Document:

EX-10.2

 Exhibit 10.2 

COMPANY SHAREHOLDER SUPPORT AGREEMENT 

THIS COMPANY SHAREHOLDER SUPPORT AGREEMENT (this “Agreement”), dated as of May 25th, 2021, is entered into by and among PTK Acquisition Corp., a Delaware corporation (“SPAC”), Valens Semiconductor Ltd., a limited liability company organized under the laws of
the State of Israel (the “Company”), and the party listed on the signature pages hereto as a “Shareholder” (the “Shareholder”). 

RECITALS 

WHEREAS, concurrently herewith, SPAC, Valens Merger Sub, Inc., a Delaware corporation and a direct, wholly-owned subsidiary of the
Company (“Merger Sub”), and the Company are entering into a Business Combination Agreement substantially in the form attached hereto as Annex A (as amended, supplemented, restated or otherwise modified from time to
time, the “Business Combination Agreement”). Capitalized terms used but not otherwise defined in this Agreement shall have the meanings ascribed to them in the Business Combination Agreement; 

WHEREAS, immediately prior to the Closing Date, each Company Preferred Share will be converted into one Company Ordinary Share, in
accordance with the Governing Documents of the Company in accordance with Section 2.1(a) of the Business Combination Agreement (the “Company Preferred Share Conversion”) and, immediately following such conversion, the
Company shall effect a reverse stock split of each Company Ordinary Share into such number of Company Ordinary Shares calculated in accordance with Section 2.1(b) of and Exhibit G to the Business Combination Agreement (such reverse stock split,
together with the Company Preferred Share Conversion, the “Capital Restructuring”); 
 WHEREAS, immediately
following the Company Preferred Share Conversion but prior to the Effective Time, all of the Company Options, whether vested or unvested, outstanding and unexercised immediately prior to the Effective Time, automatically and without any action on
the part of any holder of such Company Options or beneficiary thereof, will be adjusted in accordance with Section 2.1(c) of the Business Combination Agreement; 

WHEREAS, at the Effective Time, upon the terms and subject to the conditions of the Business Combination Agreement and in accordance
with the applicable provisions of the DGCL, Merger Sub will merge with and into SPAC (the “Merger”), with SPAC continuing as the surviving company after the Merger, as a result of which SPAC will become a direct, wholly-owned
subsidiary of the Company; 
 WHEREAS, as of the date hereof, the Shareholder is the record and “beneficial owner” (within
the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as amended (together with the rules and regulations promulgated thereunder, the “Exchange Act”)) of and is entitled
to dispose of and vote [[●] Company Ordinary Shares, [●] Company Preferred A Shares, [●] Company Preferred B-1 Shares, [●] Company Preferred B-2 Shares, [●] Company Preferred C Shares, [●] Company Preferred D Shares, and [●] Company Preferred E Shares] (collectively, the “Owned
Shares”; the Owned Shares and any additional Company Ordinary Shares and/or Company Preferred Shares (or any securities convertible into or exercisable or exchangeable for Company Ordinary Shares and/or Company Preferred Shares) in
which the Shareholder has or 

 
acquires record or beneficial ownership after the date hereof, including by purchase, as a result of a share dividend, share split, recapitalization, combination, reclassification, exchange or
change of such shares, or upon exercise or conversion of any securities, the “Covered Shares”); and 

WHEREAS, as a condition and inducement to the willingness of SPAC to enter into the Business Combination Agreement, SPAC, the Company
and the Shareholder are entering into this Agreement. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants
and agreements herein contained, and intending to be legally bound hereby, SPAC, the Company and the Shareholder hereby agree as follows: 

1.    Agreement to Vote. Concurrently with the execution and delivery of this
Agreement, the Shareholder shall execute and deliver to the Company a proxy, irrevocable to the fullest extent permitted by Law, in substantially the form attached hereto as Exhibit A, in respect of all of the Shareholder’s Covered
Shares, which proxy (the “Proxy”) shall automatically expire upon the Termination Date (as defined herein). Such Proxy, until the Termination Date, shall be in full force and effect, at any meeting of the shareholders
of the Company (whether annual or special and whether or not an adjourned or postponed meeting, however called and including any adjournment or postponement thereof), for the purpose of approving any or all of the resolutions set forth in the Proxy.
In addition, prior to the Termination Date (as defined herein), the Shareholder irrevocably and unconditionally agrees that, at any meeting of the shareholders of the Company (whether annual or special and whether or not an adjourned or postponed
meeting, however called and including any adjournment or postponement thereof) and in connection with any written consent of shareholders of the Company, the Shareholder shall, and shall cause any other holder of record of any of the
Shareholder’s Covered Shares to: 
 (a)    if and when such meeting is held, appear at such meeting or otherwise
cause the Shareholder’s Covered Shares to be counted as present thereat for the purpose of establishing a quorum, and if a quorum is not present, to vote (in person or by proxy) in favor of adjournment of such meeting of the shareholders to a
later date, as in accordance with the Company’s Articles of Association as in effect at such time; 

(b)    execute and return an action by written consent (or vote, in person or by proxy), or validly execute and return and
cause such consent to be granted with respect to (or cause to be voted at such meeting), all of the Shareholder’s Covered Shares owned as of the date that any written consent is executed by the Shareholder (or the record date for such meeting)
in favor of the Company Shareholder Proposals, as set forth on Exhibit A hereto; 
 (c)    execute and return an
action by written consent (or vote, in person or by proxy), or validly execute and return and cause such consent to be granted with respect to (or cause to be voted at such meeting), all of the Shareholder’s Covered Shares against (A) any
Company Acquisition Proposal (as defined in the Business Combination Agreement) or any Company Business Combination Proposal (as defined below) (in each case, other than the Transactions) and any other action or agreement that would reasonably be
expected to (i) discourage, frustrate the purposes of, or materially impede, interfere with, delay, postpone or adversely affect the Transactions (including the consummation thereof), (ii) result in a breach of any covenant,

  
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representation or warranty or other obligation or agreement of the Company under the Business Combination Agreement, this Agreement or the Registration Rights Agreement or cause any of the
conditions to Closing set forth in Article VI of the Business Combination Agreement not to be fulfilled or (iii) result in a breach of any covenant, representation or warranty or other obligation or agreement of the Shareholder contained in
this Agreement or the Registration Rights Agreement and (B) any merger agreement or merger (other than the Business Combination Agreement and the Merger), consolidation, combination, sale of all or substantially all assets, scheme of
arrangement, reorganization, recapitalization, dissolution, liquidation or winding up of or by the Company, in each case as determined by the Company; and 

(d)    in any other circumstances upon which a consent or other approval is required under the Company’s Governing
Documents or otherwise sought in furtherance of the Transactions, in each case as determined by the Company, vote, consent or approve (or cause to be voted, consented or approved), in person or by proxy, all of the Shareholder’s Covered Shares
owned at such time in favor thereof. 
 2.    Proxy. 

