Document:

Document

          EXHIBIT 10.16

POLICY TITLE:    2021 Board of Directors Compensation Policy
APPROVED BY:    Board of Directors
APPROVAL DATE:     October 29, 2020

I.    TABLE OF CONTENTS

						
	II.    INTRODUCTION
	1

	III.    COMPENSATION POLICY METHODOLOGY
	1

	IV.    PAYMENT STRUCTURE
	2

	V.    DEFERRAL OF COMPENSATION
	3

	VI.    EXPENSES
	3

	VII.    PERFORMANCE AND ATTENDANCE STANDARDS
	3

	VIII.    POLICY INTERPRETATION
	5

	IX.    COMPLIANCE WITH LEGAL REQUIREMENTS
	5

	X.    EFFECTIVE DATE
	5

II.    INTRODUCTION

    Section 1261.21 of the Rules and Regulations of the Federal Housing Finance Agency requires the Board of Directors to adopt a written policy to provide for the payment of reasonable compensation to Bank Directors for the performance of their duties as members of the Board of Directors. Pursuant to that regulation, this 2021 Board of Directors' Compensation Policy ("Policy") sets forth the activities and functions for which attendance is necessary and appropriate and may be compensated, and sets forth the methodology for determining the amount of compensation to be paid. This Policy shall be reviewed annually by the Human Resources & Compensation Committee. 

III.    COMPENSATION POLICY METHODOLOGY

    The goal of the Policy is to appropriately compensate the Directors for actual attendance and participation at the meetings of the Board of Directors and the committees of the Board and also for work performed on behalf of the Board of Directors and the Bank apart from such meetings.  

    The compensation provided in this Policy was determined after a review of comparative compensation studies by third parties with expertise in the compensation of Directors (McLagan “Director Compensation Report” May 2019) and the compensation paid to Directors of other Federal Home Loan Banks (“FHLBs”) in 2020.

IV.    PAYMENT STRUCTURE

    Members of the Board will receive the following maximum annual payments as designated for their position, as further calculated pursuant to this Policy.

									
	Position	Maximum Annual Compensation

	Position Duties
	Chairperson	$145,000	Preside at the meetings of the Board of Directors and the Executive & Governance Committee and attend other committee meetings.  Represent the Bank at the Council of FHLBs. 

	Vice Chairperson	$130,000	Attend meetings of the Board and other committee meetings, as well as chair meetings of the Board in the Chairperson’s absence.  Represent the Bank at the Council of FHLBs.

	Audit Committee Chairperson	$130,000	Attend meetings of the Board and meetings of committees to which such Director is appointed, as well as chair meetings of the Audit Committee. 

	Committee Chairperson	$117,000	Attend meetings of the Board and meetings of committees to which such Director is appointed, as well as chair meetings of committees to which such Directors is appointed Chairperson.  

	Director	$105,000	Attend meetings of the Board and meetings of committees to which such Director is appointed.

In order to compensate Directors for their time while serving as Directors, a Director shall receive one quarter of their Maximum Annual Compensation following the end of each quarter. The payment shall compensate Directors for their time preparing for and attending in-person and telephonic meetings, attending Bank-sponsored member meetings and events, attending Community Investment Advisory Council meetings, attending FHLB System meetings, Board training, activities that provide information pertinent to the Bank or service on the Board of Directors that are learning opportunities (“enrichment”) (i.e. Board of Directors speaker sessions) and other activities related to service on the Board of Directors. 

    In the event that a Director serves on the Board for only a portion of a calendar year, or only serves as Chairperson of the Board, Vice Chairperson of the Board, or a Committee Chair 
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for a portion of a calendar year, then the Maximum Annual Compensation to which such Director is entitled for that calendar year shall be adjusted accordingly on a pro-rata basis.  

V.    DEFERRAL OF COMPENSATION

    A Director may elect to defer compensation paid under this Policy in accordance with the Federal Home Loan Bank of Chicago Board of Directors Deferred Compensation Plan, effective September 1, 2013.

