Document:

EX-10.21

 Exhibit 10.21 

WAIVER, CONSENT AND FIRST AMENDMENT 

TO AMENDED AND RESTATED CREDIT AGREEMENT 

This WAIVER, CONSENT AND FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is entered
into as of March 19, 2021 by and among the lenders identified on the signature pages hereof (such lenders, together with their respective successors and permitted assigns, are referred to hereinafter each individually as a
“Lender” and collectively as “Lenders”), WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as administrative agent for each member of the Lender Group and the Bank Product
Providers (in such capacity, together with its successors and assigns in such capacity, “Agent”), CMI ACQUISITION, LLC, a Delaware limited liability company (“Parent”), and SKYWATER TECHNOLOGY FOUNDRY,
INC., a Delaware corporation (“SkyWater”). 
 WHEREAS, Parent, SkyWater, Agent, and sole Lender are parties to
that certain Amended and Restated Credit Agreement dated as of December 28, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); 

WHEREAS, Borrowers are in breach of Section 7(b) of the Credit Agreement as a result of Parent and each Borrower permitting the
Leverage Ratio as of January 3, 2021 to be greater than 3.5:1.0, which constitutes an Event of Default under Section 8.2(a) of the Credit Agreement, (the “Existing Event of Default”); 

WHEREAS, SkyWater has informed the Agent and Lenders that Parent has formed a wholly-owned Subsidiary, SkyWater Florida, Inc., a
Delaware corporation (“Skywater Florida”), and Skywater Florida intends to lease and operate the Center for NeoVation and in connection therewith enter into that certain Technology and Economic Development Agreement dated as of
January 25, 2021 (“NeoVation Technology Agreement”) by and between Osceola County and SkyWater Florida and joined for limited purposes by ICAMR, Inc., a Florida nonprofit corporation dba BRIDG and that certain Amended and
Restated Center for NeoVation Lease Agreement dated as of January 25, 2021 in the form attached attached to the NeoVation Technology Agreement (“NeoVation Lease”) by and between Osceola County, Florida (“Osceola
County”) and SkyWater Florida and Parent intends to enter into that certain Parent Corporation Guarantee in the form attached attached to the NeoVation Technology Agreement (“NeoVation Guaranty”) by Parent in
favor of Osceola County; 
 WHEREAS, SkyWater has requested that Agent and Lenders consent to the Parent guaranteeing the
obligations of SkyWater Florida under the NeoVation Lease pursuant to the NeoVation Guaranty; 
 WHEREAS, the Agent and the
undersigned Lenders have agreed to waive the Existing Event of Default, consent to the Parent guaranteeing the obligations of SkyWater Florida under the NeoVation Lease pursuant to the NeoVation Guaranty and to effect such amendments to the
Credit Agreement, in each case subject to the terms and provisions hereof. 

 NOW THEREFORE, in consideration of the premises and mutual agreements herein
contained, the parties hereto agree as follows: 
 1. Defined Terms. Unless otherwise defined herein, capitalized terms used herein
shall have the meanings ascribed to such terms in the Credit Agreement. 
 2. Waiver. Subject to the satisfaction of the conditions
set forth in Section 7 below and in reliance upon the representations and warranties of the Loan Parties set forth in Section 8 below, the undersigned sole Lender, constituting Required Lenders
pursuant to the Credit Agreement, hereby waives the Existing Event of Default. This is a limited waiver and shall not be deemed to constitute a waiver of any other Event of Default or any other existing or future breach of the Credit Agreement or
any of the Loan Documents or of any other covenant or provision of the Credit Agreement or any Loan Document. 
 3. Consent. Subject
to the satisfaction of the conditions set forth in Section 7 below and in reliance upon the representations and warranties of the Loan Parties set forth in Section 8 below, the Agent and the
undersigned Lenders hereby consent to the Parent guaranteeing the obligations of SkyWater Florida under the NeoVation Lease pursuant to the NeoVation Guaranty. The consent set forth in this Section 3 shall be effective only
in this specific instance and for the specific purpose for which it is given, and shall not entitle any Loan Party to any other or further consent in any similar or other circumstances. The Agent’s and the undersigned Lenders’ consent
shall be limited precisely as written and shall not be deemed to be a consent to any future agreement. 
 4. Amendments to Credit
Agreement. Subject to the satisfaction of the conditions set forth in Section 7 below and in reliance upon the representations and warranties of the Loan Parties set forth in Section 8 below,
the Credit Agreement is hereby amended as follows: 
 (a) Section 1.1 of the Credit Agreement is hereby amended by adding the following
new definitions in their appropriate respective alphabetical order: 
 “Florida Cash Flow Deficit” means for
any period the amount by which (i) without duplication, the sum of all operating costs and expenses of Skywater Florida paid in cash during such period, all Unfinanced Capital Expenditures made by Skywater Florida during such period, all
Interest Expense of Skywater Florida paid in cash during such period and all required payments of principal of Indebtedness paid in cash by Skywater Florida during such period exceeds (ii) without duplication, the sum of (x) all cash
received by Skywater Florida during such period in respect of Transition Funds (as defined in the NeoVation Lease Agreement), under the American Foundries Act and the CHIPS for America Act which became part of the FY21 National Defense Authorization
Act, including the proposed new Advanced Packaging National Manufacturing Institute, under Title III of the Defense Production Act, and other governmental grants and (y) cash flow from Skywater Florida’s operations. 