(a)    The obligations of the Shareholder specified in Section 1 shall apply whether or not the
Merger or any action described above is recommended by the board of directors of the Company or any committee thereof or the board of directors of the Company or any committee thereof has previously recommended the Merger or such action but changed
such recommendation. 
 (b)    The Shareholder hereby irrevocably and unconditionally, to the fullest extent permitted
by applicable Law, appoints the Company, or any designee of the Company, for so long as the provisions of Section 1 remain in effect, as the Shareholder’s
attorney-in-fact and proxy with full power of substitution, to vote, express consent or dissent and otherwise act (by written consent or otherwise) with respect to the
Covered Shares, solely on the matters and in the manner specified in Section 1. This proxy (including, for the avoidance of doubt, any voting proxy delivered pursuant to Section 1) shall be valid
for the duration of this Agreement. 
 (c)    THE PROXIES AND POWERS OF ATTORNEY GRANTED PURSUANT TO THIS SECTION
2 ARE IRREVOCABLE AND COUPLED WITH AN INTEREST. The Shareholder hereby affirms that the irrevocable proxy granted by Shareholder pursuant to this Section 2 (including, for the avoidance of doubt, any voting proxy
delivered pursuant to Section 1) is granted in consideration of SPAC entering into this Agreement and the Business Combination Agreement and that such irrevocable proxy is given to secure the performance of the duties of
the Shareholder under this Agreement. The proxies and powers of attorney shall not be terminated by any act of the Shareholder or by operation of law, by lack of appropriate power or authority, or by the occurrence of any other event or events and
shall be binding upon all successors, assigns, heirs, beneficiaries and legal representatives of the Shareholder. The Shareholder hereby revokes all other proxies and powers of attorney on the matters specified in this
Section 2 with respect to the Covered Shares that the Shareholder may have previously appointed or granted, and no subsequent proxy or power of attorney shall be given or written consent executed (and if given or executed,
shall not be effective) by the Shareholder with respect to any Covered Shares. All authority herein conferred or agreed to be conferred shall survive the death, bankruptcy or incapacity of the Shareholder and any obligation of the Shareholder under
this Agreement shall be binding upon the heirs, personal representatives, and successors of the Shareholder. 

  
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 3.    No Inconsistent Agreements. The Shareholder hereby covenants and agrees
that the Shareholder shall not, at any time prior to the Termination Date (as defined below), (i) enter into any voting agreement or voting trust with respect to any of the Shareholder’s Covered Shares that is inconsistent with the
Shareholder’s obligations pursuant to this Agreement, (ii) grant a proxy or power of attorney with respect to any of the Shareholder’s Covered Shares that is inconsistent with the Shareholder’s obligations pursuant to this
Agreement, or (iii) enter into any agreement or undertaking that is otherwise inconsistent with, or would interfere with, or prohibit or prevent it from satisfying, its obligations pursuant to this Agreement. 

4.    Termination. This Agreement shall terminate, and no party shall have any further obligations or liabilities under this
Agreement, upon the earliest of (i) termination of the Business Combination Agreement in accordance with its terms or (ii) the time this Agreement is terminated upon the mutual written agreement of SPAC, the Company and the Shareholder
(the earliest such date under clauses (i) and (ii) being referred to herein as the “Termination Date”); provided, that the provisions set forth in Sections 11 to 23 below shall survive the
termination of this Agreement; provided further, that termination of this Agreement 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. 
 5.    Representations and Warranties of the Shareholder. The Shareholder hereby represents and warrants to the
Company and SPAC as to itself, as of the date hereof and as of the Closing, as follows: 
 (a)    The Shareholder is the
sole record and beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act) of, and has good, valid and marketable title to, the Covered Shares, free and clear of Liens other than as created by
this Agreement or pursuant to the Governing Documents of the Company. As of the date hereof, other than the Owned Shares, the Shareholder does not own beneficially or of record any share capital of the Company (or any securities convertible into
share capital of the Company). 
 (b)    The Shareholder (i) except as provided in this Agreement, has full voting
power, full power of disposition and full power to issue instructions with respect to the matters set forth herein, in each case, with respect to the Shareholder’s Covered Shares, (ii) has not entered into any voting agreement or voting
trust or any other agreement or arrangement, including any proxy, consent or power of attorney, with respect to any of the Shareholder’s Covered Shares that is inconsistent with the Shareholder’s obligations pursuant to this Agreement,
(iii) has not granted a proxy or power of attorney with respect to any of the Shareholder’s Covered Shares that is inconsistent with the Shareholder’s obligations pursuant to this Agreement, and has no knowledge and is not aware of
any such proxy or power of attorney in effect, and (iv) has not entered into any agreement or undertaking that is otherwise inconsistent with, or would interfere with, or prohibit or prevent it from satisfying, its obligations pursuant to this
Agreement, and has no knowledge and is not aware of any such agreement or undertaking. 

  
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 (c)    (A) If the Shareholder is a natural person, he or she has all the
requisite power and authority and has taken all action necessary in order to execute and deliver this Agreement, to perform his or her obligations hereunder and to consummate the transactions contemplated hereby, and (B) if the Shareholder is
not a natural person it (i) is a legal entity duly organized, validly existing and, to the extent such concept is applicable, in good standing under the applicable Law of the jurisdiction of its organization, and (ii) has all requisite
corporate or other power and authority and has taken all corporate or other action necessary in order to, execute, deliver and perform its obligations under this Agreement and to consummate the transactions contemplated hereby. This Agreement has
been duly executed and delivered by the Shareholder and constitutes a valid and binding agreement of the Shareholder enforceable against the Shareholder in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium and similar applicable Law affecting creditors’ rights generally and subject, as to enforceability, to general principles of equity. 

(d)    Other than the filings, notices and reports pursuant to, in compliance with or required to be made under the
Exchange Act, if any, no filings, notices, reports, consents, registrations, approvals, permits, waivers, expirations of waiting periods or authorizations are required to be obtained by the Shareholder from, or to be given by the Shareholder to, or
be made by the Shareholder with, any Governmental Entity in connection with the execution, delivery and performance by the Shareholder of this Agreement, the consummation of the transactions contemplated hereby or the Merger and the other
transactions contemplated by the Business Combination Agreement. 
 (e)    The execution, delivery and performance of
this Agreement by the Shareholder do not, and the consummation of the transactions contemplated hereby or the Merger and the other transactions contemplated by the Business Combination Agreement will not, constitute or result in (i) a breach or
violation of, or a default under, the Governing Documents of the Shareholder (if the Shareholder is not a natural person), (ii) with or without notice, lapse of time or both, a breach or violation of, a termination (or right of termination) of or a
default under, the loss of any benefit under, the creation, modification or acceleration of any obligations under or the creation of a Lien on any of the properties, rights or assets of the Shareholder pursuant to any Contract binding upon the
Shareholder or, assuming (solely with respect to performance of this Agreement and the transactions contemplated hereby), compliance with the matters referred to in Section 5(d), under any applicable Law to which the
Shareholder is subject or (iii) any change in the rights or obligations of any party under any Contract legally binding upon the Shareholder, except, in the case of clause (ii) or (iii) directly above, for any such breach, violation,
termination, default, creation, acceleration or change that would not, individually or in the aggregate, reasonably be expected to prevent or materially delay or impair the Shareholder’s ability to perform its obligations hereunder or to
consummate the transactions contemplated hereby, or the consummation of the Merger or the other transactions contemplated by the Business Combination Agreement. 

(f)    As of the date of this Agreement, there is no action, proceeding or investigation pending against the Shareholder
or, to the knowledge of the Shareholder (after conducting reasonable and due inquiry), threatened against the Shareholder (i) that questions or would reasonably be expected to question the beneficial or record ownership of the
Shareholder’s Covered Shares, or (ii) that questions or would reasonably be expected to question the validity of 

  
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this Agreement or to prevent or materially impair, enjoin or delay the ability of the Shareholder to perform its obligations under this Agreement or to consummate the transactions contemplated
hereby, or the consummation of the Merger or the other transactions contemplated by the Business Combination Agreement. 

