Document:

Exhibit 10.3 

 

STRICTLY CONFIDENTIAL

 

January 18, 2022

 

Behrooz Abdi

ACE Convergence Acquisition Corp.

1013 Centre Road, Suite 403S

Wilmington, DE 19805

 

Joy Weiss

Tempo Automation, Inc.

2460 Alameda Street

San Francisco, CA 94103

 

Re:      Information Rights
and Confidentiality Agreement

 

Dear Mr. Abdi and Ms. Weiss:

 

Reference is made to that
certain Subscription Agreement, dated as of January 18, 2022, by and among (i) ACE Convergence Acquisition Corp., a Cayman Islands exempted
company limited by shares, which entity shall migrate to and domesticate as Tempo Automation Holdings, Inc., a Delaware corporation, prior
to the Closing (the “Company”), (ii) Tempo Automation, Inc., a Delaware corporation (“Tempo”)
(solely for purposes of the agreements and obligations set forth in Section 7(e) of the Subscription Agreement), and (iii) each of the
subscribers signatory thereto (the “Subscribers”) (as the same may be amended or modified from time to time,
the “Subscription Agreement”), pursuant to which Tor Asia Credit Opportunity Master Fund II LP and/or one or
more of its affiliates or affiliated investment funds and/or managed or controlled accounts (collectively, “Tor”)
has subscribed for, and agreed to purchase from the Company, at the Closing, $25 million in aggregate principal amount of 13% Convertible
Senior Notes due 2025 (the “Notes”) having the terms set forth in that certain Indenture, to be dated as of
Closing Date, by and between the Company, as issuer and U.S. Bank, National Association, as trustee (in substantially the form attached
to the Subscription Agreement as Exhibit B thereto, the “Indenture”). Capitalized terms used herein, but not
defined herein, shall have the meanings ascribed to such terms in the Subscription Agreement.

 

In connection with the execution
of the Subscription Agreement by Tor (as Subscriber), and for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, each of the parties hereby acknowledges and agrees, on behalf of itself, as follows:

 

1.        
Agreements.

 

(a)       
Liquidity Reporting. No later than five (5) Business Days (as defined in the Indenture) following the end of each
calendar quarter, the Company shall certify in writing to Tor the Cash Amount (as defined in the Indenture) (and the component parts thereof)
as of the end of the last day of such calendar quarter.

 

     

     

    

 

(b)       
Access; Inspection Rights. For so long as Tor (or any of its transferees) holds or controls at least $25,000,000
in aggregate principal amount of the Notes, Tor (or such transferee) shall be entitled (i) to visit and inspect any of the Company’s
or any of its subsidiaries’ respective properties, (ii) to examine any corporate, financial and operating records of the Company
(or any of its subsidiaries), and make copies thereof or abstracts therefrom, and (iii) to discuss the Company’s business, operations,
affairs, finances and accounts with its officers, directors and employees, in each case at the reasonable expense of the Company and at
such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance written notice (which
may be by e-mail) to the Company; provided that Tor (or such transferee) shall not exercise such rights more often than one time
during any calendar quarter.

 

2.       
Effectiveness. This letter agreement shall become effective automatically, and without any further action by any
party hereto or any other person, upon the occurrence of the Closing under the Subscription Agreement.

 

3.        
Representations. Each of the Company, Tempo and Tor represents and warrants that it is duly authorized and has the
corporate and legal power and authority to enter into this letter agreement and take the acts and actions described herein.

 

4.        
Confidentiality.

 

(a)         As
used in this letter agreement, subject to Section 4(c) below, “Confidential Information” means
any and all non-public financial information or other non-public information concerning the Company, its subsidiaries
and their affiliates that may hereafter be disclosed to Tor by the Company, its subsidiaries, their affiliates or by any of the directors,
officers, employees, agents, consultants, advisors or other representatives (including financial advisors, accountants or legal counsel)
(the “Representatives”) of the Company or its subsidiaries, including all notices, minutes, consents, materials,
ideas or other information (to the extent constituting information concerning the Company, its subsidiaries and their affiliates that
is non-public financial information or other non-public information) provided to Tor.