“NeoVation Lease” means that certain Amended and Restated Center for NeoVation Lease Agreement dated as of
January 25, 2021, in the form attached to the NeoVation Technology Agreement, by and between Osceola County, Florida and SkyWater Florida. 

  
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 “NeoVation Technology Agreement” means that certain
Technology and Economic Development Agreement dated as of January 25, 2021 by and between Osceola County and SkyWater Florida and joined for limited purposes by ICAMR, Inc., a Florida nonprofit corporation dba BRIDG. 

“Skywater Florida” means SkyWater Florida, Inc., a Delaware corporation. 

(b) The definition of “EBITDA” set forth in Section 1.1 of the Credit Agreement is amended by adding the following at the end
thereof: 
 With respect to any period ending on or prior to April 3, 2022, EBITDA shall be determined excluding
Skywater Florida. 
 (c) The definition of “Extraordinary Receipts” set forth in Section 1.1 of the Credit Agreement is
amended and restated in its entirety as follows: 
 “Extraordinary Receipts” means any payments received by
any Loan Party not in the ordinary course of business consisting of (i) proceeds of judgments, proceeds of settlements, or other consideration of any kind received in connection with any cause of action or claim, (ii) indemnity payments
(other than to the extent such indemnity payments are immediately payable to a Person that is not an Affiliate of any Loan Party) or any payments made pursuant to any representation and warranty insurance, (iii) any purchase price adjustment
received in connection with any Acquisition agreement, and (iv) tax refunds and pension plan reversions; provided, that, payments received by SkyWater Florida in respect of Transition Funds (as defined in the NeoVation Lease Agreement), under
the American Foundries Act and the CHIPS for America Act which became part of the FY21 National Defense Authorization Act, including the proposed new Advanced Packaging National Manufacturing Institute, or under Title III of the Defense Production
Act, in each case, in connection with the Center for NeoVation (as defined in the NeoVation Lease Agreement) shall not constitute Extraordinary Receipts. 

(d) Clauses (c) and (d) of the definition of “Change of Control” set forth in Section 1.1 of the Credit Agreement are
amended and restated in their entirety as follows: 
 (c) the Parent shall cease, directly or indirectly, to own and control,
legally and beneficially, all of the Capital Stock of the Company and Skywater Florida; or 
 (d) the Company shall cease,
directly or indirectly, to own and control, legally and beneficially, all of the Capital Stock of each other Loan Party (other than Skywater Florida); or 

(e) The definition of “Fixed Charge Coverage Ratio” set forth in Section 1.1 of the Credit Agreement is amended by adding the
following at the end thereof: 

  
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 With respect to any period ending on or prior to April 3, 2022, Fixed
Charge Coverage Ratio shall be determined excluding Skywater Florida. 
 (f) The definition of “Leverage Ratio” set forth in
Section 1.1 of the Credit Agreement is amended by adding the following at the end thereof: 
 With respect to any period
ending on or prior to April 3, 2022, Leverage Ratio shall be determined excluding Skywater Florida. 
 (g) Clause (c) of
Section 5.1 of the Credit Agreement is hereby amended and restated in its entirety as follows: 
 (c) as soon as
available, but in any event within thirty (30) days after the end of each Fiscal Month of the Parent, (i) a Consolidated balance sheet of the Parent and its Subsidiaries (other than Skywater Florida) as at the end of each such Fiscal
Month, and the related (A) Consolidated statements of income or operations for such Fiscal Month and for the portion of the Fiscal Year then ended and (B) Consolidated statements of cash flows for the portion of the Fiscal Year then ended,
setting forth in each case in comparative form the figures for the previous Fiscal Year and the corresponding portion of the previous Fiscal Year, (ii) a balance sheet of Skywater Florida as at the end of each such Fiscal Month, and the related
(A) statements of income or operations for such Fiscal Month and for the portion of the Fiscal Year then ended and (B) statements of cash flows for the portion of the Fiscal Year then ended, and (iii) in the case of each Fiscal Month
that is the last month of a Fiscal Quarter, consolidating balance sheet of the Parent and its Subsidiaries as at the end of each such Fiscal Month, and the related (A) consolidating statements of income or operations for such Fiscal Month and
for the portion of the Fiscal Year then ended and (B) consolidating statements of cash flows for the portion of the Fiscal Year then ended, in each case, all in reasonable detail and certified by a Financial Officer of the Administrative
Borrower as fairly presenting in all material respects the financial condition, results of operations and cash flows of the Parent and its Subsidiaries; 