(g)    The Shareholder is a sophisticated stockholder and has adequate information concerning the business and financial
condition of SPAC and the Company to make an informed decision regarding this Agreement and the other transactions contemplated by the Business Combination Agreement and has independently and based on such information as the Shareholder has deemed
appropriate, made its own analysis and decision to enter into this Agreement. The Shareholder acknowledges that none of SPAC, the Company or any other Person have made to the Shareholder, and Shareholder has not relied upon, any representation or
warranty, whether express or implied, of any kind or character except as expressly set forth in this Agreement. The Shareholder acknowledges that the agreements contained herein with respect to the Covered Shares owned by the Shareholder are
irrevocable. 
 (h)    The Shareholder understands and acknowledges that SPAC and the Company are entering into the
Business Combination Agreement in reliance upon the Shareholder’s execution and delivery of this Agreement and the representations, warranties, covenants and other agreements of the Shareholder contained herein. 

(i)    No investment banker, broker, finder or other intermediary is entitled to any broker’s, finder’s,
financial advisor’s or other similar fee or commission in connection with the transactions contemplated hereby or by the Business Combination Agreement based upon arrangements made by or, to the knowledge of the Shareholder (after conducting
reasonable and due inquiry), on behalf of the Shareholder. 
 6.    Certain Covenants of the Shareholder. Except in accordance
with the terms of this Agreement, the Shareholder hereby covenants and agrees as follows: 
 (a)    Subject to
Section 7 hereof, prior to the Termination Date, the Shareholder shall not, and shall cause its Affiliates and Subsidiaries not to, shall not authorize its Representatives to, and shall use its reasonable best efforts to
cause its and their respective Representatives not to, directly or indirectly, (i) solicit, initiate, knowingly encourage (including by means of furnishing or disclosing information), knowingly facilitate, approve, endorse, recommend, discuss
or negotiate, directly or indirectly, any inquiry, proposal or offer (written or oral) that constitutes, or may reasonably be expected to result in or lead to, a Company Acquisition Proposal (in each case, other than the Transactions, a
“Company Business Combination Proposal”); (ii) furnish or disclose any non-public information about the Company to any Person in connection with, or that could reasonably be expected to
lead to, a Company Business Combination Proposal (except that the Shareholder shall be permitted to disclose non-public information about the Company to its limited partners, members, or shareholders for the
limited purpose of securing the corporate or other power and authority to execute and perform this Agreement, provided the Shareholder takes reasonable efforts to cause such Persons to comply with this Section 6(a));
(iii) enter into any Contract or other arrangement or understanding regarding a Company Business Combination Proposal; or (iv) otherwise cooperate in any way with, or assist or participate in, or knowingly facilitate or encourage any effort or
attempt by any Person to do or seek to do any of the foregoing. 

  
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The Shareholder shall (A) notify the Company promptly (and in any event within one (1) Business Day) upon receipt by the Shareholder of any Company Business Combination Proposal, and
describe the material terms and conditions of any such Company Business Combination Proposal in reasonable detail (including the identity of the Persons making such Company Business Combination Proposal) and (B) keep the Company reasonably
informed on a current basis of any modifications or other material developments with respect to such Company Business Combination Proposal or information. The Shareholder also agrees that, immediately following the execution of this Agreement, the
Shareholder shall, and shall cause its Affiliates and Subsidiaries to, and shall use its reasonable best efforts to cause its and their respective Representatives to, cease any solicitations, discussions or negotiations with any Person (other than
the parties hereto and their respective Representatives) conducted heretofore in connection with a Company Business Combination Proposal. 

Notwithstanding anything in this Agreement to the contrary, (i) the Shareholder shall not be responsible for the actions of the Company
or the board of directors of the Company (or any committee thereof), any Subsidiary of the Company, or any officers, directors (in their capacity as such), employees and professional advisors of any of the foregoing (the “Company Related
Parties”), including with respect to any of the matters contemplated by this Section 6(a), (ii) the Shareholder makes no representations or warranties with respect to the actions of any of the Company Related
Parties and (iii) any breach by the Company of its obligations under Section 5.6 (Exclusive Dealing) of the Business Combination Agreement shall not be considered a breach of this Section 6(a) (it being
understood for the avoidance of doubt that the Shareholder shall remain responsible for any breach by the Shareholder or its, his or her Representatives (other than any such Representative that is a Company Related Party) of this
Section 6(a)). 
 (b)    The Shareholder hereby agrees not to, directly or indirectly, prior
to the Termination Date, except in connection with the consummation of the Merger, (i) sell, transfer, tender, grant, pledge, encumber, assign, hedge, swap, convert or otherwise dispose of (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), either voluntarily or
involuntarily (collectively, “Transfer”), or enter into any Contract, option or other arrangement (including profit sharing arrangement) with respect to the Transfer of any of the Shareholder’s Covered Shares;
(ii) grant any proxies or enter into any voting arrangement, whether by proxy, voting agreement, voting trust, voting deed or otherwise (including pursuant to any loan of any Covered Shares), or enter into any other agreement, with respect to
any Covered Shares (in each case, other than the Proxy granted to the Company in accordance with this Agreement); (iii) publicly announce any intention to effect any transaction specified in clauses (i) or (ii); or (iv) take any action
that would make any representation or warranty of the Shareholder contained herein untrue or incorrect or have the effect of preventing, disabling or delaying the Shareholder from performing its obligations under this Agreement; provided,
however, that nothing herein shall prohibit a Transfer to a Permitted Transferee (as defined in the Company’s Amended and Restated Articles of Association adopted on 15th June 2020, as
may be amended prior to the Effective Time) (a “Permitted Transfer”); provided, further, that any Permitted Transfer shall be permitted only if, as a precondition to such Transfer, the transferee agrees in a
writing, reasonably satisfactory in form and substance to SPAC, to assume all of the obligations of the Shareholder under, and be bound by all of the terms of, this Agreement; provided, further, that any Transfer permitted under

  
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this Section 6(b) shall not relieve the Shareholder of its obligations under this Agreement. Any Transfer in violation of this Section 6(b)
with respect to the Shareholder’s Covered Shares shall be null and void. Nothing in this Agreement shall prohibit direct or indirect transfers of equity or other interests in a Shareholder. 

(c)    The Shareholder hereby authorizes the Company to maintain a copy of this Agreement at either the executive office
or the registered office of the Company. 
 (d)    The Shareholder 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 Shareholder shall be bound by and comply with Section 5.3 (Confidentiality and Access to Information) and
Section 5.4 (Public Announcement) of the Business Combination Agreement (and any relevant definitions contained in such sections) as if the Shareholder was an original signatory to the Business Combination Agreement with respect to such
provisions. 
 (e)    The Shareholder agrees not to commence, join in, facilitate, assist or encourage, and agrees to
take all actions necessary to opt out of any class in any class action with respect to, any claim, derivative or otherwise, against any of SPAC, the Company or any of their respective successors or directors, challenging the validity of, or seeking
to enjoin the operation of, any provision of this Agreement or alleging a breach of any fiduciary duty of any Person in connection with the evaluation, negotiation or entry into the Business Combination Agreement. 

(f)    The Shareholder hereby consents to the termination of, at the Closing, each Company Investor Agreement set forth on
Section 5.20 of the Company Disclosure Schedule (excluding the Transaction Support Agreements), without any continuing liability on the part of the Shareholder, SPAC, any Group Company or Merger Sub; provided that, for the avoidance of
doubt, the Shareholder acknowledges and agrees that the Investor Rights Agreement shall be amended and restated in the form of the Registration Rights Agreement. 

