Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

THIS SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”), is made as of May 25, 2021, by and
among Valens Semiconductor Ltd., a limited liability company organized under the laws of the State of Israel (the “Company”), and the Holders (as defined below) who have executed a signature page or Joinder Agreement (as defined
below) to this Agreement (including the Prior Agreement). Capitalized terms used and not otherwise defined herein will have the meaning give such terms in the Business Combination Agreement (as defined below). 

W I T N E S S E T H : 
 WHEREAS,
the Company and certain of the Holders are parties to that certain Amended and Restated Investors’ Rights Agreement dated as of August 2, 2018 (the “Prior Agreement”); 

WHEREAS, PTK Holdings LLC, a Delaware limited liability company (“PTK Holder”), and PTK Acquisition Corp., a Delaware
corporation (“SPAC”), are parties to that certain Registration Rights Agreement, dated as of July 13, 2020, as amended (the “Previous Sponsor Agreement” and, together with the Prior Agreement, the
“Previous Agreements”); 
 WHEREAS, in connection with the consummation of the transactions (the “Business
Combination”) contemplated by the Business Combination Agreement, dated as of May 25, 2021, by and among the Company, Valens Merger Sub, Inc., a Delaware corporation, and SPAC (the “Business Combination Agreement”),
(x) each of the Holders party to the Prior Agreement and the Company desire that, effective upon the Closing (as defined below), the Prior Agreement shall be amended and restated in its entirety and (y) each of PTK Holder and SPAC desire that,
effective upon the Closing (as defined below), the Previous Sponsor Agreement shall be terminated and cancelled in its entirety and shall be of no further force and effect; 

WHEREAS, this Agreement is being executed concurrently with the entry into the Business Combination Agreement and will become effective upon
the Closing (as defined below); and 
 WHEREAS, the Holders and the Company desire to set forth certain matters regarding the ownership of
the shares of the Company as set forth herein. 
 NOW, THEREFORE, in consideration of the mutual promises, covenants, conditions, representations and
warranties set forth herein, the parties hereby agree as follows: 
 1. Affirmative Covenants. 

1.1 Confidentiality. Each Holder agrees that any information obtained pursuant to this Agreement (including any information about any
proposed registration or offering pursuant to Section 2) will not, without the prior written consent of the Company, be disclosed or used for any purpose other than the exercise of rights under this Agreement;
provided, however, that disclosure of such information shall be permitted by any Holder as required by applicable law or on a confidential basis to its attorneys, accountants and other professionals and advisors to the
extent necessary to obtain their services in connection with monitoring its investment in the Company or enforcement of its rights, and, in case of a corporate entity, to (x) its Affiliates (including without limitation, in the case of Aptiv,
the Aptiv Group (each as defined below)) other than with respect to information with respect to which such Affiliate (including without limitation, in the case of Aptiv, the Aptiv Group) has a conflict of interest and (y) to its and such
Affiliates’ officers, directors, employees, general partner (and the officers and directors thereof), attorneys, accountants and other professionals and advisors (collectively, “Representatives”) on a need-to-know basis; provided that each Holder shall be responsible for any breach of the terms of this Section 1.1 by any of its
Representatives. 
 2. Registration. The following provisions govern the registration of the Company’s securities: 

2.1 Definitions. As used herein, the following terms have the following meanings: 

“Aptiv” means Aptiv International Holdings (Luxembourg) S.a.r.l. (formerly known as Delphi International
Holdings Sarl.). 

 “Aptiv Group” means Aptiv or any of Aptiv PLC, any one or
more of the other direct or indirect subsidiaries that is an affiliate of Aptiv, and any entity under common control with Aptiv. 

“Earn-out Shares” means the 1,006,250 Ordinary Shares (as adjusted for
stock splits, stock dividends, reorganizations and recapitalizations and the like) issuable at the Effective Time to the PTK Holder and its Permitted Transferees that are subject to restrictions on Transfer and forfeiture as set forth in the Sponsor
Letter Agreement. 
 “Exchange Act” means the United States Securities Exchange Act of 1934, as amended, or
any federal statute or code which is a successor thereto. 
 “Form S-3/F-3” means Form S-3 or Form F-3 under the Securities Act, as in effect on the date hereof or any registration
form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

“Holder” means any holder of Ordinary Shares or options or warrants convertible into Ordinary Shares who is a party to
or bound by this Agreement. 
 “Initiating Holders” means either (a) Holders of a majority of the issued and
outstanding Registrable Shares then held by all Holders (other than the PTK Holder), assuming for purposes of such determination the conversion of all shares convertible into Registrable Shares or (b) the PTK Holder, acting by itself. 

“Joinder Agreement” means a joinder agreement, in substantially the form attached hereto as Exhibit A. 

“Lock-up Period” shall mean (i) with respect to the Holders (other than
the PTK Holder and its Lock-up Permitted Transferees) and their respective Lock-up Permitted Transferees, the period beginning on the date of the closing (the
“Closing”) of the Business Combination (the “Closing Date”), and ending on the date that is one hundred and eighty (180) days following the Closing Date and (ii) with respect to the PTK Holder and its Lock-up Permitted Transferees, the period beginning on the Closing Date and ending on the earliest of (x) the date that is one hundred and eighty (180) days after the Closing Date and (y) the date on
which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities or other
property (a “Liquidation Event”). 
 “Lock-up Shares” shall
mean with respect to (i) the Holders (other than the PTK Holder and its Lock-up Permitted Transferees) and their respective Lock-up Permitted Transferees, the
Ordinary Shares held by such Holders immediately prior to the Closing (excluding, for the avoidance of doubt, any Ordinary Shares purchased in a private placement in connection with the Business Combination or acquired in the public market following
the Closing) and any Ordinary Shares issuable upon conversion or exercise of warrants, options or any other instrument held by the Holders as of immediately prior to the Closing (excluding, for the avoidance of doubt, SPAC Warrants) and
(ii) the PTK Holder and its Lock-up Permitted Transferees, (A) the Earn-out Shares and the
Non-Earn-out Shares (excluding, for the avoidance of doubt, any Ordinary Shares purchased in a private placement or secondary transaction in connection with the
consummation of the Business Combination or acquired in the public market following the Closing) and (B) any SPAC Warrants (or Company Warrants issuable to the PTK Holder or its Permitted Transferees at the Effective Time) held by the PTK
Holder or its Permitted Transferees and any Ordinary Shares underlying any such warrants. 
 “Non-Earn-out Shares” means the 1,868,750 Ordinary Shares (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations and the like) issuable at the Effective Time
to the PTK Holder and its Permitted Transferees. 
 “party” means a party to this Agreement unless otherwise
specified. 

  
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 “Register”, “registered” and
“registration” refer to a registration effected by filing a Registration Statement in compliance with the Securities Act and the declaration or ordering by the Commission of effectiveness of such Registration Statement, or
the equivalent actions under the laws of another jurisdiction. 
 “Registration Statement” shall mean any
registration statement that covers Registrable Shares pursuant to the provisions of this Agreement, including the prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such
registration statement, and all exhibits to and all material incorporated by reference in such registration statement. 

“Registrable Shares” means (i) all Ordinary Shares (as such term is defined in the Company’s Articles of
Association) (the “Ordinary Shares”) owned by any Holder party hereto as of immediately after the Closing, including any Ordinary Shares issuable upon conversion or exercise of warrants, options or any other securities or
instruments issued or assumed by the Company and any Ordinary Shares issued to holders of Class A ordinary shares, par value US$0.0001 per share, of the SPAC in connection with the Business Combination at Closing, and (ii) all Ordinary
Shares acquired by any Holder party hereto following the date hereof (including any Ordinary Shares issuable upon conversion or exercise of warrants, options or any other securities or instruments issued or assumed by the Company) to the extent that
such securities are “restricted securities” (as defined in Rule 144) or are otherwise held by an “affiliate” (as defined in Rule 144) of the Company; provided that, Ordinary Shares shall cease to be
Registrable Shares (1) on the later of (x) as to any Holder that holds more than 5% of then-outstanding Ordinary Shares, two years after the date of the Business Combination and (y) when they are freely saleable without registration
by the Holder thereof pursuant to Rule 144 (without the need for any manner of sale requirement or volume limitation and without the requirement for the Company to be in compliance with the current public information requirement under Rule 144I(1)
(or Rule 144(i)(2), if applicable)) or (2) when sold pursuant to Rule 144 or a Registration Statement. 
 “SEC”
or “Commission” means the U.S. Securities and Exchange Commission. 
 “Securities Act” means
the United States Securities Act of 1933, as amended or any federal statute or code which is a successor thereto. 
 “Shelf
Registration” shall mean a registration of securities pursuant to a Registration Statement filed with the SEC in accordance with and pursuant to Rule 415 promulgated under the Securities Act (or any successor rule then in effect). 

“Transfer” shall mean, directly or indirectly, the (x) sale or assignment of, offer to sell, contract or
agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent
position within the meaning of Section 16 of the Exchange Act with respect to, any security, (y) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of, or
any other derivative transaction with respect to, any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (z) public announcement of any intention to effect any transaction specified
in clause (x) or (y). 
 2.2 Incidental Registration. If the Company at any time (beginning upon (but excluding) the Closing
Date) proposes to register any of its Ordinary Shares (other than (w) a shelf registration to register Ordinary Shares issued to investors in a private placement in connection with the Business Combination, (x) in a registration under
Section 2.3, Section 2.4 or Section 2.5 of this Agreement, (y) a registration on Form F-8 or S-8 or (z) pursuant to Form F-4 or S-4 in connection with a business combination or exchange offer or pursuant to exercise or conversion of outstanding securities) or to undertake an underwritten public
offering of its securities pursuant to an effective Registration Statement (a “Shelf Takedown”), it shall give written notice to all Holders of such intention not less than ten (10) days before the anticipated filing date of
the applicable Registration Statement, which notice shall (A) describe the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing underwriter or underwriters,
if any, in such offering, and (B) offer to all Holders the opportunity to register the sale of such number of Registrable Shares as such Holders may request in writing. Upon the written request of any Holder given within twenty (20) days
after receipt of any such notice, the Company shall include in such registration or Shelf Takedown all of the Registrable Shares indicated in such request, so as to permit the disposition of the shares so registered; provided
that no Holder who holds Registrable Shares that are subject 