 

(b)       
Except to the extent permitted by this Section 4(b) or by Section 4(c) or Section 4(d)
below, Tor shall keep such Confidential Information strictly confidential and shall not use the Confidential Information for any purpose
other than monitoring Tor’s investment in the Company and exercising Tor’s rights as an investor in the Company and its rights
under this letter agreement; provided, that Tor may share Confidential Information with its affiliates and its and their respective
directors, officers, employees, agents, consultants, advisors, legal counsel and other representatives (each, a “Permitted
Recipient”) who (a) have a need to know such information and (b) are informed of the confidential nature of such information;
provided, further, that, subject to Section 4(e) below, the foregoing shall not apply to the extent
Tor or any of the Permitted Recipients is requested or compelled to disclose Confidential Information by statute, rule, regulation, arbitral
or judicial or regulatory process or otherwise requested by any governmental authority.

 

    2

     

    

 

(c)        
The term “Confidential Information” does not include information that (i) is or becomes generally available
to the public other than (a) as a result of a disclosure by Tor in violation of this letter agreement or (b) in violation of
a confidentiality obligation to the Company or its subsidiaries known to Tor, (ii) is or becomes available to Tor or the Permitted
Recipients on a non-confidential basis from a source not known by Tor or any of its affiliates to have an obligation of confidentiality
to the Company or its subsidiaries, (iii) was already known to Tor or any of its affiliates or the Permitted Recipients at the time
of disclosure, or (iv) is independently developed by Tor or any of its affiliates or the Permitted Recipients without reference to
any Confidential Information disclosed to Tor.

 

(d)       
Tor acknowledges and will advise the Permitted Recipients that United States securities laws prohibit any person who has
received from an issuer any material, non-public information from purchasing or selling securities of such issuer or from communicating
such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase
or sell such securities.

 

(e)       
In the event that Tor or any of the Permitted Recipients is required or compelled by statute, rule, regulation, arbitral
or judicial process or otherwise requested by any governmental or regulatory authority to disclose the Confidential Information, Tor (or,
if applicable, such Permitted Recipient) shall use commercially reasonable efforts, to the extent permitted and practicable, to provide
the Company with prompt prior written notice of such requirement so that the Company or its subsidiaries or their affiliates may seek,
at such their sole expense and cost, an appropriate protective order. If in the absence of a protective order, Tor or any of its affiliates
or any Permitted Recipient is nonetheless legally required or compelled to disclose Confidential Information, such person may disclose
only the portion of the Confidential Information or other information that it is so legally required or compelled or requested to be disclosed.

 

(f)        
All Confidential Information disclosed by the Company, its subsidiaries or their Representatives to Tor is and will remain
the property of the Company, so long as such information remains Confidential Information.

 

(g)       
It is understood and acknowledged that neither the Company, its subsidiaries nor any Representative makes any representation
or warranty as to the accuracy or completeness of the Confidential Information or any component thereof.

 

(h)         Notwithstanding
anything herein to the contrary, the obligations of this Section 4 will automatically expire one (1) year after the
termination of this letter agreement.

 

5.       
Termination. This letter agreement will automatically terminate, and all provisions hereof and all related rights
and obligations of the parties hereunder will terminate without any further liability on the part of any party in respect hereof, upon
the earliest to occur (a) the termination of the Subscription Agreement in accordance with the terms thereunder (other than a termination
in connection with the Closing), (b) the date and time on which all of the Notes held by Tor are converted into Common Stock (as defined
in the Indenture), and (c) with respect to Tor, the date and time on which Tor no longer owns or controls at least $25,000,000 in aggregate
principal amount of the Notes.

 

    3

     

    

 

6.        
Miscellaneous.

 

(a)        
Entire Agreement; Amendments; Counterparts. This letter agreement constitutes the entire agreement among the parties
with respect to the subject matter hereof and supersedes all prior agreements and undertakings among the parties with respect to such
subject matter. This letter agreement may not be assigned by any of the parties hereto. This letter agreement may not be amended, supplemented,
modified or waived except by an instrument in writing signed by all of the parties. This letter agreement may be executed in counterparts,
each of which, when executed, shall be deemed to be an original and all of which together will be deemed to be one and the same instrument
binding upon all of the parties notwithstanding the fact that all parties are not signatory to the original or the same counterpart. For
purposes of this letter agreement, facsimile and portable document format signatures shall be deemed originals.