7.    Further Assurances. From time to time, at the Company and the SPAC’s mutual request and without further consideration,
the Shareholder 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. The Shareholder 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 SPAC, the Sponsor, 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 or thereby (including the Capital Restructuring). 

8.    Disclosure. The Shareholder hereby authorizes the Company and SPAC to publish and disclose in any announcement or disclosure
required by the SEC (or as otherwise required by any applicable Securities Laws or any other securities authorities), or include in any document or information required to be filed with or furnished to the SEC or the NYSE or NASDAQ, the
Shareholder’s identity and ownership of the Covered Shares and the nature of the Shareholder’s obligations under this Agreement and, if deemed appropriate by the Company or SPAC, a copy of this Agreement. The Shareholder will promptly
provide any information reasonably requested by 

  
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the Company or SPAC for, and will otherwise use commercially reasonable efforts (including by making any required filings) to obtain any approval required in connection with, any regulatory
application or filing required or advisable in connection with the transactions contemplated by this Agreement and by the Business Combination Agreement (including filings with the SEC or the NYSE or NASDAQ), including the PIPE Financing. 

9.    Changes in Share Capital. In the event of a share split, share dividend or distribution, or any change in the Company’s
share capital by reason of any split-up, reverse share split, recapitalization, combination, reclassification, exchange of shares or the like, the terms “Owned Shares” and “Covered Shares”
shall be deemed to refer to and include such shares as well as all such share dividends and distributions and any securities into which or for which any or all of such shares may be changed or exchanged or which are received in such transaction.

 10.    Amendment and Modification. This Agreement may not be amended, modified or supplemented in any manner, whether by
course of conduct or otherwise, except by an instrument in writing signed by SPAC, the Company and the Shareholder. Any party to this Agreement may, at any time prior to the Termination Date, waive any of the terms or conditions of this Agreement,
or agree to an amendment or modification to this Agreement in the manner contemplated by this Section 10 or Section 11, as applicable. 

11.    Waiver. No failure or delay by any party hereto exercising any right, power or privilege hereunder shall operate as a waiver
thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies of the parties hereto hereunder are cumulative and are not
exclusive of any rights or remedies which they would otherwise have hereunder. Any agreement on the part of a party hereto to any such waiver shall be valid only if set forth in a written instrument executed and delivered by such party. 

12.    Notices. All notices and other communications hereunder shall be in writing and shall be deemed given: (a) on the date
established by the sender as having been delivered personally; (b) one (1) Business Day after being sent by a nationally recognized overnight courier guaranteeing overnight delivery; (c) on the date sent, if sent by email, to the addresses
below; or (d) on the fifth (5th) Business Day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications, to be valid, must be addressed as follows: 

if to the Company or SPAC following the Closing, to: 

Valens Semiconductor Ltd. 

8 Hanagar Street 

POB 7152 

Hod Hasharon, 45011309 

Israel 

Attention: Keren Shmueli, Dror Heldenberg 

Email: keren.shmuelisidi@valens.com, dror.heldenberg@valens.com 

  
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 with copies (which shall not constitute notice) to: 

Davis Polk & Wardwell LLP 

450 Lexington Avenue 

New York NY 10017 

Attention: Brian Wolfe 

Michael Kaplan 

Email: brian.wolfe@davispolk.com 

michael.kaplan@davispolk.com 

and 

Meitar  |  Law Offices 

16 Abba Hillel Road 

Ramat Gan 52506, Israel 

Attention: Alon Sahar 

Assaf Naveh 

Tali Lungin 

Email: asahar@meitar.com 

assafn@meitar.com, talil@meitar.com 

if to SPAC prior to the Closing, to: 

PTK Acquisition Corp. 

4601 Wilshire Boulevard 

Suite 240 

Los Angeles, California 90010 

Attention: Peter Kuo 

Email: peterkuo@ptktech.com 

with copies (which shall not constitute notice) to: 

Goodwin Procter LLP / Goodwin Procter (Hong Kong) LLP 

100 Northern Avenue 

Boston, MA 02210 

Attention: Douglas Freeman / Jocelyn M. Arel / Chi Pan / Daniel J. 

Espinoza 

E-mail: DFreeman@goodwinlaw.com / jarel@goodwinlaw.com / 

ChiPan@goodwinlaw.com / despinoza@goodwinlaw.com 

Goldfarb Seligman & Co. 

Ampa Tower 

98 Yigal Alon Street 

Tel Aviv 6789141, Israel 

Attention: Aaron M. Lampert 

E-mail: aaron.lampert@goldfarb.com 

  
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 If to the Shareholder, to such address indicated on the Company’s records with respect
to the Shareholder or to such other address or addresses as the Shareholder may from time to time designate in writing. 
 13.    No
Ownership Interest. Nothing contained in this Agreement shall be deemed to vest in SPAC any direct or indirect ownership or incidence of ownership of or with respect to the Covered Shares of the Shareholder. All rights, ownership and economic
benefits of and relating to the Covered Shares of the Shareholder shall remain vested in and belong to the Shareholder, and SPAC shall have no authority to manage, direct, restrict, regulate, govern or administer any of the policies or operations of
Company or exercise any power or authority to direct the Shareholder in the voting or disposition of any of the Shareholder’s Covered Shares, except as otherwise provided herein. 

14.    Entire Agreement. This Agreement and the Business Combination Agreement constitute the entire agreement among the parties
hereto with respect to the subject matter hereof and supersede all other prior agreements and understandings, both written and oral, among the parties hereto with respect to the subject matter hereof. No representations, warranties, covenants,
understandings, agreements, oral or otherwise, with respect to the subject matter contemplated by this Agreement exist between the parties hereto except as expressly set forth or referenced in this Agreement and the Business Combination Agreement.
In the event of any inconsistency, conflict, or ambiguity as to the rights and obligations of the parties hereto under this Agreement and the Business Combination Agreement, the terms of this Agreement shall control and supersede any such
inconsistency, conflict or ambiguity. 
 15.    No Third-Party Beneficiaries. The Shareholder hereby agrees that its
representations, warranties and covenants set forth herein are solely for the benefit of SPAC and the Company in accordance with and subject to the terms of this Agreement, and this Agreement is not intended to, and does not, confer upon any Person
other than the parties hereto any rights or remedies hereunder, including the right to rely upon the representations and warranties set forth herein. 

16.    Governing Law and Venue; Service of Process; Waiver of Jury Trial. 

(a)    This Agreement and any action, suit, dispute, controversy or claim arising out of this Agreement, or the validity,
interpretation, breach or termination of this Agreement, shall be governed by and construed in accordance with the internal law of the State of Delaware regardless of the law that might otherwise govern under applicable principles of conflicts of
law thereof. 
 (b)    Each of the parties hereto irrevocably consents to the exclusive jurisdiction and venue of the
Chancery Court of the State of Delaware, or, if such court declines jurisdiction, then to any federal court located in Wilmington, Delaware or any appellate court therefrom in connection with any matter based upon or arising out of this Agreement,
agrees that process may be served upon them in any manner authorized by the laws of the State of Delaware for such Person and waives and covenants not to assert or plead any objection which they might otherwise have to such manner of service of
process. Each of the parties hereto and any Person asserting rights as a third-party beneficiary may do so only if he, she or it hereby waives, and shall not assert as a defense in any legal dispute, that: (i) such Person is not personally
subject to the jurisdiction of the above named courts for any reason; (ii) such Proceeding may not be brought or is not maintainable in such court; (iii) such Person’s property is exempt or immune from execution; (iv) such