VI.    EXPENSES

    Each Director will be reimbursed for necessary and reasonable travel, subsistence and other related expenses incurred in connection with the performance of their official duties (including telephonic meetings or in-person meetings called at the request of the Federal Housing Finance Agency or other FHLB System body) as are payable to senior officers of the Bank under the Bank’s Employee Reimbursement Policy.

    Directors are authorized to purchase upgrades for air travel from economy to business class or economy plus only.  This does not include upgrades to first class.  Air travel upgrades shall not exceed $200 per flight.

Pursuant to IRS tax code, certain Director expenses paid for by the Bank that do not qualify as a business-related expense will be recorded as other income and reported on a Director’s 1099 tax form for the appropriate reporting period.  

Each Director is responsible for all expenses incurred in conjunction with spousal travel. 

VII.    PERFORMANCE AND ATTENDANCE STANDARDS

    The following performance criteria shall be considered in assessing a Director’s performance:

1.     Did the Director satisfy the attendance standard (described below) for Board and committee meetings during the specific assessment period?

2.     Did the Director attend most of his or her scheduled in-person meetings in person?

3.     Was the Director prepared for meetings? 

4.    Did the Director demonstrate knowledge of Bank policies and other relevant governance documents?

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5.    Did the Director demonstrate understanding of the FHLB System? 
6.    Did the Director actively participate in meetings? 
7.    Did the Director participate in education, enrichment and training opportunities, excluding “Bank-related events” described in number 11 below, during the specific assessment period?
8.    Did the Director make decisions or suggestions that support the Bank’s mission and vision?
9.    Did the Director support Board decisions, even if he or she did not agree with the decision?
10.    Did the Director maintain confidentiality of the discussions at meetings? 
11.    Did the Director participate in Bank-related events (i.e., FHLB System meetings, member meetings, Bank-sponsored conferences, etc.)?
    
    Each Director shall fulfill his or her responsibilities by regularly and consistently attending meetings of the Board of Directors and any assigned committees.  The Board's attendance standard shall be to attend in person or by telephone at least 75% of the total meetings of the Board and assigned committees, measured annually.  

The Chairperson of the Board, Vice Chairperson of the Board and Chairperson of the Human Resources & Compensation Committee (each, a “Reviewer”) shall evaluate each Director’s attendance and performance bi-annually, prior to the release of the second quarter and fourth quarter payments.  The Reviewers may elect to reduce, suspend or eliminate the second and/or fourth quarter payment to any Director who does not fulfill his or her responsibilities by failing to meet the majority of the performance criteria set forth above.  A Director’s second quarter payment may also be reduced or suspended if it is deemed that the Director’s attendance at meetings of the full Board or committees to which the Director is appointed is not adequate.  

A Director’s fourth quarter payment will be eliminated if it is determined at the end of the calendar year that a Director has attended fewer than 75% of the combined meetings of the full Board and committees on which the Director serves (including in-person and telephonic) during such year.  

    In the event that a Director serves on the Board for only a portion of a calendar year, the Reviewers shall evaluate the Director’s attendance and performance following the Director’s departure and prior to the release of the Director’s final payment, regardless of whether such review falls within the bi-annual review schedule for all Directors.  The Reviewers may elect to reduce or eliminate the final payment if it is determined that the Director did not fulfill his or her responsibilities by failing to meet the majority of the performance criteria set forth above.  The Director’s final payment will be eliminated if it is determined that the Director failed to attend 75% of the total meetings of the Board of Directors and any assigned committees measured on a pro-rata basis, based on the number of meetings of the full Board and committees on which the Director served during the year up until the Director’s date of resignation.  