 

(b)       
Governing Law; Venue; No Jury Trial. This letter agreement shall be construed and enforced in accordance with, and
the rights of the parties shall be governed by, the laws of the State of New York, without giving effect to the conflicts of law principles
thereof except sections 5-1401 and 5-1402 of the general obligations law of the State of New York. Each party hereby (i) consents to submit
itself to the personal jurisdiction of the federal court of the Southern District of New York or any state court located in New York County,
State of New York in the event any dispute arises out of or relates to this letter agreement or any of the transactions contemplated by
this letter agreement, (ii) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for
leave from any such court, including, without limitation, a motion to dismiss on the grounds of forum non conveniens, and (iii)
agrees that it will not bring any action arising out of or relating to this letter agreement or any of the transactions contemplated by
this letter agreement in any court other than the federal court of the Southern District of New York or any state court located in New
York County, State of New York. EACH PARTY HEREBY WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF
ANY DISPUTE IN CONNECTION WITH THIS AGREEMENT, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THE PERFORMANCE OF ANY SUCH RIGHTS OR OBLIGATIONS.

 

(c)        
Notices. All notices, requests, demands, claims and other communications required or permitted under this letter
agreement shall be in writing and must be delivered by nationally recognized overnight courier, e-mail or personal delivery.  Any
such notice, request, demand, claim, or other communication to either party shall be deemed duly given, as applicable, (i) on the date
of receipt by the addressee if sent by overnight delivery, (ii) when sent, if sent by e-mail (provided that (x) the sender’s computer
provides confirmation of transmission or receipt evidencing that such communication was sent to the appropriate email address on a specified
date and (y) a copy of the same notice or other communication sent by email is also sent by overnight delivery on the same day as such
email is sent) or (iii) upon personal delivery, in each case, to the address or email address set forth for such party on its signature
page hereto (or at such other address for a party as may be specified by like notice given to the other party).

 

[Signature Page Follows.]

 

    4

     

    

 

If the foregoing is acceptable,
please execute the enclosed copy of this letter agreement and return it to the undersigned.

 

	 	TOR ASIA CREDIT OPPORTUNITY MASTER FUND II LP
	 	 
	 	By: TACOF II GP LLC
	 	Its: General Partner

 

		By:  	/s/
                                            James Sweeney

		Name:  	James Sweeney

		Title:  	Authorized Signatory

 

[Signature Page to Letter
Agreement]

 

     

     

    

 

ACCEPTED AND AGREED:

 

ACE CONVERGENCE ACQUISITION CORP.

 

	By:  	/s/ Denis Tse	 

	Name:  	Denis Tse	 

	Title:  	Secretary and Director	 

	Date:  	January 18, 2022	 

 

Notice Address:

 

ACE Convergence Acquisition Corp.

1013 Centre Road, Suite 403S

Wilmington, DE 19805

Attention: Denis Tse

Email: denis@acev.io

 

Tempo Automation, Inc.

 

	By:  	/s/ Joy Weiss	 

	Name:  	Joy Weiss	 

	Title:  	President & CEO	 

	Date:  	1/18/2022	 

 

Notice Address:

 

Tempo Automation, Inc.

2460 Alameda St

San Francisco, CA 94103

Attention: Ryan Benton

Email: rbenton@tempoautomation.com

 

[Signature
Page to Letter Agreement]Exhibit 10.4

 

THIS NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION
OF THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES
LAWS OF CERTAIN STATES, AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT FILED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN OPINION OF COUNSEL SATISFACTORY TO THE
COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT OR THE APPLICABLE STATE SECURITIES LAWS OR UNLESS SOLD IN ACCORDANCE WITH RULE
144 UNDER THE ACT.

 

Tempo
Automation, Inc.