  
 11 

 
Proceeding is brought in an inconvenient forum; or (v) the venue of such Proceeding is improper. Each of the parties hereto and any Person asserting rights as a third-party beneficiary
hereby agrees not to commence or prosecute any such action, claim, cause of action or suit other than before one of the above-named courts, nor to make any motion or take any other action seeking or intending to cause the transfer or removal of any
such action, claim, cause of action or suit to any court other than one of the above-named courts, whether on the grounds of inconvenient forum or otherwise. Each of the parties hereto hereby consents to service of process in any such proceeding in
any manner permitted by Delaware law, and further consents to service of process by nationally recognized overnight courier service guaranteeing overnight delivery, or by registered or certified mail, return receipt requested, at its address
specified pursuant to Section 12. Notwithstanding the foregoing in this Section 16, any party hereto may commence any action, claim, cause of action or suit in a court other than the above-named
courts solely for the purpose of enforcing an order or judgment issued by one of the above-named courts. 
 (c)    TO
THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH OF THE PARTIES HERETO AND ANY PERSON ASSERTING RIGHTS AS A THIRD-PARTY BENEFICIARY MAY DO SO ONLY IF HE, SHE OR IT IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT TO TRIAL BY
JURY ON ANY CLAIMS OR COUNTERCLAIMS ASSERTED IN ANY LEGAL DISPUTE RELATING TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM RELATING THERETO, WHETHER NOW EXISTING OR HEREAFTER ARISING. IF THE SUBJECT MATTER OF ANY SUCH LEGAL DISPUTE IS ONE IN WHICH THE
WAIVER OF JURY TRIAL IS PROHIBITED, NO PARTY HERETO NOR ANY PERSON ASSERTING RIGHTS AS A THIRD-PARTY BENEFICIARY SHALL ASSERT IN SUCH LEGAL DISPUTE A NONCOMPULSORY COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. FURTHERMORE, NO PARTY
HERETO NOR ANY PERSON ASSERTING RIGHTS AS A THIRD-PARTY BENEFICIARY SHALL SEEK TO CONSOLIDATE ANY SUCH LEGAL DISPUTE WITH A SEPARATE ACTION OR OTHER PROCEEDING IN WHICH A JURY TRIAL CANNOT BE WAIVED. 

17.    Assignment; Successors. No party hereto shall assign this Agreement or any part hereof without the prior written consent of
the other parties. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective permitted successors and assigns. Any attempted assignment in violation of the terms of this
Section 17 shall be null and void, ab initio. 

18.    Non-Recourse. This Agreement may only be enforced against, and any claim or cause of
action based upon, arising out of, or related to this Agreement or the transactions contemplated hereby may only be brought against, the entities that are expressly named as parties hereto, and then only with respect to the specific obligations set
forth herein with respect to such party. Except to the extent a named party to this Agreement (and then only to the extent of the specific obligations undertaken by such named party in this Agreement), (a) no past, present or future director,
officer, employee, incorporator, member, partner, shareholder, affiliate, agent, attorney, advisor or representative or affiliate of any named party to this Agreement and (b) no past, present or future director, officer, employee, incorporator,
member, partner, shareholder, affiliate, agent, attorney, advisor or representative or affiliate of any of the foregoing shall have any liability (whether in contract, tort, equity or otherwise) for any one or more of the representations,
warranties, 

  
 12 

 
covenants, agreements or other obligations or liabilities of any one or more of SPAC, the Company or the Shareholder under this Agreement of or for any claim based on, arising out of, or related
to this Agreement or the transactions contemplated hereby. 
 19.    Enforcement. The parties hereto agree that irreparable
damage for which monetary damages, even if available, would not be an adequate remedy, would occur in the event that the parties do not perform their obligations under the provisions of this Agreement in accordance with its specified terms or
otherwise breach such provisions. The parties hereto acknowledge and agree that (a) the parties shall be entitled to an injunction, specific performance, or other equitable relief, to prevent breaches of this Agreement and to enforce
specifically the terms and provisions hereof, including the Shareholder’s obligations to vote its Covered Shares as provided in this Agreement, without proof of damages, prior to the valid termination of this Agreement, this being in addition
to any other remedy to which they are entitled under this Agreement, and (b) the right of specific enforcement is an integral part of the transactions contemplated by this Agreement and without that right, none of the parties would have entered
into this Agreement. Each party agrees that it will not oppose the granting of specific performance and other equitable relief on the basis that the other parties have an adequate remedy at applicable Law or that an award of specific performance is
not an appropriate remedy for any reason at applicable Law or equity. The parties acknowledge and agree that any party seeking an injunction to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement
in accordance with this Section 19 shall not be required to provide any bond or other security in connection with any such injunction. 

20.    Severability. Whenever possible, each provision of this Agreement will be interpreted in such a manner as to be effective
and valid under applicable Law, but if any term or other provision of this Agreement is held to be invalid, illegal or unenforceable under applicable Law, all other provisions of this Agreement shall remain in full force and effect so long as the
economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision of this Agreement is invalid, illegal or unenforceable under
applicable Law, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties hereto as closely as possible in an acceptable manner in order that the transactions contemplated hereby are
consummated as originally contemplated to the greatest extent possible. 
 21.    Counterparts. This Agreement and any amendment
hereto may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement or any
amendment hereto by electronic means, including docusign, e-mail, or scanned pages shall be effective as delivery of a manually executed counterpart to this Agreement or any amendment hereto. 

22.    Interpretation and Construction. The words “hereof,” “herein” and “hereunder” and words of
like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The descriptive headings used herein are inserted for convenience of reference only and are not intended to be part of
or to affect the meaning or interpretation of this Agreement. References to Sections are to Sections of this Agreement unless otherwise specified. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the
singular. The definitions contained in this Agreement are applicable to the 

  
 13 

 
masculine as well as to the feminine and neuter genders of such term. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall
be deemed to be followed by the words “without limitation,” whether or not they are in fact followed by those words or words of like import. “Writing,” “written” and comparable terms refer to printing, typing and other
means of reproducing words (including electronic media) in a visible form. References to any statute shall be deemed to refer to such statute as amended and to any rules or regulations promulgated thereunder. References to any Person include the
successors and permitted assigns of that Person. References from or through any date mean, unless otherwise specified, from and including such date or through and including such date, respectively. In the event an ambiguity or question of intent or
interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof will arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this
Agreement. 
 23.    Capacity as a Shareholder. Notwithstanding anything herein to the contrary, the Shareholder signs this
Agreement solely in the Shareholder’s capacity as a shareholder of the Company, and not in any other capacity, and this Agreement shall not limit or otherwise affect the actions of the Shareholder or any Affiliate, employee or designee of the
Shareholder or any of its Affiliates in his or her capacity, if applicable, as an officer or director of the Company or any other Person. The Shareholder shall not be liable or responsible for any breach, default, or violation of any representation,
warranty, covenant or agreement hereunder by any other shareholder that is entering into a similar Agreement. 
 24.    Trust Account
Waiver. The Shareholder agrees that he, she or it shall be subject to the terms and conditions of Section 8.18 (Trust Account Waiver) of the Business Combination Agreement as though the Shareholder were the Company thereunder and
that Section 8.18 (as so modified) is hereby incorporated into this Agreement, mutatis mutandis. 
 [The remainder of this
page is intentionally left blank.] 

  
 14 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed (where
applicable, by their respective officers or other authorized Persons thereunto duly authorized) as of the date first written above. 
  

			
	PTK ACQUISITION CORP.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	VALENS SEMICONDUCTOR LTD.