  
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to restriction on Transfer as set forth in Section 4.1 or restriction on Transfer or forfeiture as set forth in Section 3 of the Sponsor Letter Agreement shall have any right to have
such Holder’s Registrable Shares that are subject to restriction on Transfer or forfeiture participate in such registration or offering except to the extent such restriction on Transfer or forfeiture has expired or been waived. The Company
shall, in good faith, cause such Registrable Shares to be included in such registration or offering and, if applicable, shall use its commercially reasonable efforts to cause the managing underwriter(s) of such registration to permit the Registrable
Shares requested by the Holders pursuant to this Section 2.2 to be included therein on the same terms and conditions as any similar securities of the Company included in such registered offering and to permit the sale or other disposition of
such Registrable Shares in accordance with the intended method(s) of distribution thereof. Notwithstanding any other provision of this Section 2.2, if the managing underwriter advises the Company in writing in good faith that the amount to be
sold by persons other than the Company is greater than the amount which can be offered without adversely affecting the offering, the Company may reduce the amount offered for the accounts of selling shareholders to a number deemed satisfactory by
such managing underwriter, provided that any shares to be excluded shall be determined in the following order of priority: (i) shares held by shareholders other than the Holders, and (ii) then, to the extent necessary, shares
held by the Holders pro rata to the respective number of Registrable Shares requested to be included such registration or Shelf Takedown by the Holders; and provided, further, that in any event all Registrable Shares must
be included in such registration or Shelf Takedown prior to any other shares of the Company (with the exception of shares to be issued by the Company to the public) and the number of Registrable Shares to be included in the offering shall not be
reduced to below twenty five percent (25%) of the total number of securities included in such offering (divided among the Holders participating in the registration pro rata to the respective number of Registrable Shares requested to be included by
each of such Holders). Any Holder may elect to withdraw such Holder’s request for inclusion of Registrable Shares in any Registration Statement pursuant to this Section 2.2 by giving written notice to the Company of such request to
withdraw prior to the effectiveness of the Registration Statement. The Company (whether on its own determination or as the result of a withdrawal by persons making a demand pursuant to written contractual obligations) may withdraw a Registration
Statement at any time prior to the effectiveness of such Registration Statement. 
 2.3 Demand Registration. At any time following the
Closing the Initiating Holders may request in writing that the Company shall file a Registration Statement with respect to the registration and resale of all or part of the Registrable Shares held by them that are not subject to restriction on
Transfer as set forth in Section 4.1 or restriction on Transfer or forfeiture as set forth in Section 3 of the Sponsor Letter Agreement, including without limitation on Form F-1 (a “Demand
Registration”). As soon as practicable and in any event within twenty (20) days after receipt of any such request, the Company shall give written notice of such request to the other Holders and shall include in such registration all
Registrable Shares held by all such Holders who wish to participate in such Demand Registration and provide the Company with written requests for inclusion therein within seven (7) days after the receipt of the Company’s notice;
provided that no Holder who holds Registrable Shares that are subject to restriction on Transfer as set forth in Section 4.1 or restriction on Transfer or forfeiture as set forth in Section 3 shall have any right to
have such Holder’s Registrable Shares that are subject to such restriction on Transfer or forfeiture participate in such Registration Statement except to the extent such restriction on Transfer or forfeiture has expired or been waived.
Thereupon, the Company shall use its best efforts to effect the registration of all Registrable Shares as to which it has received requests for registration for; provided, however, that: (i) the Company shall not be
required to effect any registration under this Section 2.3 within a period of ninety (90) days following the effective date of a previous registration filed by the Company covering a firm commitment underwritten public offering in which
the holders of Registrable Shares shall have been entitled to join pursuant to Section 2.2 and in which there shall have been effectively registered all Registrable Shares as to which registration shall have been requested; (ii) the
registration shall cover the public sale of Registrable Shares with an aggregate public offering price reasonably expected to be at least US$35,000,000; and (iii) if the Company furnishes to the Holders a certificate signed by the Chief
Executive Officer of the Company that in the good faith judgment of the board of directors of the Company (the “Board”) it is not in the Company’s best interests to file such registration, the Company may defer the filing for
up to ninety (90) days once during any twelve (12) month period. The Initiating Holders may elect to withdraw from any offering pursuant to this Section 2.3 by giving written notice to the Company and the underwriter(s) of their
request to withdraw prior to the effectiveness of the Registration Statement filed by the SEC with respect to such Demand Registration. If the Initiating Holders withdraw from a proposed offering relating to a Demand Registration, then either the
Initiating Holders shall reimburse the Company for the costs associated with the withdrawn Demand Registration (in which case such registration shall not count 

  
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as a Demand Registration provided for in this Section 2.3) or such withdrawn registration shall count as a Demand Registration provided for in this Section 2.3. Notwithstanding any
other provision of this Section 2.3, if the managing underwriter advises the Holders in writing that marketing factors require a limitation on the dollar amount or the number of shares to be underwritten, then the number of shares to be
included in such underwritten public offering shall be reduced to a number deemed satisfactory by such managing underwriter; provided, that the shares to be excluded shall be determined in the following order of priority:
(i) shares held by shareholders other than the Holders, (ii) shares which the Company may wish to register for its own account, and thereafter, to the extent necessary, (iii) shares held by the Holders (pro rata to the respective
number of Registrable Shares requested by the Holders to be included in the registration); provided, however, that in any event all Registrable Shares must be included in such registration prior to any other shares of the
Company. The Company may not cause any other registration of securities for sale for its own account (other than a registration effected solely to implement an employee benefit plan) to be initiated after a registration requested pursuant to
Section 2.3 and to become effective less than ninety (90) days after the effective date of any registration requested pursuant to Section 2.3. The Company shall not be required to effect more than two (2) registrations under this
Section 2.3 for Initiating Holders (other than the PTK Holder) and the Company shall not be required to effect more than one (1) registration under this Section 2.3 if the PTK Holder is the Initiating Holder. A registration will not
count as a requested registration under this Section unless and until the Registration Statement relating to such registration has been declared effective by the Commission. 

2.4 F-1 Registration Statement. If the SEC publicly announces or informs the Company that Rule
144(i) applies to the Company, the following provision shall apply. The Company shall, as soon as practicable after such notice from the SEC, but in any event within thirty (30) days, file a Registration Statement under the Securities Act to
permit the public resale of all the Registrable Shares held by any Holder from time to time as permitted by Rule 415 under the Securities Act (or any successor or similar provision adopted by the SEC then in effect) on the terms and conditions
specified in this Section 2.4 and shall use its reasonable commercial efforts to cause such Registration Statement to be declared effective as expeditiously as possible after the filing thereof. The Registration Statement filed with the SEC
pursuant to this Section 2.4 shall be on Form F-1, with respect to such Registrable Shares (the “Shelf”), and shall contain a prospectus in such form as to permit (subject to the Lock-up) the Holders to sell such Registrable Shares pursuant to Rule 415 under the Securities Act (or any successor or similar provision adopted by the SEC then in effect), or such other means of distribution of
Registrable Shares as the Holders may reasonably specify, at any time beginning on the effective date for such Registration Statement; provided that the Company shall not be obligated to effect any such registration, qualification,
compliance or offering, pursuant to this Section 2.4, if the Company shall furnish to the Holders a certificate signed by the Chief Executive Officer of the Company stating that in the good faith judgment of the Board it would be seriously
detrimental to the Company or its shareholders for such Form F-1 registration statement or any Shelf Takedown pursuant thereto to be effected at such time, in which event the Company shall have the right to
defer the filing of the Form F-1 registration statement for a period of not more than ninety (90) days; provided, further, that the Company shall not utilize this right more
than once in any twelve (12) month period. The Company shall maintain the Shelf in accordance with the terms hereof, and shall prepare and file with the SEC such amendments, including post-effective amendments, and supplements as may be
necessary to keep such Shelf continuously effective, available for use and in compliance with the provisions of the Securities Act until such time as there are no longer any Registrable Shares included on such registration statement. The Company
shall use its commercially reasonable efforts to convert the Form F-1 to a Form S-3/F-3 as soon as practicable after the Company
is eligible to use Form S-3/F-3. A Registration Statement filed pursuant to this Section 2.4 shall provide for the resale pursuant to any method or combination of
methods legally available to, and requested by, any Holder. Subject to the second succeeding sentence, as soon as practicable following the effective date of a Registration Statement filed pursuant to this Section 2.4, but in any event within
three (3) business days from such date, the Company shall notify the Holders of the effectiveness of such Registration Statement. The Holders may use such Form F-1 to dispose of their Registrable Shares
on a non-underwritten basis, and, to the extent permissible under SEC rules, may utilize such Form F-1 on an underwritten basis if requested by Initiating Holders (with
any such request being deemed to be a demand pursuant to Section 2.3 and subject to the limits and rules set forth therein, mutatis mutandis). If requested by any Holder, the Company shall promptly file with the SEC such post-effective
amendments or supplements to any such Form F-1 as may be necessary to name such Holder therein as a selling shareholder and otherwise permit such Holder to sell Registrable Shares thereunder. 

  
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 2.5 Form
S-3/F-3 Registration. After the initial public offering of its securities registered under the Securities Act, the Company shall use its best efforts to qualify and
remain qualified to register securities pursuant to a Registration Statement on Form S-3/F-3 under the Securities Act. In case the Company shall receive from any Holder
or Holders a written request or requests that the Company effect a registration on Form S-3/F-3, and any related qualification or compliance, with respect to Registrable
Shares, the Company shall within twenty (20) days after receipt of any such request give written notice of the proposed registration, and any related qualification or compliance, to all other Holders, and include in such registration all
Registrable Shares held by all such Holders who wish to participate in such registration and provide the Company with written requests for inclusion therein within seven (7) days after the receipt of the Company’s notice;
provided that any Holder who holds Registrable Shares that are subject to restriction on Transfer as set forth in Section 4.1 or restriction on Transfer or forfeiture as set forth in Section 3 of the Sponsor Letter
Agreement shall have any right to have such Holder’s Registrable Shares that are subject to such restriction on Transfer or forfeiture participate in such registration or offering except to the extent such restriction on Transfer or forfeiture
has expired or been waived. Thereupon, the Company shall effect such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such
Holder’s or Holders’ Registrable Shares as are specified in such request, together with all or such portion of the Registrable Shares of any other Holder or Holders joining in such request as are specified in a written request given within
seven (7) days after receipt of such written notice from the Company; provided, however, that the Company shall not be obligated to effect any such registration, qualification, compliance or offering, pursuant to
this Section 2.5, if the Company shall furnish to the Holders a certificate signed by the Chairman of the Board stating that in the good faith judgment of the Board it is not in the Company’s best interests to file such Form S-3/F-3, in which event the Company may defer the filing for up to ninety (90) days once during any twelve (12) month period. The Holders may use such Form S-3/F-3 to dispose of their Registrable Shares on a non-underwritten basis, and, to the extent permissible under SEC rules, may utilize
such Form S-3/F-3 on an underwritten basis if requested by Initiating Holders (with any such request being deemed to be a demand pursuant to Section 2.3 and subject
to the limits and rules set forth therein, mutatis mutandis). If requested by any Holder, the Company shall promptly file with the SEC such post-effective amendments or supplements to any such Form S-3/F-3 as may be necessary to name such Holder therein as a selling shareholder and otherwise permit such Holder to sell Registrable Shares thereunder. 