CONVERTIBLE PROMISSORY NOTE

 

	Note No. 	 	Issue Date 
	$ 	 	January 18, 2022

 

FOR VALUE RECEIVED, Tempo
Automation, Inc., a Delaware corporation (“Tempo” or the “Company”), hereby promises to pay       (“Lender”),
the principal balance equal to $   , together with simple interest on the unpaid principal balance of this Note from time to
time outstanding at the rate of 10% per year; provided that in no event shall the interest rate be less than the minimum rate of
interest required in order to avoid the imputation of interest for federal income tax purposes. Interest shall commence with the date
hereof and shall continue on the outstanding unpaid principal until paid in full or converted. Interest on this Note shall be computed
on the basis of a year of 365 days for the actual number of days elapsed.

 

1.             Maturity.
Unless earlier converted pursuant to the conversion provisions set forth herein, all outstanding principal and accrued interest under
this Note (the “Outstanding Amount”) shall be due and payable by the Company on demand by the Lender at any time after
November 15, 2022 (the “Maturity Date”).

 

2.            
Priority. This Note will be subordinate in right of payment to all current and future Company indebtedness to banks, leasing
or equipment financing institutions and other financial institutions engaged in the business of lending money, which is for money borrowed
or purchase or leasing of equipment in the case of lease or other equipment financing, whether or not secured.

 

3.             Conversion
of the Note. The Outstanding Amount will convert into securities of ACE Convergence Acquisition Corp., a Cayman Islands exempted
company that will domesticate as a Delaware corporation prior to the closing of the Transactions (as defined below) (the “Issuer”),
upon the earlier to occur of the closing of the Transactions and the closing of the first Qualified Financing (as defined below) following
any termination of the Business Combination Agreement (as defined below), as applicable, in accordance with the following:

 

     

     

    

 

(a) effective upon
the closing of the Transactions, the Outstanding Amount shall automatically be converted into shares of common stock, par value $0.001
per share, of the Issuer at a conversion price of $10.00 per share, with any resulting fraction of a share rounded down to the nearest
whole share. No payment will be made to Lender in lieu of any fractional shares to which Lender would otherwise have been entitled, and
such amounts shall be extinguished without any further payment on the part of the Company. The “Transactions” means,
collectively, the transactions contemplated by that certain Agreement and Plan of Merger, dated as of October 13, 2021 (as may be amended,
supplemented or otherwise modified from time to time, the “Business Combination Agreement”), by and among the Issuer,
Tempo and ACE Convergence Subsidiary Corp., a Delaware corporation and a direct wholly owned subsidiary of the Issuer (“Tempo
Merger Sub”), pursuant to which, among other things, Tempo Merger Sub will merge with and into Tempo, with Tempo surviving such
merger as a wholly owned subsidiary of the Issuer. Lender hereby agrees to execute and become party to all customary agreements that the
Company reasonably requests in connection with the Transactions. As promptly as practicable after the conversion of this Note, the Company
at its expense shall issue and deliver to the holder of this Note, upon surrender of this Note by Lender to the Company, a certificate
or certificates for the number of full Conversion Shares issuable upon such conversion. Upon the conversion of this Note, Lender shall
have no further rights under such Note, whether or not such Note is surrendered; and

 

