Document:

EX-10.5

 Exhibit 10.5 

SKYWATER TECHNOLOGY INC. 

2021 EMPLOYEE STOCK PURCHASE PLAN 

The following constitute the provisions of the 2021 Employee Stock Purchase Plan (this “Plan”) of SkyWater Technology
Inc., a Delaware corporation (the “Company”). Capitalized terms are used as defined in Section 2 of this Plan. 
 1.
Purpose. The purpose of the Plan is to provide Employees of the Company and its Designated Parents or Subsidiaries with an opportunity to purchase Common Stock of the Company through accumulated payroll deductions. It is the intention of the
Company to have the Plan qualify as an “employee stock purchase plan” under Section 423 of the Code and the applicable regulations thereunder. The provisions of the Plan, accordingly, will be construed so as to extend and limit
participation in a manner consistent with the requirements of that section of the Code. 
 2. Definitions. As used herein, the following definitions
apply: 
 (a) “Administrator” means either the Board or a committee of the Board that is responsible for the
administration of the Plan as is designated from time to time by resolution of the Board. 
 (b) “Applicable Laws”
means the legal requirements relating to the administration of employee stock purchase plans, if any, under applicable provisions of federal securities laws, state corporate and securities laws, the Code and the applicable regulations thereunder,
the rules of any applicable stock exchange or national market system, and the rules of any foreign jurisdiction applicable to participation in the Plan by residents therein. 

(c) “Board” means the Board of Directors of the Company. 

(d) “Code” means the Internal Revenue Code of 1986, as amended. 

(e) “Common Stock” means the common stock of the Company. 

(f) “Compensation” means, unless otherwise determined by the Administrator, an Employee’s base salary from the
Company or one or more Designated Parents or Subsidiaries, including such amounts of base salary as are deferred by the Employee: (i) under a qualified cash or deferred arrangement described in Section 401(k) of the Code; or (ii) to a
plan qualified under Section 125 of the Code. Unless otherwise determined by the Administrator, “Compensation” does not include bonuses, annual awards, other incentive payments, reimbursements or other expense
allowances, fringe benefits (cash or non-cash), moving expenses, deferred compensation, contributions (other than contributions described in the first sentence) made on the Employee’s behalf by the
Company or one or more Designated Parents or Subsidiaries under any employee benefit or welfare plan now or hereafter established, and any other payments not specifically referenced in the first sentence. 

  
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 (g) “Corporate Transaction” means any of the following transactions,
provided, however, that the Administrator will determine under parts (iv) and (v) whether multiple transactions are related, and its determination is final, binding and conclusive: 

(i) a merger or consolidation of the Company in which the Company is not the surviving entity, except for a transaction the principal purpose
of which is to change the state in which the Company is incorporated; 
 (ii) the sale, transfer or other disposition of all or substantially
all of the assets of the Company; 
 (iii) the complete liquidation or dissolution of the Company; 

(iv) any reverse merger or series of related transactions culminating in a reverse merger (including, but not limited to, a tender offer
followed by a reverse merger) in which the Company is the surviving entity but (A) the shares of Common Stock outstanding immediately prior to such merger are converted or exchanged by virtue of the merger into other property, whether in the
form of securities, cash or otherwise, or (B) in which securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities are transferred to a person or persons different from
those who held such securities immediately prior to such merger or the initial transaction culminating in such merger, but excluding any such transaction or series of related transactions that the Administrator determines is not a Corporate
Transaction; or 
 (v) acquisition in a single or series of related transactions by any person or related group of persons (other than the
Company or by a Company-sponsored employee benefit plan) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing more than fifty percent (50%) of the total
combined voting power of the Company’s outstanding securities but excluding any such transaction or series of related transactions that the Administrator determines is not a Corporate Transaction. 

(h) “Designated Parents or Subsidiaries” means the Parents or Subsidiaries, which have been designated by the
Administrator from time to time as eligible to participate in the Plan. Unless otherwise determined by the Administrator, SkyWater Technology Foundry, Inc. is a Designated Subsidiary under this Plan. 

(i) “Effective Date” means the Registration Date. However, should any Parent or Subsidiary become a Designated Parent
or Subsidiary after such date, then the Administrator, in its discretion, will designate a separate Effective Date with respect to the employee-participants of such Designated Parent or Subsidiary. 

(j) “Employee” means any individual, including an officer or director, who is an employee of the Company or a
Designated Parent or Subsidiary for purposes of Section 423 of the Code. For purposes of the Plan, the employment relationship will be treated as continuing intact while the individual is on sick leave or other leave of absence approved by the
individual’s employer. Where the period of leave exceeds three (3) months and the individual’s right to reemployment is not guaranteed either by statute or by contract, the employment relationship will be deemed to have terminated on
the day that is three (3) months and one (1) day following the start of such leave, for purposes of determining eligibility to participate in the Plan. 

  
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 (k) “Exchange Act” means the Securities Exchange Act of 1934, as
amended. 
 (l) “Exercise Date” means the last day of each Purchase Period. 