2.6 Designation of Underwriter. In the case of any registration effected pursuant to Section 2.3, the Company shall have the right
to designate the managing underwriter(s) in any underwritten offering, with the approval of the holders of a majority of the Registrable Shares held by the Initiating Holders, which approval shall not be unreasonably withheld. 

2.7 Expenses. All expenses incurred in connection with any registration under Section 2.2, Section 2.3, Section 2.4 or
Section 2.5 shall be borne by the Company (except as otherwise mentioned in Section 2.3 with respect to a withdrawn Demand Registration), provided that the selling Holders shall bear all underwriting discounts, selling
commissions, and share transfer taxes applicable to the sale by them of the Registrable Shares, pro rata on the basis of the number of Registrable Shares registered on their behalf, and each Holder shall bear fees and disbursements of counsel for
such Holder, except for the fees and disbursements of one U.S. counsel and one Israeli counsel for all selling Holders which shall be borne and paid by the Company. 

2.8 Indemnities. In the event of any registered offering of Ordinary Shares pursuant to this Section 2: 

2.8.1 The Company will indemnify and hold harmless, to the fullest extent permitted by law, any Holder and any underwriter (as defined in the
Securities Act) for such Holder, and each person, if any, who controls (within the meaning of the Securities Act) the Holder or such underwriter, and directors, officers, employees and agents of any of them (each, an “Indemnified
Person”) from and against any and all losses, damages, claims, liabilities, joint or several, costs and expenses (including any amounts paid in any settlement effected with the Company’s consent) to which such Indemnified Person may
become subject under applicable law or otherwise, insofar as such losses, damages, claims, liabilities (or actions or proceedings in respect thereof), costs or expenses arise out of or are based upon: (i) any untrue statement or alleged untrue
statement of any material fact contained, on the effective date thereof, in the Registration Statement or included in any preliminary prospectus or final prospectus contained therein, or any amendment or supplement thereto; (ii) the omission or
alleged omission to state therein a material fact required to be stated therein or necessary 

  
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to make the statements therein, in the light of the circumstances in which they are made, not misleading; or (iii) any violation by the Company of the Securities Act, the Exchange Act or any
state securities law or any rule or regulation thereunder in connection with the registration. The Company will reimburse each such Indemnified Person, promptly upon demand, for any reasonable legal or attorney’s fees or any other expenses
incurred by them in connection with investigating, preparing to defend or defending against or appearing as a third-party witness in connection with such loss, claim, damage, liability, action or proceeding; provided,
however, that the Company will not be liable to any Indemnified Person in any such case to the extent that any such loss, damage, liability, cost or expense arises out of or is based upon an untrue statement or alleged untrue statement
or omission or alleged omission so made in conformity with information furnished in writing by such Indemnified Person specifically for inclusion therein; provided, further, that this indemnity shall not be deemed to
relieve any underwriter of any of its due diligence obligations; provided, further, that the indemnity agreement contained in this subsection 2.8.1 shall not apply to amounts paid in settlement of any such claim, loss,
damage, liability or action if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, conditioned or delayed. Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of the Holder, the underwriter or any controlling person of the Holder or the underwriter, and regardless of any sale in connection with such offering by the Holder. Such indemnity shall survive the transfer of
securities by a Holder. 
 2.8.2 Each Holder participating in a registration hereunder will indemnify and hold harmless the Company, each
other Holder participating in such registration, any underwriter (as defined in the Securities Act) for the Company, or for any such other Holder, and each person, if any, who controls (within the meaning of the Securities Act) the Company or such
underwriter or such other Holder, from and against any and all losses, damages, claims, liabilities, costs or expenses (including any amounts paid in any settlement effected with the selling shareholder’s consent) to which the Company or any
such controlling person and/or any such underwriter and/or such other Holder may become subject under applicable law or otherwise, insofar as such losses, damages, claims, liabilities (or actions or proceedings in respect thereof), costs or expenses
arise out of or are based on: (i) any untrue or alleged untrue statement of any material fact contained, on the effective date thereof, in any Registration Statement under which shares were registered under the Securities Act at the request of
such Holder, any preliminary prospectus or final prospectus contained therein, or any amendment or supplement thereto; or (ii) the omission or the alleged omission to state therein a material fact required to be stated therein or necessary to
make the statements therein, in the light of the circumstances in which they were made, not misleading, and each such Holder will reimburse the Company, each other Holder participating in such registration, any underwriter and each such controlling
person of the Company or any underwriter, promptly upon demand, for any reasonable legal or attorney’s fees or other expenses incurred by them in connection with investigating, preparing to defend or defending against or appearing as a
third-party witness in connection with such loss, claim, damage, liability, action or proceeding; in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was so made
in conformity with written information furnished by such Holder specifically for inclusion therein; provided, further, that this indemnity shall not be deemed to relieve any underwriter of any of its due diligence
obligations; provided, further, that the indemnity agreement contained in this subsection 2.8.2 shall not apply to amounts paid in settlement of any such claim, loss, damage, liability or action if such settlement is
effected without the consent of the Holders, as the case may be, which consent shall not be unreasonably withheld, conditioned or delayed. In no event shall the liability of a Holder exceed the net proceeds from the offering received by such Holder.

 2.8.3 Promptly after receipt by an indemnified party pursuant to the provisions of Sections 2.8.1 or 2.8.2 of notice of the commencement
of any action involving the subject matter of the foregoing indemnity provisions, such indemnified party will, if a claim thereof is to be made against the indemnifying party pursuant to the provisions of said Section 2.8.1 or 2.8.2, promptly
notify the indemnifying party of the commencement thereof; but the omission to notify the indemnifying party will not relieve it from any liability which it may have to any indemnified party otherwise than hereunder. In case such action is brought
against any indemnified party and it notifies the indemnifying party of the commencement thereof, the indemnifying party shall have the right to participate in, and, to the extent that it may wish, jointly with any other indemnifying party similarly
notified, to assume the defense thereof with counsel reasonably satisfactory to such indemnified party; provided, however, that if the defendants in any action include both the indemnified party and the indemnifying party
and there is or is reasonably expected to be a conflict of interests which would prevent counsel for the indemnifying party from also representing the indemnified party, the indemnified party 

  
 7 

 
or parties shall have the right to select one separate counsel to participate in the defense of such action on behalf of such indemnified party or parties. After notice from the indemnifying
party to such indemnified party of its election so to assume the defense thereof, the indemnifying party will not be liable to such indemnified party pursuant to the provisions of said Sections 2.8.1 or 2.8.2 for any legal or other expense
subsequently incurred by such indemnified party in connection with the defense thereof, unless (i) the indemnified party shall have employed counsel in accordance with the provision of the preceding sentence, (ii) the indemnifying party
shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time after the notice of the commencement of the action and as soon as practicable and within fifteen
(15) days after written notice of the indemnified party’s intention to employ separate counsel pursuant to the previous sentence, or (iii) the indemnifying party has authorized the employment of counsel for the indemnified party at
the expense of the indemnifying party. No indemnifying party will consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party
of a release from all liability in respect to such claim or litigation. 
 2.8.4 If recovery is not available under the foregoing
indemnification provisions, for any reason other than as specified therein, the parties entitled to indemnification by the terms thereof shall be entitled to contribution to liabilities and expenses in such proportion as is appropriate to reflect
the relative fault of each of the indemnifying party and the indemnified party in connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant
equitable considerations. In determining the amount of contribution to which the respective parties are entitled, there shall be considered the parties’ relative knowledge and access to information concerning the matter with respect to which
the claim was asserted, the opportunity to correct and prevent any statement or omission, and any other equitable considerations appropriate under the circumstances. In no event shall the liability of a Holder exceed the net proceeds from the
offering received by such Holder. 
 2.8.5 Notwithstanding anything to the contrary hereunder, no person or entity guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to indemnification or contribution pursuant to this Section 2.8 from any person or entity who was not guilty of such fraudulent
misrepresentation. 
 2.9 Obligations of the Company. Whenever required under this Section 2 to affect the registration of any
Registrable Shares, the Company shall, as expeditiously as possible: 
 2.9.1 prepare and file with the SEC a Registration Statement with
respect to such Registrable Shares and use its best efforts to cause such Registration Statement to become effective, and, upon the request of the holders of a majority of the Registrable Shares registered thereunder, keep such Registration
Statement effective for a period of up to nine (9) months (or in the case of any registration of Registrable Shares on Form S-3/F-3 that are intended to be offered
on a continuous or delayed basis, subject to compliance with applicable SEC rules, such 9-month period shall be extended by up to an additional six (6)-month period, to keep the Registration Statement
effective) or, if sooner, until the all Registered Shares covered thereby have been sold; 
 2.9.2 subject to the suspension rights set forth
in Section 2.3, 2.4 and 2.5, prepare and file with the SEC such amendments and supplements to such Registration Statement and the prospectus used in connection with such Registration Statement as may be necessary to comply with the provisions
of the Securities Act with respect to the disposition of all Registrable Shares covered by such Registration Statement; 
 2.9.3 use
commercially reasonable efforts to furnish to the Holders and the underwriters, if any, such numbers of copies of the prospectus, including a preliminary prospectus, and any amendments or supplements to such a prospectus, without charge to the
holders of Registrable Shares included in such registration and in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Shares owned by
them; 
 2.9.4 in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in
usual and customary form, with the managing underwriter of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement; 

  
 8 

 2.9.5 notify each Holder of Registrable Shares covered by such Registration Statement and
any underwriters, if any, of the happening of any event as a result of which the prospectus included in such Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be
stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; and, as promptly as practicable thereafter, prepare and file with the Commission and furnish a supplement or amendment to such
prospectus, so that, as thereafter deliverable to the purchasers of such Registrable Shares, such prospectus will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading; 
 2.9.6 cause all Registrable Shares registered pursuant hereunder to
be listed on each securities exchange on which similar securities issued by the Company are then listed; 
 2.9.7 provide a transfer agent
and registrar for all Registrable Shares registered pursuant hereunder and a CUSIP number for all such Registrable Shares, in each case not later than the effective date of such registration; 

