Document:

cpwr_ex1065.htm

EXHIBIT 10.65
  
 	 STOCK PURCHASE AGREEMENT

  
 THIS STOCK PURCHASE agreement (“Agreement”) is made and entered into as of the 25th day of August, 2022 (“Effective Date”), by and among: Ocean Thermal Energy Corporation, a Nevada corporation (“Shareholder”), Epaphus Global Energy, LLC, a Delaware limited liability company (the “Buyer”) and OCEES International, Inc., a Hawaii (“Company”) (each a “Party” and collectively the “Parties”).
  
 Recitals:
  
 A. Shareholder currently owns all shares of the Company’s stock (“Shares”) and has full power and authority to sell the Shares to the Buyer.
  
 B. The Buyer is willing and able to purchase the Shares under the terms of this Agreement.
  
 C. The Parties acknowledge that this is a conflicting interest transaction in which the officers of each Party are the same individuals. Notwithstanding any potential conflict of interest, and in reliance on applicable law concerning the same, the Parties desire to enter into this Agreement in order to maximize the chance of securing business opportunities that would otherwise not likely occur.
  
 NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company, the Buyer and Shareholder, each intending to be legally bound, hereby covenant and agree as follows:
  
 1. Shareholder hereby transfers, conveys and assigns to the Buyer, and the Buyer hereby purchases, the Shares, following which Shareholder will no longer have any right, title or interest in or to the Shares. Shareholder shall deliver to the Buyer the Shares stock certificate(s) (or an Affidavit of Lost Certificate and Indemnity Agreement) duly endorsed in favor of the Buyer. Shareholder further agrees to grant the Company a perpetual, nonexclusive, royalty-free license to all intellectual property of the Shareholder existing as of the Effective Date.
  
 3. The Buyer shall pay to Shareholder, as the purchase price for the Shares, payment as set forth in Attachment A. When the conditions set forth in paragraph 2 have been met by Shareholder, this payment shall be released to the Shareholder.
  
 4. Shareholder hereby warrants that Shareholder has full right, title and interest in and to the Shares and the Shares are free and clear of all pledges, liens, security interests, claims, equitable interests, and encumbrances, and warrants that the transfer of the Shares as described herein, the delivery of this Agreement, and the consummation of the transactions contemplated hereby will not conflict with any instrument, agreement, order, law or regulation. Shareholder explicitly warrants that any liability owed by the Company to the Shareholder has been extinguished and indemnifies the Buyer against any claim related to any such liabilities howsoever arising.
  
 	 
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 5. This Agreement shall be binding upon and shall inure to the benefit of the Parties hereto, their heirs, personal representatives, successors and assigns.
  
 6. This Agreement may be changed, waived, discharged or terminated only by written agreement.
  
 7. This Agreement shall be construed and enforced in accordance with the laws of the State of Nevada, without regard to its conflict of laws provisions.
  
 8. This Agreement embodies the entire agreement among the Parties hereto with respect to the subject matter hereof and supersedes any and all prior or contemporaneous, oral or written understandings, negotiations or communications. The Parties are not entering into this Agreement in reliance on any representations other than those set forth in writing in this Agreement.
  
 9. This Agreement may be executed in one or more counterparts, each of which shall be deemed a duplicate original, binding on the parties hereto notwithstanding that each party is not a signatory to the original or the same counterpart. Signatures on this Agreement transmitted electronically shall be deemed original signatures for all purposes of this Agreement.
  
 11. The Parties acknowledge each Party has had the opportunity to seek the advice of independent counsel regarding this Agreement. The Parties further acknowledge that all potential conflicts of interest between the Parties’ officers, directors, and counsel have been fully disclosed and any objection is hereby and forever waived.
  
 [Signature Page Follows]
  
 	 
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 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the day and year first above written.
  
 	OCEAN THERMAL ENERGY CORPORATION	
	 	 	 
	By:	/s/ Gerald S. Koenig, Esq.	
	 Printed Name:
	Gerald S. Koenig, Esq.	 
	Title:	General Counsel	 

     
 	EPAPHUS GLOBAL ENERGY, LLC	
	 	 	 
	By:	/s/ Jeremy P. Feakins	
	 Printed Name:
	Jeremy P. Feakins	 
	Title:	Chief Executive Officer	 

  
 	OCEES INTERNATIONAL, INC.	
	 	 	 
