in this Agreement, to the fullest extent permitted by applicable law, to the extent that the Indemnitee, by reason of the Indemnitee’s Corporate Status, is or was, or is or was threatened to be made, a witness or otherwise asked to
participate in any Proceeding to which the Indemnitee is not a party, the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by the Indemnitee or on the Indemnitee’s behalf in connection therewith. To
the extent permitted by applicable law, the Indemnitee shall be entitled to indemnification for Expenses incurred in connection with being, or being threatened to be made, a witness, as provided in this Section 2(e), regardless of
whether the Indemnitee met the standards of conduct set forth in Sections 2(b) and 2(c). 
 (f) Partial Indemnification.
If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some portion of the Losses actually and reasonably incurred by the Indemnitee in a Proceeding, but not for the total amount thereof, the
Company shall indemnify the Indemnitee for the portion of such Losses to which the Indemnitee is entitled. 
 3. Advancement of
Expenses. Notwithstanding anything to the contrary in this Agreement, but subject to Section 4, if, by reason of the Indemnitee’s Corporate Status, the Indemnitee is or was, or is or was threatened to be made, a party to, is or
was otherwise involved in, or is or was, or is or was threatened to be made, a witness in any Proceeding (including a Proceeding brought by or in the right of the Company to procure a judgment in its favor), then the Company shall advance all
Expenses actually and reasonably incurred by or on behalf of the Indemnitee in connection with any such Proceeding in advance of the final disposition of such Proceeding within twenty (20) calendar days after the receipt by the Company
of a written request for such advance or advances from time to time. Such written request shall include or be accompanied by a statement or statements reasonably evidencing the Expenses incurred by or on behalf of the Indemnitee and for which
advancement is requested. The Indemnitee hereby undertakes to repay to the Company any advances of Expenses pursuant to this Section 3 if and to the extent that it shall ultimately be determined by final judicial decision from which
there is no further right to appeal that the Indemnitee is not entitled to be indemnified against such Expenses under this Agreement or otherwise. Any advances and undertakings to repay pursuant to this Section 3 shall be unsecured and
interest free. The Indemnitee shall be entitled to advancement of Expenses as provided in this Section 3 regardless of any determination by or on behalf of the Company that the Indemnitee has not met the standards of conduct set forth in
Sections 2(b) and 2(c). 
 4. Proceedings Against the Company; Certain Securities Laws Claims. 

(a) Notwithstanding anything to the contrary in Section 2 or Section 3, except as provided in Section 7(d),
with respect to a Proceeding initiated against the Company by the Indemnitee (whether initiated by the Indemnitee in or by reason of such person’s capacity as an officer or director of the Company or in or by reason of any other capacity,
including as an employee or agent of the Company or a director, officer, employee or agent of Another Enterprise), the Company shall not be required to indemnify or advance Expenses to the Indemnitee in connection with prosecuting such Proceeding
(or any part thereof) or in defending any counterclaim, cross-claim, affirmative defense or like claim of the Company in such Proceeding (or any part thereof) unless such Proceeding was authorized by the Board. For purposes of this
Section 4, a compulsory counterclaim by the Indemnitee against the Company in connection with a Proceeding initiated against the Indemnitee by the Company shall not be considered a Proceeding (or part thereof) initiated against the
Company by the Indemnitee, and the Indemnitee shall have all rights of indemnification and advancement with respect to any such compulsory counterclaim in accordance with and subject to the terms of this Agreement. 

(b) Notwithstanding anything to the contrary in Section 2 (other than Section 2(d)) or Section 3, except as
provided in Section 2(d) with respect to indemnification of Expenses in connection with whole or partial success on the merits or otherwise in defending any Proceeding, the Company shall not be required to indemnify the Indemnitee in
connection with any claim made against the Indemnitee for (i) an accounting of profits made from the purchase and sale (or sale and purchase) by the Indemnitee of 

  
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securities of the Company within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or similar provisions of state
statutory law or common law or, (ii) any reimbursement of the Company by the Indemnitee for any bonus or other incentive-based or equity-based compensation or for any profits realized by the Indemnitee from the sale of securities of the
Company, as required in each case under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley
Act”), or the payment to the Company of profits arising from the purchase and sale by the Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act) or (iii) any reimbursement of the Company by the Indemnitee
of any compensation pursuant to any compensation recoupment or clawback policy adopted by the Board or the compensation committee of the Board, including, but not limited to, any such policy adopted to comply with stock exchange listing requirements
implementing Section 10D of the Exchange Act. 
 (c) Notwithstanding any provision in this Agreement, the Company shall not be obligated
under this Agreement to make any indemnity in connection with any Claim made against the Indemnitee for which payment has actually been made to or on behalf of the Indemnitee under any insurance policy or other indemnity provision, except with
respect to any excess Losses beyond the amount paid under any insurance policy or other indemnity provision. 
 5. Procedure for
Determination of Entitlement to Indemnification; Independent Counsel. 
 (a) To obtain indemnification under this Agreement, the
Indemnitee shall submit to the Company (following the final disposition of the applicable Proceeding) a written request for indemnification, including therein or therewith, except to the extent previously provided to the Company in connection with a
request or requests for advancement pursuant to Section 3, (i) a statement or statements reasonably evidencing all Losses incurred or paid by or on behalf of the Indemnitee and for which indemnification is requested, and (ii) such
documentation and other information as is reasonably available to the Indemnitee and is reasonably necessary to determine whether and to what extent the Indemnitee is entitled to such indemnification. The written request to the Company shall include
a description of the nature of the Proceeding and the facts underlying the Proceeding. The omission by the Indemnitee to notify the Company hereunder will not relieve the Company from any liability which it may have to the Indemnitee hereunder or
otherwise, and any delay in so notifying the Company shall not constitute a waiver by the Indemnitee of any rights under this Agreement.. The Secretary of the Company (or other responsible officer) shall, promptly upon receipt of such a request for
indemnification, advise the Board in writing that the Indemnitee has requested indemnification. 
 (b) Upon written request by the Indemnitee
for indemnification pursuant to the first sentence of Section 5(a), if required by applicable law and to the extent not otherwise provided in Section 2(d) of this Agreement, a determination with respect to the Indemnitee’s
entitlement to indemnification shall be made in the specific case as follows: (i) if a Change in Control shall have occurred and if so requested in writing by the Indemnitee, by Independent Counsel in a written opinion to the Board; or
(ii) if a Change in Control shall not have occurred (or if a Change in Control shall have occurred but the Indemnitee shall not have requested that indemnification be determined by Independent Counsel as provided in clause (i) of this
Section 5(b)), (A) by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (B) by a committee of Disinterested Directors designated by majority vote of the Disinterested Directors, even though
less than a quorum of the Board, (C) if there are no such Disinterested Directors, or if such Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board or (D) by the Company’s stockholders in
accordance with applicable law. Notice in writing of any determination as to the Indemnitee’s entitlement to indemnification shall be delivered to the Indemnitee promptly after such determination is made, and if such determination of
entitlement to indemnification has been made by Independent Counsel in a written opinion to the Board, 

  
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then such notice shall be accompanied by a copy of such written opinion. If it is determined that the Indemnitee is entitled to indemnification, then payment to the Indemnitee of all amounts to
which the Indemnitee is determined to be entitled shall be made within twenty (20) calendar days after such determination. If it is determined that the Indemnitee is not entitled to indemnification, then the written notice to the Indemnitee
(or, if such determination has been made by Independent Counsel in a written opinion, the copy of such written opinion delivered to the Indemnitee) shall disclose the basis of such determination. The Indemnitee shall cooperate with the person,
persons or entity making the determination with respect to the Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information that is not
privileged or otherwise protected from disclosure and that is reasonably available to the Indemnitee and reasonably necessary to determine whether and to what extent the Indemnitee is entitled to indemnification. The Company shall indemnify and hold
harmless Indemnitee against and, if requested by Indemnitee, shall reimburse Indemnitee for, or advance to Indemnitee, within twenty (20) calendar days of such request, accompanied by supporting documentation for specific expenses to be
reimbursed or advanced, any and all costs and expenses (including attorneys’ and experts’ fees and expenses) incurred by Indemnitee in so cooperating with the person making such determination. 