(b) effective upon
the closing of the first Qualified Financing (as defined below) following any termination of the Business Combination Agreement, the Outstanding
Amount shall automatically be converted into shares of the same class and series of capital stock of the Company issued to other investors
in the Qualified Financing (the “Conversion Shares”) at a conversion price equal to the price paid per share for the
Equity Securities (as defined below) by the other investors in the Qualified Financing (the “Conversion Price”), with
any resulting fraction of a share rounded down to the nearest whole share. No payment will be made to Lender in lieu of any fractional
shares to which Lender would otherwise have been entitled, and such amounts shall be extinguished without any further payment on the part
of the Company. The number of Conversion Shares to be issued upon such conversion shall be equal to the quotient obtained by dividing
the Outstanding Amount on this Note, on the date of conversion, by the Conversion Price. “Qualified Financing” means
the first issuance or series of related issuances by the Company of Equity Securities following the date of this Note from which the Company
receives immediately available gross proceeds of at least $35,000,000 (excluding proceeds from this Note and any other indebtedness of
the Company that convert into equity in such financing). The Company shall notify Lender in writing of the anticipated occurrence of a
Qualified Financing at least five days prior to the closing date of the Qualified Financing, notifying Lender of the conversion to be
effected and the terms under which the Equity Securities of the Company are anticipated to be sold in such Qualified Financing. The issuance
of Conversion Shares pursuant to the conversion of this Note shall be upon and subject to the same terms and conditions applicable to
the Equity Securities sold in the Qualified Financing. Lender hereby agrees to execute and become party to all customary agreements that
the Company reasonably requests in connection with such Qualified Financing. As promptly as practicable after the conversion of this Note,
the Company at its expense shall issue and deliver to the holder of this Note, upon surrender of this Note by Lender to the Company, a
certificate or certificates for the number of full Conversion Shares issuable upon such conversion. Upon the conversion of this Note,
Lender shall have no further rights under such Note, whether or not such Note is surrendered. “Equity Securities” means
a series of the Company’s common stock or preferred stock issued by the Company for bona fide equity financing purposes.

 

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4.            
Payment Upon Change of Control. If there is a Change of Control (as defined below) of the Company prior to the conversion
of this Note for any reason, the Company shall pay to Lender, upon the closing of the Change of Control and in full satisfaction of this
Note, the Change of Control Multiple (as defined below). The “Change of Control Multiple” means 1.5x the outstanding
principal balance of this Note. A “Change of Control” means (i) a merger or consolidation other than in which (x) the
Company is a constituent party or (y) a subsidiary of the Company is a constituent party and the Company issues shares of its capital
stock pursuant to such merger or consolidation, except any such merger or consolidation involving the Company or a subsidiary in which
the shares of capital stock of the Company outstanding immediately prior to such merger or consolidation continue to represent, or are
converted into or exchanged for shares of capital stock that represent, immediately following such merger or consolidation, a majority,
by voting power, of the capital stock of (1) the surviving or resulting corporation or (2) if the surviving or resulting corporation is
a wholly-owned subsidiary of another corporation immediately following such merger or consolidation, the parent corporation of such surviving
or resulting corporation, (ii) the sale by the stockholders of the Company, in a single transaction or series of related transactions,
of capital stock representing at least 50% of the outstanding voting power of the Company, or (iii) the sale, lease, transfer, exclusive
license or other disposition, in a single transaction or series of related transactions, by the Company or any subsidiary of the Company
of all or substantially all the assets of the Company and its subsidiaries taken as a whole, or the sale or disposition (whether by merger,
consolidation or otherwise) of one or more subsidiaries of the Company if substantially all of the assets of the Company and its subsidiaries
taken as a whole are held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition
is to a wholly owned subsidiary of the Company; provided, however, that a Change of Control shall not include (a) any transaction
or series of related transactions principally for bona fide equity financing purposes (including, but not limited to, the Qualified Financing)
in which cash is received by the Company or any successor or indebtedness of the Company is cancelled or converted or a combination thereof
occurs or (b) any of the Transactions. The Company shall notify Lender in writing of the anticipated occurrence of a Change of Control
at least five days prior to the closing date of the Change of Control.

 

5.             Defaults and Remedies.

 

5.1           Events of Default. Upon the occurrence of an Event of Default (as defined below), at the option and upon the declaration
of the Lender and upon written notice to the Company, the entire unpaid principal and accrued interest on such Note shall, without presentment,
demand, protest or notice of any kind, all of which are hereby expressly waived, but subject to the conversion rights set forth herein,
be immediately due and payable. The following events shall be considered events of default with respect to each Note (individually, an
 “Event of Default” and collectively, “Events of Default”):

 

(a)              
if the Company fails to pay any of the principal, interest or any other amounts payable under this Note when due and payable;

 

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(b)              
if the Company files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any
other law for the relief of, or relating to, debtors, now or hereafter in effect, or seeks the appointment of a custodian, receiver, trustee
(or other similar official) of the Company or all or any substantial portion of the Company’s assets, or makes any assignment for
the benefit of creditors or takes any action in furtherance of any of the foregoing, or fails to generally pay its debts as they become
due; or