	By:	/s/ Gerald S. Koenig, Esq.	
	 Printed Name:
	Gerald S. Koenig, Esq.	 
	Title: 	General Counsel	 

  
 	 
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 ATTACHMENT A
  
 The Buyer shall pay, as purchase price for the Shares (“Purchase Price”), the following:
  
 	  
	 A.
	 One million dollars ($1,000,000.00) in the form of cancelled amounts owed by the Shareholder to certain individuals who have assigned their rights to be paid amounts totaling one million dollars to the Buyer; and,

	  
	  
	  

	  
	 B.
	 Seventy-five thousand dollars ($75,000.00) in cash per month for twelve (12) months following the Effective Date of the Agreement.

	  
	  
	  

	  
	 C.
	 Seventy percent (70%) of the net profit of any currently contemplated project to build an ocean thermal energy conversion power plant entered into by the Company.

  
 Notwithstanding anything to the contrary in this Attachment A or the Agreement, Buyer shall have the unilateral right, at its sole discretion, to return the Shares to the Shareholder and receive a full refund of the Purchase Price from the Shareholder at any time up to one year after the Effective Date of the Agreement.
  
 	 
	4Exhibit 10.1

 

THIS SECOND AMENDED AND RESTATED CONVERTIBLE PROMISSORY
NOTE (THIS “NOTE”) AND THE SECURITIES INTO WHICH IT MAY BE CONVERTED HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES ARE SUBJECT
TO RESTRICTIONS ON TRANSFERABILITY AND RESALE. THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED
EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.
THE MAKER MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE MAKER TO THE EFFECT THAT ANY SALE
OR OTHER DISPOSITION IS IN COMPLIANCE WITH THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

ACE CONVERGENCE ACQUISITION CORP.

SECOND AMENDED AND RESTATED CONVERTIBLE PROMISSORY NOTE

 

	Principal Amount: Up to $2,125,000	Dated as of August 28, 2022

 

This Second Amended and Restated Convertible Promissory
Note amends and restates the Amended and Restated Convertible Promissory Note, dated as of June 30, 2022, by and between Maker and Payee
(each, as defined below), in its entirety.

 

ACE Convergence Acquisition Corp., a Cayman Islands
exempted company limited by shares (“Maker”), promises to pay to ACE Convergence Acquisition LLC, a Delaware limited
liability company (“Payee”), or order, the principal balance as set forth on Schedule A hereto in cash
in lawful money of the United States of America, on the terms and conditions described below; which schedule shall be updated from time
to time by the parties hereto to reflect all advances and re-advances outstanding under this Note; provided that at no time shall
the aggregate of all advances and re-advances outstanding under this Note exceed two million one hundred twenty-five thousand dollars
($2,125,000) (the “Maximum Amount”). Any advance hereunder shall be made by the Payee pursuant to Section 2
below and shall be set forth on Schedule A. All cash payments on this Note shall be made by check or wire transfer of immediately
available funds or as otherwise determined by Maker to such account as Payee may from time to time designate by written notice in accordance
with the provisions of this Note.

 

1.             Principal. All unpaid principal under this Note shall be due and payable in full on the earlier of: (i) the date by which
Maker has to complete a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination
with one or more businesses pursuant to Section 17 of its Third Amended and Restated Memorandum and Articles of Association (as it
may be amended from time to time), and (ii) immediately prior to the Effective Time (as defined in the Agreement and Plan of Merger, dated
as of October 13, 2021, by and among Maker, ACE Convergence Subsidiary Corp. and Tempo Automation, Inc., as it has been and may be amended
or amended and restated from time to time (the “Merger Agreement”)) (such earlier date of (i) and (ii), the “Maturity
Date”), unless accelerated upon the occurrence of an Event of Default (as defined below). Any outstanding principal under this
Note may be prepaid at any time by Maker, at its election and without penalty; provided, however, that Payee shall have a right
to first convert such principal balance pursuant to Section 6 below upon notice of such prepayment. Under no circumstances
shall any individual, including, but not limited to, any officer, director, employee or shareholder of Maker, be obligated personally
for any obligations or liabilities of Maker hereunder.

 

     

     

    

 

2.             Drawdowns. Payee
shall advance to Maker, beginning on January 25, 2022, and thereafter on the 25th of each month until the earlier of (i)
the consummation of the transactions contemplated by the Merger Agreement and (ii) the date by which Maker must complete an initial
business combination, an amount equal to the product of $0.03 and the number of then-outstanding Class A ordinary shares of Maker,
such amounts in the aggregate not to exceed the Maximum Amount. Any drawdowns under this Note which cause the aggregate of all
advances and re-advances outstanding under this Note to exceed $2,000,000 are conditioned upon the approval by the shareholders of
Maker of the proposal to extend the date by which Maker must complete an initial business combination to be presented at the
extraordinary general meeting of shareholders of Maker to be held on or about October 11, 2022.