2.9.8 furnish, at the request of any Holder requesting registration of Registrable Shares pursuant to this Section 2, on the date that
such Registrable Shares are delivered to the underwriters for sale in connection with a registration pursuant to this Section 2, if such securities are being sold through underwriters, or, if such securities are not being sold through
underwriters, on the date that the Registration Statement with respect to such securities becomes effective: (i) an opinion, dated such date, of the counsel representing the Company for the purposes of such registration, in form and substance
as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and to the Holders requesting registration of Registrable Shares; and (ii) a letter dated such date, from the independent
certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters, if any, and to the Holders
requesting registration of Registrable Shares; 
 2.9.9 if requested by the managing underwriter or underwriters (if any), any Holder, or
such Holder’s counsel, promptly incorporate in a prospectus supplement or post-effective amendment such information as such person requests to be included therein, including, without limitation, with
respect to the shares being sold by such Holder to such underwriter or underwriters, the purchase price being paid therefor by such underwriter or underwriters and with respect to any other terms of an underwritten offering of the shares to be sold
in such offering, and promptly make all required filings of such prospectus supplement or post-effective amendment; 

2.9.10 make available to each Holder, any underwriter participating in any disposition pursuant to a Registration Statement, and any attorney,
accountant or other agent or representative retained by any such Holder or underwriter (collectively, the “Inspectors”), all financial and other records, pertinent corporate documents and properties of the Company as shall be
reasonably necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information requested by any such Inspector in connection with such Registration
Statement; 
 2.9.11 otherwise cooperate with the underwriter(s), the Commission and other regulatory agencies and take all actions and
execute and deliver or cause to be executed and delivered all documents necessary to effect the registration of any shares under this Agreement; 

2.9.12 during the period when the prospectus is required to be delivered under the Securities Act, promptly file all documents required to be
filed with the Commission pursuant to Sections 13(a), 13(c), 14, or 15(d) of the Exchange Act; and 
 2.9.13 in the case of an underwritten
offering involving gross proceeds in excess of US$50 million, use its reasonable efforts to make available senior executives of the Company to participate in customary “road show” presentations that may reasonably be requested by the
underwriter. 

  
 9 

 2.10 Obligations of Holders. Without limiting the foregoing, no Holder may
participate in any underwritten offering hereunder unless such Holder (a) agrees to sell such Holder’s Registrable Shares on the basis provided in any underwriting arrangements approved by the Company (in the case of a Shelf Takedown) or
the Initiating Holders (in the case of a Demand Registration) and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such
underwriting arrangements and the provisions of this Agreement in respect of registration rights. 
 2.11 Assignment of Registration
Rights. Any of the Holders may assign its rights to cause the Company to register Shares pursuant to this Section 2 to a transferee of all or any part of its Registrable Shares. The transferor shall, within twenty (20) days after such
transfer, furnish the Company with written notice of the name and address of such transferee and the securities with respect to which such registration rights are being assigned, and the transferee shall execute a Joinder Agreement as required by
Section 5.4 below. 
 2.12 Public Information. At any time and from time to time after the earlier of the close of business on
such date as (a) a registration statement filed by the Company under the Securities Act becomes effective, (b) the Company registers a class of securities under Section 12 of the Exchange Act, or (c) the Company issues an
offering circular meeting the requirements of Regulation A under the Securities Act, the Company shall undertake to make publicly available and available to the Holders pursuant to Rule 144, such information as is necessary to enable the Holders to
make sales of Registrable Shares pursuant to that Rule. The Company shall comply with the current public information requirements of Rule 144 and shall furnish thereafter to any Holder, upon request, a written statement executed by the Company as to
the steps it has taken to so comply. 
 2.13 “Market Stand-off”
Agreement. Each Holder agrees that it will not, without the prior written consent of the Company or the managing underwriter, during the period commencing on the date of the final prospectus used in connection with any underwritten offerings
pursuant to Section 2 above by the Company in which the Company complied with Section 2, and ending on the date specified by the Company and the managing underwriter, such period not to exceed ninety (90) days following the closing of
such underwritten offering: (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of,
directly or indirectly, any Ordinary Shares or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Ordinary Shares (whether such shares or other securities are then owned by the Holder, or are thereafter
acquired by the Holder, but excluding shares purchased in the offering and shares purchased following the offering that were not subject to underwriters’ lock-up); or (ii) enter into any swap or
other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Ordinary
Shares or other securities, in cash, or otherwise. The foregoing provisions of this Section 2.13 shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement and shall be applicable to the Holders only if
all Company’s officers and directors and all Holders individually owning more than one percent (1%) of the Company’s outstanding Ordinary Shares (on an as converted basis) shall be subject to similar restrictions. The underwriters in
connection with such registration are intended third-party beneficiaries of this Section 2.13 and shall have the right, power, and authority to enforce the provisions hereof as though they were a party
hereto. In addition, at the underwriters’ request, each Holder shall enter into a lock-up agreement in customary form reflecting the foregoing. 

3. Termination. This Agreement shall terminate upon the earlier of (i) upon the consummation of a Liquidation Event in which the
Holders receive at the closing thereof cash or unrestricted marketable securities; or (ii) with respect to each Holder, such time as such Holder ceases to hold any Registrable Shares; provided, however, that the
provisions of Section 1.1 shall continue and remain in full force and effect following the termination of this Agreement for whatever reason. 

  
 10 

 4. Lock-up. 

4.1 Lock-up. Subject to Section 4.2, all Holders agree that they shall not Transfer any Lock-up Shares or any instruments exercisable or exchangeable for, or convertible into, such Lock-up Shares until the end of the
Lock-up Period (the “Lock-up”). It is acknowledged and agreed that, in addition to the restrictions hereunder, the
Earn-out Shares are subject to separate restrictions on Transfer under the Sponsor Letter Agreement, and may not be Transferred until the vesting conditions with respect to such
Earn-out Shares are satisfied (and in any case subject to the Lock-up hereunder). For the avoidance of doubt, securities acquired by a Holder party hereto in open market
transactions subsequent to the date hereof shall not be subject to the Lock-up. 
 4.2 Permitted
Transfers. Notwithstanding the provisions set forth in Section 4.1, each Holder and its Lock-up Permitted Transferees may Transfer the Lock-up Shares during the
Lock-up Period (a) to (i) such Holder’s officers or directors, (ii) any Affiliates (as defined below) or family members of such Holder’s officers or directors, (iii) any members or
partners, shareholder or other equity holder of such Holder or their Affiliates, or (iv) any Affiliates of such Holder or any employees of any such Affiliates; (b) in the case of an individual, (i) by gift to a member of the
individual’s immediate family or to a trust, the beneficiary of which is a member of the individual’s immediate family or an affiliate of such person or entity, (ii) by virtue of laws of descent and distribution upon death of the
individual and (iii) pursuant to a qualified domestic relations order; (c) by virtue of such Holder’s certificate of incorporation or bylaws (or equivalent), as amended, upon dissolution of such Holder; (d) in connection with a
bona fide gift or charitable contribution without consideration; (e) with the written consent of the Board or (f) in connection with a liquidation, merger, stock exchange, reorganization, tender offer or other similar transaction, in each
case in this clause (f) as approved by the Board or a duly authorized committee thereof, which results in all of the Company’s stockholders having the right to exchange their Ordinary Shares for cash, securities or other property
subsequent to the Closing Date (collectively, the “Lock-up Permitted Transferees”); provided, however, that in the case of clauses (a) through (d) such Lock-up Permitted Transferee must execute a Joinder Agreement. 
 5. Miscellaneous. 

5.1 Effectiveness; Termination of Previous Agreements. This Agreement shall become effective as of the Closing and prior thereto shall
be of no force or effect. If the Business Combination Agreement is terminated in accordance with its terms prior to the Closing, this Agreement shall automatically be terminated and be of no force or effect, and each of the Previous Agreements shall
remain in full force and effect in accordance with its terms with respect to the parties thereto. Effective as of the Closing, this Agreement shall supersede and replace in its entirety the terms and conditions of each Previous Agreement, which
Previous Agreements shall be null and void and of no further force or effect. 
 5.2 Further Assurances. Each of the parties hereto
shall perform such further acts and execute such further documents as may reasonably be necessary to carry out and give full effect to the provisions of this Agreement and the intentions of the parties as reflected thereby. 

5.3 Governing Law; Jurisdiction. This Agreement shall be governed by and construed according to the laws of the State of Delaware,
without regard to the conflict of laws provisions thereof. Any dispute, legal action or proceeding, whether at law or in equity, whether in contract or in tort or otherwise arising out of or relating to this Agreement or the performance hereunder
shall be subject to the exclusive jurisdiction of the Chancery Court of the State of Delaware (or, if the Chancery Court of the State of Delaware declines to accept jurisdiction, any state or federal court sitting Wilmington, Delaware or any
appellate court therefrom), and each of the parties hereby irrevocably submits to the exclusive jurisdiction of such court. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH OF THE PARTIES IRREVOCABLY AND UNCONDITIONALLY
WAIVES ANY RIGHT TO TRIAL BY JURY IN RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 

5.4 Successors and Assigns; Assignment. Except as otherwise expressly limited herein (including Section 4.1), the provisions hereof
shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors, and administrators of the parties hereto. None of the rights, privileges, or obligations set forth in, arising under, or created by this Agreement,
except for the right of the Holders to cause the Company to 

  
 11 

 
register Shares pursuant to Section 2 herein, may be assigned or transferred without the prior consent in writing of each party to this Agreement, with the exception of: (a) assignments
and transfers of all or part of the Registrable Shares between the Holders; (b) assignments and transfers of all or part of the Registrable Shares from a Holder to any other entity which controls, is controlled by, or is under common control
with, such Holder (including, with respect to Aptiv, within the Aptiv Group) (each being an “Affiliate”); (c) as to any Holder which is a partnership, assignments and transfers of all or part of the Registrable Shares to its
partners and to affiliated partnerships managed by the same management company or managing general partner or by an entity which controls, is controlled by, or is under common control with, such management company or managing general partner; or
(d) assignments and transfers of all or part of the Registrable Shares by a Holder to any fund (or shareholder or partner of any such fund), or any beneficiary of an account or arrangement, managed by such Holder or by the general partner or
managing entity of such Holder or by an affiliate thereof (the persons set forth in clauses (a)-(d), collectively, “Permitted Transferees”), or (e) assignment or transfer of all or part of the Registrable Shares by a Holder to
a Permitted Transferee in accordance with the provisions of and subject to the limitations set forth in the Articles. Unless otherwise noted in the applicable Joinder Agreement, each Permitted Transferee shall be deemed a Holder. 