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Actions to reduce, suspend or eliminate a compensation payment requires a majority vote of the Reviewers except in the case where a Reviewer has recused themselves from the evaluation process.  The Reviewers will each recuse themselves from evaluating their own attendance and performance.  Any decision to reduce, suspend or eliminate a compensation payment, consistent with the terms of this Policy, must be unanimous among the other two Reviewers.  In the event the Vice Chairperson of the Board is also the Chairperson of the Human Resources & Compensation Committee, the decision to reduce, suspend or eliminate a compensation payment to the individual, consistent with the terms of this Policy, will be at the sole discretion of the Chairperson of the Board.

    The Reviewers may designate a Director’s absence for a good cause from a scheduled meeting as an “excused absence.”  An “excused absence” shall be recorded as a Director in attendance for the 75% attendance standard.  Examples of what may be an “excused absence” include, but are not limited to, a medical condition of the Director or their immediate family or an unexpected business conflict pertaining to the Director’s primary business.

VIII.    POLICY INTERPRETATION

    The Bank’s Corporate Secretary is authorized to interpret the provisions of this Policy and to address situations not anticipated by this Policy, consistent with all applicable regulatory requirements and statutes.

IX.    COMPLIANCE WITH LEGAL REQUIREMENTS

    This Policy shall be in compliance with Section 7(i) of the Federal Home Loan Bank Act (12 U.S.C. §1427(i)), as amended, and any regulations issued by the Federal Housing Finance Agency, including 12 C.F.R. Part 1261.

X.    EFFECTIVE DATE

    This 2021 Board of Directors Compensation Policy is effective as of January 1, 2021.

APPROVED BY THE BOARD
OF DIRECTORS

Dated:  October 29, 2020

/s/ Laura M. Turnquest
Its Corporate Secretary
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5060020-1EX-10.3

 Exhibit 10.3 

GigCapital5, Inc. 
 1731
Embarcadero Rd., Suite 200 
 Palo Alto, CA 94303 

February 12, 2021 
 GigAcquisitions5, LLC

 1731 Embarcadero Rd., Suite 200 
 Palo Alto, CA 94303 

RE: Subscription Agreement for Founder Shares 

Ladies and Gentlemen: 
 We are pleased to accept
the offer Gigacquisitions5, LLC, a Delaware limited liability company (the “Subscriber” or “you”), has made to purchase 10,047,500 shares (“Founder Shares”) of the common stock, $.0001 par
value per share (“Common Stock”), of Gigcapital5, Inc., a Delaware corporation (the “Company”), up to 1,312,500 Founder Shares of which are subject to complete or partial forfeiture by you if the underwriters
of the initial public offering (“IPO”) of the Company pursuant to the registration statement on Form S-1 (the “Registration Statement”) do not fully exercise their
over-allotment option (the “Over-allotment Option”). The terms (this “Agreement”) on which the Company is willing to sell the Founder Shares to the Subscriber, and the Company and the Subscriber’s agreements
regarding such Founder Shares, are as follows: 
 1. Purchase of Founder Shares. For the sum of $25,000.00 (the “Purchase Price”),
which the Company acknowledges receiving in cash, the Company hereby sells and issues the Founder Shares to the Subscriber, and the Subscriber hereby purchases the Founder Shares from the Company, subject to the forfeiture provisions of
Section 3 below, on the terms and subject to the conditions set forth in this Agreement. Concurrently with the Subscriber’s execution of this Agreement, the Company shall, at its option, deliver to the Subscriber a certificate registered
in the Subscriber’s name representing the Founder Shares (the “Original Certificate”), or effect such delivery in book-entry form. 

2. Representations, Warranties and Agreements. 

2.1. Subscriber’s Representations, Warranties and Agreements. To induce the Company to issue the Founder Shares to the
Subscriber, the Subscriber hereby represents and warrants to the Company and agrees with the Company as follows: 
 2.1.1. No
Government Recommendation or Approval. The Subscriber understands that no federal or state agency has passed upon or made any recommendation or endorsement of the offering of the Founder Shares. 

