Document:

Exhibit 10.2

 

FORM OF BACKSTOP SUBSCRIPTION
AGREEMENT

 

This BACKSTOP SUBSCRIPTION
AGREEMENT (this “Backstop Subscription Agreement”) is entered into on January 7, 2021, by and between ACE Convergence
Acquisition Corp., a Cayman Islands exempted company (“Issuer”), and the undersigned subscriber (the “Backstop
Investor”).

 

WHEREAS, this Backstop
Subscription Agreement is being entered into in connection with the Agreement and Plan of Merger, dated as of the date hereof (as
may be amended, supplemented or otherwise modified from time to time, the “Transaction Agreement”), by and among
Issuer, Achronix Semiconductor Corporation, a Delaware corporation (the “Company”), ACE Convergence Subsidiary,
Inc., a Delaware corporation (“Merger Sub”), and the other parties thereto, pursuant to which, among other things,
Merger Sub will merge with and into the Company, with the Company as the surviving company in the merger and, after giving effect
to such merger, becoming a wholly owned subsidiary of Issuer, and then the Company, as such surviving company, will merge with
and into Issuer, with Issuer as the surviving company in the merger, on the terms and subject to the conditions therein (such mergers,
collectively, the “Transaction”);

 

WHEREAS, prior to the
closing of the Transaction (and as more fully described in the Transaction Agreement), Issuer will domesticate as a Delaware corporation
in accordance with Section 388 of the General Corporation Law of the State of Delaware and Part XII of the Cayman Islands
Companies Law (2020 Revision) (the “Domestication”);

 

WHEREAS, in connection
with the Transaction, and subject to the limitations set forth in Section 1 hereof, Issuer is seeking the commitment from
the Backstop Investor to purchase, following the Domestication and prior to the closing of the Transaction, shares of Issuer’s
Class A common stock, par value $0.001 per share, as such shares will exist as common stock following the Domestication (the “Backstop
Shares”), in a private placement for a purchase price of $10.00 per share (the “Per Share Subscription Price”)
to backstop certain redemptions by Company shareholders;

 

WHEREAS, the aggregate
purchase price to be paid by the Backstop Investor for the subscribed Backstop Shares pursuant to Section 1 hereof is referred
to herein as the “Subscription Amount”; and

 

WHEREAS, substantially
concurrently with the execution of this Backstop Subscription Agreement, Issuer is entering into separate subscription agreements
(collectively, the “Other Subscription Agreements”) with certain other investors (the “Other Investors”)
(other than pursuant to this Backstop Subscription Agreement) with an aggregate purchase price of $150,000,000.

 

NOW, THEREFORE, in
consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions, set forth
herein, and intending to be legally bound hereby, each of the Backstop Investor and Issuer acknowledges and agrees as follows:

 

1.            
Subscription. Subject to the terms and conditions set forth in this Agreement, in the event that any holder of the
Issuer's ordinary shares, contemporaneously with or prior to the vote of the Issuer's shareholders in the extraordinary general
meeting of the Issuer to approve the Transaction, elects to have such holder’s ordinary shares redeemed by the Issuer, the
Backstop Investor hereby irrevocably subscribes for and agrees to purchase from the Issuer, at the Per Share Subscription Price,
up to the lesser of (x) 5,000,000 Backstop Shares, and (y) the aggregate number of Backstop Shares with a Subscription Amount equal
to the shortfall in the Minimum Available Acquiror Cash Amount (as defined in the Transaction Agreement) immediately prior to the
consummation of the Transaction, and the Issuer agrees to sell such Backstop Shares to the Backstop Investor at the Per Share Subscription
Price. The Backstop Investor acknowledges and agrees that, as a result of the Domestication, the Backstop Shares that will be issued
pursuant hereto shall be shares of common stock in a Delaware corporation (and not shares in a Cayman Islands exempted company).

 

    

     

    

 

2.             Closing.
The closing of the sale of the Backstop Shares contemplated hereby (the “Closing”) shall occur on the
closing date (the “Closing Date”) and is expected to occur substantially concurrent with the consummation
of the Transaction. Subject to the satisfaction or waiver of the conditions set forth in this Section 2 and in Section 3
below, upon delivery of written notice from (or on behalf of) Issuer to the Backstop Investor (the “Closing
Notice”), that Issuer reasonably expects all conditions to the closing of the Transaction to be satisfied or waived
on an expected Closing Date that is not less than ten (10) business days from the date on which the Closing Notice is
delivered to the Backstop Investor, the Backstop Investor shall deliver to Issuer, on the expected Closing Date specified in
the Closing Notice, the Subscription Amount by wire transfer of United States dollars in immediately available funds to the
account(s) specified by Issuer in the Closing Notice. On the Closing Date and prior to the release of the Subscription Amount
by the Backstop Investor, Issuer shall issue the Backstop Shares against payment of the Subscription Amount to the Backstop
Investor and cause the Backstop Shares to be registered in book entry form in the name of the Backstop Investor on
Issuer’s share register (which book entry records shall contain an appropriate notation concerning transfer
restrictions of the Backstop Shares, in accordance with applicable securities laws of the states of the United States and
other applicable jurisdictions), and will provide to the Backstop Investor evidence of such issuance from Issuer’s
transfer agent. For purposes of this Backstop Subscription Agreement, “business day” shall mean a day,
other than a Saturday, Sunday or other day on which commercial banks in New York, New York or governmental authorities in the
Cayman Islands (for so long as Issuer remains domiciled in Cayman Islands) are authorized or required by law to close. Prior
to or at the Closing, Backstop Investor shall deliver to Issuer a duly completed and executed Internal Revenue Service Form
W-9 or appropriate Form W-8. In the event the consummation of the Transaction does not occur within two (2) business days
after the Closing Date under this Backstop Subscription Agreement, Issuer shall promptly (but not later than two
(2) business days thereafter) return the Subscription Amount to the Backstop Investor by wire transfer of U.S. dollars
in immediately available funds to the account specified by the Backstop Investor, and any book-entries for the Backstop
Shares shall be deemed repurchased and cancelled; provided that, unless this Backstop Subscription Agreement has been
terminated pursuant to Section 8 hereof, such return of funds shall not terminate this Backstop Subscription Agreement
or relieve the Backstop Investor of its obligation to purchase the Backstop Shares at the Closing.