 

3.             Interest. No interest shall accrue on the unpaid principal balance of this Note.

 

4.             Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of
any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late
charges and finally to the reduction of the unpaid principal balance of this Note.

 

5.             Events of Default. The occurrence of any of the following shall constitute an event of default (“Event of Default”):

 

(a)           Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note on the Maturity
Date.

 

(b)           Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee,
trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it
of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking
of corporate action by Maker in furtherance of any of the foregoing.

 

(c)           Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in
respect of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the
winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of sixty
(60) consecutive days.

 

6.            Conversion

 

(a)           Optional
Conversion. At the option of Payee, at any time on or prior to the Maturity Date, any unpaid principal amount outstanding under
this Note (or any portion thereof) up to $1,500,000 in the aggregate may be converted into whole warrants of Maker to purchase Class
A ordinary shares of Maker (“Warrants”) at a conversion price (the “Conversion Price”) equal
to $1.00 per Warrant. If Payee elects such conversion, the terms of such Warrants issued in connection with such conversion shall be
identical to the warrants issued to Payee pursuant to the Sponsor Warrants Purchase Agreement, dated as of July 27, 2020, by and
between Payee and Maker, in connection with Maker’s initial public offering that was consummated on July 30, 2020 (the
 “Private Placement Warrants”), including that each Warrant will entitle the holder thereof to purchase one Class
A ordinary share of Maker at a price of $11.50 per share, subject to the same adjustments applicable to the Private Placement
Warrants. Before this Note may be converted under this Section 6(a), Payee shall surrender this Note, duly endorsed, to
Maker and shall state therein the amount of the unpaid principal of this Note to be converted and the name or names in which the
certificates for Warrants are to be issued (or the book-entries to be made to reflect ownership of such Warrants with Maker’s
transfer agent); provided that such principal amount is no greater than $1,500,000. To the extent that this Note is not
converted and/or repaid in full, a replacement Note shall be issued to Payee reflecting the remaining unpaid principal amount not so
converted and/or repaid. The conversion shall be deemed to have been made immediately prior to the close of business on the date of
the surrender of this Note and the person or persons entitled to receive the Warrants upon such conversion shall be treated for all
purposes as the record holder or holders of such Warrants as of such date. Each such newly issued Warrant shall include a
restrictive legend that contemplates the same restrictions as the Private Placement Warrants. The Warrants and Class A ordinary
shares of Maker issuable upon exercise of the Warrants shall each constitute a “Registrable Security” pursuant to that
certain Registration Rights Agreement, dated as of July 27, 2020, by and among Maker, Payee and the other parties thereto.

 

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(b)           Remaining Principal. All accrued and unpaid principal of this Note that is not converted into Warrants shall continue to
remain outstanding and to be subject to the conditions of this Note or such replacement Note referred to in Section 6(a).

 

(c)           Fractional Warrants. No fractional Warrants shall be issued upon conversion of this Note. In lieu of any fractional Warrants
that would otherwise be issuable to Payee upon conversion of this Note, Maker shall pay to Payee an amount equal to the product obtained
by multiplying the Conversion Price by the fraction of a Warrant not issued pursuant to the previous sentence.

 

(d)           Effect of Conversion. Upon conversion of this Note and the payment of any amounts specified in Section 6(c)
and otherwise remaining outstanding, this Note shall be cancelled and void without further action of Maker or Payee, and Maker shall be
forever released from all its obligations and liabilities under this Note.

 

7.            Remedies.

 

(a)           Upon the occurrence of an Event of Default specified in Section 5(a), Payee may, by written notice to Maker, declare
this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable thereunder,
shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b)           Upon the occurrence of an Event of Default specified in Section 5(b) or Section 5(c), the unpaid principal
balance of this Note, and all other sums payable with regard to this Note, shall automatically and immediately become due and payable,
in all cases without any action on the part of Payee.

 

8.             Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice
of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted
by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any
property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under
execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that
any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may
be sold upon any such writ in whole or in part in any order desired by Payee.

 

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9.             Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of
the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party,
and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented
to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with
respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may
become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

10.          Notices. All notices, statements or other documents which are required or contemplated by this Note shall be: (i) in writing
and delivered personally or sent by first class registered or certified mail or overnight courier service to the address most recently
provided to such party or such other address as may be designated in writing by such party, (ii) by facsimile to the number most
recently provided to such party or such other facsimile number as may be designated in writing by such party or (iii) by electronic
mail, to the electronic mail address most recently provided to such party or such other electronic mail address as may be designated in
writing by such party. Any notice or other communication so delivered or transmitted shall be deemed to have been given on the day of
delivery, if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission,
one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

11.          Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

12.          Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof,
and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction.

