Document:

EX-10.1

 Exhibit 10.1 

SEVERANCE AGREEMENT 
 This
SEVERANCE AGREEMENT (this “Agreement”), by and between ACI Worldwide, Inc., a Delaware corporation (the “Company”), and Odilon Almeida (“Executive”) is effective as of the date set forth on the
signature page (the “Effective Date”). 
 WHEREAS, the Company agrees to provide Executive with certain benefits if
Executive’s employment is terminated by the Company without Cause or by Executive for Good Reason within three years after the Effective Date; 

WHEREAS, Executive and the Company have entered into a Change In Control Employment Agreement (the “CIC Agreement”); and 

WHEREAS, the CIC Agreement contains certain defined terms that will have the same meaning in this Agreement, including without limitation,
“Cause,” “Good Reason,” “Company Business,” and “Restricted Territory.” 
 NOW, THEREFORE, THE
PARTIES AGREE AS FOLLOWS: 
 Section 1. Certain Definitions. Capitalized terms used herein that are not otherwise defined shall
have the meanings ascribed to them in the CIC Agreement. Without limiting the foregoing, for purposes of this Agreement “Good Reason” shall also include a refusal by the Company to nominate Executive for election as a director. 

Section 2. Obligations of the Company upon Termination without Cause or by Executive for Good Reason. 

(a) If the Company terminates Executive’s employment other than for Cause, Death or Disability, or Executive terminates his employment for
Good Reason, in each case prior to the expiration of this Agreement, Executive will be entitled to receive the following benefits: 
 (1) the
Company will pay to Executive, in a lump sum in cash within 60 calendar days after the Date of Termination, the aggregate of the following amounts: 

(A) the sum of (i) Executive’s Annual Base Salary through the Date of Termination to the extent not theretofore paid
and (ii) any accrued vacation pay to the extent not theretofore paid; and 
 (B) the amount equal to the product of (i)
1.5 and (ii) the sum of (x) Executive’s Annual Base Salary and (y) the Target Annual Bonus; 
 (2) for 18 months after
the Date of Termination, or such longer period as may be provided by the terms of the appropriate plan, program, practice or policy (the “Benefit Continuation Period”), the Company will continue benefits to Executive and/or
Executive’s family at least equal to, and at the same after-tax cost to Executive and/or Executive’s family, as those that would have been provided to them in accordance with the plans, programs,
practices and policies in effect at the Date of Termination; provided, however, that, the medical, dental, prescription drug and vision benefits provided during the Benefit Continuation Period will be 

 

 provided in such a manner that such benefits (and the costs and premiums thereof) are excluded from
Executive’s income for federal income tax purposes (if the Company reasonably determines that providing continued coverage under one or more of its welfare plans contemplated herein could be taxable to Executive, the Company will provide such
benefits at the level required hereby through the purchase of individual coverage); and, provided, further, that if Executive becomes reemployed with another employer and is eligible to receive such benefits under another employer provided
plan, the medical and other welfare benefits described herein will be secondary to those provided under such other plan during such applicable period of eligibility. 

(b) Unvested equity awards. If Executive is entitled to receive benefits under Section 2(a), Executive’s unvested equity awards
outstanding on the Date of Termination shall be treated as follows: 
 (1) Restricted Stock Units (“RSUs”). A portion of the
unvested RSU awards outstanding on the Date of Termination will become vested, with such portion equal to (i) the total number of RSUs covered by the applicable grant, multiplied by a fraction, the numerator of which is the number of complete
calendar months which have elapsed from the date of grant to the Date of Termination, and the denominator of which is the total number of complete calendar months covered by the grant, less (ii) the number of RSUs covered by the grant that have
already vested prior to the Date of Termination. 
 (2) Performance Stock Units (“PSUs”). With respect to each PSU award
outstanding on the Date of Termination, Executive will be entitled to receive at the time specified in the applicable award agreement for payment of the PSU, a number of PSUs equal to (i) the number of PSUs to which the Executive would have
been entitled under the applicable award agreement based on the performance of the Company for the full performance period, multiplied by (ii) a fraction, the numerator of which is the number of complete calendar months elapsed during the
applicable performance period up to the Date of Termination, and the denominator which is the total number of complete calendar months in the applicable performance period. 