 

3.           
Closing Conditions. The obligation of the parties hereto to consummate the purchase and sale of the Backstop Shares
pursuant to this Backstop Subscription Agreement is subject to the following conditions: (a) there shall not be in force any injunction
or order enjoining or prohibiting the issuance and sale of the Backstop Shares under this Backstop Subscription Agreement; (b)
the terms of the Transaction Agreement (including the conditions thereto) shall not have been amended or waived in a manner that
is materially adverse to the Backstop Investor (in its capacity as such); and (c)(i) solely with respect to the Backstop Investor’s
obligation to close, the representations and warranties made by Issuer, and (ii) solely with respect to Issuer’s obligation
to close, the representations and warranties made by the Backstop Investor, in each case, in this Backstop Subscription Agreement
shall be true and correct in all material respects as of the Closing Date other than (x) those representations and warranties contained
in Section 5(n) below or qualified by materiality, Material Adverse Effect or similar qualification, which shall be true
and correct in all respects as of the Closing Date and (y) those representations and warranties expressly made as of an earlier
date, which shall be true and correct in all material respects (or, if qualified by materiality, Material Adverse Effect or similar
qualification, all respects) as of such date, in each case without giving effect to the consummation of the Transactions.

 

4.            
Further Assurances. At the Closing, the parties hereto shall execute and deliver such additional documents and take
such additional actions as the parties reasonably may deem to be practical and necessary in order to consummate the subscription
as contemplated by this Backstop Subscription Agreement.

 

5.            
Issuer Representations and Warranties. Issuer represents and warrants to the Backstop Investor that:

 

(a)          
Issuer is an exempted company duly incorporated, validly existing and in good standing under the laws of the Cayman Islands
(to the extent such concept exists in such jurisdiction). Issuer has all power (corporate or otherwise) and authority to own, lease
and operate its properties and conduct its business as presently conducted and to enter into, deliver and perform its obligations
under this Backstop Subscription Agreement. As of the Closing Date, following the Domestication, Issuer will be duly incorporated,
validly existing as a corporation and in good standing under the laws of the State of Delaware.

 

(b)           As
of the Closing Date, the Backstop Shares will be duly authorized and, when issued and delivered to the Backstop Investor
against full payment therefor in accordance with the terms of this Backstop Subscription Agreement, the Backstop Shares will
be validly issued, fully paid and non-assessable and will not have been issued in violation of or subject to any preemptive
or similar rights created under Issuer’s certificate of incorporation (as in effect at such time of issuance), by
contract or under the Delaware General Corporation Law.

 

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(c)           This Backstop Subscription Agreement has been duly authorized, executed and delivered by Issuer and, assuming that this Backstop
Subscription Agreement constitutes the valid and binding agreement of the Backstop Investor, this Backstop Subscription Agreement
is enforceable against Issuer in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally,
or (ii) principles of equity, whether considered at law or equity.

 

(d)          
The execution and delivery of, and the performance of the transactions contemplated by, this Backstop Subscription Agreement,
including the issuance and sale by Issuer of the Backstop Shares pursuant to this Backstop Subscription Agreement will not conflict
with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation
or imposition of any lien, charge or encumbrance upon any of the property or assets of Issuer or any of its subsidiaries pursuant
to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument
to which Issuer or any of its subsidiaries is a party or by which Issuer or any of its subsidiaries is bound or to which any of
the property or assets of Issuer is subject that would reasonably be expected to have a material adverse effect on the business,
financial condition or results of operations of Issuer and its subsidiaries, taken as a whole (a “Material Adverse Effect”),
or materially affect the validity of the Backstop Shares or the legal authority of Issuer to comply in all material respects with
its obligations under this Backstop Subscription Agreement; (ii) result in any violation of the provisions of the organizational
documents of Issuer; or (iii) result in any violation of any statute or any judgment, order, rule or regulation of any court
or governmental agency or body, domestic or foreign, having jurisdiction over Issuer or any of its properties that would reasonably
be expected to have a Material Adverse Effect or materially affect the validity of the Backstop Shares or the legal authority of
Issuer to comply in all material respects with its obligations under this Backstop Subscription Agreement.

 

(e)          
As of their respective filing dates, all reports required to be filed by Issuer with the U.S. Securities and Exchange Commission
(the “SEC”) since July 24, 2020 (the “SEC Reports”) complied in all material respects with
the applicable requirements of the Securities Act of 1933, as amended, (the “Securities Act”) and the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations of the SEC promulgated
thereunder, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material
fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading. The financial statements of Issuer included in the SEC Reports comply in all material respects
with applicable accounting requirements and the rules and regulations of the SEC with respect thereto as in effect at the time
of filing and fairly present in all material respects the financial position of Issuer as of and for the dates thereof and the
results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, year-end
audit adjustments. A copy of each SEC Report is available to the Backstop Investor via the SEC’s EDGAR system. As of the
date hereof, there are no material outstanding or unresolved comments in comment letters received by Issuer from the staff of the
Division of Corporation Finance of the SEC with respect to any of the SEC Reports.

 

(f)           
Issuer is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing
or registration with, any court or other federal, state, local or other governmental authority, self-regulatory organization or
other person in connection with the issuance of the Backstop Shares pursuant to this Backstop Subscription Agreement, other than
(i)  filings with the SEC, (ii) filings required by applicable state securities laws, (iii) the filings required in accordance
with Section 13 of this Backstop Subscription Agreement; (iv) those required by The Nasdaq Stock Market LLC, including
with respect to obtaining approval of Issuer’s stockholders, and (v) the failure of which to obtain would not be reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(g)           As
of the date hereof, Issuer has not received and, to Issuer’s knowledge, there is not threatened any written
communication from a governmental authority that alleges that Issuer is not in compliance with or is in default or violation
of any applicable law, except where such non-compliance, default or violation would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect. Issuer is in compliance with all applicable laws, except where
such non-compliance would not reasonably be expected to have a Material Adverse Effect.

 

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(h)           Assuming the accuracy of the Backstop Investor’s representations and warranties set forth in Section 6 of this Backstop
Subscription Agreement, no registration under the Securities Act is required for the offer and sale of the Backstop Shares by
Issuer to the Backstop Investor.

 

(i)           
Neither Issuer nor any person acting on its behalf has offered or sold the Backstop Shares by any form of general solicitation
or general advertising in violation of the Securities Act.