 

(c)              
if an involuntary petition is filed, or any proceeding or case is commenced, against the Company (unless such proceeding or case
is dismissed or discharged within 60 days of the filing or commencement thereof) under any bankruptcy, reorganization, arrangement, insolvency,
adjustment of debt, liquidation or moratorium statute now or hereafter in effect, or a custodian, receiver, trustee, assignee for the
benefit of creditors (or other similar official) is applied or appointed for the Company or to take possession, custody or control of
any property of the Company, or an order for relief is entered against the Company in any of the foregoing.

 

5.2           Remedies.
Upon the occurrence of an Event of Default, Lender shall have then, or at any time thereafter, all of the rights and remedies afforded
creditors generally by the applicable federal laws or the laws of the State of California at law, in equity or otherwise.

 

6.             Pre-payment. This Note may not be prepaid, in whole or in part, prior to the Maturity Date without the prior written consent
of the Lender. If pre-payment is consented to by the Lender (a) it will be without any pre-payment penalties and (b) interest will no
longer continue to accrue on any prepaid principal amounts after such pre-payments. The Company hereby waives demand, notice, presentment,
protest and notice of dishonor.

 

7.             Payment.
All payments by the Company under this Note shall be in immediately available funds at the principal office of the Company, or at such
other place as Lender may from time to time designate in writing to the Company. All payments by the Company under this Note shall be
made without set-off or counterclaim and be free and clear and without any deduction or withholding for any taxes or fees of any nature
whatever, unless the obligation to make such deduction or withholding is imposed by law. All payments by the Company under this Note
shall be applied first to the accrued interest due and payable hereunder and the remainder, if any, applied to the outstanding principal.

 

8.             Directors,
Officers and Stockholders Not Liable. Lender agrees that no stockholder, director or officer of the Company shall have any personal
liability for any amounts due and payable pursuant to this Note.

 

9.             No
Litigation, Disputes or Actions Without Approval of a Majority in Interest of Note Holders. Notwithstanding any other provision of
this Note, Lender agrees that Lender will exercise Lender’s rights and remedies under this Note only in concert with all other
holders of outstanding Notes and will not take any action, including commencement or prosecution of litigation or any other proceeding
to collect this Note except as agreed by the holders of a majority in interest of the aggregate amount of outstanding principal under
the Notes.

 

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10.           Interest Cutoff. If the Transactions, a Change of Control or Qualified Financing is consummated, all interest on this Note
shall be deemed to have stopped accruing as of a date selected by the Company that is up to 10 days prior to the consummation of the Transactions,
Change of Control or Qualified Financing.

 

11.           Offset
of Subscription Amount. The parties hereto agree that the principal balance of this Note shall reduce the “Subscription Amount”
(as defined in that certain Subscription Agreement, dated as of October 13, 2021, by and between Lender and the Issuer (the “Subscription
Agreement”)) of Lender on a dollar-for-dollar basis (the “Prefunded Amount”), and Lender shall be deemed
to have satisfied in full its obligations under the Subscription Agreement with respect to such Prefunded Amount in the event the closing
of the Transactions occurs.

 

12.           
Miscellaneous.

 

12.1        
Series of Notes. This is one of a series of the Company’s Convertible Promissory Notes in substantially the same form
(collectively, the “Notes”). As used herein, “Lenders” means, collectively, Lender together with
the other lenders to which the Company from time to time issues and sells the Notes. If at any time there is more than one Lender of Notes,
the Company shall maintain a register for the recordation of the names and addresses of the Lenders, and the principal amounts and stated
interest of the Notes.

 

12.2         Accredited
Investor Representation. By accepting this Note and countersigning below, Lender represents and warrants to the Company that such
Lender is an “accredited investor” as defined in Rule 501(a) under the Act.