5.5 Entire Agreement; Amendment and Waiver. This Agreement and the Schedules hereto constitute the full and entire understanding and
agreement between the parties with regard to the subject matters hereof and thereof and supersede all prior agreements and understandings, both oral and written between the parties with respect to the subject matters of this Agreement, including the
Previous Agreements. Any term of this Agreement may be amended and the observance of any term hereof may be waived (either prospectively or retroactively and either generally or in a particular instance) only with the written consent of the Company
and the Holders of at least 65% of the Registrable Shares held by the Holders (voting together as a single class or by consent of such required majority); provided that, in the event any such amendment or waiver would by its terms be
disproportionate and adverse to the rights or obligations of the PTK Holder, the prior written consent of the PTK Holder will also be required. Without derogating from the foregoing, Sections 1.1 and 5.4 of this Agreement may not be amended in a
manner restricting Aptiv’s rights to share information, or to assign its rights, within the Aptiv Group. The grant by the Company of registration rights and/or similar rights equal or senior to those of the Holders to holders of a new class(es)
of preferred shares shall not be deemed an amendment pursuant to which the rights or preferences of any Holder(s) or a certain class of shares are adversely altered, provided the rights, preferences or privileges attached to such new
preferred shares apply in the same manner vis-a-vis all other existing series or classes of shares, without a different application to different classes. 

5.6 Notices, etc.. All notices and other communications required or permitted hereunder to be given to a party to this Agreement shall
be in writing and shall be telecopied or mailed by registered mail, postage prepaid, or prepaid air courier, or otherwise delivered by hand or by messenger, addressed to such party’s address as set forth below: 

 

			
	If to the Company:	  	 Valens Semiconductor Ltd.
 8 Hanagar Street

Hod Hasharon, 45240, Israel
 Facsimile: +972-9-7626931
 Email: keren.shmuelisidi@valens.com,

 
 Dror.Heldenberg@valens.com

Attn: Keren Shmueli, General Counsel and Dror Heldenberg, CFO

	With a copy to (which shall not constitute notice):	  	 Meitar  |  Law Offices
 16 Abba Hillel
Silver Road
 Ramat Gan 52506
 Israel

Facsimile: +972-3-6103111

E-mail: asahar@meitar.com

Attn: Alon Sahar, Advocate.
  

Davis Polk & Wardwell LLP

  
 12 

			
		  	 450 Lexington Avenue
 New York, New York
10017
 Facsimile:
+1-212-701-5111
 E-mail: michael.kaplan@davispolk.com

              brian.wolfe@davispolk.com

 
 Attn: Michael Kaplan

          Brian Wolfe

		
	If to the Holders:	  	To the addresses set forth on Exhibit B.

 or such other address with respect to a party as such party shall notify each other party in writing as above provided. Any
notice sent in accordance with this Section 5.6 shall be effective (i) if mailed, five (5) business days after mailing, (ii) if by air courier, two (2) business days after delivery to the courier service, (iii) if sent
by messenger, upon delivery, and (iv) if sent via facsimile or by email, upon transmission and, in the event of facsimile transmission, electronic confirmation of receipt or (if transmitted and received on a
non-business day) on the first business day following transmission and, in the event of email transmission, in the absence of any reply indicating failure of delivery of the email. All communications shall
also be sent by email. 
 5.7 Delays or Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party
upon any breach or default under this Agreement, shall be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent, or approval of any kind or character on the part of any party of any breach or
default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under
this Agreement or by law or otherwise afforded to any of the parties, shall be cumulative and not alternative. 
 5.8 Severability. If
any provision of this Agreement is held by a court of competent jurisdiction to be unenforceable under applicable law, then such provision shall be excluded from this Agreement and the remainder of this Agreement shall be interpreted as if such
provision were so excluded and shall be enforceable in accordance with its terms; provided, however, that in such event this Agreement shall be interpreted so as to give effect, to the greatest extent consistent with and
permitted by applicable law, to the meaning and intention of the excluded provision as determined by such court of competent jurisdiction. 

5.9 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and
enforceable against the parties actually executing such counterpart, and all of which together shall constitute one and the same instrument. 

5.10 Aggregation of Shares. Registrable Shares held or acquired by affiliated entities or persons shall be aggregated together for the
purpose of determining the availability of any rights under this Agreement. 
 5.11 Mutual Drafting. This Agreement is the joint
product of the parties hereto and each provision hereof has been subject to the mutual consultation, negotiation and agreement of the parties and shall not be construed for or against any party hereto. 

5.12 Additional Holders. Notwithstanding anything to the contrary contained herein, (i) if the Company issues additional
Ordinary Shares the date hereof, whether pursuant to a share purchase agreement or otherwise, any purchaser of such shares and (ii) any holder as of the date hereof of the Company’s Ordinary Shares that are restricted securities, in each
case, may become a party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement, and thereafter shall be deemed a “Holder” for all purposes hereunder. No action or consent by the Holders
shall be required for such joinder to this Agreement by such additional Holder, so long as such additional Holder has executed a Joinder Agreement. 

  
 13 

 5.13 PFIC Information. At the request (and sole cost) of any requesting U.S.
shareholders, the Company will use commercially reasonable efforts to retain a nationally recognized accounting firm to (i) determine whether the Company is a passive foreign investment company (a “PFIC”) under
Section 1297 of the Internal Revenue Code of 1986, as amended (the “Code”), for its taxable year that includes the Closing Date or a future taxable year and (ii) if it is, (A) determine whether any of the
Company’s subsidiaries is a PFIC and (B) provide the U.S. shareholder with the information intended to allow such U.S. shareholder to make a qualified electing fund election under Code Section 1293 with respect to the Company and/or
its subsidiaries. 
 [Signature Page to Follow] 

  
 14 

 IN WITNESS WHEREOF the parties have signed this Amended and Restated Investors’ Rights
Agreement as of the date first hereinabove set forth. 
  

			
	VALENS SEMICONDUCTOR LTD.
		
	By:	 	 /s/ Dror Heldenberg

	Name:  Dror Heldenberg
	Title:  Chief Financial Officer

 [Signature Page of Amended and Restated Investors’ Rights Agreement  

Valens Semiconductor Ltd. / ______ 2021] 

  
 15 

 IN WITNESS WHEREOF the parties have signed this Amended and Restated Investors’ Rights Agreement as of
the date first hereinabove set forth. 
  

			
	
	Halman—Aldubi Provident and Pension Funds Ltd.
		
	By:	 	 /s/ Elad Givoni

		 	Name:  Elad Givoni
		 	Title:  Head of PE
		
	By:	 	 /s/ Haggai Schreiber

		 	Name:  Haggai Schreiber
		 	Title:  CIO

 [Signature Page of Amended and Restated Investors’ Rights Agreement (Cont.) 

Valens Semiconductor Ltd. / ______ 2021] 

  
 16 

 IN WITNESS WHEREOF the parties have signed this Amended and Restated Investors’ Rights
Agreement as of the date first hereinabove set forth. 
  

			
	Magma Investors:
	
	MAGMA VENTURE CAPITAL II L.P
		
	By:	 	 /s/ Yahal Zilka

		 	Name:  Yahal Zilka
		 	Title:
	
	MAGMA VENTURE CAPITAL II (ISRAEL), L.P 
		
	By:	 	 /s/ Yahal Zilka

		 	Name:  Yahal Zilka
		 	Title:
	
	MAGMA VENTURE CAPITAL II CEO FUND, L.P
		
	By:	 	 /s/ Yahal Zilka

		 	Name:  Yahal Zilka
		 	Title:
	
	Genesis Investors:
	
	GENESIS PARTNERS III, L.P
		
	By:	 	 /s/ Eyal Kishon

		 	Name:  Eyal Kishon
		 	Title:  Chairman
	
	Valens S.P.V
		
	By:	 	 /s/ Eyal Kishon

		 	Name:  Eyal Kishon
		 	Title:  Chairman

  
 [Signature Page of
Amended and Restated Investors’ Rights Agreement (Cont.) 
 Valens Semiconductor Ltd. / ______ 2021] 

 
 17 

 IN WITNESS WHEREOF the parties have signed this Amended and Restated Investors’ Rights
Agreement as of the date first hereinabove set forth. 
  

			
	Amiti Investors:
	
	AMITI FUND II, L.P.
		
	By:	 	 /s/ Ben Rabinowitz

		 	Name:  Ben Rabinowitz
		 	Title:  Managing Partner
	
	AMITI VENTURES II, L.P.
		
	By:	 	 /s/ Ben Rabinowitz

		 	Name:  Ben Rabinowitz
		 	Title:  Managing Partner
	
	AMITI VALENS, L.P. 
		
	By:	 	 /s/ Ben Rabinowitz

		 	Name:  Ben Rabinowitz
		 	Title:  Managing Partner

  
 [Signature Page of
Amended and Restated Investors’ Rights Agreement (Cont.) 
 Valens Semiconductor Ltd. / ______ 2021] 

 
 18 

 IN WITNESS WHEREOF the parties have signed this Amended and Restated Investors’ Rights Agreement as of
the date first hereinabove set forth. 
  

			
	Aviv Investors:
	
	 /s/ Amir Guttman

	AVIV VENTURES II ANNEX FUND LP
	By: Aviv Ventures Capital Partners II, L.P., its General Partner
	By: Aviv Venture Capital Ltd., its General Partner
	By: Amir Guttman, Managing Partner; Yoav Chelouche, Managing Partner
	
	 /s/ Amir Guttman

	AVIV VENTURES (CVCI) II, L.P.
	By: Aviv Ventures Capital Partners II, L.P., its General Partner
	By: Aviv Venture Capital Ltd., its General Partner
	By: Amir Guttman, Managing Partner; Yoav Chelouche, Managing Partner
	
	 /s/ Amir Guttman

	AVIV VENTURES (ISRAEL) II, L.P.
	By: Aviv Ventures Capital Partners II, L.P., its General Partner
	By: Aviv Venture Capital Ltd., its General Partner
	By: Amir Guttman, Managing Partner; Yoav Chelouche, Managing Partner
	
	 /s/ Amir Guttman

	AVIV VENTURES (DELAWARE) II, L.P.
	By: Aviv Ventures Capital Partners II, L.P., its General Partner
	By: Aviv Venture Capital Ltd., its General Partner
	By: Amir Guttman, Managing Partner; Yoav Chelouche, Managing Partner
	
	 /s/ Amir Guttman

	AVIV VENTURES II ANNEX FUND II, L.P.
	By: Aviv Ventures Capital Partners II, L.P., its General Partner
	By: Aviv Venture Capital Ltd., its General Partner
	By: Amir Guttman, Managing Partner; Yoav Chelouche, Managing Partner
	
	 /s/ Amir Guttman

	 AVIV VENTURES III ANNEX FUND, L.P.