 

(j)           
As of the date of this Backstop Subscription Agreement, the authorized capital stock of Issuer consists of (i) 500,000,000
Class A ordinary shares, (ii) 50,000,000 Class B ordinary shares and (iii) 5,000,000 preference shares, each with a par value of
$0.0001 per share. As of the date of this Backstop Subscription Agreement, (A) 23,000,000 Class A ordinary shares of Issuer are
issued and outstanding, (B) 5,750,000 Class B ordinary shares of Issuer are issued and outstanding, (C) 18,100,000 warrants to
purchase Class A ordinary shares of Issuer are issued and outstanding, and (D) no preference shares are issued and outstanding.
All (1) issued and outstanding Class A ordinary shares and Class B ordinary shares of Issuer have been duly authorized and validly
issued, are fully paid and are nonassessable and are not subject to preemptive rights and (2) outstanding warrants have been duly
authorized and validly issued and are not subject to preemptive rights. Except as set forth above and pursuant to the Other Subscription
Agreements, this Backstop Subscription Agreements, the Transaction Agreement and the other agreements and arrangements referred
to therein or in the SEC Reports, as of the date hereof, there are no outstanding options, warrants or other rights to subscribe
for, purchase or acquire from Issuer any Class A ordinary shares, Class B ordinary shares or other equity interests in Issuer,
or securities convertible into or exchangeable or exercisable for such equity interests. As of the date hereof, Issuer has no subsidiaries,
other than Merger Sub, and does not own, directly or indirectly, interests or investments (whether equity or debt) in any person,
whether incorporated or unincorporated. There are no shareholder agreements, voting trusts or other agreements or understandings
to which Issuer is a party or by which it is bound relating to the voting of any securities of Issuer, other than (1) as set forth
in the SEC Reports and (2) as contemplated by the Transaction Agreement.

 

(k)          
As of the date hereof, the issued and outstanding Class A ordinary shares of Issuer are registered pursuant to Section 12(b)
of the Exchange Act. Following the Domestication, the Backstop Shares are expected to be registered under the Exchange Act. As
of the date hereof, there is no suit, action, proceeding or investigation pending or, to the knowledge of Issuer, threatened against
Issuer by Nasdaq or the SEC, respectively, to prohibit or terminate the listing of Issuer’s Backstop Shares on Nasdaq or
to deregister the Backstop Shares under the Exchange Act. Issuer has taken no action that is designed to terminate the registration
of the Backstop Shares under the Exchange Act.

 

(l)           
Issuer has not entered into any agreement or arrangement entitling any agent, broker, investment banker, financial advisor
or other person to any broker’s or finder’s fee or any other commission or similar fee in connection with the transactions
contemplated by this Backstop Subscription Agreement for which the undersigned could become liable. Other than the Placement Agents
(as defined below), Issuer is not aware of any person that has been or will be paid (directly or indirectly) remuneration for solicitation
of purchasers in connection with the sale of any Backstop Shares.

 

(m)         
Issuer is not, and immediately after receipt of payment for the Backstop Shares will not be, an “investment company”
within the meaning of the Investment Company Act of 1940, as amended.

 

(n)          Other
than the Other Subscription Agreements, the Transaction Agreement and any other agreement contemplated by the Transaction
Agreement, Issuer has not entered into any side letter or similar agreement with any Other Investor or any other investor in
connection with such Other Investor’s or investor’s direct or indirect investment in Issuer (other than any side
letter or similar agreement relating to the transfer to any investor of (i) securities of Issuer by existing securityholders
of Issuer, which may be effectuated as a forfeiture to Issuer and reissuance, or (ii) securities to be issued to the direct
or indirect securityholders of the Company pursuant to the Transaction Agreement). Each of the Other Subscription Agreements
related to the private placement of shares reflect the same Per Share Subscription Price. None of the Other Subscription
Agreements includes terms and conditions that are materially more advantageous to any such other investor than the Backstop
Investor hereunder, and such Other Subscription Agreements will not, and as of the Closing Date, have not been amended or
modified in any material respect following the date of this Backstop Subscription Agreement.

 

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(o)         
Issuer acknowledges and agrees that, notwithstanding anything herein to the contrary, the Backstop Shares may be pledged
by Backstop Investor in connection with a bona fide margin agreement, provided such pledge shall be (i) pursuant to an available
exemption from the registration requirements of the Securities Act or (ii) pursuant to, and in accordance with, a registration
statement that is effective under the Securities Act at the time of such pledge, and the Backstop Investor effecting a pledge of
Backstop Shares shall not be required to provide Issuer with any notice thereof; provided, however, that neither
Issuer, the Company or their respective counsels shall be required to take any action (or refrain from taking any action) in connection
with any such pledge, other than providing any such lender of such margin agreement with an acknowledgment that the Backstop Shares
are not subject to any contractual prohibition on pledging or lock up, the form of such acknowledgment to be subject to review
and comment by Issuer in all respects.

 

6.            
Backstop Investor Representations and Warranties. The Backstop Investor represents and warrants to Issuer that:

 

(a)          
The Backstop Investor (i) (A) is a “qualified institutional buyer” (as defined in Rule 144A under
the Securities Act) or an institutional “accredited investor” (within the meaning of Rule 501(a) under the Securities
Act), in each case, satisfying the applicable requirements set forth on Schedule A, (B) is an Institutional Account
as defined in FINRA Rule 4512(c) or (C) a sophisticated institutional investor, experienced in investing in private equity transactions
and capable of evaluating investment risks independently, both in general and with regard to all transactions and investment strategies
involving a security or securities, including your participation in the Transaction, (ii) is acquiring the Backstop Shares only
for its own account for investment purposes only and not for the account of others, or if the Backstop Investor is subscribing
for the Backstop Shares as a fiduciary or agent for one or more investor accounts, the Backstop Investor has full investment discretion
with respect to each such account, and the full power and authority to make the acknowledgements, representations and agreements
herein on behalf of each owner of each such account, and (iii) is not acquiring the Backstop Shares with a view to, or for
offer or sale in connection with, any distribution thereof in violation of the Securities Act (and shall provide the requested
information set forth on Schedule A) or any other jurisdiction. Accordingly, the undersigned understands that the offering
of the Backstop Shares meets the exemptions from filing under FINRA Rule 5123(b)(1)(C) or (J).