 
			
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Company Shareholder Support Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed (where
applicable, by their respective officers or other authorized Persons thereunto duly authorized) as of the date first written above. 
  

			
	[SHAREHOLDER]

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Company Shareholder Support Agreement] 

  
 16 

 Exhibit A 

VALENS SEMICONDUCTOR LTD. 
 (the
“Company”) 
 PROXY 

FOR AN ANNUAL AND/OR EXTRAORDINARY
GENERAL MEETING(S) OF THE SHAREHOLDERS AND A 

CLASS MEETING OF THE PREFERRED SHARES
OF THE COMPANY 
 Capitalized terms used and not otherwise defined herein, shall have the respective meanings
ascribed to them under the Company Shareholder Support Agreement dated May 25th, 2021, to which this Proxy was attached or in the Business Combination Agreement dated May 25th , 2021 by and between the Company, PTK Acquisition Corp. and Valens Merger Sub, Inc., a Delaware corporation and a direct, wholly-owned subsidiary of the Company (as amended, supplemented, restated
or otherwise modified from time to time, the “Business Combination Agreement”), as applicable. 
 The Company Ordinary Shares and/or
the Company Preferred Shares represented by this proxy, when properly executed, will be voted or withheld from voting on any ballot that may be called for, in the manner directed herein by the undersigned shareholder (the
“Shareholder”). If a choice is specified with respect to any matter to be acted upon, the Company Ordinary Shares and/or the Company Preferred Shares shall be voted or withheld from voting accordingly. Where no
instruction is given in respect to any matter to be acted upon, the Company Ordinary Shares and/or the Company Preferred Shares represented hereby shall, on any ballot that may be called for, be voted FOR the adoption or the ACKNOWLEDGMENT of all
such matters. 
 For the avoidance of doubt, this Proxy, until the Termination Date, shall be in full force and effect, at any meeting of the
shareholders of the Company (whether annual or special and whether or not an adjourned or postponed meeting, however called and including any adjournment or postponement thereof), for the purpose of approving any or all of the resolutions set forth
in the Proxy. 
 The Shareholder, being the holder of [[●] Company Ordinary Shares, [●] Company Preferred A Shares, [●]
Company Preferred B-1 Shares, [●] Company Preferred B-2 Shares, [●] Company Preferred C Shares, [●]
Company Preferred D Shares, and [●] Company Preferred E Shares] of Valens Semiconductor Ltd., acting pursuant to the Companies Law, 5759-1999, does hereby irrevocably authorize each of Gideon Ben Zvi and /or Dror
Heldenberg, Company’s CEO and CFO acting severally and not jointly, or any person designated by one of them, with full powers of substitution (the “Proxy Holder”) to represent the Shareholder and vote all of the Company
Ordinary Shares and/or Company Preferred Shares held by the Shareholder, if any, on behalf and in the name of the Shareholder, at the meeting, and at any postponements or adjournments thereof, in favor of the following resolutions: 

							
	 	  	For	  	Against	  	Abstain
	 Resolution 1 – Capital Restructuring – Conversion

 
 To approve, ratify and confirm the resolution of the Board attached hereto as Exhibit
A, to the effect that immediately prior to the Closing Date, the Company Preferred Shares that are issued and outstanding immediately prior to such time shall automatically convert into Company Ordinary Shares in accordance with the
Company’s Governing Documents.
	  	☐	  	☐	  	☐
				
	 Resolution 2 – Capital Restructuring – Reverse Share Split

 
 To approve, ratify and confirm the resolution of the Board attached hereto as Exhibit
A, to the effect that (i) immediately following such conversion of each Company Preferred Share into Company Ordinary Shares, each Company Ordinary Share that is issued and outstanding immediately prior to the Effective Time shall be
converted into a number of Company Ordinary Shares determined by multiplying each such Company Ordinary Share by the Conversion Factor based on the methodology set forth on Exhibit G to the Business Combination Agreement (the
“Reverse Share Split”) and (ii) the authorized share capital of the Company shall be revised to reflect the aforementioned Reverse Share Split.
	  	☐	  	☐	  	☐
				
	 Resolution 3 – Business Combination Agreement
  

To adopt, authorize and approve the Merger, the execution, delivery and performance of the Business Combination Agreement, all other Ancillary Documents, and
the Transactions, including without limitation, the Merger and the issuance of Company Ordinary Shares as Merger Consideration pursuant to the Business Combination Agreement, as set forth in, and subject to, the terms and conditions of the Business
Combination Agreement. Upon issuance of the Company Ordinary Shares, such shares shall be validly issued, fully paid and non-assessable;

 
 To approve, ratify and confirm the resolution of the Board attached hereto as
Exhibit A, to the effect that the Authorized Officers (as defined below) are hereby authorized and empowered to enter into, execute, deliver and perform the Business Combination Agreement, all other Ancillary Documents and the Transactions,
and any other agreements and document as shall be deemed by the Authorized Officer (or any of them) necessary or advisable in order to facilitate the transactions contemplated by the resolutions hereunder, and to take all such actions necessary and
appropriate to perform the Company’s obligations under such documents;
	  	☐	  	☐	  	☐

							
	 	  	For	  	Against	  	Abstain
	  
 To approve, ratify and confirm the resolution of the Board attached
hereto as Exhibit A, to the effect that the Authorized Officers be, and hereby are, authorized, empowered and directed, for and on behalf of the Company, to take any and all actions, to negotiate for and enter into agreements and amendments
to agreements, to perform all such acts and things, to execute, file, or cause to be filed, with any federal state or other regulatory or tax agencies (including any international agencies) any reports, filings, applications or other documents, and
to seek all government or regulatory consents or approvals, required with respect to the transactions contemplated by the Business Combination Agreement, deliver or record in the name and on behalf of the Company, all such certificates, instruments,
agreements or other documents, and to make all such payments as they may deem necessary, advisable or appropriate in order to carry out the purpose and intent of, or consummate the transactions contemplated by, the foregoing resolutions and/or all
of the transactions contemplated therein or thereby, the authorization therefor to be conclusively evidenced by the taking of such action or the execution and delivery of such certificates, instruments, agreements or documents.
	  		  		  	
	  
 Resolution 4 – Issuance of Warrants; PIPE
Financing
  
 To approve, ratify and confirm the resolution of the Board
attached hereto as Exhibit A, to approve the execution of the Subscription Agreements in substantially the forms attached to the Business Combination Agreement as Exhibit A, and all transaction contemplated thereunder, including without
limitation the PIPE Financing;
  
 To approve, ratify and confirm the resolution of the
Board attached hereto as Exhibit A, to the effect that in accordance with the terms of the Business Combination Agreement, the SPAC Warrants shall be assumed by the Company and converted automatically into a warrant, according to which each
SPAC Warrant that is issued and outstanding immediately prior to the Effective Time shall automatically and irrevocably be converted into a corresponding Company Warrant exercisable for 1⁄2 of a Company Ordinary Share under the terms and conditions of the Company Warrant Agreement;
  

To approve, ratify and confirm the resolution of the Board attached hereto as Exhibit A, to the effect that in accordance with the terms of the Business
Combination Agreement, at the Closing, in connection with the Merger, the Company and Continental Stock Transfer & Trust Company (or its applicable Affiliate or other Trust Company) will enter into that certain Amendment to the Company
Warrant Agreement, substantially in the form attached to the Business Combination Agreement as Exhibit E , to be effective upon the Closing; with such additions, deletions or changes therein as any Authorized Officer of the Company, may, in
his/her sole discretion, deem necessary, desirable, convenient or appropriate and consistent with the best interests of the Company, his/her execution and delivery thereof to be conclusive evidence of his/her authority to so act and of his approval
thereof, in each of the foregoing cases without the need for any further act, approval or authority by the Board or the Shareholders.
	  	☐	  	☐	  	☐