(c) If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 5(b), the Independent
Counsel shall be selected as provided in this Section 5(c). If a Change in Control shall not have occurred (or if a Change in Control shall have occurred but the Indemnitee shall not have requested that indemnification be determined by
Independent Counsel as provided in clause (i) of Section 5(b)), then the Independent Counsel shall be selected by the Board, and the Company shall give written notice to the Indemnitee advising the Indemnitee of the identity of the
Independent Counsel so selected. If a Change in Control shall have occurred and the Indemnitee shall have requested that indemnification be determined by Independent Counsel, then the Independent Counsel shall be selected by the Indemnitee (unless
the Indemnitee shall request that such selection be made by the Board, in which event the preceding sentence shall apply), and the Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so
selected. In either event, the Indemnitee or the Company, as the case may be, may, within ten (10) calendar days after such written notice of selection has been given, deliver to the Company or to the Indemnitee, as the case may be, a written
objection to such selection; provided, however, that such objection may be asserted only on the ground that the law firm or person so selected does not meet the requirements of “Independent Counsel” as defined in
Section 23, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the law firm or person so selected shall act as Independent Counsel. If such written objection is
so made and substantiated, (i) the law firm or person so selected may not serve as Independent Counsel unless and until such objection is withdrawn or the Delaware Chancery Court or another court of competent jurisdiction in the State of
Delaware has determined that such objection is without merit. If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 5(b) and, following the expiration of twenty (20) calendar
days after submission by the Indemnitee of a written request for indemnification pursuant to Section 5(a), Independent Counsel shall not have been selected, or an objection thereto has been made and not withdrawn, then either the Company
or the Indemnitee may petition the Delaware Chancery Court or other court of competent jurisdiction in the State of Delaware for resolution of any objection that shall have been made by the Company or the Indemnitee to the other’s selection of
Independent Counsel and/or for appointment as Independent Counsel of a law firm or person selected by such court (or selected by such person as the court shall designate), and the law firm or person with respect to whom all objections are so
resolved or the law firm or person so appointed shall act as Independent Counsel under Section 5(b). Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 7(a), Independent Counsel shall be
discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing). If the determination of entitlement to indemnification is to be made by Independent Counsel
pursuant to Section 5(b), then the Company agrees to pay the reasonable fees and expenses of such Independent Counsel and to fully indemnify and hold harmless such Independent Counsel against any and all Expenses, claims, liabilities and
damages arising out of or relating to this Agreement or its engagement pursuant hereto.  

  
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 6. Burden of Proof, Defenses and Presumptions. 

(a) In any judicial proceeding or arbitration pursuant to Section 7 brought by the Indemnitee to enforce rights to indemnification
or an advancement of expenses hereunder, or in any action, suit or proceeding brought by the Company to recover an advancement of expenses (whether pursuant to the terms of an undertaking or otherwise), the burden shall be on the Company to prove
that the Indemnitee is not entitled to be indemnified, or to such an advancement of expenses, as the case may be. 
 (b) It shall be a
defense in any judicial proceeding or arbitration pursuant to Section 7 to enforce rights to indemnification under Section 2(b) or Section 2(c) (but not in any judicial proceeding or arbitration pursuant to
Section 7 to enforce a right to an advancement of expenses under Section 3) that the Indemnitee has not met the standards of conduct set forth in Section 2(b) or Section 2(c), as the case may be, but the
burden of proving such defense shall be on the Company. With respect to any judicial proceeding or arbitration pursuant to Section 7 brought by the Indemnitee to enforce a right to indemnification hereunder, or any action, suit or
proceeding brought by the Company to recover an advancement of expenses (whether pursuant to the terms of an undertaking or otherwise), neither (i) the failure of the Company (including by its directors or Independent Counsel) to have made a
determination prior to the commencement of such action, suit, proceeding or arbitration that indemnification is proper in the circumstances because the Indemnitee has met the applicable standards of conduct, nor (ii) an actual determination by
the Company (including by its directors or Independent Counsel) that the Indemnitee has not met such applicable standards of conduct, shall create a presumption that the Indemnitee has not met the applicable standards of conduct or, in the case of a
judicial proceeding or arbitration pursuant to Section 7 brought by the Indemnitee seeking to enforce a right to indemnification hereunder, be a defense to such proceeding or arbitration. 

(c) The termination of any Proceeding by judgment, order, settlement or conviction, or upon a plea of nolo contendre or its equivalent,
shall not, of itself, adversely affect the right of the Indemnitee to indemnification hereunder or create a presumption (i) that the Indemnitee did not act in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed
to the best interests of the Company, or (ii) with respect to any criminal Proceeding, that the Indemnitee had reasonable cause to believe that the Indemnitee’s conduct was unlawful. 

(d) For purposes of any determination of good faith, the Indemnitee shall be deemed to have acted in good faith if the Indemnitee’s action
is based on (i) the records or books of account of the Company or Another Enterprise (if the Indemnitee is or was serving as a director, officer, employee, agent, or fiduciary of such Other Enterprise at the request of the Company), including
financial statements, (ii) information supplied to the Indemnitee by the officers of the Company or Another Enterprise in the course of their duties, (iii) the advice of legal counsel for the Company or Another Enterprise or
(iv) information or records given or reports made to the Company or Another Enterprise by an independent certified public accountant, appraiser or other expert selected by the Company or Another Enterprise. The provisions of this
Section 6(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed or found to have met the applicable standards of conduct set forth in this Agreement. 

(e) The knowledge and/or actions, or failure to act, of any other director, officer, agent or employee of the Company or Another Enterprise
shall not be imputed to the Indemnitee for purposes of determining the Indemnitee’s right to indemnification under this Agreement. 

  
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 7. Remedies of Indemnitee. 

(a) In the event that (i) a determination is made pursuant to Section 5 that the Indemnitee is not entitled to indemnification
under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 3, (iii) except when the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to
Section 5(b), no determination of entitlement to indemnification shall have been made pursuant to Section 5(b) within seventy-five (75) calendar days after receipt by the Company of the Indemnitee’s written request
for indemnification, (iv) under circumstances in which the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 5(b), no determination of entitlement to indemnification shall have
been made pursuant to Section 5(b) within eighty (80) calendar days after receipt by the Company of the Indemnitee’s written request for indemnification (unless an objection to the selection of such Independent Counsel has been
made and substantiated and not withdrawn, in which case the applicable time period shall be seventy (70) calendar days after the Delaware Chancery Court or another court of competent jurisdiction in the State of Delaware (or such person as is
appointed by such court to make such determination) has determined or appointed the person to act as Independent Counsel pursuant to Section 5(b)), (v) payment of indemnification is not made pursuant to Section 2(d) or
Section 2(e) within twenty (20) calendar days after receipt by the Company of a written request therefor or (vi) payment of indemnification pursuant to Section 2(b) or Section 2(c) is not made within
twenty (20) calendar days after a determination has been made pursuant to Section 5(b) that the Indemnitee is entitled to indemnification, then the Indemnitee shall be entitled to seek an adjudication by the Delaware Chancery Court
of the Indemnitee’s entitlement to such indemnification or advancement of Expenses. Alternatively, if the foregoing conditions have been satisfied, the Indemnitee, at the Indemnitee’s option, may seek an award in arbitration to be
conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. The Indemnitee shall commence such proceeding seeking an adjudication or an award in arbitration within one hundred eighty
(180) calendar days following the date on which the Indemnitee first has the right to commence such proceeding pursuant to this Section 7(a); provided, however, that the foregoing clause shall not apply in respect of a
proceeding brought by the Indemnitee to enforce the Indemnitee’s rights to indemnification under Section 2(d). 
 (b) In the
event that a determination shall have been made pursuant to Section 5(b) that the Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 7 shall be conducted
in all respects as a de novo trial, or arbitration, on the merits and the Indemnitee shall not be prejudiced by reason of that adverse determination. 

(c) If a determination shall have been made pursuant to Section 5(b) that the Indemnitee is entitled to indemnification, the
Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 7, absent (i) a misstatement or misrepresentation by the Indemnitee (or anyone acting on the Indemnitee’s
behalf) of a material fact, or an omission of a material fact necessary to make the Indemnitee’s statement (or statements of persons acting on behalf of the Indemnitee) not materially misleading, in connection with the request for
indemnification or in connection with the provision of information or documentation pursuant to the last sentence of Section 5(b) or (ii) a prohibition of such indemnification under applicable law. 

(d) In the event that the Indemnitee, pursuant to this Section 7, seeks a judicial adjudication or an award in arbitration to
enforce the Indemnitee’s rights under, or to recover damages for breach of, this Agreement, then the Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company against, any and all Expenses actually and
reasonably incurred by or on behalf of the Indemnitee in such judicial adjudication or arbitration, but only if (and only to the extent) the Indemnitee prevails therein. If it shall be determined in said judicial adjudication or arbitration that the
Indemnitee is entitled to receive part but not all of the indemnification or advancement of Expenses sought, the expenses incurred by the Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated. 

  
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 8. Non-Exclusivity. Except to the extent
expressly provided herein, the rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which the Indemnitee may at any time be entitled under applicable law,
the Company’s Certificate of Incorporation, the Company’s Bylaws, any agreement, a vote of stockholders, or a resolution of directors, or otherwise, both as to action in or by reason of the Indemnitee’s Corporate Status and as to
action in or by reason of any other capacity of the Indemnitee while serving as a director or officer of the Company. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every right and remedy shall be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. In the event of any change after the date of this Agreement in any applicable law, statute or rule that expands
the power of a Delaware corporation to indemnify a member of its board of directors or an officer, employee, agent or fiduciary, it is the intent of the parties hereto that the Indemnitee shall enjoy by this Agreement the greatest benefits afforded
by such change. Notwithstanding anything to the contrary in this Section 8, to the extent the time periods specified in Section 3 and Section 7(a) with respect to the time at which the Indemnitee shall be entitled
to seek an adjudication or an award in arbitration as to the Indemnitee’s entitlement to indemnification or advancement differ from similar time periods specified in the Company’s Certificate of Incorporation or Bylaws, the time periods
set forth in Section 3 and Section 7(a) shall control and be binding on the Indemnitee and the Company and shall be deemed a waiver of any contrary right specified in the Company’s Certificate of Incorporation or Bylaws.
The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy. 