2.1.2. No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Subscriber of the
transactions contemplated hereby do not violate, conflict with or constitute a default under (i) the formation and governing documents of the Subscriber, (ii) any agreement, indenture or instrument to which the Subscriber is a party,
(iii) any law, statute, rule or regulation to which the Subscriber is subject, or (iv) any agreement, order, judgment or decree to which the Subscriber is subject, except in the case of clauses (i) through (iv) that would not
reasonably be expected to have a material adverse effect on the Subscriber. 
 2.1.3. Organization and Authority. The Subscriber is a
Delaware limited liability company, validly existing and in good standing under the laws of Delaware and possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement. Upon execution and delivery
by you, this Agreement will be a legal, valid and binding agreement of Subscriber, enforceable against Subscriber in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance
or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). 

 2.1.4. Experience, Financial Capability and Suitability. Subscriber is:
(i) sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in the Founder Shares and (ii) able to bear the economic risk of its investment in the Founder Shares for an indefinite period of time
because the Founder Shares have not been registered under the Securities Act (as defined below) and therefore cannot be resold unless subsequently registered under the Securities Act or an exemption from such registration is available. Subscriber is
capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect its own interests. Subscriber must bear the economic risk of this investment until the Founder Shares are sold pursuant to: (x) an
effective registration statement under the Securities Act or (y) an exemption from registration available with respect to such sale. Subscriber is able to bear the economic risks of an investment in the Founder Shares and to afford a complete
loss of Subscriber’s investment in the Founder Shares. 
 2.1.5. Access to Information; Independent Investigation. Prior to the
execution of this Agreement, the Subscriber has had the opportunity to ask questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as the finances, operations, business and prospects of
the Company, and the opportunity to obtain additional information to verify the accuracy of all information so obtained. In determining whether to make this investment, Subscriber has relied solely on Subscriber’s own knowledge and
understanding of the Company and its business based upon Subscriber’s own due diligence investigation and the information furnished pursuant to this paragraph. Subscriber understands that no person has been authorized to give any information or
to make any representations which were not furnished pursuant to this Section 2 and Subscriber has not relied on any other representations or information in making its investment decision, whether written or oral, relating to the Company, its
operations or its prospects. 
 2.1.6. Regulation D Offering. Subscriber represents that it is an “accredited investor”
as such term is defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”), and acknowledges the sale contemplated hereby is being made in reliance on a private placement exemption
applicable to “accredited investors” or similar exemptions under federal and state law. 
 2.1.7. Investment Purposes.
The Subscriber is purchasing the Founder Shares solely for investment purposes, for the Subscriber’s own account and not for the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof. The
Subscriber did not enter into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502 of Regulation D under the Securities Act. 

2.1.8. Restrictions on Transfer; Shell Company. Subscriber understands the Founder Shares are being offered in a transaction not
involving a public offering within the meaning of the Securities Act. Subscriber understands the Founder Shares will be “restricted securities” as defined in Rule 144(a)(3) under the Securities Act and Subscriber understands that the
certificate representing the Founder Shares will contain a legend in respect of such restrictions. If in the future the Subscriber decides to offer, resell, pledge or otherwise transfer the Founder Shares, such Founder Shares may be offered, resold,
pledged or otherwise transferred only in accordance with the provisions of Section 5.1 hereof. Subscriber agrees that if any transfer of its Founder Shares or any interest therein is proposed to be made, as a condition precedent to any such
transfer, Subscriber may be required to deliver to the Company an opinion of counsel satisfactory to the Company. Absent registration or an exemption, the Subscriber agrees not to resell the Founder Shares. Subscriber further acknowledges that
because the Company is a shell company, Rule 144 may not be available to the Subscriber for the resale of the Founder Shares until at least one year following consummation of the initial business combination of the Company, despite technical
compliance with the certain requirements of Rule 144 and the release or waiver of any contractual transfer restrictions. 
 2.1.9. No
Governmental Consents. No governmental, administrative or other third-party consents or approvals are required, necessary or appropriate on the part of Subscriber in connection with the transactions contemplated by this Agreement. 