(3) Except as specifically set forth in this Section 2(b), Executive’s unvested equity awards outstanding on the Date of Termination
shall be governed by the terms and conditions of the applicable award agreement. 
 Section 3.
Non-exclusivity of Rights. 
 (a) Except as otherwise provided in this Agreement, amounts that
are vested benefits or that Executive is otherwise entitled to receive under any plan, policy, practice or program of, or any other contract or agreement with, the Company or the Affiliated Companies at or subsequent to the Date of Termination will
be payable in accordance with such plan, policy, practice or program or contract or agreement, except as explicitly modified by this Agreement. Notwithstanding the foregoing, if Executive receives payments and benefits pursuant to this Agreement,
Executive will not be entitled to any severance pay or benefits under any severance plan, program or policy of the Company and the Affiliated Companies, including without limitation, the CIC Agreement. 

  
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 (b) This Agreement shall expire on the third anniversary of the Effective Date. Thereafter,
if Executive’s employment is terminated involuntarily by the Company without cause, Executive shall be entitled to benefits arising as a result of such termination under any applicable plan, policy, practice or program, or any other contract or
agreement with the Company or the Affiliated Companies in effect on the date of termination. This section 3(b) shall survive termination or expiration of this Agreement. 

Section 4. Release of Claims. In consideration for and as a condition precedent to receiving the severance pay or benefits
outlined in this Agreement, Executive agrees to execute a Release of Claims substantially in the form attached as Appendix A of the CIC Agreement (“Release of Claims”). Executive acknowledges and agrees that if he fails to execute and
deliver the Release of Claims to the Company within 21 days (or, if required by applicable law, 45 days) from Executive’s Date of Termination or revokes such Release of Claims prior to the “Effective Date” (as such term is defined in
the Release of Claims) of the Release of Claims, Executive will forfeit the severance pay and benefits outlined in this Agreement. 

Section 5. Confidential Information; Other Restrictive Covenants. 

(a) Confidential Information. Executive will hold in a fiduciary capacity for the benefit of the Company all secret or confidential
information, knowledge or data relating to the Company or the Affiliated Companies, and their respective businesses, which information, knowledge or data will have been obtained by Executive during Executive’s employment by the Company or the
Affiliated Companies and which information, knowledge or data will not be or become public knowledge (other than by acts by Executive or representatives of Executive in violation of this Agreement). After termination of Executive’s employment
with the Company, Executive will not, without the prior written consent of the Company or as may otherwise be required by law or legal process, communicate or divulge any such information, knowledge or data to anyone other than the Company and those
persons designated by the Company. 
 (b) Covenants Following Termination of Employment. For a period of 18 months following the Date
of Termination, Executive will not: 
 (1) enter into or engage in any business that competes with the Company’s Business within the
Restricted Territory; 
 (2) solicit customers with which Executive had any contact or for which Executive had any responsibility (either
direct or supervisory) at the Date of Termination or at any time during the one year prior to such Date of Termination, whether within or outside of the Restricted Territory, or solicit business, patronage or orders for, or sell, any products and
services in competition with, or for any business that competes with the Company’s Business within the Restricted Territory; 
 (3)
divert, entice or otherwise take away any customers, business, patronage or orders of the Company within the Restricted Territory, or attempt to do so; 

(4) promote or assist, financially or otherwise, any person, firm, association, partnership, corporation or other entity engaged in any
business that competes with the Company’s Business within the Restricted Territory; or 

  
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 (5) solicit or induce or attempt to solicit or induce any employee(s), sales
representative(s), agent(s) or consultant(s) of the Company and/or its affiliated companies to terminate their employment, representation or other association with the Company and/or its affiliated companies, provided that the foregoing will
not apply to general advertising not specifically targeted at employees, sales representatives, agents or consultants of the Company and/or its affiliated companies. 