9. Insurance, Subrogation and Other Sources of Payment. 

(a) To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees
or agents of the Company or Another Enterprise, the Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, employee or agent under
such policy or policies. Without limiting the generality or effect of the immediately preceding sentence, no discontinuation or significant reduction in the scope or amount of coverage from one policy period to the next shall be effective
(a) without the prior approval thereof by a majority vote of the individuals who, as of the date of this Agreement, constitute the Board (the “Incumbent Directors”), even if less than a quorum, or (b) if at the time that
any such discontinuation or significant reduction in the scope or amount of coverage is proposed there are no Incumbent Directors, without the prior written consent of Indemnitee (which consent shall not be unreasonably withheld or delayed). In all
policies of directors’ and officers’ liability insurance obtained by the Company, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits, subject to the same limitations, as are
accorded to the Company’s directors and officers most favorably insured by such policy. The Company may, but shall not be required to, create a trust fund, grant a security interest or use other means, including a letter of credit, to ensure
the payment of such amounts as may be necessary to satisfy its obligations to indemnify and advance expenses pursuant to this Agreement. If, at the time of the receipt of a notice of a Proceeding pursuant to Section 15, the Company has director
and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all
necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies. To the extent that the Company maintains an insurance policy
or policies providing liability insurance for directors, officers, 

  
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employees or agents of the Company or Another Enterprise, the provision of directors’ and officers’ liability insurance as provided in this Section 9. shall be in addition
to the Company’s obligations under Section 2 and Section 3 and shall not be deemed to be in satisfaction of those obligations. 

(b) In the event of any payment to or on behalf of the Indemnitee under this Agreement, the Company shall be subrogated to the extent of such
payment to all of the rights of recovery of the Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to
enforce such rights. 
 (c) Except to the extent required by applicable law, the Company shall not be liable under this Agreement to make any
payment to the Indemnitee with respect to amounts otherwise indemnifiable (or for which advancement is otherwise required) if and to the extent that the Indemnitee has otherwise actually received such payment under any insurance policy, contract,
agreement or otherwise. Nothing in this Agreement is intended to affect any right of contribution of or against the Company in the event the Company and any other person or persons have co-equal obligations to
indemnify or advance expenses to the Indemnitee. 
 (d) The Company’s obligation to indemnify or advance Expenses under this Agreement
to the Indemnitee, in connection with or by reason of the Indemnitee’s service at the request of the Company as a director, officer, employee, agent or fiduciary of Another Enterprise, shall be reduced by any amount that the Indemnitee has
actually received as indemnification or advancement of Expenses from such Other Enterprise with respect to the Proceeding for which indemnification or advancement of Expenses is sought. 

10. Contribution. To the fullest extent permitted by applicable law, if, in connection with any Proceeding (or part thereof) in respect
of which the Indemnitee would otherwise be entitled to indemnification hereunder, the indemnification provided for in this Agreement is unavailable to the Indemnitee for any reason whatsoever, then the Company, in lieu of indemnifying the
Indemnitee, shall contribute to the amount that is incurred by the Indemnitee in connection with such Proceeding (or such part thereof) and that would otherwise have been subject to indemnification hereunder, in such proportion as is deemed fair and
reasonable in light of all of the circumstances of such Proceeding to reflect (a) the relative benefits received by the Company, on the one hand, and the Indemnitee, on the other hand, as a result of the event(s) and/or transaction(s) giving
cause to such Proceeding (or such part thereof); and/or (b) the relative fault of the Company (and its directors, officers, employees and agents), on the one hand, and the Indemnitee, on the other hand, in connection with such event(s) and/or
transaction(s). 
 11. Settlements. Notwithstanding anything to the contrary in this Agreement or the Company’s Certificate of
Incorporation or Bylaws, the Company shall have no obligation to indemnify the Indemnitee for any amounts paid by or on behalf of the Indemnitee in settlement of any Proceeding, unless the Company has consented in writing to such settlement, which
consent shall not be unreasonably withheld. The Company shall not settle any claim in any manner that would impose any fine or obligation on the Indemnitee without the Indemnitee’s prior written consent, which consent shall not be unreasonably
withheld. 
 12. Survival of Rights, Binding Effect and Successors and Assigns. 

(a) The indemnification and advancement of Expenses and other rights provided by, or granted pursuant to, this Agreement shall continue during
the period that the Indemnitee is a director or officer of the Company and shall continue through and after the Termination Date so long as the Indemnitee 

  
 9 

 
shall, by reason of the Indemnitee’s Corporate Status, be subject to any possible Proceeding (including any appeal thereto) with respect to any action taken or omitted (or that is alleged to
have been taken or omitted) by the Indemnitee, or any facts or events that occurred (or that are alleged to have occurred), on or before the Termination Date, and shall further continue for such period of time following the conclusion of any such
Proceeding as may be reasonably necessary for the Indemnitee to enforce rights and remedies pursuant to this Agreement as provided in Section 7. 

(b) This Agreement shall be binding upon the Indemnitee and upon the Company and its successors and assigns, and shall inure to the benefit of
the Indemnitee and the Indemnitee’s heirs, personal representatives, executors, administrators and assigns and to the benefit of the Company and its successors and assigns. 

(c) The Company further agrees that in the event the Company or any of its successors or assigns (i) consolidates with or merges into any
other corporation or entity and shall not be the continuing or surviving corporation or entity of such consolidation or merger or (ii) transfers or conveys all or substantially all of its properties and assets to any corporation or entity,
then, and in each such case, to the extent necessary, proper provision shall be made so that the successors and assigns of the Company as a result of such transaction assume the obligations of the Company set forth in this Agreement, including any
requirements with respect to directors’ and officers’ liability insurance set forth in Section 9. 
 13.
Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement
(including each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall
remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and
(c) to the fullest extent possible, the provisions of this Agreement (including each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or
unenforceable) shall be construed so as to give effect to the intent manifested thereby. 
 14. Acknowledgement. The Company expressly
acknowledges, confirms and agrees that it has entered into this Agreement and has assumed the obligations imposed on the Company hereby to induce the Indemnitee to serve or continue to serve as a director or officer of the Company, and the Company
acknowledges that the Indemnitee is relying upon this Agreement in serving and continuing to serve in such capacity. In addition, both the Company and the Indemnitee acknowledge that in certain instances, federal law or applicable public policy may
prohibit the Company from indemnifying its directors, officers, employees, agents or fiduciaries under this Agreement or otherwise. The Indemnitee understands and acknowledges that the Company may be required in the future to undertake with the
Securities and Exchange Commission to submit the question of indemnification to a court in certain circumstances for a determination of the Company’s rights under public policy to indemnify the Indemnitee. 

15. Notice by Indemnitee. The Indemnitee agrees to notify the Company promptly and in writing upon being served with any summons,
citation, subpoena, complaint, petition, indictment, information or other document relating to the actual or threatened commencement of any Proceeding or matter that may be subject to indemnification or advancement of Expenses covered by this
Agreement. The failure of the Indemnitee to so notify the Company shall not relieve the Company of any obligation that it may have to the Indemnitee under this Agreement or otherwise, except to the extent the Company is materially prejudiced by such
failure. 

  
 10 

 16. Notices. All notices, requests, demands and other communications hereunder shall
be in writing and shall be deemed to have been duly given (a) if delivered by hand to the party to whom said notice or other communication shall have been directed, on the date so delivered or (b) if mailed by certified or registered mail
with postage prepaid, on the third business day after the date on which it is so mailed. All such notices, requests, demands and other communications shall be delivered to the Indemnitee or to the Company, as the case may be, at the following
addresses: 
 If to the Indemnitee, to the address set forth on the signature page this Agreement 

If to the Company, to: 

SkyWater Technology, Inc. 
 2401
East 86th Street 
 Bloomington, MN 55245 

Attn: General Counsel 
 or to such other address
as may have been furnished to the Indemnitee by the Company or to the Company by the Indemnitee, as the case may be, by like notice. 
 17.
Counterparts; Execution and Exchange by Electronic Means. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same
Agreement. The execution and delivery of this Agreement by facsimile, electronic mail (including email, .pdf or other digital copies of signatures) or another form of electronic signature or transmission shall be sufficient to evidence the
signatories’ intent to sign this Agreement and sufficient to bind the parties to the terms and provisions of this Agreement. 
 18.
Interpretation. 
 (a) The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to
constitute part of this Agreement or to affect the construction thereof. 
 (b) (i) The terms “hereof,”
“herein,” “hereby,” “hereto,” and derivative or similar words refer to this entire Agreement, including Exhibits hereto, (ii) any reference herein to a “Section” is to a Section of
this Agreement unless otherwise specified, (iii) the terms “include,” “includes,” “including” and words of similar import when used in this Agreement mean “including, without
limitation” unless otherwise specified, (iv) the term “any” means “any and all” and (v) the term “or” shall not be exclusive and shall mean “and/or”. 

(c) (i) References to “days” mean calendar days unless Business Days are expressly specified and (ii) references to
“written” or “in writing” include in electronic form. 
 (d) Whenever the context requires, words in the
singular shall be held to include the plural and vice versa, and words of one gender shall be held to include the other gender as the context requires. 

(e) References herein to “fines” shall include any excise tax assessed with respect to any employee benefit plan. 

  
 11 

 (f) References herein to a director of Another Enterprise or a director of an Other
Enterprise shall include, in the case of any entity that is not managed by a board of directors, such other position, such as manager or trustee or member of the governing body of such entity, that entails responsibility for the management and
direction of such entity’s affairs, including the general partner of any partnership (general or limited) and the manager or managing member of any limited liability company. 