2.2. Company’s Representations, Warranties and Agreements. To induce the Subscriber to purchase the Founder Shares, the
Company hereby represents and warrants to the Subscriber and agrees with the Subscriber as follows: 
 2.2.1. Organization and
Corporate Power. The Company is a Delaware corporation, validly existing and in good standing under the laws of Delaware, and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be expected to
have a material adverse effect on the financial condition, operating results or assets of the Company. The Company possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement. Upon
execution and delivery by the 

 
Company, this Agreement will be a legal, valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except as such enforceability may be limited by
applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or
in equity). 
 2.2.2. No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company
of the transactions contemplated hereby do not violate, conflict with or constitute a default under (i) the Certificate of Incorporation or Bylaws of the Company, (ii) any agreement, indenture or instrument to which the Company is a party,
(iii) any law, statute, rule or regulation to which the Company is subject, or (iv) any agreement, order, judgment or decree to which the Company is subject. 

2.2.3. Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Founder Shares will be
duly and validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof the Subscriber will have or receive good title to the Founder Shares, free and clear of all liens, claims and
encumbrances of any kind, other than (a) transfer restrictions hereunder and other agreements to which the Founder Shares may be subject which have been notified to the Subscriber in writing, (b) transfer restrictions under federal and
state securities laws, and (c) liens, claims or encumbrances imposed due to the actions of the Subscriber. 
 2.2.4. No Adverse
Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting the Company which: (i) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by
this Agreement or (ii) question the validity or legality of any transactions or seek to recover damages or to obtain other relief in connection with any transactions. 

3. Forfeiture of Founder Shares. 

3.1. Partial or No Exercise of the Over-allotment Option. In the event the Over-allotment Option granted to the representative of
the underwriters of the IPO is not exercised in full, the Subscriber acknowledges and agrees that it shall forfeit any and all rights to such number of Founder Shares (up to an aggregate of 1,312,500 Founder Shares and pro rata based upon the
percentage of the Over-allotment Option exercised) such that immediately following such forfeiture, the Subscriber (and all other initial stockholders prior to the IPO plus the holders of any shares of Common Stock to be issued to service providers
to the Company by the time that is immediately following the IPO) will own an aggregate number of Founder Shares (not including shares of Common Stock issuable upon exercise of any warrants or any Common Stock purchased by Subscriber in the IPO or
in the aftermarket, any shares of Common Stock underlying units to be issued in a private placement at the time of the IPO or any shares of Common Stock to be issued to the underwriters at the time of the IPO) equal to 20% of the issued and
outstanding Common Stock of the Company immediately following the IPO. 
 3.2. Termination of Rights as Stockholder. If any of
the Founder Shares are forfeited in accordance with this Section 3, then after such time the Subscriber (or successor in interest), shall no longer have any rights as a holder of such Founder Shares, and the Company shall take such action as is
appropriate to cancel such Founder Shares. 
 3.3. Share Certificates. In the event an adjustment to the Original Certificate is
required pursuant to this Section 3, then the Subscriber shall return such Original Certificate to the Company or its designated agent as soon as practicable upon its receipt of notice from the Company advising Subscriber of such adjustment,
following which a new certificate (the “New Certificate”) shall be issued in such amount representing the adjusted number of Founder Shares held by the Subscriber. The New Certificate shall be returned to the Subscriber as soon as
practicable. 
 4. Waiver of Liquidation Distributions; Redemption Rights. In connection with the Founder Shares purchased pursuant to this
Agreement, the Subscriber hereby waives any and all right, title, interest or claim of any kind in or to any distributions by the Company from the trust account which will be established for the benefit of the Company’s public stockholders and
into which substantially all of the proceeds of the IPO will be deposited (the “Trust Account”), in the event of a liquidation of the Company upon the Company’s failure to timely complete an initial business combination. For
purposes of clarity, in the event the Subscriber purchases Common Stock in the IPO or in the aftermarket, any additional Common Stock so purchased shall be eligible to receive any liquidating distributions by the Company. However, in no event will
the Subscriber have the right to redeem any shares of Common Stock into funds held in the Trust Account upon the successful completion of an initial business combination. 