  
 19 

							
	 	  	For	  	Against	  	Abstain
				
	 Resolution 5 – Amended and Restated Articles of Association

 
 To amend and restate the Company’s existing Articles of Association, with the
Articles of Association, in substantially the form attached hereto as Exhibit B, to take place immediately as of the time of the applicable shareholders resolution; with such additions, deletions or changes therein as any Authorized Officer
of the Company, may, in his/her sole discretion, deem necessary, desirable, convenient or appropriate and consistent with the best interests of the Company, his/her execution and delivery thereof to be conclusive evidence of his/her authority to so
act and of his approval thereof, in each of the foregoing cases without the need for any further act, approval or authority by the Board or the Shareholders.
	  	☐	  	☐	  	☐
				
	 Resolution 6 – Increase of Authorized Share Capital and Adoption of Effective Time Amended and Restated Articles of
Association
  
 To increase and modify the authorized share capital of the
Company such that immediately following the Effective Time the registered share capital of the Company shall equal (following the Reverse Split and such increase) by such amount equal to the product of: (i) 700,000,000 ordinary shares of the
Company; and (ii) the par value of each such ordinary share as shall be calculated in accordance with the Conversion Factor based on the methodology set forth on Exhibit G to the Business Combination Agreement, divided into 700,000,000 ordinary
shares; and
  
 To amend and restate the Company’s Articles of Association as
shall be effective immediately prior to the Effective Time, with the Articles of Association, in substantially the form attached hereto as Exhibit C, to take place immediately at the Effective Time; with such additions, deletions or changes
therein as any Authorized Officer of the Company, may, in his/her sole discretion, deem necessary, desirable, convenient or appropriate and consistent with the best interests of the Company, his/her execution and delivery thereof to be conclusive
evidence of his/her authority to so act and of his approval thereof, in each of the foregoing cases without the need for any further act, approval or authority by the Board or the Shareholders.
	  	☐	  	☐	  	☐
				
	 Resolution 7 – Amended and Restated Investors’ Rights Agreement

 
 To approve, ratify and confirm the resolution of the Board attached hereto as Exhibit
A, to approve the execution, delivery and performance by the Company of all its obligations under the Amended and Restated Investors’ Rights Agreement in substantially the form attached hereto as Exhibit D, with such additions,
deletions
	  	☐	  	☐	  	☐

							
	 	  	For	  	Against	  	Abstain
	or changes therein as any Authorized Officer of the Company, may, in his/her sole discretion, deem necessary, desirable, convenient or appropriate and consistent with the best interests of the Company, his/her execution and delivery
thereof to be conclusive evidence of his/her authority to so act and of his approval thereof, in each of the foregoing cases without the need for any further act, approval or authority by the Board or the Shareholders.	  		  		  	
				
	 Resolution 8 – Termination of Investor Agreements

 
 WHEREAS, the Company and certain Shareholders are parties to certain side letters
and agreements, including without limitation those listed on Exhibit E, by and among the Company and the Shareholders named therein, as amended from time to time (collectively, the “Investor Agreements”); and

 
 To approve that each of the undersigned Shareholders hereby authorizes the Company,
effective as of and subject to the Closing, to terminate, and each of the undersigned Shareholders that is party to any of the Investor Agreements hereby approves the termination of and hereby terminates, the Investor Agreements (except, for the
avoidance of doubt, for the Amended and Restated Investors’ Rights Agreement adopted hereunder) and all rights of the Shareholders thereunder, effective as of the date hereof, with no further obligations of the Company or any of its respective
Affiliates, notwithstanding any provisions purported to survive a termination thereof.
	  	☐	  	☐	  	☐
				
	 Resolution 9 – Indemnification and D&O Insurance Policy

 
 To approve: (i) the amendment and restatement of the existing directors’ and
officers’ indemnification agreements, in substantially the form attached hereto as Exhibit F (the “Indemnification Agreement”), (ii) the execution, delivery and performance by the Company of the Indemnification
Agreements with the Company’s directors and officers as of immediately following the Closing Date, as serving from time to time (an “Indemnified Person”) and (iii) the purchase by the Company of an amended, extended or new
D&O Insurance Policy, to have effect as of immediately following the Effective Time, covering the Indemnified Persons as of immediately following the Effective Time. 
	  	☐	  	☐	  	☐
				
	 Resolution 10 – Reservation of Option Pool and ESPP Pool

 
 To approve, ratify and confirm the resolution of the Board attached hereto as Exhibit
A, to: (i) reserve such amount of Ordinary Shares, par value NIS 0.01, of the Company (the “Ordinary Shares”), comprised of: (A) an amount, that, together with the remaining amount, if any, of unallocated
Ordinary Shares reserved for issuance under the Valens Semiconductor Ltd. Stock Option Plan 2012 (immediately prior to Closing) will initially be equal to 6% of the shares of the Company, on a fully diluted basis, immediately following the Closing;
and (B) an
	  	☐	  	☐	  	☐

  
 21 

							
	 	  	For	  	Against	  	Abstain
	additional fixed amount of 370,000 Ordinary Shares; for the purpose of issuances of Awards pursuant to the Incentive Equity Plan to be adopted by the Board; and (ii) to reserve such amount of Ordinary Shares that will equal 1%
of the shares of the Company, on a fully diluted basis, immediately following the Closing for the purpose of issuances pursuant to the employee stock purchase plan, to be adopted by the Board, in each case, effective as of the Closing Date.	  		  		  	
		
	 Resolution 11 – 2019 and 2020 Financial Statements

 
 To present to the shareholders (i) the restated audited financial statements of the
Company for the fiscal year ended December 31, 2019 (a copy of the restated 2019 financial statements is attached hereto as Exhibit G), and (ii) the audited financial statements of the Company for the fiscal year ended
December 31, 2020 (a copy of the 2020 financial statements is attached hereto as Exhibit H).
	  	Acknowledged ☐
				
	 Resolution 12 – Company’s auditors
  

To ratify and approve the appointment of Kesselman & Kesselman l PwC Israel, CPA, as the Company’s auditors for the fiscal year ending
December 31, 2021 and for the period until the next annual meeting of the shareholders of the Company, and authorize the Board to negotiate and determine their fees (with a right of delegation to the Audit Committee of the Board).
	  	☐	  	☐	  	☐
				
	 Resolution 13 – Appointment of Directors
  

To approve the appointment of Mr. Ker Zhang and Ms. Adi Yarel-Toledano hereto to the Company’s Board, effective as of the Effective Time, and to
approve the execution, delivery and performance by the Company of the indemnification agreements with the Company’s directors.
	  	☐	  	☐	  	☐
				
	 Resolution 14 – Bonus Payments
  

To approve, ratify and confirm the resolution of the Board attached hereto as Exhibit A, in connection with the Bonus Payment to certain officers of the
Company in connection with the Transaction.
	  	☐	  	☐	  	☐
				
	 Resolution 15 – Interested Party Transactions
  

To approve the transactions contemplated by the resolutions above, after taking into account the personal interest of the members of the Board in such
transactions (to the extent a personal interest exists in any of the foregoing resolutions), by reason of such directors being parties to or affiliated with parties who are deemed to have personal interest in the above resolutions, as disclosed to
the shareholders at the Notice of a Meeting.
	  	☐	  	☐	  	☐