(g) (i) References herein to serving at the request of the Company as a director, officer, employee, agent or fiduciary of Another
Enterprise shall include any service as a director, officer, employee or agent of the Company that imposes duties on, or involves services by, such director or officer with respect to an employee benefit plan of the Company or any of its affiliates,
other than solely as a participant or beneficiary of such a plan; and (ii) if the Indemnitee has acted in good faith and in a manner the Indemnitee reasonably believed to be in the interest of the participants and beneficiaries of an employee
benefit plan, the Indemnitee shall be deemed to have acted in a manner not opposed to the best interests of the Company for purposes of this Agreement. 

19. Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter
hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof. 

20. Modification and Waiver. 

(a) No amendment, modification, supplementation or repeal of this Agreement or any provision hereof shall be binding unless executed in writing
by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 

(b) No amendment, modification, supplementation or repeal of this Agreement or any provision hereof shall limit or restrict any rights of the
Indemnitee under this Agreement in respect of any action taken or omitted by the Indemnitee in or by reason of the Indemnitee’s Corporate Status prior to such amendment, modification, supplementation or repeal. 

21. Governing Law; Submission to Jurisdiction; Service of Process. 

(a) This Agreement and the legal relations among the parties with respect to the matters addressed hereby shall be governed by, and construed
and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. 
 (b) Except with respect
to any arbitration commenced by the Indemnitee pursuant to Section 7(a) and except to the extent permitted by Section 2(c) with respect to a determination by a court in which an underlying Proceeding was brought that the
Indemnitee is entitled to indemnification of Expenses notwithstanding an adjudication of liability to the Company, each of the Company and the Indemnitee hereby irrevocably and unconditionally (i) agrees and consents to the jurisdiction of the
courts of the State of Delaware for all purposes in connection with any action, suit or proceeding that arises out of or relates to this Agreement and agrees that any such action instituted under this Agreement shall be brought only in the Delaware
Chancery Court (or in any other state court of the State of Delaware if the Delaware Chancery Court does not have subject matter jurisdiction over such action), and not in any other state or federal court in the United States of America or any court
or tribunal in any other country; (ii) consents to submit to the exclusive jurisdiction of the courts of the State of Delaware for purposes of any action or proceeding arising out of or in connection with this Agreement; (iii) waives any
objection to the laying of venue of any such action or proceeding in the courts of the State of Delaware; and (iv) waives, and agrees not to plead or to make, any claim that any such action or proceeding brought in the courts of the State of
Delaware has been brought in an improper or otherwise inconvenient forum. 

  
 12 

 (c) Each of the Company and the Indemnitee hereby consents to service of any summons and
complaint and any other process that may be served in any action, suit or proceeding arising out of or relating to this Agreement in any court of the State of Delaware by mailing by certified or registered mail, with postage prepaid, copies of such
process to such party at its address for receiving notice pursuant to Section 16. Nothing in this Agreement shall preclude service of process by any other means permitted by applicable law. 

22. Nature of Agreement. This Agreement shall not be deemed an employment contract between the Company and the Indemnitee, and, if the
Indemnitee is an officer or employee of the Company, the Indemnitee specifically acknowledges that the Indemnitee may be discharged as an officer or employee of the Company at any time for any reason, with or without cause, and with or without
severance compensation, except as may be otherwise provided in a separate written contract between the Company and the Indemnitee. 
 23.
Definitions. For purposes of this Agreement: 
 (a) “Another Enterprise” and
“Other Enterprise” mean a corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or any other form of enterprise, in each case, other than the Company. 

(b) “Change in Control” means, and shall be deemed to have occurred if, (i) any “person” (as such term
is used in Sections 13(d) and 14(d) of the Exchange Act), other than CMI Oxbow Partners, LLC or their affiliate, a trustee or other fiduciary holding securities under an employee benefit plan of the Company acting in such capacity or a corporation
owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, becomes the “beneficial owner” (as defined in Rule
13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the total voting power represented by the Company’s then outstanding
voting stock, (ii) during any period of two (2) consecutive years (not including any period prior to the execution of this Agreement), individuals who at the beginning of such period constitute the Board and any new director whose election
by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least a majority of the directors then still in office who either were directors at the beginning of the period or whose election or nomination
for election was previously so approved, cease for any reason to constitute a majority thereof, (iii) the stockholders of the Company approve a merger or consolidation of the Company with any other corporation other than a merger or
consolidation that would result in the voting stock of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting stock of the surviving entity) at least fifty percent
(50%) of the total voting power represented by the voting stock of the Company or such surviving entity outstanding immediately after such merger or consolidation or (iv) the stockholders of the Company approve a plan of complete liquidation of
the Company or an agreement for the sale or disposition by the Company (in one transaction or a series of related transactions) of all or substantially all of the Company’s assets. 

(c) “Corporate Status” means (i) the Indemnitee’s status as a present or former director or officer of the
Company, (ii) the Indemnitee’s present or former status, at any time while serving as a director or officer of the Company, as a director, officer, employee, agent or fiduciary of Another Enterprise to the extent the Indemnitee is or was
serving in such capacity with respect to such Other Enterprise at the request of Company or (iii) the Indemnitee’s present or former status as a director, officer, employee, agent or fiduciary of Another Enterprise to the extent the
Indemnitee served in such capacity with respect to such Other Enterprise while serving as a director or officer of the Company, continued serving in such capacity with respect to such Other Enterprise after ceasing to be a director or officer of the
Company, and is or was serving in such capacity with respect to such Other Enterprise at the request of Company. 

  
 13 

 (d) “Disinterested Director” means a director of the Company who is
not and was not a party to the Proceeding in respect of which indemnification is sought by the Indemnitee. 
 (e) “Expenses”
means any of the following: reasonable attorneys’ fees; retainers; disbursements of counsel; court costs; filing fees; transcript costs; fees and expenses of experts; fees and expenses of witnesses; fees and expenses of accountants and other
consultants (excluding public relations consultants unless approved in advance by the Company); travel expenses; duplicating and imaging costs; printing and binding costs; telephone charges; facsimile transmission charges; computer legal research
costs; postage; delivery service fees; fees and expenses of third-party vendors; and the premium, security for, and other costs associated with any bond (including supersedeas or appeal bonds, injunction bonds, cost bonds, appraisal bonds or their
equivalents), in each case incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in a Proceeding (including any judicial or arbitration
Proceeding brought to enforce the Indemnitee’s rights under, or to recover damages for breach of, this Agreement), as well as all other “expenses” within the meaning of that term as used in Section 145 of the DGCL and all other
disbursements or expenses of types customarily and reasonably incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in or otherwise participating in actions, suits or
proceedings similar to or of the same type as the Proceeding with respect to which such disbursements or expenses were incurred; provided, however, that “Expenses” shall not include amounts of judgments, penalties or fines
actually levied against, or amounts paid in settlement by, the Indemnitee in connection with any Proceeding. 
 (f)
“Independent Counsel” means a law firm, or a person admitted to practice law in any State of the United States, that is experienced in matters of corporation law and neither presently is, nor in the past three years has been,
retained to represent: (i) the Company or the Indemnitee in any matter material to either such party (other than with respect to serving as Independent Counsel (or similar independent legal counsel position) as to matters concerning the rights
of the Indemnitee under this Agreement, the rights of other indemnitees under similar indemnification agreements or the rights of the Indemnitee or other indemnitees to indemnification under the Company’s Certificate of Incorporation or Bylaws)
or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, “Independent Counsel” shall not include any law firm or person who, under the applicable standards of
professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action to determine the Indemnitee’s rights under this Agreement. For the avoidance of doubt, “Independent
Counsel” also shall not include any law firm or person who represented or advised any entity or person in connection with a Change in Control of the Company. 

(g) “Losses” means all Expenses, judgments, penalties, fines, liabilities and amounts paid in settlement in connection with a
Proceeding. 
 (h) “Proceeding” means any threatened, pending or completed action, suit, arbitration, alternative dispute
resolution mechanism, investigation (including any internal investigation), inquiry, administrative hearing or other proceeding, whether brought by or in the right of the Company or otherwise, and whether civil, criminal, administrative or
investigative. 
 (i) “Termination Date” means the date on which the Indemnitee is no longer a director or officer of
the Company; provided, however, that if (i) the Indemnitee continues to serve as a director, officer, employee, agent or fiduciary of Another Enterprise after the date on which the Indemnitee

  
 14 

 
is no longer a director or officer of the Company, (ii) the Indemnitee is serving in such capacity with respect to such Other Enterprise at the request of the Company and (iii) the
Indemnitee served in such capacity with respect to such Other Enterprise while serving as a director or officer of the Company, then “Termination Date” shall mean such later date after the Indemnitee is no longer a director or officer of
the Company on which the Indemnitee is no longer serving in such capacity with respect to such Other Enterprise. 
 [Signature page
follows] 

  
 15 

 IN WITNESS WHEREOF, the Company and the Indemnitee have executed this Agreement on
and as of the day and year first above written. 
  

			
	SKYWATER TECHNOLOGY, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	INDEMNITEE
		
	By:	 	  

		 	Name:
	
	Address:

 [Signature Page to Indemnification Agreement]EX-10.23

 Exhibit 10.23 

SKYWATER TECHNOLOGY INC. 