(h) Clause (a) of Section 5.2 of the Credit Agreement is hereby amended and restated in its entirety as follows: 

(a) contemporaneously with the delivery of the financial statements referred to in Section 5.1(a) and
Section 5.1(c) (or the date on which such delivery is required), a duly completed Compliance Certificate signed by a Financial Officer of the Administrative Borrower (i) certifying as to whether a Default or Event of
Default has occurred and, if a Default or Event of Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) certifying the calculation of the Fixed Charge Coverage Ratio and, with
respect to financial statements for any period ending on or prior to April 3, 2022, the Florida Cash Flow Deficit as of the date of the applicable financial statements, (iii) with respect the financial statements referred to in
Section 5.1(a) and Section 5.1(c) (with respect to any Fiscal Month that is the last month of a Fiscal Quarter) 

  
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 certifying to the calculation of Leverage Ratio as of the date of the applicable financial
statements, and (iv) stating whether any change in GAAP or in the application thereof has occurred since the date of the Parent’s most recent audited financial statements and, if any such change has occurred, specifying the effect of such
change on the financial statements accompanying such Compliance Certificate (which delivery may, unless the Agent, or a Lender requests executed originals, be by electronic communication including fax or email in .pdf format and shall be deemed to
be an original authentic counterpart thereof for all purposes); 
 (i) Clause (g) of Section 6.1 of the Credit Agreement is hereby
amended and restated in its entirety as follows: 
 (g) (i) easements, rights-of-way, restrictions, encroachments, servitudes, rights of way, licenses, protrusions, site plan agreements, development agreements, contract zoning agreements and other similar encumbrances, rights,
agreements and minor title defects affecting real property which, in the aggregate, do not in any case materially interfere with the ordinary conduct of the business of the Company or any of its Subsidiaries and (ii) restrictions and
encumbrances under that certain Covenant of Use, Purpose and Ownership dated February 15, 2018 by Osceola County, Florida for the benefit of the United States Department of Commerce, Economic Development Administration recorded in Book 5307 at
pages 2739 to 2742 of the Official Records of Osceola County, Florida; 
 (j) Section 6.3 of the Credit Agreement is hereby amended
(i) deleting the word “and” at the end of clause (j) thereof, (ii) re-designating clause (k) thereof as clause (l) and (iii) adding the following new clause (k) immediately
prior to the newly designated clause (l): 
 (k) Indebtedness in respect of the guaranty by Parent of the obligations of
SkyWater Florida under the NeoVation Lease pursuant to the that certain Parent Corporation Guarantee in the form attached to the NeoVation Technology Agreement by Parent in favor of the Osceola County, Florida; 

(k) The last sentence of Section 6.16 of the Credit Agreement is hereby amended and restated in its entirety as follows: 

No Loan Party shall enter into a lease of real property after the Closing Date (other than the NeoVation Lease) which is intended to hold
Collateral in excess of $1,000,000 without the Agent’s prior written consent. 
 (l) Section 7 of the Credit Agreement is hereby
amended and restated 
 in its entirety as follows: 

7. FINANCIAL COVENANTS. 

(a) Fixed Charge Coverage Ratio. Have a Fixed Charge Coverage Ratio, calculated for each 12 month period
ending on the first day of any Covenant Testing Period and the last day of each Fiscal Month occurring until the end of any Covenant Testing Period (including the last day thereof), of at least the applicable ratio set forth in the following table
for the applicable period set forth opposite thereto: 

  
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	 Applicable Ratio
	  	 Applicable Period

		
	0.70:1.0	  	For the 12 month period ending February 28, 2021
		
	0.70:1.0	  	For the 12 month period ending April 4, 2021
		
	0.75:1.0	  	For the 12 month period ending May 2, 2021
		
	0.85:1.0	  	For the 12 month period ending May 30, 2021
		
	1.10:1.0	  	For the 12 month period ending each month thereafter

 (b) Leverage Ratio. Have a Leverage Ratio, measured on a quarter-end basis, of not greater than the applicable ratio set forth in the following table for the applicable date set forth opposite thereto: 

 

			
	 Applicable Ratio
	  	 Applicable Date

		
	4.5:1.0	  	July 4, 2021
		
	3.5:1.0	  	October 3, 2021
		
	3.0:1.0	  	January 2, 2022 and the last day of each Fiscal Quarter thereafter

 (c) Maximum Skywater Florida Cash Flow Deficit. Have a Florida Cash Flow
Deficit of not greater than $3,000,000 calculated at the end of each Fiscal Month through and including April 3, 2022 for the period commencing on January 4, 2021 through and including the last day of such month. 

(m) Exhibit C-1 (Compliance Certificate) to the Credit Agreement is hereby amended and restated in its
entirety as set forth on Exhibit C attached hereto. 
 5. Continuing Effect. Except as expressly set forth in
Section 2 and Section 3 of this Amendment, nothing in this Amendment shall constitute a modification or alteration of the terms, conditions or covenants of the Credit Agreement or any other Loan
Document, or a waiver of any other terms or provisions thereof, and the Credit Agreement and the other Loan Documents shall remain unchanged and shall continue in full force and effect, in each case as amended hereby. 