							
	 	  	For	  	Against	  	Abstain
		
	 Consent
  

The undersigned acknowledges and agrees that its signature below constitutes the written consent of such entity or person, for all purposes for which the
consent of such entity or person is required in connection with the above matters whether as a holder of a certain class of shares or otherwise pursuant to the Articles or to any other agreement to which the undersigned is a party.
	  	Acknowledged ☐
		
	 Waiver and Consent
  

In connection with the approval of the Business Combination Agreement, the Pipe Financing, the assumption of the SPAC Warrants, the Company Warrant Agreement,
the transactions contemplated under such documents, or any other transaction contemplated by any of the above resolutions, to the extent that any of the Shareholders is entitled to any of the following rights (collectively, the
“Rights”): rights of first refusal, preemptive rights, rights of first offer, rights of first notice, participation, co-sale, anti-dilution, over-allotment, any veto rights, rights of purchase, subscription or any other
similar rights and any notice thereof as set forth and contained in the existing Articles of Association of the Company as well as in any of the Amended and Restated Articles of Association of the Company adopted hereunder (the
“Articles”), any other agreement, certificate, instrument, or document, and/or in accordance with applicable Law or otherwise, then, subject to and effective as of immediately prior to the Closing, such Shareholder is
required to unconditionally and irrevocably waive, release, and forever discharge, (a) any and all Rights, whether such Rights arose in the past, arise now, or may arise in the future, (b) the performance or satisfaction of any and all obligations
of the Company, its officers, directors, employees, agents or representatives in connection with the Rights. This waiver shall be binding upon the Shareholder and his/her/its heirs, personal representatives, successors and assigns.
	  	☐ Waived
				
	 General Authorization
  

To approve ratify and confirm the resolutions of the Board, to authorize, empower and direct each of Gideon Ben Zvi and /or Dror Heldenberg, Company’s CEO
and CFO (“Authorized Officers”) (acting severally and not jointly) to take or cause to be taken any and all actions in connection with, and to effectuate, the resolutions set forth above including and, without derogating from
the generality of the foregoing, to execute, make any amendments or waivers (in accordance with the terms of the Business Combination Agreement or any other Ancillary Documents, or the Transaction) file and deliver all papers, documents, statements,
representations, obligations, schedules, reports, instruments, proxies and certificates that any of them may deem in their sole discretion and judgment to be necessary or advisable to carry out and to effectuate the purposes and intent of the
foregoing resolutions and to comply with all applicable laws, including the execution of any internal agreements that are required between the various subsidiaries of the Company.

 
 To approve ratify and confirm the resolutions of the Board, that all actions previously
taken in connection with the transactions contemplated by the foregoing resolutions be, and they hereby are, adopted, ratified, confirmed and approved in all respects.
	  	☐	  	☐	  	☐

  
 23 

							
	  
	 	  
	 	  
	 	  

	SHAREHOLDER	 	SIGNATURE	 	NAME & TITLE	 	DATE
	(please PRINT name)	 		 	(for corporate entities)	 	

  

	*	 If this proxy represents shares held by more than one person/entity, please list all such entities or
provide separate proxies. 

 You are kindly requested to complete, date and sign the enclosed proxy and deliver it to the Company
at your earliest convenience, but in any event prior to the time appointed for the meeting, by email to Dror.Heldenberg@valens.com (Dror Heldenberg) and keren.shmuelisidi@valens.com (Keren Shmueli Sidi) with a copy to
assafn@meitar.com (Assaf Naveh). 
 Proxy Exhibits (all attached in a draft form): 

 

					
	 Exhibit A
	 	-  	  	Resolution of the Board;
			
	 Exhibit B
	 	-  	  	Amended and Restated Articles of Association;
			
	 Exhibit C
	 	-  	  	Effective Time Amended and Restated Articles of Association;
			
	 Exhibit D
	 	-  	  	Amended and Restated Investors’ Rights Agreement;
			
	 Exhibit E
	 	-  	  	Investor Agreements;
			
	 Exhibit F
	 	-  	  	Indemnification Agreement;
			
	 Exhibit G
	 	-  	  	Restated Audited Financial Statements of the Company for the Fiscal Year Ended December 31, 2019;
			
	 Exhibit H
	 	-  	  	Draft of Financial Statements of the Company for the Fiscal Year Ended December 31, 2020;

 Annex A 

BUSINESS COMBINATION AGREEMENT 

 Exhibit A 

Resolution of the Board 

 Exhibit B 

Amended and Restated Articles of Association 

  
 27 

 Exhibit C 

Effective Time Amended and Restated Articles of Association 

 Exhibit D 

Amended and Restated Investors’ Rights Agreement 

  
 29 

 Exhibit E 

Investor Agreements 
  

	 	1.	 Amended and Restated Investors’ Rights Agreement, dated as of August 2, 2018, by and among the
Company and the investors party thereto 

  

	 	2.	 Management Rights Letter to Genesis Partners III, L.P., dated July 10, 2007 and September 30, 2015.

  

	 	3.	 Management Rights Letter to Magma Venture Capital II, L.P., dated July 10, 2007. 

 

	 	4.	 Management Rights Letter to Aviv Ventures II (Israel) L.P., Aviv Ventures II (Delaware) L.P., Aviv Ventures II
(CVCI) L.P., dated June 28, 2011. 

  

	 	5.	 Management Rights Letter to Mitsui Ventures Global Fund, dated June 28, 2011. 

 

	 	6.	 Management Rights Letter to Amiti Ventures II, L.P and Amiti Valens, L.P., dated November 3, 2010.

  

	 	7.	 Management Rights Letter to Amiti Fund II LP, dated September 30, 2015. 

 

	 	8.	 Management Right Letter by and between the Company and IGP Connectivity Solutions (Holdings), Limited
Partnership, dated April 6, 2017. 

  

	 	9.	 Side Letter (Notice and Information Rights) by and between the Company and Halman Aldubi Provident and Pension
Funds Ltd, dated January 28, 2014. 

  

	 	10.	 Side Letter by and between the Company and Samsung Oak Holdings, Inc., dated April 6, 2017.

  

	 	11.	 Side Letter by and between the Company and Cloud Ranger Limited (Mediatek) dated, April 6, 2017.

  

	 	12.	 Side Letter by and between the Company and Aptiv, dated April 6, 2017. 

 

	 	13.	 Side Letter by and between the Company and Broad Street Principal Investments, L.L.C (Goldman Sachs), dated
April 6, 2017. 

  

	 	14.	 Side Letter of Board Representation to Mitsui Ventures Global Fund, dated June 28, 2011.

 Exhibit F 

Indemnification Agreement 

  
 31 

 Exhibit G 

Restated Audited Financial Statements of the Company for the Fiscal Year Ended December 31, 2019 

 Exhibit H 

Draft of Financial Statements of the Company for the Fiscal Year Ended December 31, 2020 

  
 33EX-10.3

 Exhibit 10.3 

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(b) (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)) 

  
 2 

 
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(b) (or otherwise released from the restriction on Transfer or forfeited
for no consideration pursuant to Section 4(c),
 Section 4(d) or Section 4(e)) 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. 

  
 3 

 (f)    Any Earnout Shares not released from restriction on Transfer
pursuant to Section 4(a), Section 4(b), 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. 

  
 4 

 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

  
 5 

 
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. 

  
 6 

 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] 

  
 7 

 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 
  

	 	•	 	 2,875,000 PTK Shares 

	 	•	 	 7,400,000 private SPAC Warrants (as defined in the Business Combination Agreement)

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