Notwithstanding the foregoing, it will not be a violation of this Section 5(b) for Executive to join a division or business line of a commercial
enterprise with multiple divisions or business lines if such division or business line is not competitive with the Company’s Business, provided that Executive performs services solely for such
non-competitive division or business line, and performs no functions on behalf of (and has no involvement with or direct or indirect responsibilities with respect to) businesses competitive with the
Company’s Business. Nothing in this Section 5(b) will prohibit Executive from being a passive owner of not more than 4.9% of the outstanding equity interest in any entity which is publicly traded, so long as Executive has no active
participation in the business of such corporation. 
 (c) If it is finally judicially determined that Executive materially breached this
Section 5, Executive will, if determined appropriate in the sole discretion of the Compensation and Leadership Development Committee of the Board (the “Compensation Committee”), (i) forfeit any unpaid portion of any severance
benefits or compensation otherwise due, and (ii) repay to the Company any portion of such severance benefits or compensation previously paid to Executive. Nothing in this Section 5(c) will be deemed to limit the Company’s remedies at
law or in equity for any breach by Executive of any provision of this Agreement. 
 (d) Acknowledgement. Nothing in this Agreement
prevents Executive from providing, without prior notice to the Company, information to governmental authorities regarding possible legal violations or otherwise testifying or participating in any investigation or proceeding by any governmental
authorities regarding possible legal violations. Furthermore, no Company policy or individual agreement between the Company and Executive will prevent Executive from providing information to government authorities regarding possible legal
violations, participating in investigations, testifying in proceedings regarding the Company’s past or future conduct, engaging in any future activities protected under the whistleblower statutes administered by any government agency (e.g.,
Equal Employment Opportunity Commission, National Labor Relations Board, Securities and Exchange Commission, etc.) or receiving a monetary award from a government-administered whistleblower award program for providing information directly to a
government agency. The Company nonetheless asserts and does not waive its attorney-client privilege over any information appropriately protected by privilege. 

Section 6. Forfeiture and Right of Recoupment. 

(a) Notwithstanding anything contained herein to the contrary, (i) if the Company is required to restate its consolidated financial
statements because of material noncompliance with federal securities laws, which restatement is due, in whole or in part, to the Misconduct (as defined herein) of Executive, or (ii) it is determined that Executive has otherwise engaged in
Misconduct (whether or not such Misconduct is discovered by the Company prior to the termination of employment), Executive will, if determined appropriate in the sole discretion of the Compensation Committee, (i) forfeit any unpaid portion of
any severance benefits or compensation otherwise due, and (ii) repay to the Company any portion of such severance benefits or compensation previously paid to Executive. Nothing in this Section 6 will be deemed to limit the Company’s
remedies at law or in equity for any claims relating to Executive’s Misconduct. 

  
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 (b) Misconduct. For purposes of this Agreement, “Misconduct” shall
mean a deliberate act or acts of dishonesty or misconduct which either (i) were intended to result in substantial personal enrichment to Executive at the expense of the Company or (ii) have a material adverse effect on the Company. Any
determination hereunder, including with respect to Executive’s misconduct, shall be made by the Compensation Committee in its sole discretion. Notwithstanding any provisions herein to the contrary, Executive expressly acknowledges and agrees
that the rights of the Company set forth in this Section 6 shall continue after Executive’s termination of employment. 

Section 7. Successors. 

(a) This Agreement is personal to Executive and is not assignable by Executive. This Agreement will inure to the benefit of, and be enforceable
by, Executive’s legal representatives. 
 (b) This Agreement will inure to the benefit of and be binding upon the Company and its
successors and assigns. 
 Section 8. Miscellaneous. 

(a) This Agreement will be governed by and construed in accordance with the laws of the State of Delaware, without reference to principles of
conflict of laws. The captions of this Agreement are not part of the provisions hereof and will have no force or effect. This Agreement may not be amended or modified other than by a written agreement executed by the parties hereto or their
respective successors and legal representatives. 
 (b) All notices and other communications hereunder will be in writing and will be given
by hand delivery to the other party or overnight addressed as follows: 
 If to Executive: 

At the most recent address on file at the Company. 

If to the Company: 
 ACI
Worldwide, Inc. 
 6060 Coventry Drive 

Elkhorn, NE 68022 
 Attention:
General Counsel 

  
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 or to such other address as either party has furnished to the other in writing in accordance herewith.
Notice and communications will be effective when received by the addressee. 
 (c) The invalidity or unenforceability of any provision of
this Agreement will not affect the validity or enforceability of any other provision of this Agreement. 
 (d) The Company may withhold from
any amounts payable under this Agreement such United States federal, state or local or foreign taxes as are required to be withheld pursuant to any applicable law or regulation. 

(e) Executive’s or the Company’s failure to insist upon strict compliance with any provision of this Agreement or the failure to
assert any right Executive or the Company may have hereunder will not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement. 

[signature page follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have entered into this Agreement effective as of
April 15, 2022 (the “Effective Date”). 
  