(m) “Fair Market Value” means, as of any date, the value of Common Stock determined as follows: 

(i) If the Common Stock is listed on one or more established stock exchanges, including without limitation, NASDAQ, its Fair Market Value will
be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on the principal exchange or system on which the Common Stock is listed (as determined by the Administrator) on the date of determination (or, if no
closing sales price or closing bid was reported on that date, as applicable, on the last trading date such closing sales price or closing bid was reported), as reported in The Wall Street Journal or such other source as the Administrator deems
reliable; 
 (ii) If the Common Stock is regularly quoted on an automated quotation system (including the OTC Bulletin Board) or by a
recognized securities dealer, but selling prices are not reported, its Fair Market Value will be the mean between the high bid and low asked prices for the Common Stock on the date of determination (or, if no such prices were reported on that date,
on the last date such prices were reported), as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or 

(iii) In the absence of an established market for the Common Stock of the type described in (i) and (ii), above, its Fair Market Value
thereof will be determined by the Administrator in good faith. 
 (n) “New Exercise Date” has the meaning set forth
in Section 18(b). 
 (o) “Offer Period” means an Offer Period established pursuant to Section 4 hereof.

 (p) “Offering” means an offer under this Plan of an Option that may be exercised during an Offer Period. For
purposes of the Plan, all Employees eligible to participate pursuant to Section 3 will be deemed to participate in the same Offering unless the Administrator otherwise determines that Employees of the Company or one or more Designated Parents
or Subsidiaries will be deemed to participate in separate Offerings, in which case the Offerings will be considered separate even if the dates of each such Offering are identical and the provisions of the Plan will separately apply to each Offering.
To the extent permitted by Section 1.423-2(a)(1) of the Treasury regulations issued under Section 423 of the Code, the terms of each Offering need not be identical provided that the terms of the Plan
and the Offering together satisfy Sections 1.423-2(a)(2) and (a)(3) of such Treasury regulations. 

(q) “Offering Date” means the first day of each Offer Period. 

  
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 (r) “Option” means, with respect to each Purchase Period, a right to
purchase shares of Common Stock on the Exercise Date for such Purchase Period in accordance with the terms and conditions of the Plan. 
 (s)
“Parent” means a “parent corporation” of the Company, whether now or hereafter existing, as defined in Section 424(e) of the Code. 

(t) “Participant” means an Employee of the Company or Designated Parent or Subsidiary who has enrolled in the Plan as
set forth in Section 5(a). 
 (u) “Purchase Period” means, unless otherwise determined by the Administrator, a
period of approximately six months. 
 (v) “Purchase Price” means an amount equal to eighty five percent 85% of the
Fair Market Value of a share of Common Stock (i) on the Exercise Date or, if applicable, (ii) on the Offering Date or on the Exercise Date, whichever is lower. Unless determined otherwise by the Administrator, the Purchase Price will be
eighty five percent (85%) of the Fair Market Value of a share of Common Stock on the Offering Date or on the Exercise Date, whichever is lower. 

(w) “Registration Date” means the closing of the first sale to the general public pursuant to a registration statement
filed with and declared effective by the Securities and Exchange Commission under the Securities Act of 1933, as amended, of the Common Stock. 

(x) “Reserves” means, as of any date, the sum of: (1) the number of shares of Common Stock covered by each then
outstanding Option under the Plan which has not yet been exercised; and (2) the number of shares of Common Stock which have been authorized for issuance under the Plan but not then subject to an outstanding Option. 

(y) “Subsidiary” means a “subsidiary corporation” of the Company, whether now or hereafter existing, as
defined in Section 424(f) of the Code. 
 3. Eligibility. 

(a) General. Subject to the further limitations in Sections 3(b) and 3(c), any individual who is an Employee on a given Offering Date
will be eligible to participate in the Plan for the Offer Period commencing with such Offering Date. No individual who is not an Employee will be eligible to participate in the Plan. 

(b) Limitations on Grant and Accrual. Notwithstanding any provisions of the Plan to the contrary, no Employee will be granted an Option
under the Plan: (i) if, immediately after the grant, such Employee (taking into account stock owned by any other person whose stock would be attributed to such Employee pursuant to Section 424(d) of the Code) would own stock and/or hold
outstanding options to purchase stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or of any Parent or Subsidiary; or (ii) which permits the Employee’s rights to
purchase stock under all employee stock purchase plans of the Company and its Parents or Subsidiaries to accrue at a rate which exceeds Twenty Five Thousand Dollars (US$25,000) worth of stock (determined at the Fair Market Value of the shares at the
time such Option is granted) for each calendar year in which such Option is outstanding at any time. The determination of the accrual of the right to purchase stock will be made in accordance with Section 423(b)(8) of the Code and the
regulations thereunder. 

  
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 (c) Other Limits on Eligibility. Notwithstanding Subsection (a), above, unless
otherwise determined prior to the applicable Offer Date, the following Employees will not be eligible to participate in the Plan for any relevant Offer Period: (i) Employees whose customary employment is 20 hours or less per week;
(ii) Employees whose customary employment is for not more than 5 months in any calendar year; (iii) Employees who have not been employed for such continuous period preceding the Offering Date as the Administrator may require, but in no
event will the required period of continuous employment be equal to or greater than 2 years; and (iv) Employees who are citizens or residents of a non U.S. jurisdiction (without regard to whether he or she is also a citizen of the United States
or a resident alien (within the meaning of Section 7701(b)(1)(A) of the Code)) if his or her participation is prohibited under the laws of the applicable non-U.S. jurisdiction or if complying with the
laws of the applicable non-U.S. jurisdiction would cause the Plan or an Offering to violate Section 423 of the Code. Unless determined otherwise by the Administrator, Employees who have not been employed
continuously for the one (1) month period preceding an Offering Date will not be eligible to participate in the Plan for the Offer Period corresponding to such Offering Date. 