 

(b)          
The Backstop Investor has determined based on its own independent review and such professional advice as it deems appropriate
that the Backstop Investor’s purchase of the Backstop Shares and participation in the Transaction (i) are fully consistent
with its financial needs, objectives and condition, (ii) comply and are fully consistent with all investment policies, guidelines
and other restrictions applicable to it, (iii) have been duly authorized and approved by all necessary action, (iv) do not and
will not violate or constitute a default under the Backstop Investor’s charter, by-laws or other constituent document or
under any law, rule, regulation, agreement or other obligation by which it is bound and (v) are a fit, proper and suitable investment
for the Backstop Investor, notwithstanding the substantial risks inherent in investing in or holding the Backstop Shares. The Backstop
Investor is able to bear the substantial risks associated with its purchase of the Backstop Shares, including but not limited to
loss of its entire investment therein.

 

(c)           The
Backstop Investor acknowledges and agrees that the Backstop Shares are being offered in a transaction not involving any
public offering within the meaning of the Securities Act, that the Backstop Shares have not been registered under the
Securities Act and that Issuer is not required to register the Backstop Shares except as set forth in Section 7
of this Backstop Subscription Agreement. The Backstop Investor acknowledges and agrees that the Backstop Shares may not be
offered, resold, transferred, pledged or otherwise disposed of by the Backstop Investor absent an effective registration
statement under the Securities Act except (i) to Issuer or a subsidiary thereof, (ii) to non-U.S. persons pursuant
to offers and sales that occur outside the United States within the meaning of Regulation S under the Securities Act or
(iii) pursuant to another applicable exemption from the registration requirements of the Securities Act, and, in each
case, in accordance with any applicable securities laws of the states of the United States and other applicable
jurisdictions, and that any certificates or book entry records representing the Backstop Shares shall contain a restrictive
legend to such effect. The Backstop Investor acknowledges and agrees that the Backstop Shares will be subject to these
securities law transfer restrictions and, as a result of these transfer restrictions, the Backstop Investor may not be able
to readily offer, resell, transfer, pledge or otherwise dispose of the Backstop Shares and may be required to bear the
financial risk of an investment in the Backstop Shares for an indefinite period of time. The Backstop Investor acknowledges
and agrees that the Backstop Shares will not immediately be eligible for resale pursuant to Rule 144 promulgated under
the Securities Act, and that the provisions of Rule 144(i) will apply to the Backstop Shares. The Backstop Investor
acknowledges and agrees that it has been advised to consult legal, tax and accounting prior to making any offer, resale,
transfer, pledge or disposition of any of the Backstop Shares.

 

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(d)         
The Backstop Investor acknowledges and agrees that the Backstop Investor is purchasing the Backstop Shares from Issuer.
The Backstop Investor further acknowledges that there have been no representations, warranties, covenants and agreements made to
the Backstop Investor by or on behalf of Issuer, the Company, the Placement Agents, any of their respective affiliates or any control
persons, officers, directors, employees, agents or representatives of any of the foregoing or any other person or entity, expressly
or by implication, other than those representations, warranties, covenants and agreements of Issuer expressly set forth in Section 5
of this Backstop Subscription Agreement.

 

(e)          
The Backstop Investor acknowledges and agrees that the Backstop Investor has received, reviewed and understood the offering
materials made available to it in connection with the Transaction, and has received and has had an adequate opportunity to review,
such financial and other information as the Backstop Investor deems necessary in order to make an investment decision with respect
to the Backstop Shares, including, with respect to Issuer, the Transaction and the business of the Company and its subsidiaries.
Without limiting the generality of the foregoing, the Backstop Investor acknowledges that it has reviewed Issuer’s filings
with the SEC. The Backstop Investor acknowledges and agrees that the Backstop Investor and the Backstop Investor’s professional
advisor(s), if any, have conducted and completed its own independent due diligence with respect to the Transaction and had the
full opportunity to ask such questions, receive such answers and obtain such information as the Backstop Investor and such Backstop
Investor’s professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the Backstop
Shares. The undersigned further acknowledges that the information provided to the undersigned is preliminary and subject to change,
and that any changes to such information, including, without limitation, any changes based on updated information or changes in
terms of the Transaction, shall in no way affect the undersigned’s obligation to purchase the Backstop Shares hereunder.

 

(f)            The Backstop Investor became aware of this offering of the Backstop Shares solely by means of direct contact between the Backstop
Investor and Issuer, the Company or a representative of Issuer or the Company, and the Backstop Shares were offered to the Backstop
Investor solely by direct contact between the Backstop Investor and Issuer, the Company or a representative of Issuer or the Company.
The Backstop Investor did not become aware of this offering of the Backstop Shares, nor were the Backstop Shares offered to the
Backstop Investor, by any other means. The Backstop Investor acknowledges that the Backstop Shares (i) were not offered by
any form of general solicitation or general advertising and (ii) are not being offered in a manner involving a public offering
under, or in a distribution in violation of, the Securities Act, or any state securities laws. Except for the representations,
warranties and agreements of Issuer expressly set forth in Section 5 of this Backstop Subscription Agreement, Backstop
Investor is relying exclusively on its own sources of information, investment analysis and due diligence (including professional
advice that it deems appropriate) with respect to the Transaction, the Backstop Shares and the business, condition (financial
and otherwise), management, operations, properties and prospects of the Company, including but not limited to all business, legal,
regulatory, accounting, credit and tax matters. Based on such information as the Backstop Investor has deemed appropriate and
without reliance upon the Placement Agents, the Backstop Investor has independently made its own analysis and decision to enter
into the Transaction. 

 

(g)          
The Backstop Investor acknowledges that it is aware that there are substantial risks incident to the purchase and ownership
of the Backstop Shares, including those set forth in Issuer’s filings with the SEC. The Backstop Investor has such knowledge
and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Backstop
Shares, and the Backstop Investor has sought such accounting, legal and tax advice as the Backstop Investor has considered necessary
to make an informed investment decision. The Backstop Investor acknowledges that Backstop Investor shall be responsible for any
of the Backstop Investor’s tax liabilities that may arise as a result of the transactions contemplated by this Backstop Subscription
Agreement, and that neither Issuer nor the Company has provided any tax advice or any other representation or guarantee regarding
the tax consequences of the transactions contemplated by this Backstop Subscription Agreement.