EXECUTIVE SEVERANCE AND CHANGE OF CONTROL PLAN 

1. Purpose. The purpose of the SkyWater Technology Inc. Executive Severance and Change of Control Plan (the “Plan”) is
to provide reasonable severance protection to certain executive officers and other key employees of the Company and its Affiliates who are expected to make substantial contributions to the success of the Company and thereby provide for stability and
continuity of management. 
 2. Term. The Plan shall commence upon the Effective Date (as defined below) and shall
continue until terminated in accordance with Section 19. 
 3. Definitions. For purposes of the Plan, the
following terms have the meanings set forth below: “Accrued Obligations” has the meaning for that term in Section 5(a). 

“Affiliate” means any company or other entity controlled by, controlling or under common control with the Company. 

“Base Monthly Salary” means one-twelfth of the Participant’s annual rate of base salary
in effect as of the Termination Date, disregarding any reduction that would constitute Good Reason. 
 “Board” means the Board of
Directors of the Company 
 “Cause” means, with respect to any Participant and as determined by the Committee: 

(a) A violation of such Participant’s obligations regarding confidentiality or the protection of sensitive, confidential
or proprietary information, or trade secrets; 
 (b) An act or omission by such Participant resulting in such Participant
being charged with a criminal offense which constitutes a felony or involves moral turpitude or dishonesty; 
 (c) Conduct by
such Participant which constitutes poor performance, gross neglect, insubordination, willful misconduct or a breach of the Company’s Code of Conduct or a fiduciary duty to the Company or its stockholders; or 

(d) The Company’s determination that such Participant violated state or federal laws relating to the workplace
environment, including without limitation, laws relating to sexual harassment or age, sex, race or other prohibited discrimination. 
 Any
determination by the Committee regarding whether an event constituting Cause shall have occurred shall be final, binding and conclusive. 

“Change of Control” means the occurrence of any of the following: 

(a) A transaction or a series of related transactions occurring after the Effective Date pursuant to which any Person or Group
(other than the Company or any Affiliate) becomes the Beneficial Owner of more than fifty percent (50%) of the total voting power of the Voting Stock of the Company, on a Fully Diluted Basis; 

  
 1 

 (b) Individuals who, as of the day following the IPO closing date for the
first sale of Stock listed on a Stock Exchange or designated on a Securities Market, constitute the Board (the “Incumbent Board”) (together with any new directors whose election by such Incumbent Board or whose nomination by such Incumbent
Board for election by the stockholders of the Company was approved by a vote of at least a majority of the members of such Incumbent Board then in office who either were members of such Incumbent Board or whose election or nomination for election
was previously so approved) cease for any reason to constitute a majority of the members of such Board then in office; 
 (c)
The Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, the Company (regardless of whether the Company is the surviving Person), other than any such transaction in which the Prior
Stockholders own directly or indirectly at least a majority of the voting power of the Voting Stock of the surviving Person in such merger or consolidation immediately after such transaction; or 

(d) The consummation of any direct or indirect sale, lease, transfer, conveyance, or other disposition (other than by way of
reorganization, merger, or consolidation), in one transaction or a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any Person or Group (other than the Company or any
Affiliate), except any such transaction or series of transactions in which the Prior Stockholders own directly or indirectly at least a majority of the voting power of the Voting Stock of such Person or Group immediately after such transaction or
series of transactions. 
 “Change of Control Severance Multiple” means the applicable number of months for the Participant on
Exhibit A. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Committee” means the Compensation Committee of the Board. 

“Company” means SkyWater Technology Inc. and any successor to its business or assets, by operation of law or otherwise. 

“Disability” means the absence of the Participant from the Participant’s duties with the Company on a full-time basis for a
period of time which would entitle the Participant to receive benefits under the long-term disability policy in effect at the time of such illness or other physical or mental incapacity. 

“Effective Date” means April 5, 2021. 

“Employee” means an employee of the Company or an Affiliate. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, as now in effect or as hereafter amended, and any successor
thereto. 

  
 2 

 “Good Reason” means 

(a) A material adverse change in the scope of the Participant’s responsibilities or authority, excluding any such change
after a Change of Control that is solely as a result of the Company’s common stock no longer being publicly traded on a national securities exchange; 

(b) The material reduction in the Participant’s annual base salary or target bonus percentage 

(c) The reduction in the aggregate in the Participant’s eligibility for participation in the Company’s benefit plans;

 (d) The relocation of the Participant’s principal place of work by more than 50 miles from its then current location;
or 
 (e) The failure of any successor to the Company in a Change of Control to expressly assume the Plan in writing within
ten (10) days after the occurrence of a Change of Control. 
 In order to terminate employment for Good Reason, a Participant must,
within 90 days of the initial existence of circumstances constituting Good Reason, notify the Company in writing of the existence of such circumstances, and the Company shall then have 30 days to remedy the circumstances. If the circumstances have
not been fully remedied by the Company, the Participant shall have 60 days following the end of such 30-day period to exercise the right to terminate for Good Reason. If the Participant does not timely do so,
the right to terminate for Good Reason shall lapse and be deemed waived, and the Participant shall not thereafter have the right to terminate for Good Reason unless further circumstances occur which themselves give rise to a right to terminate for
Good Reason. 
 “Group” has the meaning set forth in Sections 13(d) and 14(d)(2) of the Exchange Act. 

“Participant” means an Employee who is designated as a Participant under Section 4(a) hereof, until such time as the
Employee’s participation ceases in accordance with Section 4(b) hereof. 
 “Person” has the meaning set forth in
Sections 13(d) and 14(d)(2) of the Exchange Act. 
 “Prior Stockholders” means the holders of Stock and any other equity
securities that represented one hundred percent (100%) of the Voting Stock of the Company immediately prior to a reorganization, merger, or consolidation involving the Company or any sale or other disposition of all or substantially all of the
assets of the Company and its Subsidiaries, taken as a whole (or other equity securities into which the Stock or such other equity securities are converted as part of such reorganization, merger, or consolidation). 

“Protection Period” means the 12-month period beginning on the date of the Change of
Control. Notwithstanding anything in the Plan to the contrary, if (i) a Participant’s employment is terminated within three months prior to a Change of Control for reasons that would have constituted a Qualifying Termination if they had
occurred following a Change of Control, (ii) the Participant reasonably demonstrates that such termination (or Good Reason event) was at the request of a third party who had indicated an intention or taken steps reasonably calculated to effect
a Change of Control and (iii) a Change of Control involving such third party (or a party competing with such third party to effectuate a Change of Control) does occur, then 

  
 3 

 
for purposes of the Plan the date immediately prior to the date of such termination of employment or event constituting Good Reason shall be treated as a Change of Control. For purposes of
determining the timing and amount of payments and benefits to Participant under Section 5(c), the date of the actual Change of Control shall be treated as the Participant’s Termination Date. 

“Qualifying Termination” means a termination of the Participant’s employment by the Company without Cause or by the Participant
with Good Reason. 
 “Release” means the waiver and release of claims required of the Participant prior to receipt of certain
payments under this Plan as described in Section 7 hereof. 
 “Securities Market” means an established securities market.

 “Separation from Service” means a Participant’s separation from service from the Company and its Affiliates within the
meaning of Section 409A of the Code. 
 “Severance Multiple” means the applicable number of months for the Participant on
Exhibit A. 
 “Stock” means the common stock, par value $0.01 per share, of the Company, or any security into which shares of
Stock may be changed or for which shares of Stock may be exchanged. 
 “Stock Exchange” means the New York Stock Exchange, the
Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or another established national or regional stock exchange. 

“Subsidiary” means any corporation (other than the Company) or non-corporate entity with
respect to which the Company owns, directly or indirectly, fifty percent (50%) or more of the total combined voting power of all classes of Voting Stock. 

“Target Bonus” means the amount of cash incentive the participant would receive for performance at “target” for the year
in which the Qualifying Termination occurs, disregarding any reduction that would constitute Good Reason. 
 “Termination Date”
means the date on which a Participant has a Separation from Service. 
 “Tier 1 Participant” means each of the Participants
designated as such by the Committee. 
 “Tier 2 Participant” means each of the Participants designated as such by the Committee.

 “Voting Stock” means, with respect to any Person, capital stock of any class or kind ordinarily having the power to vote for
the election of directors, managers, or other voting members of the governing body of such Person. Without limiting the generality of the foregoing, the Stock shall be Voting Stock of the Company. 

4. Participation. 

(a) Designation of Participants. The Participants in the Plan are the executive officers and other key employees of the Company and its
Affiliates who are designated as Participants by the Compensation 

  
 4 

 
Committee of the Board (as reflected on Schedule A) and who execute a “Consent to Accept Plan Benefits” in the form attached as Schedule B confirming their status as a
Participant, which status is not revoked under Section 19. 
 (b) Cessation of Participation. A Participant shall cease to be a
Participant and shall have no rights hereunder, without further action, when the Participant ceases to be an Employee (unless such Participant is then entitled to severance payments and benefits as provided in Section 5). A Participant entitled
to severance payments and benefits under Section 5 shall remain a Participant in this Plan until the full amount of the severance payments and benefits under the Plan have been fully paid and provided to the Participant. 