  
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 6. Reaffirmation and Confirmation. Each Loan Party hereby ratifies, affirms,
acknowledges and agrees that the Credit Agreement and the other Loan Documents represent the valid, enforceable and collectible obligations of such Loan Party, and further acknowledges that there are no existing claims, defenses, personal or
otherwise, or rights of setoff whatsoever with respect to the Credit Agreement or any other Loan Document. Each Loan Party hereby agrees that this Amendment in no way acts as a release or relinquishment of the Liens and rights securing payments of
the Obligations. The Liens and rights securing payment of the Obligations are hereby ratified and confirmed by the Loan Parties in all respects. 

7. Conditions to Effectiveness of Amendment. This Amendment shall become effective as of the date first written above upon the
satisfaction of the following conditions precedent: 
 (a) Each party hereto shall have executed and delivered this Amendment to Agent; 

(b) The Agent shall have received executed copies of the NeoVation Lease, the NeoVation Technology Agreement and the NeoVation Guaranty, each
in form and substance satisfactory to the Agent; 
 (c) Agent shall have received each of the additional documents, instruments and
agreements listed on the closing checklist attached hereto as Exhibit A; 
 (d) Borrowers shall have paid to Agent the Amendment Fee
(as defined below); 
 (e) All proceedings taken in connection with the transactions contemplated by this Amendment and all documents,
instruments and other legal matters incident thereto shall be reasonably satisfactory to Agent and its legal counsel; and 
 (f) No Default
or Event of Default (other than the Existing Event of Default) shall have occurred and be continuing. 
 8. Representations and
Warranties. In order to induce Agent and Lenders to enter into this Amendment, each Loan Party hereby represents and warrants to Agent and Lenders, immediately after giving effect to this Amendment: 

(a) After giving effect to the limited waiver of the Existing Event of Default set forth in Section 2, all representations and warranties
of each Loan Party or its Subsidiaries contained in this Amendment or in the other Loan Documents shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and
warranties that already are qualified or modified by materiality in the text thereof) on and as of the date hereof, as though made on and as of such date (except to the extent that such representations and warranties relate solely to an earlier
date, in which case such representations and warranties shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified
by materiality in the text thereof) as of such earlier date); 

  
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 (b) After giving effect to the limited waiver of the Existing Event of Default set forth in
Section 2, no Default or Event of Default has occurred and is continuing; and 
 (c) This Amendment and the Credit Agreement, as
amended hereby, constitute legal, valid and binding obligations of such Loan Party and are enforceable against such Loan Party in accordance with their respective terms, except as enforcement may be limited by equitable principles or by bankruptcy,
insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally. 
 9. Further
Assurances. The Loan Parties shall execute and deliver all agreements, documents and instruments reasonably requested by the Agent, each in form and substance reasonably satisfactory to the Agent, and take all actions as the Agent may reasonably
request from time to time, to perfect and maintain the perfection and priority of the security interest in the Collateral held by the Agent and to fully consummate the transactions contemplated under this Amendment and the Credit Agreement, as
modified hereby. 
 10. Miscellaneous. 

(a) Amendment Fee. In consideration of entering into this Amendment, Borrowers shall pay to Agent, for the ratable benefit of the
Lenders, an amendment fee equal to $100,000 (the “Amendment Fee”), which fee shall be fully earned as of the date hereof and shall be payable and non-refundable on the date hereof. 

(b) Covenant. Within five (5) Business Days of the Date hereof (or such later date acceptable to Agent in its sole discretion),
Borrowers shall deliver to Agent executed copies of the NeoVation Lease, the NeoVation Guaranty and the other documents identified in items 15, 16, 17 and 18 of Exhibit A attached hereto. 

(c) Expenses. Borrowers agree to pay on demand all Lender Group Expenses of Agent in connection with the preparation, negotiation,
execution, delivery and administration of this Amendment in accordance with the terms of the Credit Agreement. 
 (d) Governing Law.
This Amendment shall be a contract made under and governed by, and construed in accordance with the internal laws of the State of Illinois. 

(e) Counterparts. This Amendment may be executed in any number of counterparts, and by the parties hereto on the same or separate
counterparts, and each such counterpart, when executed and delivered, shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Amendment. Delivery of an executed signature page of this Amendment by
facsimile transmission or electronic photocopy (e.g., “pdf”) shall be effective as delivery of a manually executed counterpart hereof. 