									
	ACI Worldwide, Inc.	 	                    	  	Executive
				
	By:	 	 /s/ Dennis Byrnes
	 		  	 /s/ Odilon Almeida

		 		 		  	Odilon Almeida
				
	Its:	 	 EVP and General Counsel
	 		  	

  
 7Document

Exhibit 10.1

TRANSITION SERVICES AGREEMENT
This TRANSITION SERVICES AGREEMENT (this “Agreement”), dated as of April 14, 2022, is by and between Microvast, Inc. (“Microvast” or the “Company”) and Yanzhuan (Leon) Zheng (the “Executive”).
WHEREAS, the Executive currently provides services to Microvast as its Chief Financial Officer pursuant to the terms of that Employment Agreement by and between Microvast and the Executive, dated February 1, 2021 (the “Employment Agreement”); and
WHEREAS, Microvast and the Executive agree that the Executive’s employment with Microvast shall cease, effective as of April 14, 2022 (the “Separation Date”); and
WHEREAS, to ensure an orderly transition, Microvast and the Executive agree that the Executive shall provide consulting services to Microvast for the Transition Period (as defined below) pursuant to the terms and conditions of this Agreement effective as of the Separation Date.
NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:
1.Separation; Transition Services.  Effective as of the Separation Date, the Executive shall cease to be employed as the Chief Financial Officer of the Company and shall become a consultant to the Chief Executive Officer of the Company (the “CEO”) and provide the Company with such transition support and services as may be reasonably requested by the CEO, the Chief Financial Officer of the Company or the Company’s Board of Directors (the “Transition Services”).  The Executive may provide services to other businesses and organizations without the consent of the Company provided that such services will not interfere significantly with the faithful performance of the Transition Services and will not cause the Executive to violate Section 9(a) of this Agreement.
2.Term.  The initial term of the Transition Services commences as of the Separation Date and continues for a period of 18 months (the “Initial Term”).  Thereafter, the term of the Transition Services shall continue until terminated by the Company or the Executive in accordance with Section 7 (the “Subsequent Term”).
3.Compensation.  
(a)In exchange for the Transition Services, during the Initial Term, Microvast shall pay the Executive a fee (the “Fee”) equal to $25,000 per month, payable monthly in arrears.  During the Subsequent Term, Microvast shall pay the Executive $145 per hour for actual services rendered, payable in arrears following receipt by the Company of an invoice from the Executive, which shall be submitted to the Company on or about the last day of each month during the Subsequent Term in which the Executive rendered Transition Services.
(b)Upon the Executive’s delivery of an election form to continue COBRA coverage, the Company shall subsidize the Executive’s COBRA premiums for a period of 18 months from the first day of the month following the month in which the Separation Date occurs so that the Executive and the Executive’s dependents will continue to receive such benefits at the active employee rate. Executive authorizes the Company to deduct the portion of the COBRA premiums typically born by the Company’s active employees (currently 20%) from the Fee.