(c) No Employment Rights. Nothing in the Plan will reduce or eliminate the right of the Company and its Affiliates to terminate a
Participant’s employment at any time for any reason. 
 5. Payments and Benefits on Termination of Employment. 

(a) For Cause, Death or Disability or Termination without Good Reason. If (x) a Participant terminates employment with the Company
and its Affiliates without Good Reason, (y) the Company and its Affiliates terminate a Participant’s employment for Cause or by reason of the Participant’s Disability, or (z) a Participant’s employment is terminated by
reason of the Participant’s death, then the Participant will not be entitled to any compensation or benefits under the Plan other than the sum of: 

(i) the portion of the Participant’s base salary earned through the Termination Date, to the extent not theretofore paid;

 (ii) the amount of any annual incentive compensation under the annual incentive plan applicable to the Participant that
has been earned by the Participant for a completed fiscal year preceding the Termination Date, but has not yet been paid to the Participant; and 

(iii) any accrued paid vacation, sick leave and other paid time-off to the extent not
theretofore paid (the sum of the amounts described in clauses (i), (ii) and (iii) are hereinafter referred to as the “Accrued Obligations”). 

The Accrued Obligations will be paid to the Participant in a lump sum within 20 calendar days after the Participant’s Termination Date or at any earlier
legally required time. 
 (b) Qualifying Termination Other Than During Protection Period. In the event of a Participant’s
Qualifying Termination other than during the Protection Period, the Participant will be entitled to receive the payments and benefits provided below: 

(i) Accrued Obligations. The Accrued Obligations, payable in a lump sum within 20 calendar days after the
Participant’s Termination Date or at any earlier legally required time, 
 (ii) Severance Payments. Subject to
Sections 6, 7 and 8, a lump sum severance payment equal to the Participant’s Base Monthly Salary for the number of months equal to the Participant’s Severance Multiple plus the Participant’s Target Bonus times a fraction, the
numerator of which is the Participant’s Severance Multiple and the denominator of which is 12, payable within 20 calendar days after the Release described in Section 7 becomes effective and irrevocable in accordance with its terms, but no
later than 70 days after the Participant’s Termination Date. 

  
 5 

 (iii) Health Care Coverage. At the Company’s option, the
Participant and the Participant’s eligible dependents shall be entitled either (A) to receive a lump sum amount equal to the current cost of continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act
(“COBRA”) under the Company’s medical and dental plans in which the Participant participated prior to the Participant’s Termination Date for the number of months equal to the Participant’s Severance Multiple, payable within
20 calendar days after the Release described in Section 7 becomes effective and irrevocable in accordance with its terms, but no later than 70 days after the Participant’s Termination Date, or (B) to continue to participate in the
Company’s medical and dental plans in which the Participant participated immediately prior to the Participant’s Termination Date, in each case for the number of months equal to the Participant’s Severance Multiple, commencing with the
first calendar month following the Termination Date (the “Benefit Continuation Period”); provided, however, that if the Company elects option (B) above, the Benefit Continuation Period shall cease when the Participant becomes eligible
for any such coverage under a plan maintained by another employer. The Participant’s continued participation in the Company’s medical and dental plans shall be on terms not less favorable than those in effect for active employees of the
Company, subject to the Participant making the monthly premium payment of the amount required for such coverage during the Benefit Continuation Period by active employees of the Company. The Benefit Continuation Period shall run concurrently with
(and shall count against) the Company’s obligation to provide continuation coverage pursuant to COBRA. 
 (c) Qualifying Termination
During Protection Period. In the event of a Participant’s Qualifying Termination during the Protection Period, the Participant will be entitled to receive the payments and benefits provided below: 

(i) Accrued Obligations. The Accrued Obligations, payable in a lump sum within 20 calendar days after the
Participant’s Termination Date or at any earlier legally required time, 
 (ii) Change of Control Severance
Payment. Subject to Sections 6, 7 and 8, a lump sum severance payment in an amount equal to the Participant’s Base Monthly Salary multiplied by the Participant’s Change of Control Severance Multiple plus the Participant’s Target
Bonus times a fraction, the numerator which is the Participant’s Change of Control Severance Multiple and the denominator of which is 12, payable within 20 calendar days after the Release described in Section 7 becomes effective and
irrevocable in accordance with its terms, but no later than 70 days after the Participant’s Termination Date. Such payment shall be reduced, if applicable, by any severance payments made to the Participant under Section 5(b)(ii) prior to
the Change of Control. 
 (iii) Change of Control Health Care Coverage. At the Company’s option, the Participant
and the Participant’s eligible dependents shall be entitled either (A) to receive a lump sum amount equal to the current cost of continuation coverage pursuant to COBRA under the Company’s medical and dental plans in which the
Participant participated prior to the Participant’s Termination Date for the number of months equal to the Participant’s Change of Control Severance Multiple, payable within 20 calendar days after the Release described in Section 7
becomes effective and irrevocable in accordance with its terms, but no later than 70 days after the Participant’s Termination Date, or (B) to continue to participate in the Company’s medical and

  
 6 

 
dental plans in which the Participant participated immediately prior to the Participant’s Termination Date, in each case for the number of months equal to the Participant’s Change of
Control Severance Multiple, commencing with the first calendar month following the Termination Date (the “Change of Control Benefit Continuation Period”); provided, however, that if the Company elects option (B) above, the Change of
Control Benefit Continuation Period shall cease when the Participant becomes eligible for any such coverage under a plan maintained by another employer. Such continued participation shall be reduced, if applicable, by the number of months of the
Participant continued participation in the Company’s medical and dental plans under Section 5(b)(iii) prior to the Change of Control. The Participant’s continued participation in the Company’s medical and dental plans shall be on
terms not less favorable than those in effect for active employees of the Company, subject to the Participant making the monthly premium payment of the amount required for such coverage during the Change of Control Benefit Continuation Period by
active employees of the Company. The Change of Control Benefit Continuation Period shall run concurrently with (and shall count against) the Company’s obligation to provide COBRA continuation coverage. 

6. Impact of Section 4999 Excise Tax. The payments and benefits to Participants under the Plan shall
be subject to reduction, if applicable, in accordance with the provisions of Exhibit B. 
 7. Release. The severance
compensation and benefits to be provided under Sections 5(b)(ii), 5(b)(iii), 5(c)(ii), and 5 (c)(iii) shall be provided only if the Participant timely executes and does not timely revoke a Release; provided that the Company has delivered, or has
made a good faith effort to deliver, a form of the Release to the Participant no later than the fifth business day after the Participant’s Termination Date. The Release must be signed by the Participant (or his legal representative, if
applicable) and become effective and irrevocable in accordance with its terms (taking into account any applicable revocation period set forth therein) by the date specified by the Company, which shall be no later than sixty-five days after the
Participant’s Termination Date. If the Participant fails to execute and furnish the Release, or if the Release furnished by the Participant has not become effective and irrevocable in accordance with its terms (taking into account any
applicable revocation period set forth therein) by the fiftieth day after the Participant’s Termination Date, the Participant will not be entitled to any payment or benefit under the Plan other than the Accrued Obligations. 

8. Covenants. The severance compensation and benefits to be provided under Sections 5(b)(ii), 5(b)(iii), 5(c)(ii), and
5(c)(iii) are subject to the Participant’s continued compliance with the covenants set forth on Exhibit C. The Company’s obligations and the Participant’s right, if any, to severance compensation and benefits under Sections 5(b)(ii),
5(b)(iii), 5 (c)(ii), and 5(c)(iii) shall cease in the event of a material breach by the Participant of any provision of Exhibit C (and, in only those cases where such material breach is curable, the failure to cure such material breach within 10
business days after written notice to the Participant, which notice details, with reasonable specificity, such material breach). Any such cessation of payment shall not reduce any monetary damages that may be available to the Company as a result of
such breach. 
 9. No Mitigation. In no event shall the Participant be obligated to seek other employment or take any
other action by way of mitigation of the amounts payable to the Participant under any of the provisions of this Plan and such amounts shall not be reduced whether or not the Participant obtains other employment. 

  
 7 

 10. Effect on Other Plans, Agreements and Benefits. It is a condition
for eligibility to receive benefits under this Plan that, during the term of the Plan, each Participant waive any and all cash severance and health continuation benefits to which he or she might otherwise have been entitled under any prior agreement
or arrangement with the Company or an Affiliate or a policy of the Company or an Affiliate should the Participant experience a termination of employment with the Company and all its Affiliates, and this Plan supersedes and
replaces in all respects any rights a Participant had to such benefits from the Company other than as set forth herein. Except to the extent expressly set forth herein, any benefit or compensation to which a Participant is entitled under any
agreement between the Participant and the Company or any of its Affiliates or under any plan maintained by the Company or any of its Affiliates in which the Participant participates or participated shall not be modified or lessened in any way as a
consequence of the Participant’s participation in this Plan, but shall be payable or provided according to the terms of the applicable plan or agreement. 

11. Administration. Except as otherwise specifically provided herein, the Committee shall administer the Plan and shall
have full and final authority in its discretion to take all actions determined by the Committee to be necessary in the administration of the Plan. The Committee may delegate, subject to such terms as the Committee shall determine, any of its
authority hereunder to such person or persons from time to time as it may designate. In the event of such delegation, all references to the Committee in this Plan shall be deemed references to such delegates as it relates to those aspects of the
Plan that have been delegated. 
 12. Claims for Benefits. 