 5. Restrictions on Transfer. 

5.1. Securities Law Restrictions. In addition to any restrictions to be contained in that certain letter agreement (commonly known
as an “Insider Letter”) to be dated as of the closing of the IPO by and between Subscriber and the Company, Subscriber agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Founder Shares
unless, prior thereto (a) a registration statement on the appropriate form under the Securities Act and applicable state securities laws with respect to the Founder Shares proposed to be transferred shall then be effective or (b) the
Company has received an opinion from counsel reasonably satisfactory to the Company, that such registration is not required because such transaction is exempt from registration under the Securities Act and the rules promulgated by the Securities and
Exchange Commission thereunder and with all applicable state securities laws. 

5.2. Lock-up. Subscriber acknowledges that the Founder Shares will be subject to lock-up provisions (the “Lock-up”) contained in the Insider Letter. Pursuant to the Insider Letter, Subscriber will agree not to sell, transfer,
pledge, hypothecate or otherwise dispose of all or any part of the Founder Shares until the earlier to occur of: (A) twelve months after the completion of the Company’s initial business combination or (B) subsequent to the
Company’s initial business combination, (1) the date on which the last sale price of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for
any 20 trading days within any 30-trading day period commencing at least 90 days after the Company’s initial business combination, or (2) the date on which the Company consummates a
liquidation, merger, stock exchange or other similar transaction after its initial business combination that results in all of its stockholders having the right to exchange their shares of common stock for cash, securities or other property. 

5.3. Restrictive Legends. All certificates representing the Founder Shares shall have endorsed thereon legends substantially as
follows: 
 “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE
SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM
REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL, IS AVAILABLE.” 
 “THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO LOCKUP PROVISIONS AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCKUP PERIOD.” 

5.4. Additional Founder Shares or Substituted Securities. In the event of the declaration of a stock dividend, the declaration of a
special dividend payable in a form other than Common Stock, a spin-off, a stock split, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the
Company’s outstanding Common Stock without receipt of consideration, any new, substituted or additional securities or other property which are by reason of such transaction distributed with respect to any Founder Shares subject to this
Section 5 or into which such Founder Shares thereby become convertible shall immediately be subject to this Section 5 and Section 3. Appropriate adjustments to reflect the distribution of such securities or property shall be made to
the number or class of Founder Shares subject to this Section 5 and Section 3. 
 5.5. Registration Rights. Subscriber
acknowledges that the Founder Shares are being purchased pursuant to an exemption from the registration requirements of the Securities Act and will become freely tradable only after certain conditions are met or they are registered pursuant to a
registration rights agreement to be entered into with the Company prior to the closing of the IPO. 
 6. Other Agreements. 

6.1. Further Assurances. Subscriber agrees to execute such further instruments and to take such further action as may reasonably be
necessary to carry out the intent of this Agreement. 
 6.2. Notices. All notices, statements or other documents which are
required or contemplated by this Agreement shall be in writing and delivered: (i) personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address designated in
writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax number as may be 

 
designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently provided to such party or such other electronic mail address as may be
designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written confirmation, if sent by
facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail. 

6.3. Entire Agreement. This Agreement, together with that certain Insider Letter to be entered into between Subscriber and the
Company, substantially in the form to be filed as an exhibit to the Registration Statement, embodies the entire agreement and understanding between the Subscriber and the Company with respect to the subject matter hereof and supersedes all prior
oral or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty, covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or
restrict, the express terms and provisions of this Agreement. 
 6.4. Modifications and Amendments. The terms and provisions of
this Agreement may be modified or amended only by written agreement executed by all parties hereto. 
 6.5. Waivers and Consents.
The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed
to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was
given, and shall not constitute a continuing waiver or consent. 
 6.6. Assignment. The rights and obligations under this
Agreement may not be assigned by either party hereto without the prior written consent of the other party. 
 6.7. Benefit. All
statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this
Agreement shall be construed to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded as a third-party beneficiary of this Agreement. 

