Yes, the Panasonic Lumix S5 IIX is compatible with the ProGrade Digital V60 128GB SD.
ProGrade Digital V60 128GB SD is V60 class. Clears: MP4 4K30 LongGOP (72 Mbps, requires V10); MOV 4K/C4K LongGOP (200 Mbps, requires V30); MOV 4K/C4K ALL-Intra (400 Mbps, requires V60). Does not meet the floor for: MOV 4K/C4K ALL-Intra (top tier) (600 Mbps, requires V90).
Limitation
Cannot record the S5 IIX's highest-bitrate 4K 59.94p mode (600Mbps, requires Video Speed Class 90) -- this card is V60-rated only. Works for all other 4K modes up to 400Mbps (Video Speed Class 60 requirement) and below.
“Motion pictures with 600Mbps or less: External USB-SSD, SD memory card with Video Speed Class 90 -- Panasonic S5 IIX on-card 4K UHD 59.94p ceiling (600Mbps, the 800Mbps row is External-USB-SSD-only).”
Last verified:
Compatibility inferred from spec rule (citations above are manufacturer-verified)