 

12.3         No
 “Bad Actor” Disqualification. Lender hereby represents that no “bad actor” disqualifying event described
in Rule 506(d)(1)(i)-(viii) of the Act (a “Disqualification Event”) is applicable to Lender or any of its Rule 506(d)
Related Parties (as defined below), except, if applicable, for a Disqualification Event as to which Rule 506(d)(2)(ii) or (iii) or (d)(3)
is applicable. For purposes of this Note, “Rule 506(d) Related Party” means any individual, corporation, partnership,
trust, limited liability company, association or other entity that is a beneficial owner of Lender’s securities for purposes of
Rule 506(d) of the Act.

 

12.4         Tax Forms. The Lender and each beneficial owner of this Note agrees to provide, at the time it becomes a party hereto and
thereinafter upon reasonable request or as required under applicable law, tax forms or other documentation (including any applicable Internal
Revenue Service Form W-8/W-9 as well as certifications indicating eligibility for the portfolio interest exemption) reasonably satisfactory
to the Company or other applicable withholding agent to establish an exemption from U.S. withholding tax on payments and deliveries hereunder
as well as an exemption from, or a reduction in the rate of, U.S. withholding that may apply to any dividend or constructive dividend
(e.g., under Section 305(c) of the Code).

 

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12.5        
Governing Law; Jurisdiction and Venue; Waiver of Jury Trial. This Note shall be governed by and construed in accordance
with the General Corporation Law of the State of Delaware as to matters within the scope thereof, and as to all other matters shall be
governed by and construed in accordance with the internal laws of the State of California, without regard to conflict of law principles
that would result in the application of any law other than the law of the State of California. Notwithstanding any provision of this Note
to the contrary, this Note shall be (to the extent necessary to satisfy the requirements of Section 22062(b)(3)(D) of the California Financial
Code) subject to the implied covenant of good faith and fair dealing arising under Section 1655 of the California Civil Code. Each of
the parties irrevocably consents to the exclusive jurisdiction of, and venue in, the state courts in San Francisco County in the State
of California (or in the event of exclusive federal jurisdiction, the courts of the State of California), in connection with any matter
based upon or arising out of this Note or the matters contemplated herein, and agrees that process may be served upon them in any manner
authorized by the laws of the State of California for such persons. Each of the parties hereto irrevocably waives, to the fullest extent
permitted by law, any and all right to trial by jury in any legal proceeding (whether in contract, tort or otherwise) arising out of or
related to this Note.

 

12.6       
Successors and Assigns. This Note shall inure to the benefit of and be binding upon the respective successors and assigns
of the parties. Nothing in this Note is intended to confer upon any party other than the parties hereto or their respective successors
and assigns any rights, remedies, obligations or liabilities under or by reason of this Note, except as expressly provided in this Note.
Notwithstanding the forgoing, any transfer of this Note may be effected only in accordance with the provisions of this Note and the consent
of the Company and by surrender of this Note to the Company and reissuance of a new note to the transferee. Lender and any subsequent
holder of this Note receives this Note subject to the foregoing terms and conditions, as well as all other terms and conditions contained
in this Note, and agrees to comply with all such terms and conditions for the benefit of the Company and any other Lenders.

 

12.7         Titles
and Subtitles. The titles and subtitles used in this Note are used for convenience only and are not to be considered in construing
or interpreting this Note.

 

12.8         Entire
Agreement; Amendments and Waivers. This Note constitutes the full and entire understanding and agreement between the parties with
regard to the subjects hereof. The terms and provisions of this Note may be modified or amended and the observance of any term of this
Note may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent
of the Company and the Lender.

 

12.9        
Delay or Omission; Waiver of Presentment. No delay or omission on the part of Lender in exercising any right under this
Note shall operate as a waiver of such right or of any other right of Lender, nor shall any delay, omission or waiver on any one occasion
be deemed a bar to or waiver of the same or any other right on any future occasion. The Company and every endorser or guarantor of this
Note, regardless of the time, order or place of signing, hereby waives presentment, demand, protest and notices of every kind and assents
to any permitted extension of the time of payment and to the addition or release of any other party primarily or secondarily liable hereunder.

 

12.10     
No Rights as Stockholder. Until the conversion of this Note, Lender shall not have or exercise any rights by virtue hereof
as a stockholder of the Company.