(c)The Company shall reimburse the Executive for reasonable travel and other business-related expenses incurred by the Executive in the fulfillment of the Transition Services, upon presentation of written documentation thereof, in accordance with the business expense reimbursement policies and procedures of the Company as in effect from time to time.  Payments with respect to reimbursements of expenses shall be made consistent with the Company’s reimbursement policies and procedures and in no event later than the last day of the calendar year following the calendar year in which the relevant expense is incurred.
4.Equity Treatment.  In connection with the termination of the Executive’s employment, the Executive’s equity-based awards shall be treated as follows:
(a)Pre-SPAC Equity Awards.  All restricted stock units capped at $6.28 (“CRSUs”) and stock options (the “Options”) with an exercise price of $6.28 held by the Executive as of the Separation Date shall immediately vest in full in accordance with Section 4(c) of the Employment Agreement.  With respect to the Options, in accordance with the terms of the Microvast, Inc. Stock Incentive Plan, the Executive shall have until the date that is three months after the termination of the Transition Services to exercise the Executive’s Options. Any portion of the Options not exercised by the Executive within three months following the termination of the Transition Services shall terminate at the close of business on the last day of the three-month period.
(b)Post-SPAC Equity Awards.  All performance stock units (“PSUs”) and restricted stock units (“RSUs”) held by the Executive as of the Separation Date shall remain outstanding and continue to be subject to the terms and conditions of the Microvast Holdings, Inc. 2021 Equity Incentive Plan and the applicable Award Agreement.
5.Incentive Eligibility.
(a)Short-Term Incentive.  For 2022, the Executive shall be entitled to participate in the Company’s short-term incentive plan in accordance with its terms that may be in effect from time to time and subject to such other terms as the Board, in its sole discretion, may approve. Executive shall not be eligible to participate in the Company’s short-term incentive plan beginning in 2023.
(b)Long-Term Incentive.  For 2022, the Executive shall be entitled to participate in the Company’s long-term incentive plan in accordance with its terms that may be in effect from time to time and subject to such other terms as the Board, in its sole discretion, may approve. Executive shall not be eligible to participate in the Company’s long-term incentive plan beginning in 2023.
6.Independent Contractor.  Immediately following the Separation Date, the Executive shall not be an employee of the Company, but shall have the relationship of an independent contractor to the Company.  As an independent contractor, the Executive shall have the sole responsibility and obligation to report the Executive’s net earnings from the Company and otherwise as received as self-employment income on the Executive’s tax returns and to pay such taxes as are required by law.  The parties agree that the Executive is an independent contractor and that, as such, the Company shall have no right, responsibility or obligation to withhold income or payroll taxes under the United States Insurance Contributions Act or under state unemployment, disability or other laws from amounts due to the Executive from the Company hereunder or to pay employer payroll taxes thereon under such laws or to withhold special or general funds, assessments, or taxes generally collected by employers for the use and benefit of employees.  Notwithstanding the foregoing, the Company shall be entitled to withhold any and all federal, state and local taxes required to be withheld under applicable law, including, 
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but not limited to, income resulting from the vesting or exercise of equity awards that the Company granted to the Executive prior to the Separation Date.
7.Termination of Services.  Neither party hereto may terminate the Transition Services during the Initial Term.  During the Subsequent Term, the Company shall have the right to terminate the Transition Services at any time, with or without Cause (as defined in the Employment Agreement) and the Executive shall have the right to terminate the Executive’s employment at any time, with no less than 90 days’ notice to the other party, provided, that in either case the Company shall pay the Executive the sum of any earned but unpaid Fees and reimbursement of expense to which the Executive is entitled.  Any termination of the Transition Services by the Company or by the Executive (other than on account of death of the Executive), with or without Cause, shall be communicated by a written notice of termination to the other party hereto given in accordance with Section 19. 
8.Execution and Delivery of Release.  The Company shall not be required to make the payments and provide the benefits provided for under Sections 3, 4 or 5 unless the Executive executes and delivers to the Company, within 60 days following the Executive’s Separation Date, a general waiver and release of claims in a form substantially similar to the form attached to the Employment Agreement and the release has become effective and irrevocable in its entirety.
9.Continuing Obligations.  
(a)The Executive acknowledges and agrees that the Executive continues to be subject to, and will abide by, the terms of Sections 7 through 12 of the Employment Agreement (which provisions are incorporated herein by reference).  The Executive acknowledges that, pursuant to the Defend Trade Secrets Act of 2016, an individual may not be held liable under any criminal or civil federal or state trade secret law for disclosure of a trade secret (i) made in confidence to a government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law, (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal, or (iii) made to his or her attorney or used in a court proceeding in an anti-retaliation lawsuit based on the reporting of a suspected violation of law, so long as any document containing the trade secret is filed under seal and the individual does not disclose the trade secret except pursuant to court order.
(b)The Executive understands and acknowledges that the Executive has the right under U.S. federal law to certain protections for cooperating with or reporting legal violations to the Securities and Exchange Commission and/or its Office of the Whistleblower, as well as certain other governmental entities.  No provisions in this Agreement are intended to prohibit the Executive from disclosing this Agreement to, or from cooperating with or reporting violations to, the SEC or any other such governmental entity, and the Executive may do so without disclosure to the Company.  The Company may not retaliate against Executive for any of these activities.  Further, nothing in this Agreement precludes the Executive from filing a charge of discrimination with the Equal Employment Opportunity Commission or a like charge or complaint with a state or local fair employment practice agency.  The Company may not retaliate against Executive for any of these activities, and nothing in this Agreement would require Executive to waive any monetary award or other payment that Executive might become entitled to from any such governmental entity.