  
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 11. Release. In consideration of the agreements of Agent and Lenders contained herein
and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each Loan Party, on behalf of itself and its respective successors, assigns, and other legal representatives, hereby absolutely,
unconditionally and irrevocably releases, remises and forever discharges Agent and Lenders, and their successors and assigns, and their present and former shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers,
attorneys, employees, agents and other representatives (Agent, each Lender and all such other Persons being hereinafter referred to collectively as the “Releasees” and individually as a “Releasee”), of and from all
demands, actions, causes of action, suits, covenants, contracts, controversies, agreements, promises, sums of money, accounts, bills, reckonings, damages and any and all other claims, counterclaims, defenses, rights of
set-off, demands and liabilities whatsoever (individually, a “Claim” and collectively, “Claims”) of every name and nature, known as of the date of this Amendment, both at law
and in equity, which each Loan Party, or any of its respective successors, assigns, or other legal representatives may now or hereafter own, hold, have or claim to have against the Releasees or any of them for, upon, or by reason of any
circumstance, action, cause or thing whatsoever which arises at any time on or prior to the day and date of this Amendment, in each case for or on account of, or in relation to, or in any way in connection with any of the Credit Agreement, or any of
the other Loan Documents or transactions thereunder or related thereto. 
 [Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by
their respective officers thereunto duly authorized and delivered as of the date first above written. 
  

							
	BORROWER:	 		 	SKYWATER TECHNOLOGY FOUNDRY, INC.,
		 		 	a Delaware corporation
				
		 		 	By:	 	 /s/ Stephen Manko

		 		 		 	Name: Stephen Manko
		 		 		 	Title:   Chief Financial Officer
			
	PARENT:	 		 	CMI ACQUISITION, LLC,
		 		 	a Delaware limited liability company
				
		 		 	By:	 	 /s/ Stephen Manko

		 		 		 	Name: Stephen Manko
		 		 		 	Title:   Chief Financial Officer

 [Signature Page to Waiver, Consent and First Amendment] 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Agent and as a Lender
	
		
	By:	 	 /s/ Darryl Gerads

		 	Name: Darryl Gerads
		 	Title:   Vice President

 [Signature Page to Waiver, Consent and First Amendment]EX-10.22

 Exhibit 10.22 

WARRANT PURCHASE AGREEMENT 

THIS WARRANT PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of December 27, 2020 (the
“Effective Date”), by and between CMI ACQUISITION, LLC, a Delaware limited liability company (the “Company”), and GORDON BROTHERS FINANCE COMPANY, a Delaware corporation (the “Holder”). 

W I T N E S S E T H: 
 WHEREAS,
the Company and Gordon Brothers Finance Company, LLC, a Delaware limited liability company (the “Predecessor Holder”), and certain other parties entered into that certain Term Loan Agreement, dated as of March 1, 2017 (as from
time to time amended, restated, modified and/or supplemented, the “Term Loan Agreement”), pursuant to which the lenders under the Term Loan Agreement extended certain loans to the Company and the other borrowers under the Term Loan
Agreement, upon the terms and subject to the conditions of the Term Loan Agreement; 
 WHEREAS, in connection with the transactions
contemplated by the Term Loan Agreement, the Company executed and delivered to the Predecessor Holder that certain Warrant, dated as of March 1, 2017 (as from time to time amended, restated, modified and/or supplemented, the
“Warrant”), pursuant to which the Company granted to the Predecessor Holder a warrant to purchase Class A Preferred Units of the Company, upon the terms and subject to the conditions of the Warrant; 

WHEREAS, pursuant to a certain Assignment, dated as of November 3, 2020, the Predecessor Holder sold, assigned and transferred unto the
Holder all of the Predecessor Holder’s right, title and interest in, to and under the Warrant and, accordingly, the Holder is the “Holder” under and as defined in the Warrant; 

WHEREAS, the Company is proposing to repay all of the obligations under the Term Loan Agreement (the “Refinancing
Transaction”), and if the Refinancing Transaction is consummated it will constitute an “Exercise Transaction” under and as defined in the Warrant; and 

WHEREAS, the Holder has agreed to sell the Warrant to the Company, and the Company has agreed to purchase the Warrant from the Holder, upon
the terms and subject to the conditions of this Agreement. 
 NOW, THEREFORE, in consideration of the mutual promises set forth herein, the
parties hereto do hereby agree as follows: 
 1. Purchase and Sale. Subject to the terms and conditions of this Agreement, the Holder
hereby agrees to sell to the Company, and the Company hereby agrees to purchase from the Holder, at the Closing (as defined below), the Warrant in exchange for the Warrant Price (as defined below), which represents the negotiated and mutually agreed
upon Fair Value (as defined in the Warrant and, as used herein, the “Fair Value”) of the Warrant. 

  
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 2. Payment of Warrant Price. At the Closing (as defined below), the Company or its designee
shall pay to the Holder Fourteen Million and 00/100 Dollars ($14,000,000.00) (the “Warrant Price”), all of which will be paid to the Holder in cash at the Closing in accordance with Section 4.2 below. The Company and the Holder
acknowledge and agree that the Warrant Price constitutes the Fair Value of the Warrant. 
 3. Closing. The consummation of the
transactions contemplated by this Agreement (the “Closing”) shall take place on Monday, December 28, 2020, or, in the event that the Refinancing Transaction has not occurred on or before such date, on such subsequent date that
the Refinancing Transaction does occur (the “Closing Date”). Accordingly, the consummation of the Refinancing Transaction is a condition to the parties’ respective obligations to effect the Closing. 