 

13.          Trust Waiver. Notwithstanding anything herein to the contrary, Payee hereby waives any and all right, title, interest or claim
of any kind (“Claim”) in or to any distribution of or from the trust account established in which proceeds of Maker’s
initial public offering (including the deferred underwriters discounts and commissions) and proceeds of the sale of the Private Placement
Warrants were deposited, as described in greater detail in the registration statement on Form S-1 (File No. 333-239716) filed by Maker
with the U.S. Securities and Exchange Commission, that was declared effective on July 27, 2020, and the related prospectus, and hereby
agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account for any reason whatsoever.

 

14.          Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent
of Maker and Payee.

 

15.          Assignment; Successors and Assigns. Subject to Section 16, no assignment or transfer of this Note or any rights
or obligations hereunder may be made by either party hereto (by operation of law or otherwise) without the prior written consent of the
other party hereto and any attempted assignment without the required consent shall be void. This Note shall be binding upon and benefit
the permitted successors and permitted assigns of a party hereto.

 

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16.          Transfer
of this Note or Securities Issuable on Conversion. With respect to any sale or other disposition of this Note or securities into
which this Note may be converted, Payee shall give written notice to Maker prior thereto, describing briefly the manner thereof,
together with (i) except for a Permitted Transfer, in which case the requirements in this clause (i) shall not apply, a written
opinion reasonably satisfactory to Maker in form and substance from counsel reasonably satisfactory to Maker to the effect that such
sale or other distribution may be effected without registration or qualification under any federal or state law then in effect and
(ii) a written undertaking executed by the desired transferee reasonably satisfactory to Maker in form and substance agreeing to be
bound by the restrictions on transfer contained herein. Upon receiving such written notice, reasonably satisfactory opinion, or
other evidence, and such written acknowledgement, Maker, as promptly as practicable, shall notify Payee that Payee may sell or
otherwise dispose of this Note or such securities, all in accordance with the terms of the note delivered to Maker. If a
determination has been made pursuant to this Section 16 that the opinion of counsel for Payee, or other evidence, or the
written acknowledgment from the desired transferee, is not reasonably satisfactory to Maker, Maker shall so notify Payee promptly
after such determination has been made. Each Note thus transferred shall bear a legend as to the applicable restrictions on
transferability in order to ensure compliance with the Securities Act, unless in the opinion of counsel for Maker such legend is not
required in order to ensure compliance with the Securities Act. Maker may issue stop transfer instructions to its transfer agent in
connection with such restrictions. Subject to the foregoing, transfers of this Note shall be registered upon registration on the
books maintained for such purpose by or on behalf of Maker. Prior to presentation of this Note for registration of transfer, Maker
shall treat the registered holder hereof as the owner and holder of this Note for the purpose of receiving all payments of principal
hereon and for all other purposes whatsoever, whether or not this Note shall be overdue and Maker shall not be affected by notice to
the contrary. For purposes hereof “Permitted Transfer” shall have the same meaning as any transfer that would be
permitted for the Private Placement Warrants under the Letter Agreement, dated as of July 27, 2020, by and between Maker, Payee and
the other parties thereto.

 

17.          Acknowledgment. Payee is acquiring this Note for investment for its own account, not as a nominee or agent, and not with a
view to, or for resale in connection with, any distribution thereof. Payee understands that the acquisition of this Note involves substantial
risk. Payee has experience as an investor in securities of companies and acknowledges that it is able to fend for itself, can bear the
economic risk of its investment in this Note, and has such knowledge and experience in financial and business matters that it is capable
of evaluating the merits and risks of this investment in this Note and protecting its own interests in connection with this investment.

 

[Signature page follows.]

 

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IN WITNESS WHEREOF, Maker, intending to be
legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.

 

	 	ACE CONVERGENCE ACQUISITION CORP.
	 	 
	 	By:	/s/ Behrooz Abdi
		 	Name:	Behrooz Abdi
		 	Title:	Chief Executive Officer

 

Acknowledged and agreed as of the day and year
first above written.

 

ACE CONVERGENCE ACQUISITION LLC

 

	By:	 /s/ Behrooz Abdi	 
	 	Name:	Behrooz Abdi	 
	 	Title:	Chief Executive Officer	 

 

[Signature Page to Second Amended and Restated
Promissory Note (Working Capital Loan)]

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