	 By: Aviv Ventures Capital Partners II, L.P., its General Partner

	By: Aviv Venture Capital Ltd., its General Partner
	By: Amir Guttman, Managing Partner; Yoav Chelouche, Managing Partner

  
 [Signature Page of
Amended and Restated Investors’ Rights Agreement (Cont.) 
 Valens Semiconductor Ltd. / ______ 2021] 

 
 19 

 IN WITNESS WHEREOF the parties have signed this Amended and Restated Investors’ Rights
Agreement as of the date first hereinabove set forth. 
  

			
	MGI Global Fund, L.P
	By:	 	Mitsui & Co. Global Investment, Inc.
		 	as its manager
		
		 	By: /s/ Kiyoshi Okubo
		 	Name: Kiyoshi Okubo
		 	Title: President & CEO
	
	Magenta Fund, L.P.
		
	By:	 	 Magenta Fund GP, LP

	By:	 	 Israel Fund GP, LTD.

		
	By:	 	 /s/ HHiroshi Takeuchi, Ori Israely

		 	Name: Hiroshi Takeuchi, Ori Israely
		 	Title: Managing General Partner
	
	VALENS CO INVESTMENT FUND, L.P.
		
	By:	 	 /s/ Valens Co Investments Fund LP

		 	Name:
		 	Title:
	
	 /s/ Stephen Girsky

	STEPHEN GIRSKY
	
	IGP CONNECTIVITY SOLUTIONS (HOLDINGS), L.P.
		
	By:	 	Growth Partners (Lichtman & Shani) LP
	By:	 	I.G.P. Lichtman & Shani Ltd., its general partner
		
	By:	 	 /s/ Mosche Lichtman

		 	Name: Mosche Lichtman
		 	Title: General Partner
	
	Aptiv International Holdings (Luxembourg) S.a.r.l.
		
	By:	 	 /s/ Sean P. Corcoran

		 	Name: Sean P. Corcoran
		 	Title: Manager

  
 [Signature Page of
Amended and Restated Investors’ Rights Agreement (Cont.) 
 Valens Semiconductor Ltd. / ______ 2021] 

 
 20 

 IN WITNESS WHEREOF the parties have signed this Amended and Restated Investors’ Rights
Agreement as of the date first hereinabove set forth. 
  

			
	VECTOIQ-VALENS SPV, LLC
	BY: VECTOIQ-VALENS MANAGING MEMBER, LLC
		
	By:	 	 /s/ Stephen Girsky

	Name: Stephen Girsky
	Title: Member and Chief Executive Officer
	
	SAMSUNG OAK HOLDINGS, INC.
		
	By:	 	 /s/ Young Joo Lee

		 	Name: Young Joo Lee
		 	Title: Treasurer & CFO
	
	Cloud Ranger Limited
		
	By:	 	 /s/ Chen, Hsuon-Ni

		 	Name: Chen, Hsuon-Ni
		 	Title: Director
	
	Linse Capital VAL LLC
		
	By:	 	 /s/ Michael Linse

		 	Name: Michael Linse
		 	Title: Managing Director

  
 [Signature Page of
Amended and Restated Investors’ Rights Agreement (Cont.) 
 Valens Semiconductor Ltd. / ______ 2021] 

 
 21 

 IN WITNESS WHEREOF the parties have signed this Amended and Restated Investors’ Rights
Agreement as of the date first hereinabove set forth. 
  

			
	PTK Acquisition Corp.
		
	By:	 	 /s/ Peter Kuo

	Name: Peter Kuo
	Title: Chief Executive Officer

  
 [Signature Page of
Amended and Restated Investors’ Rights Agreement (Cont.) 
 Valens Semiconductor Ltd. / ______ 2021] 

 
 22 

 Exhibit A 

Form of Joinder Agreement 

[Date] 
 Reference is hereby made
to the Amended and Restated Investors’ Rights Agreement, dated May 25, 2021 (the “IRA”), by and between Valens Semiconductor Ltd., a company organized under the laws of the State of Israel (the “Company”),
and the Holders named therein. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the IRA. 

Pursuant to Section 2.11 of the IRA, each of the undersigned hereby acknowledges, agrees and confirms that, by its execution of this
Joinder Agreement, it shall be deemed to be a party to the IRA as if it were an original signatory thereto and hereby expressly assumes, and agrees to perform and discharge, all of the obligations and liabilities of a party thereto as the case may
be, under the IRA. All references in the IRA to the “Holders” or “PTK Holder”, as the case may be, shall hereafter include each of the undersigned and their respective successors, as applicable. 

Each of the undersigned hereby agrees to promptly execute and deliver any and all further documents and take such further action as the
Company, the Holders or any undersigned party may reasonably require to effect the purpose of this Joinder Agreement. 
 This Joinder
Agreement shall be governed by and construed according to the laws of the State of Delaware, without regard to the conflict of laws provisions thereof. Any legal action or proceeding, whether at law or in equity, whether in contract or in tort or
otherwise arising out of or relating to this Joinder Agreement or the performance hereunder shall be subject to the exclusive jurisdiction of the Chancery Court of the State of Delaware (or, if the Chancery Court of the State of Delaware declines to
accept jurisdiction, any state or federal court sitting Wilmington, Delaware or any appellate court therefrom), and each of the parties hereto hereby irrevocably submits to the exclusive jurisdiction of such court. TO THE EXTENT NOT PROHIBITED BY
APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH OF THE PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT TO TRIAL BY JURY IN RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH OR RELATING TO THIS JOINDER
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS JOINDER AGREEMENT. 
 [Signature Pages Follow] 

 IN WITNESS WHEREOF, the parties hereto have executed this Joinder Agreement as
of the date herein above set forth. 
  

			
	The Company:
	
	VALENS SEMICONDUCTOR LTD.
	
	  

	 By: 

	 Title: 

 [Permitted Transferees]: 
  

			
	  

	[                ]
		
	By:EX-10.2

 Exhibit 10.2 

Execution Version 

SPONSOR LETTER AGREEMENT 

This SPONSOR LETTER AGREEMENT (this “Agreement”), dated as of May 25, 2021, is made by and among PTK Holdings LLC, a
Delaware limited liability company (the “Sponsor”), PTK Acquisition Corp., a Delaware corporation (“PTK”), and Valens Semiconductor Ltd., a limited liability company organized under the laws of the State of Israel
(the “Company”). The Sponsor, PTK and the Company shall be referred to herein from time to time collectively as the “Parties”. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed
to such terms in the Business Combination Agreement (as defined below). 
 WHEREAS, PTK, the Company and certain other Persons entered into
that certain Business Combination Agreement, dated as of the date hereof (as it may be amended, restated or otherwise modified from time to time in accordance with its terms, the “Business Combination Agreement”); and 

WHEREAS, the Business Combination Agreement contemplates that the Parties will enter into this Agreement concurrently with the entry into the
Business Combination Agreement by the parties thereto, pursuant to which, among other things, the Sponsor will (a) vote in favor of approval of the Business Combination Agreement and the transactions contemplated thereby and (b) subject
the Earnout Shares to certain Transfer restrictions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the premises and the
mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, each intending to be legally bound, hereby agree as follows: 

1. Agreement to Vote. The Sponsor hereby agrees it will (i) vote at any meeting of the shareholders of PTK, and in any action by
written resolution of the stockholders of PTK, all of the shares of common stock of PTK, par value $0.0001 per share (the “PTK Shares”), held by the Sponsor and any other Equity Securities of PTK that the Sponsor holds of record or
beneficially, as of the date of this Agreement, or acquires record or beneficial ownership after the date hereof (collectively, the “Subject PTK Equity Securities”) in favor of the Transaction Proposals and each other proposal
related to the Transactions included on the agenda for the special meeting of stockholders relating to the Transactions, (ii) when such meeting of stockholders is held, appear at such meeting or otherwise cause the Subject PTK Equity Securities
to be counted as present thereat for the purposes of establishing a quorum and (iii) vote all the Subject PTK Equity Securities beneficially owned by it against any action that would reasonably be expected to materially impede, interfere with,
delay, postpone or adversely affect the Transactions or any of the other transactions contemplated by the Business Combination Agreement or result in a breach of any covenant, representation or warranty or other obligation or agreement of PTK under
the Business Combination Agreement or result in a breach of any covenant or other obligation or agreement of the Sponsor contained in this Agreement. The obligations of the Sponsor specified in this Section 1 shall apply
whether or not the Transactions or any action described above is recommended by the SPAC Board (as defined in the Business Combination Agreement) or the SPAC Board has effected a SPAC Change in Recommendation (as defined in the Business Combination
Agreement). 
 2. Existing Letter Agreement. The Sponsor acknowledges that it is party to a letter agreement entered into by and
between PTK and the Sponsor, dated as of July 13, 2020 (“Existing Letter Agreement”). The Sponsor acknowledges and agrees that this Agreement is made in addition to, and does not amend, modify, terminate, or replace, the
Existing Letter Agreement, and the Existing Letter Agreement remains in full force and effect (and the Sponsor agrees to comply with its obligations thereunder). 