 

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(h)          
 Alone, or together with any professional advisor(s), the Backstop Investor has been furnished with all materials that it
considers relevant to an investment in the Backstop Shares, has had a full opportunity to ask questions of and receive answers
from Issuer or any person or persons acting on behalf of Issuer concerning the terms and conditions of an investment in the Backstop
Shares, has adequately analyzed and fully considered the risks of an investment in the Backstop Shares and determined that the
Backstop Shares are a suitable investment for the Backstop Investor and that the Backstop Investor is able at this time and in
the foreseeable future to bear the economic risk of a total loss of the Backstop Investor’s investment in Issuer. The Backstop
Investor acknowledges specifically that a possibility of total loss exists.

 

(i)           
In making its decision to purchase the Backstop Shares, the Backstop Investor has relied solely upon independent investigation
made by the Backstop Investor and the representations and warranties in Section 5. Without limiting the generality of the
foregoing, the Backstop Investor has not relied on any statements or other information provided by or on behalf of the Placement
Agents or any of their respective affiliates or any control persons, officers, directors, employees, agents or representatives
of any of the foregoing concerning Issuer, the Company, the Transaction, the Transaction Agreement, this Backstop Subscription
Agreement or the transactions contemplated hereby or thereby, the Backstop Shares or the offer and sale of the Backstop Shares.

 

(j)           
The Backstop Investor acknowledges and agrees that no federal or state agency has passed upon or endorsed the merits of
the offering of the Backstop Shares or made any findings or determination as to the fairness of this investment.

 

(k)          
The Backstop Investor, if not a natural person, has been duly formed or incorporated and is validly existing and is in good
standing under the laws of its jurisdiction of formation or incorporation, with power and authority to enter into, deliver and
perform its obligations under this Backstop Subscription Agreement.

 

(l)           
The execution, delivery and performance by the Backstop Investor of this Backstop Subscription Agreement are within the
powers of the Backstop Investor, have been duly authorized and will not constitute or result in a breach or default under or conflict
with any order, ruling or regulation of any court or other tribunal or of any governmental commission or agency, or any agreement
or other undertaking, to which the Backstop Investor is a party or by which the Backstop Investor is bound, and, if the Backstop
Investor is not a natural person, will not violate any provisions of the Backstop Investor’s organizational documents, including,
without limitation, its incorporation or formation papers, bylaws, indenture of trust or partnership or operating agreement, as
may be applicable. The signature of the Backstop Investor on this Backstop Subscription Agreement is genuine, and the signatory,
if the Backstop Investor is a natural person, has legal competence and capacity to execute the same or, if the Backstop Investor
is not a natural person, the signatory has been duly authorized to execute the same, and, assuming that this Backstop Subscription
Agreement constitutes the valid and binding agreement of Issuer, this Backstop Subscription Agreement constitutes a legal, valid
and binding obligation of the Backstop Investor, enforceable against the Backstop Investor in accordance with its terms except
as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or
other laws relating to or affecting the rights of creditors generally, and (ii) principles of equity, whether considered at
law or equity.

 

(m)          Neither
the Backstop Investor nor, if the Backstop Investor is not a natural person, any of its managers, managing members, general
partners or any other person acting in a similar capacity or carrying out a similar function, is (i) a person named on
the Specially Designated Nationals and Blocked Persons List, the Foreign Sanctions Evaders List, the Sectoral Sanctions
Identification List, or any other similar list of sanctioned persons administered by the U.S. Treasury Department’s
Office of Foreign Assets Control (“OFAC”), or any similar list of sanctioned persons administered by the
European Union or any individual European Union member state, including the United Kingdom (collectively, “Sanctions
Lists”); (ii) directly or indirectly owned or controlled by, or acting on behalf of, one or more persons on a
Sanctions List; (iii) organized, incorporated, established or located in, or the government, including any political
subdivision, agency, or instrumentality thereof, of, Cuba, Iran, North Korea, Syria, Venezuela, the Crimea region of Ukraine,
or any other country or territory embargoed or subject to substantial trade restrictions by the United States, the European
Union or any individual European Union member state, including the United Kingdom; (iv) a Designated National as defined
in the Cuban Assets Control Regulations, 31 C.F.R. Part 515; or (v) a non-U.S. shell bank or providing banking services
indirectly to a non-U.S. shell bank (collectively, a “Prohibited Backstop Investor”). The Backstop
Investor represents that if it is a financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et
seq.) (the “BSA”), as amended by the USA PATRIOT Act of 2001 (the “PATRIOT Act”), and
its implementing regulations (collectively, the “BSA/PATRIOT Act”), that the Backstop Investor maintains
policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. The Backstop
Investor also represents that it maintains policies and procedures reasonably designed to ensure compliance with sanctions
administered by the United States, the European Union, or any individual European Union member state, including the United
Kingdom, to the extent applicable to it. The Backstop Investor further represents that the funds held by the Backstop
Investor and used to purchase the Backstop Shares were legally derived and were not obtained, directly or indirectly, from a
Prohibited Backstop Investor.

 

    7

     

    

 

(n)          
If the Backstop Investor is or is acting on behalf of (i) an employee benefit plan that is subject to Title I
of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), (ii) a plan, an individual
retirement account or other arrangement that is subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the
 “Code”), (iii) an entity whose underlying assets are considered to include “plan assets” of
any such plan, account or arrangement described in clauses (i) and (ii) (each, an “ERISA Plan”), or (iv) an
employee benefit plan that is a governmental plan (as defined in Section 3(32) of ERISA), a church plan (as defined in Section 3(33)
of ERISA), a non-U.S. plan (as described in Section 4(b)(4) of ERISA) or other plan that is not subject to the foregoing clauses (i),
(ii) or (iii) but may be subject to provisions under any other federal, state, local, non-U.S. or other laws or regulations that
are similar to such provisions of ERISA or the Code (collectively, “Similar Laws,” and together with ERISA Plans,
 “Plans”), the Backstop Investor represents and warrants that (A) neither Issuer nor any of its affiliates
has provided investment advice or has otherwise acted as the Plan’s fiduciary, with respect to its decision to acquire and
hold the Backstop Shares, and none of the parties to the Transaction is or shall at any time be the Plan’s fiduciary with
respect to any decision in connection with the Backstop Investor’s investment in the Backstop Shares; and (B) its purchase
of the Backstop Shares will not result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
of the Code, or any applicable Similar Law.

 

(o)          
No disclosure or offering document has been prepared by J.P. Morgan Securities LLC and Barclays Capital Inc. (collectively,
the “Placement Agents”) or any of their respective affiliates in connection with the offer and sale of the Backstop
Shares.