4. Offer Periods. 
 (a) The Plan will be
implemented through overlapping or consecutive Offer Periods until such time as (i) the maximum number of shares of Common Stock available for issuance under the Plan have been purchased or (ii) the Plan has been sooner terminated in
accordance with Section 19 hereof. The maximum duration of an Offer Period is twenty-seven (27) months. Unless otherwise determined by the Administrator, the Plan will initially be implemented through successive Offer Periods of six
(6) months’ duration. 
 (b) A Participant will be granted a separate Option for each Offer Period in which he or she participates.
The Option will be granted on the Offering Date and will be automatically exercised in successive installments on the Exercise Dates ending within the Offer Period. 

(c) If on the first day of any Purchase Period in an Offer Period in which an Employee is a Participant, the Fair Market Value of the Common
Stock is less than the Fair Market Value of the Common Stock on the Offering Date of the Offer Period (after taking into account any adjustment during the Offer Period pursuant to Section 18(a)), the Offer Period will be terminated
automatically and the Participant will be enrolled automatically in the new Offer Period which has its first Purchase Period commencing on that date, provided the Employee is eligible to participate in the Plan on that date and has not elected to
terminate participation in the Plan. 
 (d) Except as specifically provided herein, the acquisition of Common Stock through participation in
the Plan for any Offer Period will neither limit nor require the acquisition of Common Stock by a Participant in any subsequent Offer Period. 

  
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 5. Participation. 

(a) An eligible Employee may become a Participant in the Plan by submitting an authorization of payroll deduction (using such form or method
(including electronic forms) as the Administrator may designate from time to time) as of a date in advance of the Offering Date for the Offer Period in which such participation will commence, as required by the Administrator for all eligible
Employees with respect to a given Offer Period. 
 (b) Payroll deductions for a Participant will commence with the first partial or full
payroll period beginning on the Offering Date and will end on the last complete payroll period during the Offer Period, unless sooner terminated by the Participant as provided in Section 10. 

6. Payroll Deductions. 
 (a) At the time a
Participant enrolls in the Plan, the Participant will elect to have payroll deductions made during the Offer Period in amounts between one percent (1%) and not exceeding fifteen percent (15%) of the Compensation which the Participant receives during
the Offer Period. 
 (b) All payroll deductions made for a Participant will be credited to the Participant’s account under the Plan and
will be withheld in whole percentages only. A Participant may not make any additional payments into such account. 
 (c) A Participant may
discontinue participation in the Plan as provided in Section 10, or may increase or decrease the rate of payroll deductions during the Offer Period by submitting notice of a change of status (using such form or method (including electronic
forms) as the Administrator may designate from time to time) authorizing an increase or decrease in the payroll deduction rate. Any increase or decrease in the rate of a Participant’s payroll deductions will be effective as soon as
administratively practicable following the date of the request. A Participant’s payroll deduction authorization (as modified by any change of status notice) will remain in effect for successive Offer Periods unless terminated as provided in
Section 10. The Administrator will be authorized to limit the number of payroll deduction rate changes during any Offer Period. Notwithstanding anything to the contrary in this Plan, the Administrator may permit purchases on the Exercise Date
of the initial Purchase Period to be made by a lump sum cash payment. 
 (d) Notwithstanding the foregoing, to the extent necessary to comply
with Section 423(b)(8) of the Code and Sections 3(b) and 7 herein, a Participant’s payroll deductions will be decreased to zero percent (0%). Payroll deductions will recommence at the rate provided in such Participant’s payroll
deduction authorization, as amended, when permitted under Section 423(b)(8) of the Code and Section 3(b), unless such participation is sooner terminated by the Participant as provided in Section 10. 

7. Grant of Option. On the Offering Date, each Participant will be granted an Option to purchase (at the applicable Purchase Price) shares of Common
Stock; provided: (i) that such Option is subject to the limitations set forth in Sections 3(b), 6 and 12; (ii) until otherwise determined by the Administrator, the maximum number of shares of Common Stock a Participant will be permitted to
purchase in any Offer Period is [●] shares, subject to adjustment as provided in Section 18; and (iii) that such Option is subject to such other terms and conditions

  
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(applied on a uniform and nondiscriminatory basis), as the Administrator determines from time to time. Exercise of the Option will occur as provided in Section 8, unless the Participant has
withdrawn pursuant to Section 10, and the Option, to the extent not exercised, will expire on the last day of the Offer Period with respect to which such Option was granted. Notwithstanding the foregoing, shares subject to the Option may only
be purchased with accumulated payroll deductions credited to a Participant’s account in accordance with Section 6. In addition, to the extent an Option is not exercised on each Exercise Date, the Option will lapse and thereafter cease to
be exercisable. 
 8. Exercise of Option. Unless a Participant withdraws from the Plan as provided in Section 10, the Participant’s Option
for the purchase of shares of Common Stock will be exercised automatically on each Exercise Date, by applying the accumulated payroll deductions in the Participant’s account to purchase the number of full shares subject to the Option by
dividing such Participant’s payroll deductions accumulated prior to such Exercise Date and retained in the Participant’s account as of the Exercise Date by the applicable Purchase Price. No fractional shares will be purchased; any payroll
deductions accumulated in a Participant’s account which are not sufficient to purchase a full share will be carried over to the next Purchase Period or Offer Period, whichever applies, or returned to the Participant, if the Participant
withdraws from the Plan. In addition, any amount remaining in a Participant’s account following the purchase of shares on the Exercise Date due to the application of Section 423(b)(8) of the Code, or Sections 3 or 7, will be returned to
the Participant and will not be carried over to the next Offer Period or Purchase Period. During a Participant’s lifetime, a Participant’s Option to purchase shares hereunder is exercisable only by the Participant. 