10.Section 409A of the Code.  The payments and benefits under this Agreement are intended to either comply with Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and other official guidance thereunder (“Section 409A”) or be exempt from the application of Section 409A and, accordingly, to the maximum extent 
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permitted, this Agreement shall be interpreted to be in compliance therewith.  To the extent that any provision hereof is modified in order to comply with Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to the Executive and the Company of the applicable provision without violating the provisions of Section 409A.  Any payment or benefit due upon a termination of employment that represents a “deferral of compensation” within the meaning of Section 409A shall be paid or provided only upon a “separation from service” as defined in Treas. Reg.§ 1.409A-1(h).  Notwithstanding anything herein to the contrary, no particular tax result for the Executive with respect to any income recognized by the Executive in connection with this Agreement is guaranteed, and the Executive shall be responsible for any and all income taxes due with respect to the arrangements contemplated by this Agreement.
11.Arbitration.  Any dispute or controversy arising under or in connection with this Agreement or otherwise in connection with the Executive’s services to the Company that cannot be mutually resolved by the parties to this Agreement and their respective advisors and representatives shall be settled exclusively by arbitration in Houston, Texas, in accordance with the commercial rules of the American Arbitration Association before one arbitrator of exemplary qualifications and stature, who shall be selected jointly by an individual to be designated by the Company and an individual to be selected by the Executive, or if such two individuals cannot agree on the selection of the arbitrator, who shall be selected by the American Arbitration Association, and judgment upon the award rendered may be entered in any court having jurisdiction thereon.
12.Non-assignability; Binding Agreement.
(a)By the Executive.  This Agreement and any and all rights, duties, obligations or interests hereunder shall not be assignable or delegable by the Executive.
(b)By the Company.  This Agreement and all of the Company’s rights and obligations hereunder shall not be assignable by the Company except as incident to a reorganization, merger or consolidation, or transfer of all or substantially all of the Company’s assets.  If the Company shall be merged or consolidated with another entity, the provisions of this Agreement shall be binding upon and inure to the benefit of the entity surviving such merger or resulting from such consolidation.  The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, by agreement in form and substance satisfactory to the Executive, to expressly assume and agree to perform this Agreement in the same manner that the Company would be required to perform it if no such succession had taken place.  The provisions of this paragraph shall continue to apply to each subsequent service recipient of the Executive hereunder in the event of any subsequent merger, consolidation, transfer of assets of such subsequent employer or otherwise.
(c)Binding Effect.  This Agreement shall be binding upon, and inure to the benefit of, the parties hereto, any successors to or assigns of the Company, and the Executive’s heirs and the personal representatives of the Executive’s estate.
13.Amendment; Waiver.  This Agreement may not be modified, amended or waived in any manner, except by an instrument in writing signed by both parties hereto.  The waiver by either party of compliance with any provision of this Agreement by the other party shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by such party of a provision of this Agreement.
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14.Governing Law.  All matters affecting this Agreement, including the validity thereof, are to be subject to, and interpreted and construed in accordance with, the laws of the State of Texas applicable to contracts executed in and to be performed in that State.
15.Survival of Certain Provisions.  The rights and obligations set forth in this Agreement that, by their terms, extend beyond the Term shall survive the Term.
16.Entire Agreement; Supersedes Previous Agreements.  This Agreement contains the entire agreement and understanding of the parties hereto with respect to the matters covered herein and supersede all prior or contemporaneous negotiations, commitments, agreements and writings with respect to the subject matter hereof, all such other negotiations, commitments, agreements and writings shall have no further force or effect, and the parties to any such other negotiation, commitment, agreement or writing shall have no further rights or obligations thereunder.
17.Counterparts.  This Agreement may be executed by either of the parties hereto in counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument.
18.Headings.  The headings of sections herein are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement.
19.Notices.  All notices or communications hereunder shall be in writing, addressed as follows:
To Microvast or the Company:
12603 Southwest Freeway, Suite 210
Stafford, Texas 77477
Attention:  General Counsel
Email: sarah.alexander@microvast.com

With a copy to:  
John J. Cannon III
Shearman & Sterling LLP
599 Lexington Avenue
New York, NY 10022
Email:  jcannon@shearman.com
To the Executive:
Yanzhuan (Leon) Zheng
ADDRESS:
Email: leonzheng@microvast.com

All such notices shall be conclusively deemed to be received and shall be effective (i) if sent by hand delivery, upon receipt, or (ii) if sent by electronic mail or facsimile, upon receipt by the sender of confirmation of such transmission; provided, however, that any electronic mail or facsimile will be deemed received and effective only if followed, within 48 hours, by a hard copy sent by certified United States mail.
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[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, Microvast has caused this Agreement to be signed by its officer pursuant to the authority of its Board, and the Executive has executed this Agreement, as of the day and year first written above.
									
			MICROVAST, INC.
			
		By:	/s/ Yang Wu
		

	Name: Yang Wu
			Title: Chief Executive Officer

									
			EXECUTIVE
			
		

	/s/ Yanzhuan Zheng
		

	Name:  Yanzhuan (Leon) Zheng

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