 

(p)          
In connection with the issue and purchase of the Backstop Shares, the Placement Agents have not acted as the undersigned’s
financial advisor or fiduciary.

 

(q)          
None of the Placement Agents, nor any of their respective affiliates, nor any control persons, officers, directors, employees,
agents or representatives of any of the foregoing has (a) made and will not make any representation or warranty, whether express
or implied, of any kind or character and has not provided any advice or recommendation in connection with the Transaction, (b)
made any independent investigation with respect to Issuer, the Company or its subsidiaries or any of their respective businesses,
or the Backstop Shares or the accuracy, completeness or adequacy of any information supplied to the Backstop Investor by Issuer,
(c) any responsibility with respect to (i) any representations, warranties or agreements made by any person or entity under or
in connection with the Transaction or any of the documents furnished pursuant thereto or in connection therewith, or the execution,
legality, validity or enforceability (with respect to any person) or any thereof, or (ii) the business, affairs, financial condition,
operations, properties or prospects of, or any other matter concerning the Company or the Transaction, and (d) any liability or
obligation (including without limitation, for or with respect to any losses, claims, damages, obligations, penalties, judgments,
awards, liabilities, costs, expenses or disbursements incurred by the Backstop Investors, Issuer, the Company or any other person
or entity), whether in contract, tort or otherwise, to the Backstop Investor, or to any person claiming through the Backstop Investor,
in respect of the Transaction.

 

(r)          
In connection with the issue and purchase of the Backstop Shares, the Placement Agents are acting solely as placement agents
to the Issuer in connection with the Transaction, and none of the Placement Agents, nor any of their respective affiliates, are
acting as an underwriter or in any other capacity and is not and shall not be construed as a financial advisor or fiduciary for
the Backstop Investor, the Issuer, the Company or any other person or entity in connection with the Transaction.

 

(s)          
When required to deliver payment to Issuer pursuant to Section 2 above, the Backstop Investor will have sufficient
funds to pay the Subscription Amount and consummate the purchase and sale of the Backstop Shares pursuant to this Backstop Subscription
Agreement.

 

    8

     

    

 

(t)           
 The Backstop Investor acknowledges that the Placement Agents may have acquired, or may acquire, non-public information
with respect to Issuer, which the Backstop Investor agrees, subject to requirements under applicable law, need not be provided
to it.

 

7.            
Registration Rights.

 

(a)          
Issuer agrees that, within fifteen (15) business days following the Closing Date (such deadline, the “Filing Deadline”),
Issuer will submit to or file with the SEC a registration statement for a shelf registration on Form S-1 or Form S-3 (if Issuer
is then eligible to use a Form S-3 shelf registration) (the “Registration Statement”), in each case, covering
the resale of the Backstop Shares acquired by the Backstop Investor pursuant to this Agreement which are eligible for registration
(determined as of two business days prior to such submission or filing) (the “Registrable Backstop Shares”)
and Issuer shall use its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable
after the filing thereof, but no later than the earlier of (i) the 90th calendar day following the filing date thereof if
the SEC notifies Issuer that it will “review” the Registration Statement (including a limited review) and (ii) the
10th business day after the date Issuer is notified (orally or in writing, whichever is earlier) by the SEC that the Registration
Statement will not be “reviewed” or will not be subject to further review (such earlier date, the “Effectiveness
Deadline”); provided, however, that Issuer’s obligations to include the Registrable Backstop
Shares in the Registration Statement are contingent upon Backstop Investor furnishing in writing to Issuer such information regarding
Backstop Investor or its permitted assigns, the securities of Issuer held by Backstop Investor and the intended method of disposition
of the Registrable Backstop Shares (which shall be limited to non-underwritten public offerings) as shall be reasonably requested
by Issuer to effect the registration of the Registrable Backstop Shares, and Backstop Investor shall execute such documents in
connection with such registration as Issuer may reasonably request that are customary of a selling stockholder in similar situations,
including providing that Issuer shall be entitled to postpone and suspend the effectiveness or use of the Registration Statement,
if applicable, during any customary blackout or similar period or as permitted hereunder; provided that Backstop Investor
shall not in connection with the foregoing be required to execute any lock-up or similar agreement or otherwise be subject to any
contractual restriction on the ability to transfer the Registrable Backstop Shares. For as long as the Backstop Investor holds
Backstop Shares, Issuer will use commercially reasonable efforts to file all reports for so long as the condition in Rule 144(c)(1)
(or Rule 144(i)(2), if applicable) is required to be satisfied, and provide all customary and reasonable cooperation, necessary
to enable the undersigned to resell the Backstop Shares pursuant to Rule 144 of the Securities Act (in each case, when Rule 144
of the Securities Act becomes available to the Backstop Investor). Any failure by Issuer to file the Registration Statement by
the Filing Deadline or to effect such Registration Statement by the Effectiveness Deadline shall not otherwise relieve Issuer of
its obligations to file or effect the Registration Statement as set forth above in this Section 7.

 

(b)          
At its expense Issuer shall:

 

(i)           
except for such times as Issuer is permitted hereunder to suspend the use of the prospectus forming part of a Registration
Statement, use its commercially reasonable efforts to keep such registration, and any qualification, exemption or compliance under
state securities laws which Issuer determines to obtain, continuously effective with respect to Backstop Investor, and to keep
the applicable Registration Statement or any subsequent shelf registration statement free of any material misstatements or omissions,
until the earlier of the following: (A) Backstop Investor ceases to hold any Registrable Backstop Shares, (B) the date
all Registrable Backstop Shares held by Backstop Investor may be sold without restriction under Rule 144, including without limitation,
any volume and manner of sale restrictions which may be applicable to affiliates under Rule 144 and without the requirement for
Issuer to be in compliance with the current public information required under Rule 144(c)(1) (or Rule 144(i)(2), if applicable),
and (C) two (2) years from the date of effectiveness of the Registration Statement;

 

(ii)          
advise Backstop Investor, as expeditiously as possible:

 

(1)          when a Registration Statement or any amendment thereto has been filed with the SEC;

 

    9

     

    

 

(2)          after it shall receive notice or obtain knowledge thereof, of the issuance by the SEC of any stop order suspending
the effectiveness of any Registration Statement or the initiation of any proceedings for such purpose;

 

(3)          of the receipt by Issuer of any notification with respect to the suspension of the qualification of the Registrable
Backstop Shares included therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose;
and

 

(4)          subject to the provisions in this Backstop Subscription Agreement, of the occurrence of any event that requires the
making of any changes in any Registration Statement or prospectus so that, as of such date, the statements therein are not misleading
and do not omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case
of a prospectus, in the light of the circumstances under which they were made) not misleading.