9. Delivery. Upon receipt of a request from a Participant after each Exercise Date on which a purchase of shares occurs, the Company will arrange for
the delivery to such Participant, as soon as administratively practicable, of the shares purchased upon exercise of the Participant’s Option. 
 10.
Withdrawal; Termination of Employment. 
 (a) A Participant may, by giving notice to the Company (using such form or method (including
electronic forms) as the Administrator may designate from time to time), either: (i) withdraw all but not less than all the payroll deductions credited to the Participant’s account and not yet used to exercise the Participant’s Option
under the Plan; or (ii) terminate future payroll deductions, but allow accumulated payroll deductions to be used to exercise the Participant’s Option under the Plan at any time. If the Participant elects withdrawal alternative
(i) described above, all of the Participant’s payroll deductions credited to the Participant’s account will be paid to such Participant as soon as administratively practicable after receipt of notice of withdrawal, such
Participant’s Option for the Offer Period will be automatically terminated, and no further payroll deductions for the purchase of shares will be made during the Offer Period. If the Participant elects withdrawal alternative (ii) described
above, no further payroll deductions for the purchase of shares will be made during the Offer Period, all of the Participant’s payroll deductions credited to the Participant’s account will be applied to the exercise of the
Participant’s Option on the next Exercise Date (subject to Sections 3(b), 6, 7 and 12), and after such Exercise Date, such Participant’s Option for the Offer Period will be automatically terminated and all remaining accumulated payroll
deduction amounts will be returned to the 

  
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Participant. If a Participant withdraws from an Offer Period, payroll deductions will not resume at the beginning of the succeeding Offer Period unless the Participant enrolls in such succeeding
Offer Period. The Administrator may, in its discretion and on a uniform and nondiscriminatory basis, specify further procedures for withdrawal. 

(b) Upon termination of a Participant’s employment relationship (as described in Section 2(k)) prior to the next scheduled Exercise
Date, the payroll deductions credited to such Participant’s account during the Offer Period but not yet used to exercise the Option will be returned to such Participant or, in the case of his/her death, to the person or persons entitled thereto
under Section 14, and such Participant’s Option will be automatically terminated without exercise of any portion of such Option. 
 11.
Interest. No interest will accrue on the payroll deductions credited to a Participant’s account under the Plan. 
 12. Stock. 

(a) Subject to adjustment upon changes in capitalization of the Company as provided in Section 18, the maximum number of shares of Common
Stock which will be made available for sale under the Plan is [●] shares, plus an annual increase to be added on the first business day of the calendar year beginning with the calendar year following the
calendar year in which the Plan becomes effective equal to the least of: (i) [●] shares; (ii) [●] percent of the outstanding shares of Common Stock on the last day of
the immediately preceding calendar year; or (iii) a lesser number of shares determined by the Administrator. If the Administrator determines that on a given Exercise Date the number of shares with respect to which Options are to be exercised
may exceed: (x) the number of shares then available for sale under the Plan; or (y) the number of shares available for sale under the Plan on the Offering Date(s) of one or more of the Offer Periods in which such Exercise Date is to occur,
the Administrator may make a pro rata allocation of the shares remaining available for purchase on such Offering Dates or Exercise Date, as applicable, and will either continue the Offer Period then in effect or terminate any one or more Offer
Periods then in effect pursuant to Section 19, below. Such allocation method will be “bottom up,” with the result that all Option exercises for one (1) share will be satisfied first, followed by all exercises for two
(2) shares, and so on, until all available shares have been exhausted. Any amount remaining in a Participant’s payroll account following such allocation will be returned to the Participant and will not be carried over to any future
Purchase Period or Offer Period, as determined by the Administrator. 
 (b) A Participant will have no interest or voting right in shares
covered by the Participant’s Option until such shares are actually purchased on the Participant’s behalf in accordance with the applicable provisions of the Plan. No adjustment will be made for dividends, distributions or other rights for
which the record date is prior to the date of such purchase. 
 (c) Shares to be delivered to a Participant under the Plan will be registered
in the name of the Participant. 

  
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 13. Administration. The Plan will be administered by the Administrator, which will have full and
exclusive discretionary authority to construe, interpret and apply the terms of the Plan, to determine eligibility, to determine, with respect to each Offer Period, whether the Purchase Price will be determined as of (i) the Exercise Date or
(ii) as of the Offering Date or the Exercise Date (whichever is lower), to adjudicate all disputed claims filed under the Plan, and to designate separate Offerings for the eligible Employees of the Company and one or more Designated Parents or
Subsidiaries, in which case the Offerings will be considered separate even if the dates of each such Offering are identical and the provisions of the Plan will separately apply to each Offering. Every finding, decision and determination made by the
Administrator will, to the full extent permitted by Applicable Law, be final and binding upon all persons. 
 14. Designation of Beneficiary. 

(a) Each Participant will file a designation (using such form or method (including electronic forms) as the Administrator may designate from
time to time) of a beneficiary who is to receive any shares and cash, if any, from the Participant’s account under the Plan in the event of such Participant’s death. If a Participant is married and the designated beneficiary is not the
spouse, spousal consent will be required for such designation to be effective. 
 (b) Such designation of beneficiary may be changed by the
Participant (and the Participant’s spouse, if any) at any time by written notice. In the event of the death of a Participant and in the absence of a beneficiary validly designated under the Plan who is living (or in existence) at the time of
such Participant’s death, the Company will deliver such shares and/or cash to the executor or administrator of the estate of the Participant, or if no such executor or administrator has been appointed (to the knowledge of the Administrator),
the Administrator will deliver such shares and/or cash to the spouse (or domestic partner, as determined by the Administrator) of the Participant, or if no spouse (or domestic partner) is known to the Administrator, then to the issue of the
Participant, such distribution to be made per stirpes (by right of representation), or if no issue are known to the Administrator, then to the heirs at law of the Participant determined in accordance with Section 27. 