4. Deliveries at Closing. 

4.1 Holder’s Deliveries. As a condition to the Company’s obligations hereunder, at the Closing, the Holder
shall deliver the original copy of the Warrant to the Company, and any other documentation reasonably requested by the Company to evidence the assignment of the Warrant to the Company; provided, that, at the Holder’s election, in lieu of
delivery of the original copy of the Warrant, in the event that the Holder is unable to locate the original copy, the Holder shall deliver a lost warrant affidavit reasonably satisfactory in form to the Company. 

4.2 Company Deliveries. As a condition to the Holder’s obligations hereunder, at the Closing, the Company or its
designee shall deliver to the Holder the Warrant Price in immediately-available funds by wire transfer to the bank account designated by the Holder in writing prior to the Closing Date. 

5. Representations and Warranties of the Holder. The Holder hereby represents and warrants to the Company, which representations and
warranties shall survive the Closing, as follows as of the Effective Date and as of the Closing Date: 
 5.1 Ownership of
Warrant. The Holder holds all right, title and interest in and to Warrant free and clear of any restrictions on transfer other than those set forth in the Warrant or imposed under federal and state securities laws, and free and clear of all
security interests, liens, charges, encumbrances, options, warrants, purchase rights, contracts, commitments and claims.    The Holder has not sold, transferred or otherwise disposed of the Warrant and, other than this Agreement,
the Holder is not a party to any contract or commitment that could require the Holder to sell, transfer or otherwise dispose of the Warrant.  

5.2 No Other Equity Rights. The Warrant constitutes all of the options or warrants to purchase ownership interests in
the Company or any of its affiliates owned, beneficially or of record, by the Holder and the Holder has no other options, warrants or other rights to acquire any ownership interests of the Company or any of its affiliates.  

5.3 Authority and Enforceability. The Holder has full power and authority to execute and deliver this Agreement and to
perform its obligations hereunder. This Agreement and all other agreements, instruments and documents to be signed by the Holder in connection herewith when executed and delivered will constitute valid and legally binding obligations of the Holder,
enforceable in accordance with their terms and 

  
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 conditions, except as such enforceability may be limited by bankruptcy, insolvency,
moratorium, reorganization and other laws effecting creditors’ rights generally and general principles of equity, regardless of whether asserted in equity or at law. The Holder is not a debtor in a case commenced voluntarily or involuntarily
under either federal or state bankruptcy or insolvency laws. No receiver has been appointed to take custody and control of the Holder or its assets or to operate or liquidate its business or assets.  

5.4 No Conflict. Neither the execution and the delivery of this Agreement by the Holder nor the performance of its
obligations hereunder will (i) violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge or other restriction of any government, governmental agency or court to which the Holder is subject,
(ii) violate any organizational document of the Holder, nor (iii) result in the imposition or creation of any lien or encumbrance upon or with respect to the Warrant.  

5.5 Information and Acknowledgements; Potential Transactions; Etc. The Holder has sufficient knowledge, sophistication
and experience in business and financial matters so as to be capable of evaluating the merits and risks of a sale of the Warrant to the Company pursuant to this Agreement, including, but not limited to, the risk that the Warrant Price may be less
than the Fair Value of the Warrant as would be determined by an independent appraiser in accordance with the definition of Fair Value contained in the Warrant. Without limiting the generality of the foregoing, the Holder acknowledges and agrees
that: (i) the Company has advised the Holder, and the Holder understands, that the Company and/or one or more of its subsidiaries may consummate, and is/are currently in the process of pursuing the consummation of, one or more transactions
(including, but not limited to, an underwritten public offering by the Company (or a successor to the Company by way of conversion) of its equity securities (an “IPO”) and one or more acquisition opportunities or other business
ventures) (each such transaction (including, but not limited to, an IPO) being a “Potential Transaction” and, collectively, the “Potential Transactions”) which, if consummated, may result in or imply a Fair Value of
the Warrant (or, in turn, a value of the Class A Preferred Units for which the Warrant is exercisable) that materially exceeds the Warrant Price; (ii) the Holder is familiar with the business, financial condition and operations of the
Company and its subsidiaries, and the Holder has had an opportunity to ask questions of, and to receive information from, the Company and its representatives and advisors concerning, the Company and its subsidiaries and the Potential Transactions
(including, but not limited to, the nature and potential timing of any Potential Transaction) and to obtain any and all additional information necessary concerning the Company and its subsidiaries and the Potential Transactions to verify the
accuracy of any information which the Holder deems relevant to make an informed decision as to the Holder’s sale of the Warrant to the Company and the determination of the amount of the Warrant Price; (iii) by consummating the transactions
contemplated by this Agreement, the Holder is irrevocably and unconditionally waiving, and is releasing, any right to receive any payment or other consideration for the Warrant (other than the Warrant Price), including, but not limited to, any
payment or other consideration due to the consummation of any Potential Transaction (or any other event or increase in the value of the Company) that results in or implies a Fair Value of the Warrant (or, in turn, a value of the Class A
Preferred Units for which the Warrant is exercisable) that exceeds the Warrant Price, or otherwise; (iv) the value that the Holder could realize by exercising the Warrant could materially exceed the Warrant Price