 

Notwithstanding anything to the contrary
set forth herein, Issuer shall not, when so advising Backstop Investor of such events, provide Backstop Investor with any material,
nonpublic information regarding Issuer other than to the extent that providing notice to Backstop Investor of the occurrence of
the events listed in (1) through (4) above constitutes material, nonpublic information regarding Issuer;

 

(iii)        
use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration
Statement as soon as reasonably practicable;

 

(iv)       
 upon the occurrence of any event contemplated in Section 7(b)(ii)(4) above, except for such times as Issuer
is permitted hereunder to suspend, and has suspended, the use of a prospectus forming part of a Registration Statement, Issuer
shall use its commercially reasonable efforts to as soon as reasonably practicable prepare a post-effective amendment to such Registration
Statement or a supplement to the related prospectus, or file any other required document so that, as thereafter delivered to purchasers
of the Registrable Backstop Shares included therein, such prospectus will not include any untrue statement of a material fact or
omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading;

 

(v)          
use its commercially reasonable efforts to cause all Registrable Backstop Shares to be listed on each securities exchange
or market, if any, on which the shares of common stock issued by Issuer have been listed;

 

(vi)         
use its commercially reasonable efforts to allow the Backstop Investor to review disclosure regarding the Backstop Investor
in the Registration Statement; and

 

(vii)       
otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the
Backstop Investor, consistent with the terms of this Agreement, in connection with the registration of the Registrable Backstop
Shares.

 

    10

     

    

 

(c)           Notwithstanding
anything to the contrary in this Backstop Subscription Agreement, Issuer shall be entitled to delay the filing or
effectiveness of, or suspend the use of, the Registration Statement if it determines that in order for the Registration
Statement not to contain a material misstatement or omission, (i) an amendment thereto would be needed to include information
that would at that time not otherwise be required in a current, quarterly, or annual report under the Exchange Act, (ii) the
negotiation or consummation of a transaction by Issuer or its subsidiaries is pending or an event has occurred, which
negotiation, consummation or event Issuer’s board of directors reasonably believes would require additional disclosure
by Issuer in the Registration Statement of material information that Issuer has a bona fide business purpose for keeping
confidential and the non-disclosure of which in the Registration Statement would be expected, in the reasonable determination
of Issuer’s board of directors to cause the Registration Statement to fail to comply with applicable disclosure
requirements, or (iii) in the good faith judgment of the majority of Issuer’s board of directors, such filing or
effectiveness or use of such Registration Statement, would be seriously detrimental to Issuer and the majority of
Issuer’s board or directors concludes as a result that it is essential to defer such filing (each such circumstance, a
 “Suspension Event”); provided, however, that Issuer may not delay or suspend the
Registration Statement on more than two occasions or for more than sixty (60) consecutive calendar days, or more than
one hundred and twenty (120) total calendar days in each case during any twelve-month period. Upon receipt of any written
notice from Issuer of the happening of any Suspension Event during the period that the Registration Statement is effective or
if as a result of a Suspension Event the Registration Statement or related prospectus contains any untrue statement of a
material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein
(in light of the circumstances under which they were made, in the case of the prospectus) not misleading, Backstop Investor
agrees that (i) it will immediately discontinue offers and sales of the Registrable Backstop Shares under the
Registration Statement (excluding, for the avoidance of doubt, sales conducted pursuant to Rule 144) until Backstop Investor
receives copies of a supplemental or amended prospectus (which Issuer agrees to promptly prepare) that corrects the
misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment has become effective
or unless otherwise notified by Issuer that it may resume such offers and sales, and (ii) it will maintain the
confidentiality of any information included in such written notice delivered by Issuer unless otherwise required by law or
subpoena. If so directed by Issuer, Backstop Investor will deliver to Issuer or, in Backstop Investor’s sole discretion
destroy, all copies of the prospectus covering the Registrable Backstop Shares in Backstop Investor’s possession; provided, however,
that this obligation to deliver or destroy all copies of the prospectus covering the Registrable Backstop Shares shall not
apply (A) to the extent Backstop Investor is required to retain a copy of such prospectus (1) in order to comply
with applicable legal, regulatory, self-regulatory or professional requirements or (2) in accordance with a bona fide
pre-existing document retention policy or (B) to copies stored electronically on archival servers as a result of
automatic data back-up.

 

(d)          
Indemnification.

 

(i)          
 Issuer agrees to indemnify and hold harmless, to the extent permitted by law, Backstop Investor (to the extent a seller
under the Registration Statement), its directors and officers and each person who controls Backstop Investor (within the meaning
of the Securities Act), to the extent permitted by law, against all losses, claims, damages, liabilities and reasonable and documented
out of pocket expenses (including reasonable and documented attorneys’ fees of one law firm (and one firm of local counsel))
caused by any untrue or alleged untrue statement of material fact contained in any Registration Statement, prospectus included
in any Registration Statement (“Prospectus”) or preliminary Prospectus or any amendment thereof or supplement
thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements
therein (in the case of a Prospectus, in the light of the circumstances under which they were made) not misleading, except insofar
as the same are caused by or contained in any information or affidavit so furnished in writing to Issuer by or on behalf of such
Backstop Investor expressly for use therein.

 

(ii)          
In connection with any Registration Statement in which a Backstop Investor is participating, such Backstop Investor shall
furnish (or cause to be furnished) to Issuer in writing such information and affidavits as Issuer reasonably requests for use in
connection with any such Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify Issuer, its
directors and officers and each person or entity who controls Issuer (within the meaning of the Securities Act) against any losses,
claims, damages, liabilities and expenses (including, without limitation, reasonable outside attorneys’ fees) resulting from
any untrue or alleged untrue statement of material fact contained or incorporated by reference in any Registration Statement, Prospectus
or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein (in the case of a Prospectus, in the light of the circumstances
under which they were made) not misleading, but only to the extent that such untrue statement or omission is contained (or not
contained in, in the case of an omission) in any information or affidavit so furnished in writing by on behalf of such Backstop
Investor expressly for use therein; provided, however, that the liability of such Backstop Investor shall be several
and not joint with any other investor and shall be in proportion to and limited to the net proceeds received by such Backstop Investor
from the sale of Registrable Backstop Shares giving rise to such indemnification obligation.