15. Transferability. No payroll deductions credited to a Participant’s account, Options granted hereunder, or any rights with regard to the
exercise of an Option or to receive shares under the Plan may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent and distribution, or as provided in Section 14) by the Participant. Any
such attempt at assignment, transfer, pledge or other disposition will be without effect, except that the Administrator may, in its sole discretion, treat such act as an election to withdraw funds from an Offer Period in accordance with
Section 10. 
 16. Use of Funds. All payroll deductions received or held by the Company under the Plan may be used by the Company for any
corporate purpose, and the Company will not be obligated to segregate such payroll deductions or hold them exclusively for the benefit of Participants. All payroll deductions received or held by the Company may be subject to the claims of the
Company’s general creditors. Participants will have the status of general unsecured creditors of the Company. Any amounts payable to Participants pursuant to the Plan will be unfunded and unsecured obligations for all purposes, including,
without limitation, Title I of the Employee Retirement Income Security Act of 1974, as amended. The Company will retain at all times beneficial ownership of any investments which the Company may make to fulfill its payment obligations hereunder. Any
investments or the creation or maintenance of any trust or 

  
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any Participant account will not create or constitute a trust or fiduciary relationship between the Administrator, the Company or any Designated Parent or Subsidiary and a Participant, or
otherwise create any vested or beneficial interest in any Participant or the Participant’s creditors in any assets of the Company or a Designated Parent or Subsidiary. The Participants will have no claim against the Company or any Designated
Parent or Subsidiary for any changes in the value of any assets that may be invested or reinvested by the Company with respect to the Plan. 
 17.
Reports. Individual accounts will be maintained for each Participant in the Plan. Statements of account will be given to Participants at least annually, which statements will set forth the amounts of payroll deductions, the Purchase Price,
the number of shares purchased and the remaining cash balance, if any. 
 18. Adjustments Upon Changes in Capitalization; Corporate Transactions. 

(a) Adjustments Upon Changes in Capitalization. Subject to any required action by the stockholders of the Company, the Administrator, in
order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, will, in such manner as it may deem equitable, adjust the Reserves, the Purchase Price, the maximum number of shares that
may be purchased in any Offer Period or Purchase Period, the number of issued shares of Common Stock by which the Plan reserve is increased annually, as well as any other terms that the Administrator determines require adjustment, for: (i) any
increase or decrease in the number of issued shares of Common Stock resulting from a stock split, reverse stock split, stock dividend, combination or reclassification of the Common Stock; (ii) any other increase or decrease in the number of
issued shares of Common Stock effected without receipt of consideration by the Company; or (iii) as the Administrator may determine in its discretion, any other transaction with respect to Common Stock, including a corporate merger,
consolidation, acquisition of property or stock, separation (including a spin-off or other distribution of stock or property), reorganization, liquidation (whether partial or complete) or any similar
transaction; provided, however, that conversion of any convertible securities of the Company will not be deemed to have been “effected without receipt of consideration.” Such adjustment, if any, will be made by the Administrator and its
determination will be final, binding and conclusive. Except as the Administrator determines, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, will affect, and no adjustment by
reason hereof will be made with respect to, the Reserves and the Purchase Price. 
 (b) Corporate Transactions. In the event of a
proposed Corporate Transaction, each Option under the Plan will be assumed by such successor corporation or a parent or subsidiary of such successor corporation, unless the Administrator, in the exercise of its sole discretion and in lieu of such
assumption, determines to shorten the Offer Period then in progress by setting a new Exercise Date (the “New Exercise Date”). If the Administrator shortens the Offer Period then in progress in lieu of assumption in the event of a
Corporate Transaction, the Administrator will notify each Participant in writing at least three (3) business days prior to the New Exercise Date, that the Exercise Date for the Participant’s Option has been changed to the New Exercise Date
and that either: 

  
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 (i) the Participant’s Option will be exercised automatically on the New Exercise Date,
unless prior to such date the Participant has withdrawn from the Offer Period as provided in Section 10; or 
 (ii) the Company will pay
to the Participant on the New Exercise Date an amount in cash, cash equivalents, or property as determined by the Administrator that is equal to the excess, if any, of (x) the Fair Market Value of the shares subject to the Option over
(y) the Purchase Price due had the Participant’s Option been exercised automatically under Subsection (b)(i) above. In addition, all remaining accumulated payroll deduction amounts will be returned to the Participant. 

(c) For purposes of Section 18(b), an Option granted under the Plan will be deemed to be assumed if, in connection with the Corporate
Transaction, the Option is replaced with a comparable Option with respect to shares of capital stock of the successor corporation or Parent thereof. The determination of Option comparability will be made by the Administrator prior to the Corporate
Transaction and its determination will be final, binding and conclusive on all persons. 
 19. Amendment or Termination. 

(a) The Administrator may at any time and for any reason terminate or amend the Plan. Except as provided in Section 18, no such
termination can adversely affect Options previously granted, provided that the Plan or any one or more Offer Periods then in effect may be terminated by the Administrator on any Exercise Date or by the Administrator establishing a new Exercise Date
with respect to any Offer Period and/or Purchase Period then in progress if the Administrator determines that the termination of the Plan or one or more Offer Periods is in the best interests of the Company and its stockholders. Except as provided
in Section 18 and this Section 19, no amendment may make any change in any Option theretofore granted which adversely affects the rights of any Participant without the consent of affected Participants. To the extent necessary to comply
with Section 423 of the Code (or any successor rule or provision or any other Applicable Law), the Company will obtain stockholder approval of any amendment in such a manner and to such a degree as required. 