 3. Transfer of Shares Prior to the Effective Time. 

(a) The Sponsor hereby agrees that it shall not, directly or indirectly, either voluntarily or involuntarily, (i) Transfer any of its
Subject PTK Equity Securities, (ii) deposit any of its Subject PTK Equity Securities into a voting trust or enter into a voting agreement or arrangement or grant any proxy or power of attorney with respect to any of its Subject PTK Equity
Securities, (iii) enter into any contract, option or other arrangement or undertaking with respect to the direct or indirect acquisition or sale, assignment, transfer (including by operation of law) or other disposition of any of its Subject
PTK Equity Securities, (iv) engage in any hedging or other similar transaction with respect to its Subject PTK Equity Securities or (v) take any action that would have the effect of preventing or materially delaying the performance of its
obligations hereunder; provided, however, that the foregoing shall not apply to any Transfer to PTK’s officers or directors, any direct or indirect Affiliates or family member of any of PTK’s officers or directors, any direct
or indirect Affiliates of the Sponsor, or any members, stockholders or partners of the Sponsor or such Affiliates; provided, further, that any transferee of any Transfer of the type set forth immediately preceding proviso must execute
a Joinder Agreement (as defined in the Registration Rights Agreement) as if it were the “PTK Holder” thereunder and enter into a written agreement in form and substance reasonably satisfactory to the Company agreeing to be bound by this
Agreement as if it were the Sponsor hereunder prior to the occurrence of such Transfer. For purposes of this Agreement, “Transfer” shall mean, directly or indirectly, the (x) sale, transfer, pledge, encumbrance, disposition
(including by merger (including by conversion into securities or other consideration), by tendering into any tender or exchange offer, by gift, by testamentary disposition, by operation of applicable Law, by encumbering or by using a derivative to
transfer or otherwise), or assignment of, offer to sell, contract or agreement to sell, grant of any option to purchase or otherwise dispose of or agreement to dispose of or establishment or increase of a put equivalent position or liquidation with
respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act with respect to, any security, (y) entry into any swap or other arrangement that transfers to another, in whole or in part, any of
the economic consequences of ownership of, or any other derivative transaction with respect to, any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (z) public announcement of any
intention to effect any transaction specified in clause (x) or (y). 
 (b) In furtherance of the foregoing, PTK hereby agrees to
(i) place a revocable stop order on all Subject PTK Equity Securities subject to Section 3(a), including those which may be covered by a registration statement, and (ii) notify PTK’s transfer agent in writing
of such stop order and the restrictions on such Subject PTK Equity Securities under Section 3(a) and direct PTK’s transfer agent not to process any attempts by the Sponsor to Transfer any Subject PTK Equity Securities
except in compliance with Section 3(a); for the avoidance of doubt, the obligations of PTK under this Section 3(b) shall be deemed to be satisfied by the existence of any similar stop order and
restrictions currently existing on the Subject PTK Equity Securities. 
 4. Lockup of Shares Issuable to Sponsor. 

Notwithstanding anything to the contrary in the Business Combination Agreement, the Sponsor hereby agrees to the following: 

(a) The Sponsor agrees that it shall not Transfer two hundred eighty-seven thousand five hundred (287,500) Company Ordinary Shares issuable to
Sponsor at the Effective Time (the “Initial Earnout Shares”) until the date on which the closing price (as reported by Bloomberg or, if not available, by an authoritative source generally used for such purpose and selected by
the Company with the reasonable consent of the Sponsor) of the Company Ordinary Shares equals or exceeds US$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 after the Closing Date. Any Initial Earnout Shares not released from the restriction on Transfer pursuant to this Section 4(a) (or
otherwise released from the restriction on Transfer or forfeited for no consideration pursuant to Section 4(d), Section 4(e) or Section 4(f)) on or prior to 5:00 P.M. Pacific Time on
the third (3rd) anniversary of the Closing Date, shall be forfeited by the Sponsor for no consideration at 5:00 P.M. Pacific Time on the third anniversary of the Closing Date. 

 (b) The Sponsor agrees that it shall not Transfer three hundred fifty nine thousand three
hundred seventy five (359,375) Company Ordinary Shares issuable to Sponsor at the Effective Time (the “Secondary Earnout Shares”) until the date on which the closing price (as reported by Bloomberg or, if not available, by an
authoritative source generally used for such purpose and selected by the Company with the reasonable consent of the Sponsor) of the Company Ordinary Shares equals or exceeds US$12.50 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 after the Closing Date. Any Secondary Earnout Shares not released from the restriction on
Transfer pursuant to this Section 4(a) (or otherwise released from the restriction on Transfer or forfeited for no consideration pursuant to Section 4(d), Section 4(e) or
Section 4(f)) on or prior to 5:00 P.M. Pacific Time on the third (3rd) anniversary of the Closing Date, shall be forfeited by the Sponsor for no consideration at 5:00 P.M. Pacific Time on the third anniversary of the
Closing Date. 
 (c) The Sponsor agrees that it shall not Transfer three hundred fifty nine thousand three hundred seventy five (359,375)
Company Ordinary Shares issuable to Sponsor at the Effective Time (the “Tertiary Earnout Shares” and together with the Initial Earnout Shares and Secondary Earnout Shares, the “Earnout Shares”) until the date
on which the closing price (as reported by Bloomberg or, if not available, by an authoritative source generally used for such purpose and selected by the Company with the reasonable consent of the Sponsor) of the Company Ordinary Shares equals or
exceeds US$15.00 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 after the Closing
Date. Any Tertiary Earnout Shares not released from the restriction on Transfer pursuant to this Section 4(c) (or otherwise released from the restriction on Transfer or forfeited for no consideration pursuant to
Section 4(d), Section 4(e) or Section 4(f)) on or prior to 5:00 P.M. Pacific Time on the fourth (4th) anniversary of the Closing Date, shall be forfeited by the Sponsor
for no consideration at 5:00 P.M. Pacific Time on the fourth anniversary of the Closing Date. 
 (d) In the event that a Change of Control
Transaction is consummated prior to the third (3rd) anniversary of the Closing Date, pursuant to which the effective price per share received directly or indirectly by holders of Company Ordinary Shares in such Change of Control Transaction (as
determined by reference to the definitive transaction agreements entered into in connection with such Change of Control Transaction) is at least US$11.25 per share, in each case, as adjusted for stock splits, stock dividends, reorganizations,
recapitalizations and the like, fifty percent (50%) of the Earnout Shares not earlier released from restriction on Transfer pursuant to Section 4(a), Section 4(b) or
Section 4(c) immediately prior to the consummation of such Change of Control Transaction shall be released from restriction on Transfer effective as of the consummation of such Change of Control Transaction. 

(e) In the event that a Change of Control Transaction consummated prior to the fourth (4th) anniversary of the Closing Date pursuant to which
the effective price per share received directly or indirectly by holders of Company Ordinary Shares in such Change of Control Transaction (as determined by reference to the definitive transaction agreements entered into in connection with such
Change of Control Transaction) is at least US$12.50 per share, in each case, as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like, one hundred percent (100%) of the Earnout Shares not earlier released from
restriction on Transfer pursuant to Section 4(a), Section 4(b), Section 4(c) or Section 4(d) immediately prior to the consummation of such Change
of Control Transaction shall be released from restriction on Transfer effective as of the consummation of such Change of Control Transaction. 

 (f) Any Earnout Shares not released from restriction on Transfer pursuant to
Section 4(a), Section 4(c), Section 4(c), Section 4(d) or Section 4(e) shall be forfeited by the Sponsor for no
consideration effective as of the consummation of such a Change of Control Transaction. 
 (g) For purposes of this
Section 4, a “Change of Control Transaction” means any of the following transactions (or series of related transactions): (i) any merger, consolidation, amalgamation, reorganization or any other similar
transaction of the Company with or into any other company or other entity or person in which the holders of the Company’s voting securities immediately prior to such transaction beneficially own or control less than a majority of the
outstanding voting securities of the surviving company or other entity or person (or any successor or parent entity thereto) immediately after such transaction; (ii) any person acquiring or becoming the “beneficial owner” (as such
term is used in Rule 13d-3 under the Exchange Act), directly or indirectly, of the Company’s voting securities or economic interests, on an as-converted basis,
representing more than fifty percent (50%) of the voting power or economic interests in the Company (where the holders of the Company’s voting securities immediately prior to such transaction as a group beneficially own or control less than a
majority of the outstanding voting securities of the surviving company or other entity or person (or any successor or parent entity thereto) immediately after such transaction); (iii) any person acquiring the power or authority, whether exercised or
not, to control the composition of a majority of the board of directors of the Company (or the applicable successor or parent entity thereto), in each case directly or indirectly, whether through the ownership of securities, by contract or
otherwise; or (iv) the sale or other disposition of all or substantially all of the assets of the Company or the exclusive licensing of substantially all of the Company’s Intellectual Property Rights (as defined in the Business Combination
Agreement), taken as a whole, to any person. 
 (h) It is acknowledged and agreed that, in addition to the restrictions hereunder, the
Earnout Shares are subject to separate restrictions on Transfer under the Registration Rights Agreement. 
 5. Cancellation of Certain
SPAC Warrants. The Sponsor hereby agrees that 740,000 SPAC Warrants (as defined in the Business Combination Agreement) held by the Sponsor shall be automatically and immediately cancelled and cease to have any force or effect upon (and only
upon) the consummation of the Closing, and the Sponsor shall not Transfer such SPAC Warrants prior to the Closing. 
 6. Other
Covenants. 
 (a) The Sponsor hereby acknowledges that it has read the Business Combination Agreement and this Agreement and has had the
opportunity to consult with its tax and legal advisors. The Sponsor hereby consents to the transactions contemplated by the Business Combination Agreement and the Ancillary Documents and agrees to be bound by and subject to (i) Sections 5.3(a)
(Confidentiality and Access to Information) and 5.4(a) (Public Announcements) of the Business Combination Agreement to the same extent as such provisions apply to the parties to the Business Combination Agreement, as if the Sponsor is
directly a party thereto, and (ii) Section 5.6(b) (Exclusive Dealing) of the Business Combination Agreement to the same extent as such provisions apply to PTK as if the Sponsor is directly party thereto. 

(b) The Sponsor hereby agrees that it shall deliver any undertakings of Sponsor that the Company reasonably determines are required pursuant to
the IIA Law, in the form and substance prescribed under the IIA Law. 
 (c) The Sponsor hereby agrees that it shall be liable for any unpaid
compensation owed to PTK’s employees as of the Closing, including compensation that arises as a result of the consummation of the transactions contemplated by the Business Combination Agreement and that remains unpaid as of the Closing. 

7. Termination of Agreements. Each of PTK and the Sponsor hereby agrees and acknowledges that (i) the Registration Rights Agreement
dated as of July 13, 2020 between PTK, the Sponsor and any Holder (as defined therein) (the “PTK Registration Rights Agreement”) and (ii) any other Contract between the Sponsor, on the one hand, and PTK or any of its
Subsidiaries, on the other hand (including the Existing Letter Agreement), shall terminate and cease to have any force or effect effective as of the Closing, in each case without any Liability to the Group Companies. 