6.8. Governing Law, Waiver of Jury Trial. This Agreement and the rights and obligations of the parties hereunder shall be construed
in accordance with and governed by the laws of New York applicable to contracts wholly performed within the borders of such state, without giving effect to the conflict of law principles thereof. The Company (on its behalf and, to the extent
permitted by applicable law, on behalf of its stockholders and affiliates) and the Subscriber hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or
relating to this Agreement or the transactions contemplated hereby. 
 6.9. Severability. In the event that any court of
competent jurisdiction shall determine that any provision, or any portion thereof, contained in this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent that such court deems it
reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement shall nevertheless
remain in full force and effect. 
 6.10. No Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in
exercising any right, power or remedy under this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of such party. No single or partial exercise of any right, power or remedy
under this Agreement by a party hereto, nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise thereof or the exercise of any other right, power or
remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly required under this Agreement shall entitle
the party receiving such notice or demand to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action in any circumstances
without such notice or demand. 

 6.11. Survival of Representations and Warranties. All representations and
warranties made by the parties hereto in this Agreement or in any other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof and any investigations made by or on behalf of the
parties. 
 6.12. No Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or
other financial consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to create any liability on the other. Each of the parties hereto agrees to indemnify and hold the other
harmless from any claim or demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been employed by or on behalf of such party and to bear the cost of legal expenses incurred in
defending against any such claim. 
 6.13. Headings and Captions. The headings and captions of the various sections of this
Agreement are for convenience of reference only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof. 

6.14. Counterparts. This Agreement may be executed in one or more counterparts, all of which when taken together shall be
considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any
signature is delivered by facsimile transmission or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and
effect as if such signature page were an original thereof. 
 6.15. Construction. The words “include,”
“includes,” and “including” will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender, and words in the singular form will
be construed to include the plural and vice versa, unless the context otherwise requires. The words “this Agreement,” “herein,” “hereof,” “hereby,” “hereunder,” and words of similar import refer to
this Agreement as a whole and not to any particular section unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached
any representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such
party hereto has not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant. 

6.16. Mutual Drafting. This Agreement is the joint product of the Subscriber and the Company and each provision hereof has been
subject to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto. 

7. Voting and Redemption of Founder Shares. Subscriber agrees to vote the Founder Shares in favor of an initial business combination that the
Company negotiates and submits for approval to the Company’s stockholders and shall not seek redemption with respect to such Founder Shares. Additionally, the Subscriber agrees not to redeem any Founder Shares in connection with a redemption or
tender offer presented to the Company’s stockholders in connection with an initial business combination negotiated by the Company. 
 8.
Indemnification. Each party shall indemnify the other against any loss, cost or damages (including reasonable and documented attorneys’ fees and expenses) incurred as a result of such party’s breach of any representation, warranty,
covenant or agreement in this Agreement. 
 [Signature Page Follows] 

 If the foregoing accurately sets forth our understanding and agreement, please sign the
enclosed copy of this Agreement and return it to us. 
  

	
	Very truly yours,
	
	GIGCAPITAL5, INC.
	
	 /s/ Dr. Avi S. Katz

	Dr. Avi S. Katz, Executive Chairman, Chief Executive Officer, President, and Secretary

  

	
	Accepted and agreed this 12th day of February, 2021.
	
	GIGACQUISITIONS5, LLC
	
	         By: GigFounders, LLC,

        Its Sole Member

	
	 /s/ Dr. Avi S. Katz

	Dr. Avi S. Katz, Managing Member

 [Signature page to Subscription Agreement – Gigacquisitions5, LLC]

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