(b) Without stockholder consent and without regard to whether any Participant rights may be considered to have been “adversely
affected,” the Administrator will be entitled to limit the frequency and/or number of changes in the amount withheld during Offer Periods, change the length of Purchase Periods within any Offer Period, determine the length of any future Offer
Period, determine whether future Offer Periods will be consecutive or overlapping, establish the exchange ratio applicable to amounts withheld in a currency other than U.S. dollars, establish or change Plan or per Participant limits on share
purchases, establish additional terms, conditions, rules or procedures to accommodate the rules or laws of applicable foreign jurisdictions, permit payroll withholding in excess of the amount designated by a Participant in order to adjust for delays
or mistakes in the Company’s processing of properly completed withholding elections, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common
Stock for each Participant properly correspond with amounts withheld from the Participant’s Compensation, and establish such other limitations or procedures as the Administrator determines in its sole discretion advisable and which are
consistent with the Plan, in each case to the extent consistent with the requirements of Code Section 423 and other Applicable Laws. 

  
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 20. Notices. All notices or other communications by a Participant to the Company
under or in connection with the Plan will be deemed to have been duly given when received in the form specified by the Administrator at the location, or by the person, designated by the Administrator for the receipt thereof. 

21. Conditions Upon Issuance of Shares. Shares will not be issued with respect to an Option unless the exercise of such Option and the
issuance and delivery of such shares pursuant thereto will comply with all Applicable Laws and will be further subject to the approval of counsel for the Company with respect to such compliance. As a condition to the exercise of an Option, the
Company may require the Participant to represent and warrant at the time of any such exercise that the shares are being purchased only for investment and without any present intention to sell or distribute such shares if, in the opinion of counsel
for the Company, such a representation is required by any of the aforementioned Applicable Laws or is otherwise advisable. In addition, no Options will be exercised or shares issued hereunder before the Plan has been approved by stockholders of the
Company as provided in Section 23. 
 22. Term of Plan. The Plan will become effective upon the earlier to occur of its adoption
by the Board or its approval by the stockholders of the Company. It will continue in effect for a term of ten (10) years unless sooner terminated under Section 19. 

23. Stockholder Approval. Continuance of the Plan will be subject to approval by the stockholders of the Company within twelve
(12) months before or after the date the Plan is adopted. Such stockholder approval will be obtained in the degree and manner required under Applicable Laws. 

24. No Employment Rights. The Plan does not, directly or indirectly, create any right for the benefit of any employee or class of
employees to purchase any shares under the Plan, or create in any employee or class of employees any right with respect to continuation of employment by the Company or a Designated Parent or Subsidiary, and it will not be deemed to interfere in any
way with such employer’s right to terminate, or otherwise modify, an employee’s employment at any time. 
 25. No Effect on
Retirement and Other Benefit Plans. Except as specifically provided in a retirement or other benefit plan of the Company or a Designated Parent or Subsidiary, participation in the Plan will not be deemed compensation for purposes of computing
benefits or contributions under any retirement plan of the Company or a Designated Parent or Subsidiary, and will not affect any benefits under any other benefit plan of any kind or any benefit plan subsequently instituted under which the
availability or amount of benefits is related to level of compensation. The Plan is not a “Pension Plan” or “Welfare Plan” under the Employee Retirement Income Security Act of 1974, as amended. 

26. Effect of Plan. The provisions of the Plan will, in accordance with its terms, be binding upon, and inure to the benefit of, all
successors of each Participant, including, without limitation, such Participant’s estate and the executors, administrators or trustees thereof, heirs and legatees, and any receiver, trustee in bankruptcy or representative of creditors of such
Participant. 

  
 12 

 27. Governing Law. The Plan is to be construed in accordance with and governed by the
internal laws of the State of Delaware without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of Delaware to the rights and duties of the parties,
except to the extent the internal laws of the State of Delaware are superseded by the laws of the United States. Should any provision of the Plan be determined by a court of law to be illegal or unenforceable, the other provisions will nevertheless
remain effective and will remain enforceable. 
 28. Dispute Resolution. The provisions of this Section 28 will be the exclusive
means of resolving disputes arising out of or relating to the Plan. The Company and the Participant, or their respective successors (the “parties”), will attempt in good faith to resolve any disputes arising out of or relating to the Plan
by negotiation between individuals who have authority to settle the controversy. Negotiations will be commenced by either party by notice of a written statement of the party’s position and the name and title of the individual who will represent
the party. Within thirty (30) days of the written notification, the parties will meet at a mutually acceptable time and place, and thereafter as often as they reasonably deem necessary, to resolve the dispute. If the dispute has not been
resolved by negotiation, the parties agree that any suit, action, or proceeding arising out of or relating to the Plan must be brought in the United States District Court for Delaware (or should such court lack jurisdiction to hear such action, suit
or proceeding, in a Delaware state court) and that the parties will submit to the jurisdiction of such court. The parties irrevocably waive, to the fullest extent permitted by law, any objection the party may have to the laying of venue for any such
suit, action or proceeding brought in such court. THE PARTIES ALSO EXPRESSLY WAIVE ANY RIGHT THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING. If any one or more provisions of this Section 28 is for any reason held
invalid or unenforceable, it is the specific intent of the parties that such provisions be modified to the minimum extent necessary to make it or its application valid and enforceable. 