 

    - 6 -

     

    

 

12.11      
Severability. If any provision of this Note is held to be unenforceable under applicable law, such provision shall be excluded
from this Note and the balance of this Note shall be interpreted as if such provision were so excluded and shall be enforceable in accordance
with its terms.

 

12.12      
Expenses. The Company and Lender shall bear their own legal and other expenses with respect to this Note.

 

12.13      
Counterparts. This Note may be executed in two or more counterparts, each of which shall be deemed an original and all of
which together shall constitute one instrument.

 

12.14     
Electronic and Facsimile Signatures. Any signature page delivered electronically or by facsimile (including, without limitation,
transmission by .pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) shall be binding
to the same extent as an original signature page.

 

12.15      
California Corporate Securities Law. THE SALE OF THE SECURITIES THAT ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED
WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY
PART OF THE CONSIDERATION FOR SUCH SECURITIES PRIOR TO SUCH QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM QUALIFICATION
BY SECTION 25100, 25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED
UPON SUCH QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT.

 

12.16      
No Usury. This Note is hereby expressly limited so that in no event whatsoever, whether by reason of deferment or advancement
of loan proceeds, acceleration of maturity of the loan evidenced hereby, or otherwise, shall the amount paid or agreed to be paid to Lender
hereunder for the loan, use, forbearance or detention of money exceed the maximum interest rate permitted by the laws of the State of
California. If at any time the performance of any provision hereof involves a payment exceeding the limit of the price that may be validly
charged for the loan, use, forbearance or detention of money under applicable law, then automatically and retroactively, ipso facto, the
obligation to be performed shall be reduced to such limit, it being the specific intent of the Company and Lender that all payments under
this Note be credited first to interest as permitted by law, but not in excess of (a) the agreed rate of interest set forth herein
or (b) that permitted by law, whichever is the lesser, and the balance toward the reduction of principal. The provisions of this
Section 12.16 shall never be superseded or waived and shall control every other provision of this Note.

 

    - 7 -

     

    

 

12.17     
Notice. All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon
personal delivery to the party to be notified; (b) when sent by confirmed electronic mail or confirmed facsimile if sent during normal
business hours of the recipient, if not, then on the next business day; (c) five business days after having been sent by registered or
certified mail, return receipt requested, postage prepaid; or (d) one business day after deposit with a nationally recognized overnight
courier, specifying next day delivery, with written verification of receipt. All communications to the Company shall be sent to the address
or other contact information as set forth beneath its signature, with a copy (which shall not constitute notice) to: Latham & Watkins
LLP, 811 Main Street, Suite 3700, Houston, TX 77002, Attention: Ryan J. Maierson, Thomas G. Brandt, Email: ryan.maierson@lw.com, thomas.brandt@lw.com.
All communications to Lender shall be sent to Lender’s address or such other contact information as set forth beneath its signature.
Or at such other address or contact information as the relevant recipient may designate pursuant to the provisions of this Section 12.17.

 

12.18      
Pari Passu Notes. Lender acknowledges and agrees that the payment of all or any portion of the outstanding principal amount
of this Note and all interest hereon shall be pari passu in right of payment and in all other respects to the other Notes.

 

[Signature Page Follows]

 

    - 8 -

     

    

 

IN WITNESS WHEREOF, the parties have executed this
Convertible Promissory Note as of the date set forth above.

 

	 	Tempo Automation,
    Inc.
	 	 
	 	By:	                   

	 	Name:	 Joy Weiss
	 	Title:	 CEO
	 	Address:	 Tempo Automation, Inc.
	 	 	2460 Alameda St.
	 	 	San Francisco, CA 94103
	 	Email:	 joy@tempoautomation.com

 

[LENDER]

 

	By:	 	 
	Name:	 
	Title:	 
	Address:	 
	Email:	 

 

Solely for purposes of Section 3(a) and Section
11:

 

ACE CONVERGENCE ACQUISITION CORP.

 

	By:	 	 

	Name:	 	 
	Title:	 	 

Address:

	 	 
	 	 
	Email:	 	 

 

[Signature page to Convertible Promissory
Note]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}]]