(a) Filing a Claim. Any Participant who wishes to file a claim for benefits under the Plan shall file his or her claim in writing with
the Committee. 
 (b) Review of a Claim. The Committee shall, within 90 days after receipt of such written claim (unless special
circumstances require an extension of time, but in no event more than 180 days after such receipt), send a written notification to the Participant as to its disposition. If the claim is wholly or partially denied, such written notification shall
(i) state the specific reason or reasons for the denial, (ii) make specific reference to pertinent Plan provisions on which the denial is based, (iii) provide a description of any additional material or information necessary for the
Participant to perfect the claim and an explanation of why such material or information is necessary, and (iv) set forth the procedure by which the Participant may appeal the denial of his or her claim, including, without limitation, a
statement of the claimant’s right to bring an action under Section 502(a) of ERISA following an adverse determination on appeal. 

(c) Appeal of a Denied Claim. If a Participant wishes to appeal the denial of his or her claim, he or she must request a review of such
denial by making application in writing to the Committee within 60 days after receipt of such denial. Such Participant (or his or her duly authorized legal representative) may, upon written request to the Committee, review any documents pertinent to
his or her claim, and submit in writing, issues and comments in support of his or her position. A Participant who fails to file an appeal within the 60-day period set forth in this Section 9(c) shall be
prohibited from doing so at a later date or from bringing an action under ERISA. 
 (d) Review of a Claim on Appeal. Within 60 days
after receipt of a written appeal (unless the Committee determines that special circumstances, such as the need to hold a hearing, require an extension of time, but in no event more than 120 days after such receipt), the Committee shall notify the
Participant of the final decision. The final decision shall be in writing and shall include (i) specific reasons for the decision, written in a manner calculated to be understood by the claimant, (ii) specific references to the

  
 8 

 
pertinent Plan provisions on which the decision is based, (iii) a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of,
all documents relevant to the claim for benefits, and (iv) a statement describing the claimant’s right to bring an action under Section 502 (a) of ERISA. 

13. Participants Acceptance of Plan. Each Participant shall indicate his or her acceptance and ratification of, and
consent to, all of the terms and conditions of the Plan and any action taken under the Plan by the Committee or the Company or its Affiliates, in any case in accordance with the terms and conditions of the Plan, by executing a “Consent to
Accept Plan Benefits” attached as Schedule B. 
 14. Successors. 

(a) Company Successors. This Plan shall bind any successor of the Company, its assets or its businesses (whether direct or indirect, by
purchase, merger, consolidation or otherwise), in the same manner and to the same extent that the Company would be obligated under this Plan if no succession had taken place. In the case of a Change of Control or any transaction in which a successor
would not by the foregoing provision or by operation of law be bound by this Plan, the Company shall require such successor expressly and unconditionally to assume and agree to perform the Company’s obligations under this Plan, in the same
manner and to the same extent that the Company would be required to perform if no such succession had taken place. The term “Company,” as used in this Plan, shall mean the Company as heretofore defined and any successor or assignee to the
business or assets which by reason hereof becomes bound by this Plan. 
 (b) Participant Successors. This Plan shall inure to the
benefit of and be enforceable by the Participant’s personal or legal representatives, executors, administrators, successors, heirs, distributees and/or legatees. The rights under this Plan are personal in nature and neither the Company nor any
Participant shall, without the consent of the other, assign, transfer or delegate any rights or obligations hereunder except as expressly provided in this Section. Without limiting the generality of the foregoing, the Participant’s right to
receive any benefits hereunder shall not be assignable, transferable or delegable, whether by pledge, creation of a security interest or otherwise, other than by a transfer by his or her will or by the laws of descent and distribution and, in the
event of any attempted assignment or transfer contrary to this Section, the Company shall have no liability to pay any amount so attempted to be assigned, transferred or delegated. 

15. Resolutions of Disputes. 

(a) Arbitration. Any and all controversies arising out of or relating to the validity, interpretation, enforceability, or performance
of the Plan will be solely and finally settled by means of binding arbitration in Minneapolis, Minnesota. The arbitration shall be conducted in accordance with the applicable employment dispute resolution rules of the American Arbitration
Association. The arbitration will be final, conclusive and binding upon the parties. All arbitrator’s fees and related expenses shall be divided equally between the parties. 

(b) Legal Fees. The arbitrator shall award the Participant attorneys’ fees and expenses if the Participant prevails on at least
one material issue in dispute, including the attorneys’ fees and expenses the Participant incurs in connection with any appeal or the enforcement of any award. Any award of attorneys’ fees and expenses to the Participant shall be paid by
the Company within 60 days following the award of such fees and costs by the arbitrator (or, if later, when such fees and expenses are incurred), but in no event 

  
 9 

 
later than December 31 of the calendar year following the year of the conclusion of the arbitration (or, if later, December 31 of the calendar year following the year in which such fees
and expenses are incurred). 
 16. Unfunded Plan Status. All payments pursuant to the Plan shall be made from the
general funds of the Company and no special or separate fund shall be established or other segregation of assets made to assure payment. No Participant or other person shall have under any circumstances any interest in any particular property or
assets of the Company as a result of participating in the Plan. 
 17. Withholding. The Company shall have the right to
deduct and withhold from any amounts payable under the Plan such federal, state, local or other taxes as are required to be withheld pursuant to any applicable law or regulation. 

18. Notice. For the purpose of this Plan, notices and all other communications provided for in this Plan shall be in
writing and shall be deemed to have been duly given when actually delivered or mailed by United States registered mail, return receipt requested, postage prepaid, addressed to the Secretary at the Company’s corporate headquarters address, and
to the Participant (at the last address of the Participant on the Company’s books and records). 
 19. Amendment and
Termination. The Company may amend (in whole or in part) or terminate the Plan provided that (i) any amendment or termination that reduces the benefits under Section 5(b) or any notice from the Committee revoking the
Participant’s participation in the Plan will not be effective prior to the date that is six months after the date the Company has provided written notice to each affected Participant of such amendment or termination or revocation and
(ii) no amendment or termination or revocation will be effective for a period of twelve months after a Change of Control if a Change of Control occurs within six months after the date the Company has provided written notice to each Participant
of such amendment or termination or revocation. Notwithstanding the foregoing, no termination shall reduce or terminate any Participant’s right to receive, or continue to receive, any payments and benefits that became payable in respect of a
termination of employment that occurred prior to the date of such termination of the Plan. 
 20. Governing Law. Except
to the extent preempted by federal law, the provisions of the Plan shall be governed and construed in accordance with the laws of the State of Minnesota without regard to the conflict of law provisions thereof. 

21. Validity and Severability. The invalidity or unenforceability of any provision of the Plan shall not affect the
validity or enforceability of any other provision of the Plan, which shall remain in full force and effect, and any prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction. 
 22. Headings; Interpretation. Headings in this Plan are inserted for convenience of reference only and
are not to be considered in the construction of the provisions hereof. Unless the context clearly requires otherwise, the masculine pronoun wherever used herein shall be construed to include the feminine pronoun. 

  
 10 

 23. Section 409A. 

(a) It is intended that the payments and benefits provided under the Plan shall be exempt from the application of the requirements of
Section 409A of the Code. This Plan shall be construed, administered and governed in a manner that effects such intent, and the Committee shall not take any action that would be inconsistent with such intent. Specifically, any taxable benefits
or payments provided under this Plan are intended to be separate payments that qualify for the “short-term deferral” exception to Section 409A of the Code to the maximum extent possible, and to the extent they do not so qualify, are
intended to qualify for the separation pay exceptions to Section 409A of the Code, to the maximum extent possible. To the extent that none of these exceptions (or any other available exception) applies, then notwithstanding anything contained
herein to the contrary, and to the extent required to comply with Section 409A of the Code, if a Participant is a “specified employee,” as determined under the Company’s policy for identifying specified employees on his or her
Termination Date, then all amounts due under this Plan that constitute a “nonqualified deferred compensation” within the meaning of Section 409A of the Code, that are provided as a result of a Separation from Service within the
meaning of Section 409A of the Code, and that would otherwise be paid or provided during the first six months following the Termination Date, shall be accumulated through and paid or provided on the first business day that is more than six
months after the date of the Termination Date (or, if the Participant dies during such six-month period, within 90 days after the Participant’s death). If the payments and benefits provided under the Plan
replace payments or benefits under a Participant’s other applicable arrangement that constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code, payments under the Plan shall be made on the
schedule specified under the other arrangement to the extent necessary to avoid a violation of Section 409A of the Code. 
 (b) With
regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Section 409A of the Code: (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit; (ii) the amount of expenses eligible for reimbursement, or in-kind benefits,
provided during any calendar year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; and (iii) such payments shall be made on or
before the last day of the Participant’s calendar year following the calendar year in which the expense occurred, or such earlier date as required hereunder. 

(c) The payments and benefits provided under this Plan may not be deferred, accelerated, extended, paid out or modified in a manner that would
result in the imposition of an additional tax under Section 409A of the Code upon Participants. The tax treatment of the benefits provided under this Plan is not warranted or guaranteed. Neither the Company, its Affiliates nor their respective
directors, officers, employees or advisers shall be held liable for any taxes, interest, penalties or other monetary amounts owed by a Participant (or any other individual claiming a benefit through the Participant) as a result of this Plan. 