  
 13EX-10.8

 Exhibit 10.8 

MANAGEMENT FEE AGREEMENT 

THIS MANAGEMENT FEE AGREEMENT (this “Agreement”’) is made as of March 1, 2017, by and between SkyWater Technology
Foundry, Inc. a Delaware C Corporation (the “Company”’), and Oxbow Industries, LLC a Minnesota limited liability company (the “Manager”). 

RECITALS 
 WHEREAS,
pursuant to that certain Stock Purchase Agreement, dated as of the date hereof (as the same may be amended, modified and in effect from time to time, the “Purchase Agreement”), by and among the Company and Cypress Semiconductor Inc.
(“Seller”), and the other parties named therein, the Company is purchasing substantially all of the assets of Seller (the “Acquisition”); and 

WHEREAS, in connection with the Acquisition, the Manager is willing to provide certain management services to the Company, and the
Company desires to retain the Manager to provide such management services to the Company. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the mutual agreements set forth below, the parties hereto agree as follows: 

1. Services. The Manager shall, or shall cause its Affiliates to, furnish management services to the Company as the Manager shall
determine from time to time in its sole discretion (the “Services”). The Services may include the following: 
  

	 	(a)	 advice and administrative support in the review and development of the Company’s business policies,
including the review and development of growth and acquisition opportunities; 

  

	 	(b)	 advice and administrative support in the management of the Company’s lender relationships and other
important contractual relationships; 

  

	 	(c)	 advice and administrative support in the review and development of the Company’s information technology,
accounting and reporting systems and procedures; and 

  

	 	(d)	 monitoring and review of the Company’s financial performance. 

The Services may also include the Manager’s advice on alternative courses of action for the Company’s consideration. Final decisions
on any course of action shall always remain the sole responsibility of the Company. For purposes of this Agreement, an “Affiliate” of any particular person means any other person controlling, controlled by or under common control
with such particular person, where “control” means the possession, directly or indirectly, of the power to direct the management and policies of a person whether through the ownership of voting securities, contract or otherwise. 

 2. Management Fees; Expenses. In consideration for the provision of the
Services, the Manager shall be entitled to an annual management fee equal to $240,000 (the “Management Fees”). The Management Fees will be paid on a monthly basis with each installment being $20,000.00. Payment of the Management
Fees shall be made to the Manager or another party specified by the Manager in accordance with payment instructions provided to the Company from time to time by such party. In addition, the Company shall reimburse the Manager and its Affiliates for
all of its reasonable out-of-pocket expenses incurred in connection with the provision of the Services. Any such reimbursement of expenses shall be made promptly after
submission of a bill therefor by the Manager or such Affiliate. The initial payment of the Management Fees will be due on the first business day of the first full calendar month following the date of this Agreement, with each subsequent payment to
be made on the first business day of each calendar month thereafter. Notwithstanding anything to the contrary contained herein, in the event that any Management Fees or expenses are unable to be paid or reimbursed in accordance with the terms,
conditions and provisions of the Subordination Agreement (as hereinafter defined), such fees and expenses shall accrue unless and until such time that payment is permitted thereunder. 

3. Term. The term of this Agreement (the “Term”) shall be for a term commencing on the date hereof and ending
on the earlier to occur of (a) a Sale of the Company or (b) the disposition by Manager and its Affiliates of all of equity interests of the Company or its Affiliates collectively held by them. Notwithstanding anything in this Agreement to
the contrary, (a) the provisions of Section 5 and Section 6 will survive the termination of this Agreement, and (b) no termination of this Agreement, whether pursuant to this Section 3 or otherwise, will affect the
Company’s duty to pay any fees accrued, or reimburse any cost or expense incurred, pursuant to the terms of this Agreement prior to the effective date of that termination. 

4. Assignment. This Agreement and any rights and obligations hereunder shall not be assignable or transferable by the Manager,
other than to an Affiliate of the Manager, without the prior written consent of the Company, or by the Company to any other person or entity at any time. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. 
 5. Disclaimer; Limitation of Liability. 

(a) Disclaimer. The Manager makes no representations or warranties, express or implied, in respect of the Services to be provided by it
hereunder. 
 (b) Limitation of Liability. Neither the Manager nor any of its Affiliates nor any of their respective shareholders,
members, partners, directors, managers, officers, employees, agents, or representatives, or any of their respective successors or assigns (each a “Related Party” and, collectively, the “Related Parties”) shall be
liable to the Company or any of its Affiliates for any loss, liability, damage or expense arising out of or in connection with the performance of any Services contemplated by this Agreement, unless such loss, liability,