 8. Working Capital Loans. With respect to any loan of funds made by the Sponsor or an
Affiliate of the Sponsor or any of PTK’s officers or directors (each, a “Lender”) to PTK or any of its Subsidiaries, in each case, prior to the Closing (a “Working Capital Loan”) that is or may be convertible
into warrants or other securities (derivative or otherwise) of PTK, the Company or any of their respective Subsidiaries, PTK and the Sponsor hereby agree, and shall take such actions within its power so as to ensure, that each and any Working
Capital Loan shall be repaid solely in cash and that no Working Capital Loan will be converted into such warrants or other securities (derivative or otherwise), notwithstanding any applicable provisions of the Warrant Agreement, the PTK Registration
Rights Agreement or any other Contract. 
 9. Sponsor Representations and Warranties. The Sponsor represents and warrants, as of the
date hereof, solely with respect to itself, to the Company and PTK as follows: 
 (a) The Sponsor is a limited liability company duly
organized or formed, as applicable, validly existing and in good standing under the Laws of Delaware. 
 (b) The Sponsor has the requisite
limited liability company power to perform its covenants, agreements and obligations hereunder (including, for the avoidance of doubt, those covenants, agreements and obligations hereunder that relate to the provisions of the Business Combination
Agreement), and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement has been duly authorized by all necessary limited liability company action on the part of the Sponsor. This Agreement has been duly and
validly executed and delivered by the Sponsor and constitutes a valid, legal and binding agreement of the Sponsor (assuming that this Agreement is duly authorized, executed and delivered by the other parties hereto), enforceable against the Sponsor
in accordance with its terms (subject to applicable bankruptcy, insolvency, reorganization, moratorium or other Laws affecting generally the enforcement of creditors’ rights and subject to general principles of equity). 

(c) No consent, approval or authorization of, or designation, declaration or filing with, any Governmental Entity is required on the part of
the Sponsor with respect to the Sponsor’s execution, delivery or performance of its covenants, agreements or obligations under this Agreement (including, for the avoidance of doubt, those covenants, agreements and obligations under this
Agreement that relate to the provisions of the Business Combination Agreement) or the consummation of the transactions contemplated hereby, except for any filings with the SEC related to its ownership of Equity Securities of PTK or the Company
Ordinary Shares following the Closing or the transactions contemplated by the Business Combination Agreement, this Agreement or any other Ancillary Documents to which it is a party. 

(d) None of the execution or delivery of this Agreement by the Sponsor, the performance by the Sponsor of any of its covenants, agreements or
obligations under this Agreement (including, for the avoidance of doubt, those covenants, agreements and obligations under this Agreement that relate to the provisions of the Business Combination Agreement) or the consummation of the transactions
contemplated hereby will, directly or indirectly (with or without due notice or lapse of time or both) (i) result in any breach of any provision of the Sponsor’s Governing Documents, (ii) result in a violation or breach of, or
constitute a default or give rise to any right of termination, Consent, cancellation, amendment, modification, suspension, revocation or acceleration under, any of the terms, conditions or provisions of any Contract to which the Sponsor is a party,
(iii) violate, or constitute a breach under, any Order or applicable Law to which the Sponsor or any of its properties or assets are bound or (iv) other than the restrictions contemplated by this Agreement, the Business Combination
Agreement or any other Ancillary Document, result in the creation of any Lien upon the Subject PTK Equity Securities (other than as expressly provided under this Agreement), except, in the case of any of clauses (ii) and
(iii) above, as would not reasonably be expected to adversely affect the ability of the Sponsor to perform, or otherwise comply with, any of its covenants, agreements or obligations hereunder in any material respect. 

 (e) The Sponsor is, as of the date hereof, the record and beneficial owner of the Subject
PTK Equity Securities as set forth on Exhibit A hereto. The Sponsor has the sole right to vote (and provide consent in respect of, as applicable) the Subject Company PTK Equity set forth on Exhibit A hereto as of the date hereof.
Except for this Agreement, the Sponsor is not party to or bound by (i) any option, warrant, purchase right or other Contract that would reasonably be expected (either alone or in connection with one or more events or developments (including the
satisfaction or waiver of any conditions precedent)) to require the Sponsor to Transfer any of the Subject PTK Equity Securities or (ii) any voting trust, proxy or other Contract with respect to the voting or Transfer of any of the Subject PTK
Equity Securities. 
 (f) There is no Proceeding pending or, to the Sponsor’s knowledge, threatened against or involving the Sponsor or
any of his, her or its Affiliates that, if adversely decided or resolved, would reasonably be expected to adversely affect the ability of the Sponsor to perform, or otherwise comply with, any of its covenants, agreements or obligations under this
Agreement in any material respect. 
 (g) The Sponsor, on its own behalf and on behalf of its Representatives, acknowledges, represents,
warrants and agrees that he, she or it has conducted its own independent review and analysis of, and, based thereon, has formed an independent judgment concerning, the business, assets, condition, operations and prospects of, the Company and the
transactions contemplated by this Agreement, the Business Combination Agreement and the other applicable Ancillary Documents to which he, she or it is or will be a party as he, she or it and his, her or its Representatives have deemed necessary to
enable him, her or it to make an informed decision with respect to the execution, delivery and performance of this Agreement or the other Ancillary Documents to which it is or will be a party and the transactions contemplated hereby and thereby.

 (h) In entering into this Agreement and the other Ancillary Documents to which it is or will be a party, the Sponsor has relied solely on
its own investigation and analysis and the representations and warranties expressly set forth in the Ancillary Documents to which it is or will be a party and no other representations or warranties of PTK, the Company or any other Person, either
express or implied, and the Sponsor, on its own behalf and on behalf of its Representatives, acknowledges, represents, warrants and agrees that, except for the representations and warranties expressly set forth in the Ancillary Documents to which it
is or will be a party, none of PTK, the Company or any other Person makes or has made any representation or warranty, either express or implied, to the Sponsor in connection with or related to this Agreement, the Business Combination Agreement or
the other Ancillary Documents or the transactions contemplated hereby or thereby. 
 10. Termination. This Agreement shall
automatically terminate, without any notice or other action by any Party, and be void ab initio upon the earlier of (a) termination of the Business Combination Agreement in accordance with its terms and (b) the time this Agreement
is terminated upon the mutual written agreement of PTK, the Company and the Sponsor. Notwithstanding the foregoing or anything to the contrary in this Agreement, the termination of this Agreement pursuant to this Section 10
shall not relieve any party hereto from any liability for any willful breach of, or actual fraud in connection with, this Agreement prior to such termination. 

11. No Recourse. Except for claims pursuant to the Business Combination Agreement or any other Ancillary Document by any party(ies)
thereto against any other party(ies) thereto, each Party agrees that (a) this Agreement may only be enforced against, and any action for breach of this Agreement may only be made against, the Parties, and no claims of any nature whatsoever
(whether in tort, contract or 

 
otherwise) arising under or relating to this Agreement, the negotiation hereof or its subject matter, or the transactions contemplated hereby shall be asserted against any Company Non-Party Affiliate or any SPAC Non-Party Affiliate, and (b) none of the Company Non-Party Affiliates or the SPAC Non-Party Affiliates shall have any Liability arising out of or relating to this Agreement, the negotiation hereof or its subject matter, or the transactions contemplated hereby, including with respect to any claim
(whether in tort, contract or otherwise) for breach of this Agreement or in respect of any written or oral representations made or alleged to be made in connection herewith, as expressly provided herein, or for any actual or alleged inaccuracies,
misstatements or omissions with respect to any information or materials of any kind furnished in connection with this Agreement, the negotiation hereof or the transactions contemplated hereby. 

12. Fiduciary Duties. Notwithstanding anything in this Agreement to the contrary (but without limiting the obligations of the Sponsor
hereunder), (a) the Sponsor makes no agreement or understanding herein in any capacity other than in its capacity as a record holder and beneficial owner of the Subject PTK Equity Securities, and not in its capacity as a director, officer or
employee of any SPAC Related Party, and (b) nothing herein will be construed to limit or affect any action or inaction by any of the Sponsor’s representatives serving as a member of the board of directors (or other similar governing body)
of any SPAC Related Party or as an officer, employee or fiduciary of any SPAC Related Party, in each case, acting in such Person’s capacity as a director, officer, employee or fiduciary of such SPAC Related Party. 

13. Further Assurances. From time to time, at the Company’s request and without further consideration, the Sponsor shall execute
and deliver such additional documents and take all such further action as may be reasonably necessary to effect the actions and consummate the transactions contemplated by this Agreement and the Business Combination Agreement. The Sponsor further
agrees not to commence or participate in, and to take all actions necessary to opt out of any class action with respect to, any action or claim, derivative or otherwise, against PTK, the Company or any of their respective Affiliates, successors and
assigns relating to the negotiation, execution or delivery of this Agreement, the Business Combination Agreement or the consummation of the transactions contemplated hereby and thereby (including the Capital Restructuring). 

14. No Third Party Beneficiaries. This Agreement shall be for the sole benefit of the Parties and their respective successors and
permitted assigns and is not intended, nor shall be construed, to give any Person, other than the Parties and their respective successors and assigns, any legal or equitable right, benefit or remedy of any nature whatsoever by reason this Agreement.
Nothing in this Agreement, expressed or implied, is intended to or shall constitute the Parties, partners or participants in a joint venture. 

15. Incorporation by Reference. Sections 8.1 (Non-Survival), 8.2 (Entire Agreement;
Assignment), 8.3 (Amendment), 8.5 (Governing Law), 8.6 (Fees and Expenses), 8.7 (Construction; Interpretation), 8.10 (Severability), 8.11 (Counterparts; Electronic Signatures), 8.15 (Waiver of Jury
Trial), 8.16 (Submission to Jurisdiction) and 8.17 (Remedies) of the Business Combination Agreement are incorporated herein and shall apply to this Agreement, mutatis mutandis. 

[signature page follows] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be duly executed
on its behalf as of the day and year first above written. 
  

			
	PTK Holdings LLC
		
	By:	 	 /s/ Peter Kuo

		 	Name: Peter Kuo
		 	Title: Manager
	
	PTK Acquisition Corp.
		
	By:	 	 /s/ Peter Kuo

		 	Name: Peter Kuo
		 	Title: Chief Executive Officer

 [Signature Page to Sponsor Letter Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be duly executed
on its behalf as of the day and year first above written. 
  

			
	Valens Semiconductor Ltd.
		
	By:	 	 /s/ Dror Heldenberg

		 	Name: Dror Heldenberg
		 	Title: Chief Financial Officer

 [Signature Page to Sponsor Letter Agreement] 

 Exhibit A 

Subject PTK Equity Securities 

[Signature Page to Sponsor Letter Agreement]

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