  
 3 

 and, notwithstanding the foregoing, the Holder is electing to sell the Warrant to the
Company pursuant to this Agreement in exchange for payment of the Warrant Price; and (v) given the foregoing acknowledgements and representations by the Holder, the Holder has knowingly and voluntarily chosen to forego a determination of the
Fair Value of the Warrant by an independent appraiser in accordance with the definition of Fair Value contained in the Warrant. 
 6.
Representations and Warranties of the Company. The Company hereby represents and warrants to the Holder, which warranties and representations shall survive the Closing, as follows as of the Effective Date and as of the Closing Date: 

6.1 Authority and Enforceability. The Company has full power and authority to execute and deliver this Agreement and to
perform its obligations hereunder. This Agreement and, if any, all other agreements, instruments and documents to be signed by the Company in connection herewith when executed and delivered will constitute valid and legally binding obligations of
the Company, enforceable in accordance with their terms and conditions, except as such enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization and other laws effecting creditors’ rights generally and general
principles of equity, regardless of whether asserted in equity or at law. The Company is not a debtor in a case commenced voluntarily or involuntarily under either federal or state bankruptcy or insolvency laws. No receiver has been appointed to
take custody and control of the Company or its assets or to operate or liquidate its business or assets. 
 6.2 No
Conflict. Neither the execution and the delivery of this Agreement by the Company nor the performance of its obligations hereunder will (i) violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling,
charge or other restriction of any government, governmental agency or court to which the Company is subject nor (ii) violate the Company’s certificate of formation, operating agreement or other governing documents.  

7. Release. 

7.1 Release by Holder. For value received, effective as the Closing, the Holder, on behalf of itself and its successors,
assigns, officers, directors, managers, shareholders, members, partners, employees, agents, representatives and affiliates, and any other person or entity claiming by, through, or under any of the foregoing, does hereby unconditionally and
irrevocably release, waive and forever discharge the Company, its successors, assigns, officers, directors, managers, members, employees, agents, representatives, subsidiaries and affiliates, and their respective beneficiaries, heirs, and executors
(collectively, the “Company Released Parties”), from any and all claims, demands, damages, costs, compensation, expenses, judgments, causes of action and liabilities of any nature whatsoever, whether or not known, actual or
contingent, liquidated or unliquidated, suspected or claimed, arising from or relating to the Warrant, the Holder’s ownership of the Warrant or the Holder’s sale of the Warrant to the Company under this Agreement. For the avoidance of
doubt, the matters released and discharged pursuant to this Section 7.1 include, but are not limited to, any and all claims, demands, damages, costs, compensation, expenses, judgments, causes of action and liabilities of any nature whatsoever,
whether or not known, actual or contingent, liquidated or unliquidated, suspected or claimed, relating 

  
 4 

 to the right to receive any payment or other consideration for the Warrant (other than the
Warrant Price), including, but not limited to, any payment or other consideration due to the consummation of any Potential Transaction (or any other event or increase in the value of the Company) that results in or implies a Fair Value of the
Warrant (or, in turn, a value of the Class A Preferred Units for which the Warrant is exercisable) that exceeds the Warrant Price, or otherwise. 

7.2 Release by the Company. For value received, effective as of the Closing, the Company, on behalf of itself and its
successors, assigns, officers, directors, managers, shareholders, members, partners, employees, agents, representatives and affiliates, and any other person or entity claiming by, through, or under any of the foregoing, does hereby unconditionally
and irrevocably release, waive and forever discharge the Holder, its successors, assigns, officers, directors, managers, members, employees, agents, representatives, subsidiaries and affiliates, and their respective beneficiaries, heirs, and
executors (collectively, the “Holder Released Parties”), from any and all claims, demands, damages, costs, compensation, expenses, judgments, causes of action and liabilities of any nature whatsoever, whether or not known, actual or
contingent, liquidated or unliquidated, suspected or claimed, arising from or relating to the Warrant, the Holder’s ownership of the Warrant or the Company’s purchase of the Warrant under this Agreement. 

7.3 No Claims Against any Released Party. The Holder irrevocably covenants that, from and after the Closing, it will
not, directly or indirectly, sue, commence any proceeding against, or make any demand upon any Company Released Party in respect of any of the matters released and discharged pursuant to Sections 7.1, and the Company irrevocably covenants that, from
and after the Closing, it will not, directly or indirectly, sue, commence any proceeding against, or make any demand upon any Holder Released Party in respect of any of the matters released and discharged pursuant to Sections 7.2. 