  
 2 

 
damage or expense shall be proven to result directly from the gross negligence or willful misconduct of such person. In no event will the Manager or any of its Related Parties be liable to the
Company for special, indirect, punitive or consequential damages, including, without limitation, loss of profits or lost business, even if the Manager has been advised of the possibility of such damages. Under no circumstances will the liability of
the Manager and its Related Parties exceed, in the aggregate, the fees actually paid to the Manager hereunder. 
 6. Indemnification
by the Company. The Company shall indemnify and hold harmless the Manager and its Related Parties (collectively, the “Indemnified Persons” and each individually as an “Indemnified Person”) from and
against any and all claims, labilities, losses, damages and expenses incurred by any Indemnified Person (including reasonable fees and disbursements of the respective Indemnified Person’s counsel) as a result of any action, suit, proceeding or
demand against the Indemnified Person by a third party that (a) are related to or arise out of (i) actions taken or omitted to be taken (including any untrue statements made or any statements omitted to be made) by the Company or
(ii) actions taken or omitted to be taken by an Indemnified Person with the Company’s written consent or in conformity with the Company’s written instructions or (b) are otherwise related to or arise out of the Manager’s
engagement hereunder, and will reimburse each Indemnified Person for all reasonable out-of-pocket costs and expenses, including reasonable fees of any Indemnified
Person’s counsel, as they are incurred, in connection with investigating, preparing for, defending, or appealing any action, formal or informal claim, investigation, inquiry or other proceeding, whether or not in connection with pending or
threatened litigation, caused by or arising out of or in connection with the Manager’s acting pursuant to its engagement hereunder, whether or not any Indemnified Person is named as a party thereto and whether or not any liability results
therefrom. The Company will not, however, be responsible to any Indemnified Person for any claims, liabilities, losses, damages or expenses pursuant to the preceding sentence that have resulted from the gross negligence or willful misconduct of such
Indemnified Person. The Company also agrees that neither the Manager nor any other Indemnified Person shall have any liability to the Company for or in connection with the Manager’s engagement hereunder, except in the case of the Manager for
any such liability for claims, liabilities, losses, damages, or expenses incurred by the Company that have resulted from the gross negligence or willful misconduct of the Manager. The Company further agrees that it shall not, without the prior
written consent of the Manager, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action, suit or proceeding in respect of which indemnification may be sought hereunder (whether or not any Indemnified
Person is an actual or potential party to such claim, action, suit or proceeding) unless such settlement, compromise or consent includes an unconditional release of the Manager and each other Indemnified Person hereunder from all liability arising
out of such claim, action, suit or proceeding. The Company hereby acknowledges that the foregoing indemnity shall be applicable to all claims, liabilities, losses, damages or expenses that have resulted from or are alleged to have resulted from the
active or passive or the sole, joint or concurrent ordinary negligence of the Manager or any other Indemnified Person. 
 The foregoing
right to indemnity shall be in addition to any rights that the Manager and/or any other Indemnified Person may have at common law or otherwise and shall remain in full force and effect following the completion or any termination of this Agreement.

  
 3 

 It is understood that the Manager and certain other Indemnified Persons may also be engaged
to act for the Company in one or more additional capacities, and that the terms of any such additional engagements may be embodied in one or more separate written agreements. Unless otherwise stated in any such separate written agreement, this
indemnification shall apply to the Manager’s engagement hereunder, as well as to any such additional engagement(s) (whether written or oral) and any modification of such engagement or additional engagement(s), and shall remain in full force and
effect following the completion or termination of such engagement or additional engagement(s). 
 7. Independent Contractor.
Nothing herein shall be construed to create a joint venture or partnership between the parties hereto or an employee/employer relationship. The Manager shall be an independent contractor pursuant to this Agreement. Neither party hereto shall have
any express or implied right or authority to assume or create any obligations on behalf of or in the name of the other party or to bind the other party to any contract, agreement or undertaking with any third party. Nothing in this Agreement shall
be deemed or construed to enlarge the fiduciary duties and responsibilities, if any, of the Manager or any of its Affiliates, including, without limitation, in any of their respective capacities as officers, members or directors of the Company. 

8. Permissible Activities. Nothing herein shall in any way preclude the Manager or its Affiliates or their respective Related
Parties from engaging in any business activities or from performing services for its or their own account or for the account of others, including, without limitation, companies which may be in competition with the business conducted by the Company
and any of its Affiliates. 
 9. Entire Agreement. This Agreement contains the entire understanding of the parties, supersedes
all prior agreements and understandings relating to the subject matter hereof and shall not be amended except by a written instrument hereafter signed by all of the parties hereto. 

10. Amendment and Modification; Waiver. This Agreement may only be amended, modified or supplemented by an agreement in writing
signed by each party hereto. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party so waiving. Except as otherwise set forth in this Agreement, no failure to
exercise, or delay in exercising, any rights, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder
preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. 
 11.
Severability. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or
invalidate or render unenforceable such term or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible. 

  
 4 

 12. Governing Law; Venue; Waiver of Jury Trial. All issues and questions
concerning the construction, validity, enforcement and interpretation of this Agreement will be governed by, and construed in accordance with, the laws of the State of Minnesota without giving effect to any choice of law or conflict of law rules or
provisions (whether of the State of Minnesota or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Minnesota. In furtherance of the foregoing, the internal law of the State of Minnesota
will control the interpretation and construction of this Agreement, even though under that jurisdiction’s choice of law or conflict of law analysis, the substantive law of some other jurisdiction would ordinarily apply. Any judicial proceeding
brought with respect to this Agreement must be brought in any state or federal court of competent jurisdiction in the State of Minnesota, and, by execution and delivery of this Agreement, each party (i) accepts, generally and unconditionally,
the exclusive jurisdiction of such courts and any related appellate court, and irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement and (ii) irrevocably waives any objection it may now or hereafter
have as to the venue of any such suit, action or proceeding brought in such a court or that such court is an inconvenient forum. EACH OF THE PARTIES HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN RESOLVING ANY CLAIM OR COUNTERCLAIM
RELATING TO OR ARISING OUT OF THIS ESCROW AGREEMENT. 
 [Signature page follows] 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
first written above. 
  

			
	SkyWater Technology Foundry, Inc.
		
	By:	 	/s/ Bart L. Zibrowski
	Name:	 	Bart L. Zibrowski
	Title:	 	CFO and Treasurer
	
	Oxbow Industries, LLC
		
	By:	 	/s/ Loren Unterseher
	Name:	 	Loren Unterseher
	Title:	 	Managing Director

 [SIGNATURE PAGE TO MANAGEMENT AGREEMENT]

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