  
 11 

 EXHIBIT A 

SEVERANCE MULTIPLE AND CHANGE OF CONTROL SEVERANCE MULTIPLE 
  

					
	 Severance Multiple
	  			
	 Tier 1 Participants
	  	 	24	 
	 Tier 2 Participants
	  	 	12	 
	 Change of Control Severance Multiple
	  			
	 Tier 1 Participants
	  	 	24	 
	 Tier 2 Participants
	  	 	18	 

  
 12 

 EXHIBIT B 

EFFECT OF SECTION 4999 EXCISE TAX 

(a) Anything in this Plan to the contrary notwithstanding, in the event it shall be determined that any Payment (as hereinafter defined) would
be subject to the Excise Tax (as hereinafter defined), the right to receive any Payment under this Plan shall be reduced if but only if: 

(i) such right to such Payment, taking into account all other Payments to or for Participant, would cause any Payment to the Participant under
this Plan to be considered a “parachute payment” within the meaning of Section 280G(b)(2) of the Code as then in effect; and 

(ii) as a result of receiving a parachute payment and paying any applicable tax (including Excise Tax) thereon, the aggregate after-tax amounts received by the Participant under this Plan and all Payments would be less than the maximum after-tax amount that could be received by Participant without
causing any such Payment to be considered a parachute payment. 
 In the event that the receipt of any such right to Payment under this
Plan, in conjunction with all other Payments, would cause the Participant to be considered to have received a parachute payment under this Plan that would have the effect of decreasing the after-tax amount
received by the Participant as described in clause (ii) of the preceding sentence, then the amounts payable under this Plan shall be reduced so that the Parachute Value of all Payments, in the aggregate, equals the Safe Harbor Amount. 

To the extent that the payment of any compensation or benefits to a Participant is required to be reduced by this Exhibit B, such reduction
shall be implemented by determining the “Parachute Payment Ratio” (as hereinafter defined) for each parachute payment and then reducing the parachute payments in order beginning with the parachute payment with the highest Parachute Payment
Ratio. For parachute payments with the same Parachute Payment Ration, such parachute payments shall be reduced based on the time of payment of such parachute payments, with amounts having later payment dates being reduced first. For parachute
payments with the same Parachute Payment Ratio and the same time of payment, such parachute payments shall be reduced on a pro rata basis (but not below zero) prior to reducing parachute payments with a lower Parachute Payment Ratio. 

(b) Definitions. The following terms shall have the following meanings for purposes of this Exhibit B. 

(i) “Excise Tax” shall mean the excise tax imposed by Section 4999 of the Code, together with any interest or penalties
imposed with respect to such excise tax. 
 (ii) “Parachute Payment Ratio” shall mean a fraction the numerator of which is
the value of the applicable parachute payment for purposes of Section 280G of the Code and the denominator of which is the intrinsic value of such parachute payment. 

(iii) “Parachute Value” of a Payment shall mean the present value as of the date of the Change of Control for purposes of
Section 280G of the Code of the portion of such Payment that constitutes a “parachute payment” under Section 280G(b)(2), as determined for purposes of determining whether and to what extent the Excise Tax will apply to such
Payment. 

  
 13 

 (iv) A “Payment” shall mean any payment or distribution in the nature of
compensation (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of the Participant, whether paid or payable pursuant to this Agreement or otherwise. 

(v) The “Safe Harbor Amount” means 2.99 times the Participant’s “base amount,” within the meaning of
Section 280(b)(3) of the Code. 

  
 14 

 EXHIBIT C 

COVENANTS 
 1. Confidential Information

 (a) For purposes of this Exhibit C “Confidential Information” means ideas, concepts, information and material that
constitute trade secrets and/or proprietary and confidential information of the Company and its Affiliates. Confidential Information includes, but is not limited to, information and knowledge pertaining to products and services offered, ideas,
plans, manufacturing, marketing, pricing, distribution and sales methods and systems, sales and profit figures, customer and client lists, and relationships between the Company or its subsidiaries and their respective affiliates, dealers,
distributors, wholesalers, customers, clients, suppliers and other who have business dealings with the Company or any of its subsidiaries. 

(b) Confidential Information is the sole and exclusive property of the Company. The Participant must not, either during or after the term of
this Agreement, directly or indirectly disclose any Confidential Information to any third party without the written permission of the Board, except as required by his employment with the Company, unless such information is in the public domain for
reasons other than the Participant’s conduct, or except as may be required by law (provided that the Participant shall give the Company notice of any disclosure required by law so that the Company shall have a reasonable opportunity to attempt
to preclude such disclosure). The Participant shall not use Confidential Information to his own advantage or the advantage of parties other than the Company. The Participant shall take all steps necessary to protect the confidentiality of all
Confidential Information and to inform the Company immediately of any attempted or actual disclosure of Confidential Information to any third party. The Participant agrees that, upon request of the Company or termination of employment, whichever is
first, he shall turn over to the Company all documents, memoranda, notes, plans, records or material in his possession or control that contain or are derived from Confidential Information. 

(c) If at any time the Participant has any material information which belongs to any former employer that the Participant is not entitled to
have or use for the benefit of the Company and its Affiliates, the Participant shall promptly return any such materials to the Participant’s former employer or obtain any necessary consents. The Participant is not permitted to use or refer to
any such materials in the performance of the Participant’s duties. 
 2. Non-Competition. During
the period of the Participant’s employment with the Company and its Affiliates and continuing for the number of months after the Termination Date equal to the applicable of the Participant’s Change of Control Severance Multiple or
Severance Multiple (the “Restricted Period”), the Participant shall not directly or indirectly own any interest in, manage, control, participate in, be employed by, consult with, render services for, or in any manner engage in any
Competing Business within any geographical area in which the Company or any of its controlled affiliates engage or have active plans at the Termination Date to engage in such businesses. The restriction is without specific geographic limitation
inasmuch as the Company and its Affiliates conduct business on a nationwide and international basis, that its sales and marketing prospects are for continued expansion both nationally and internationally, that access to the Company’s
Confidential Information would provide any national or international competitor with an unfair competitive advantage, and that, therefore, the restrictions set forth in this Section are reasonable and properly required for the adequate protection of
the legitimate interests of the Company. Nothing herein shall prohibit the Participant from owning beneficially not more than 2% of any class of outstanding equity securities or other comparable interests of any issuer that is publicly traded, so
long as 

  
 15 

 
the Participant has no active participation in the business of such issuer. For purposes hereof, the term “Competing Business” means any business that is engaged in the production or
sale of products that compete with the products produced, distributed or sold by the Company or its controlled affiliates (or are in the process of being actively developed by such entities) as of the Date of Termination. This restriction shall not
prevent the Participant from working for a subsidiary, division, venture or other business or functional service unit (collectively a “Unit”) of a Competing Business so long as (i) such Unit is not itself a Competing Business,
(ii) the Participant does not manage or participate in business activities or projects of any Unit that is a Competing Business, and (iii) the Participant otherwise strictly complies with the restrictive covenants contained in this
Exhibit. 
 3. Nonsolicitation. 
 (a)
During the Restricted Period the Participant must not, as an individual, employee, consultant, agent, owner, partner, director or stockholder, directly or indirectly solicit, call on or accept any business from any Customer of the Company or its
subsidiaries. The term “Customer” means all persons, firms or corporations to whom the Company or its subsidiaries sold products at any time during the one year period immediately preceding when the Participant’s employment with the
Company ceased, notwithstanding that some or all of such persons, firms or corporations may have been induced to give business to the Company or its subsidiaries by the Participant. 

(b) During the Restricted Period the Participant must not take any action to divert from the Company or its subsidiaries any opportunity in
the scope of any present or contemplated future business of the Company or its subsidiaries that arose while he was employed by the Company. 

(c) During the Restricted Period the Participant must not directly or indirectly solicit, hire, employ or engage any employee or any former
employee of the Company or its Affiliates whose employment with the Company or its Affiliates ceased less than one year before the date of such solicitation, enticement, hiring or engagement. 

4. Non-Disparagement. Participant at all times, both during and after Participant’s employment with
the Company, shall not make any statement disparaging the Company, any officer, director, employee or other service provider for the Company, or any product or service offered by the Company. 

5. Scope of Restrictions. In the event any provision relating to the time period or scope of the restrictions in this Exhibit C shall be
declared by a court of competent jurisdiction to exceed the maximum time period or scope such court deems reasonable and enforceable, such time period or scope shall be deemed amended and reformed to the minimum degree necessary to be enforceable.

  
 16 

 SCHEDULE B 

Consent to Accept Plan Benefits 

I agree and consent to the terms of the SkyWater Technology Inc. (“SkyWater”) Executive Severance and Change of Control Plan (the
“Plan”). Further, and for the avoidance of doubt, I acknowledge and agree that by signing below, I am waiving any and all existing rights to cash severance or health continuation benefits to be provided to me by SkyWater in connection with
a termination of employment from SkyWater, any successor thereto or any Affiliate of either that employs me (collectively, the “Company”), that occurs during the term of the Plan that I may otherwise be entitled to pursuant to any
agreement, plan or arrangement (formal or informal, oral or written) with the Company. 
  

			
	 
	Signature of [NAME]

 
			
		
	By:	 	 

 
			
	Title:	 	 
	Dated:	 	 

  
 17

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