7.4 Acknowledgment. The Holder and the Company each acknowledge that it has thoroughly read and reviewed the terms and
provisions of this Section 7, is familiar with the terms hereof; that the terms and provisions contained herein are fully understood by it and have been fully and unconditionally agreed to by it in exchange for value received under this
Agreement and as an integral part thereof and that it has had the full benefit of advice of counsel of its own selection relative hereto and has freely, knowingly and voluntarily executed this Agreement on the date hereof. 

8. Termination of Warrant. At the Closing, the Warrant shall be immediately and automatically terminated and cancelled and shall be of
no further force or effect. Execution of Additional Documents. From time to time, as and when requested by a party hereto, each party hereto shall execute and deliver, or cause to be executed and delivered, all such agreements, documents and
instruments, and shall take, or cause to be taken, all such actions, as such other party may reasonably deem necessary to carry out the intent and purposes of this Agreement. 

10. Assignment. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
successors and assigns; provided, however, that the Holder and the Company may not assign its rights or obligations hereunder, other than to an affiliate, without the prior written consent of the non-assigning
party. 

  
 5 

 11. Notices. All notices, requests, demands and other communications which are
required or may be given under this Agreement shall be in writing and shall be deemed to have been duly given when received if personally delivered; on the next business day following receipt if transmitted by telecopy, electronic or digital
transmission method; upon receipt, if sent for next day delivery to a domestic address by a recognized overnight delivery service; and upon receipt, if sent by certified or registered mail, return receipt requested. In each case notice shall be
sent: 
  

			
	If to the Company:	  	 CMI Acquisition, LLC

c/o SkyWater Technology Foundry, Inc.

2401 E 86th Street

Bloomington, MN 55425

Attn.: Chief Financial Officer

		
	If to the Holder:	  	 Gordon Brothers Finance Company

40 East 52nd Street
 New
York, NY 10022
 Attn: Jason Mehring, Chairman

 or to such other place and with such other copies as either party may designate as to itself by written notice to the other
party. 
 12. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.
To the extent jurisdiction exists, any claim arising pursuant to this Agreement shall be filed in a state or federal court located in the State of Delaware. 

13. Entire Agreement; Amendments and Waivers. This Agreement constitutes the entire agreement among the parties hereto pertaining to
the subject matter hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, among such parties. This Agreement may be amended, modified or supplemented only by a writing signed by all of the
parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (whether or not similar), nor shall such waiver constitute a continuing waiver unless otherwise expressly
provided. 
 14. Multiple Counterparts. This Agreement may be executed in one or more counterparts, including a facsimile or other
electronic copy thereof, each of which shall be deemed to be an original, including the signature thereon, but all of which together shall constitute one and the same agreement. A facsimile or electronically transmitted signature shall have the same
force and effect as an original and shall bind any party signing in such manner. This Agreement shall become binding when one or more counterparts taken together shall have been executed and delivered by the parties hereto. 

15. Severability. In the event that any one or more of the provisions contained in this Agreement or in any other document referred to
herein, shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, then such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement or any other such instrument. 

  
 6 

 16. Captions, Gender Reference, etc. The titles, captions or headings of the Sections
herein are inserted for convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. Words used herein, regardless of the number and gender specifically used, shall be deemed and
construed to include any other number, singular and plural, and any other gender, masculine, feminine or neuter, as the context requires. 

17. Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
successors and permitted assigns. 
 18. Termination. This Agreement may be terminated and the transactions contemplated by this
Agreement may be abandoned at any time prior to the Closing: (a) by mutual written consent of the Company and the Holder, (b) by the Holder, if the Refinancing Transaction and, in turn, the Closing shall not have occurred on or prior to
January 15, 2021, and (c) by the Company, if the Refinancing Transaction and, in turn, the Closing shall not have occurred on or prior to January 15, 2021. 

[THE REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK] 

  
 7 

 IN WITNESS WHEREOF, the undersigned have caused their duly authorized officers to execute
and delivery this Warrant Purchase Agreement as of the date first written above. 
  

			
	 CMI ACQUISITION, LLC

	
	/s/ Steve Manko
	By:	 	Steve Manko
	Its:	 	CFO
	
	 GORDON BROTHERS FINANCE COMPANY

	
	 
	 By:
	 	 
	 Its:
	 	 

  
 8 

 IN WITNESS WHEREOF, the undersigned have caused their duly authorized officers to execute
and delivery this Warrant Purchase Agreement as of the date first written above. 
  

			
	 CMI ACQUISITION, LLC

	
	 
	By:	 	 
	Its:	 	 
	
	 GORDON BROTHERS FINANCE COMPANY

	
	 /s/ Jason Mehring

	 By:
	 	Jason Mehring
	 Its:
	 	Chairman

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