 

    11

     

    

 

(iii)         
 Any person or entity entitled to indemnification herein shall (A) give prompt written notice to the indemnifying party
of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair
any person’s or entity’s right to indemnification hereunder to the extent such failure has not prejudiced the indemnifying
party) and (B) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and
indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with
counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject
to any liability for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably
withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated
to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such
claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party
and any other of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified
party, consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment
of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement includes
a statement or admission of fault and culpability on the part of such indemnified party or which does not include as an unconditional
term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such
claim or litigation. 

 

(iv)          The indemnification provided for under this Backstop Subscription Agreement shall remain in full force and effect regardless of
any investigation made by or on behalf of the indemnified party or any officer, director or controlling person or entity of such
indemnified party and shall survive the transfer of securities. 

 

(v)          
If the indemnification provided under this Section 7(d) from the indemnifying party is unavailable or insufficient
to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then
the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified
party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the
relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations; provided,
however, that the liability of the Backstop Investor shall be limited to the net proceeds received by such Backstop Investor
from the sale of Registrable Backstop Shares giving rise to such indemnification obligation. The relative fault of the indemnifying
party and indemnified party shall be determined by reference to, among other things, whether any action in question, including
any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by
(or not made by, in the case of an omission), or relates to information supplied by (or not supplied by, in the case of an omission),
such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative intent,
knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party as a
result of the losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth in
Sections 7(d)(i), (ii) and (iii) above, any legal or other fees, charges or expenses reasonably incurred by
such party in connection with any investigation or proceeding. No person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this Section 7(d)(v) from any person
or entity who was not guilty of such fraudulent misrepresentation.

 

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8.            Termination.
This Backstop Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and
obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect
thereof, upon the earliest to occur of (a) such date and time as the Transaction Agreement is terminated in accordance
with its terms without being consummated, (b) upon the mutual written agreement of each of the parties hereto to
terminate this Backstop Subscription Agreement, (c) if the conditions to Closing set forth in Section 3 of this
Backstop Subscription Agreement are not satisfied, or are not capable of being satisfied, on or prior to the Closing and, as
a result thereof, the transactions contemplated by this Backstop Subscription Agreement will not be or are not consummated at
the Closing and (iv) July 15, 2021; provided that nothing herein will relieve any party from liability for any willful
breach hereof prior to the time of termination, and each party will be entitled to any remedies at law or in equity to
recover losses, liabilities or damages arising from any such willful breach. Issuer shall notify the Backstop Investor of the
termination of the Transaction Agreement promptly after the termination of such agreement. Upon the termination of this
Backstop Subscription Agreement in accordance with this Section 8, any monies paid by the Backstop Investor to
Issuer in connection herewith shall be promptly (and in any event within one business day after such termination) returned to
the Backstop Investor.

 

9.           
Backstop Investor Covenant. Backstop Investor hereby agrees that, from the date of this Backstop Subscription Agreement,
none of Backstop Investor, its controlled affiliates, or any person or entity acting on behalf of Backstop Investor or any of its
controlled affiliates or pursuant to any understanding with Backstop Investor or any of its controlled affiliates will engage in
any Short Sales with respect to securities of Issuer prior to the Closing Date. For purposes of this Section 9, “Short
Sales” shall include, without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation
SHO under the Exchange Act, and all types of direct and indirect stock pledges (other than pledges in the ordinary course of business
as part of prime brokerage arrangements), forward sale contracts, options, puts, calls, swaps and similar arrangements (including
on a total return basis), and sales and other transactions through non-U.S. broker dealers or foreign regulated brokers. Notwithstanding
the foregoing, (i) nothing herein shall prohibit other entities under common management with Backstop Investor that have no knowledge
of this Backstop Subscription Agreement or of Backstop Investor’s participation in the Transaction (including Backstop Investor’s
controlled affiliates and/or affiliates) from entering into any Short Sales and (ii) in the case of a Backstop Investor that is
a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Backstop Investor’s
assets and the portfolio managers have no knowledge of the investment decisions made by the portfolio managers managing other portions
of such Backstop Investor’s assets, the covenant set forth above shall only apply with respect to the portion of assets managed
by the portfolio manager that made the investment decision to purchase the Backstop Shares covered by this Backstop Subscription
Agreement.

 

10.           Trust
Account Waiver. The Backstop Investor acknowledges that Issuer is a blank check company with the powers and privileges to
effect a merger, asset acquisition, reorganization or similar business combination involving Issuer and one or more
businesses or assets. The Backstop Investor further acknowledges that, as described in Issuer’s prospectus relating to
its initial public offering dated July 27, 2020 (the “IPO Prospectus”) available at www.sec.gov,
substantially all of Issuer’s assets consist of the cash proceeds of Issuer’s initial public offering and private
placement of its securities, and substantially all of those proceeds have been deposited in a trust account (the
 “Trust Account”) for the benefit of Issuer, its public shareholders and the underwriter of Issuer’s
initial public offering. Except with respect to interest earned on the funds held in the Trust Account that may be released
to Issuer to pay its tax obligations, if any, the cash in the Trust Account may be disbursed only for the purposes set forth
in the IPO Prospectus. For and in consideration of Issuer entering into this Backstop Subscription Agreement, the receipt and
sufficiency of which are hereby acknowledged, the Backstop Investor hereby irrevocably waives any and all right, title and
interest, or any claim of any kind it has or may have in the future, in or to any monies held in the Trust Account, and
irrevocably agrees not to seek recourse against the Trust Account as a result of, or arising out of, this Backstop
Subscription Agreement. Backstop Investor agrees and acknowledges that such irrevocable waiver is material to this Backstop
Subscription Agreement and specifically relied upon by Issuer and its affiliates to induce Issuer to enter in this Backstop
Subscription Agreement, and each such party further intends and understands such waiver to be valid, binding and enforceable
against the Backstop Investor and its affiliates under applicable law. To the extent Backstop Investor commences any action
or proceeding based upon, in connection with, relating to or arising out of any matter relating to Issuer or its affiliates,
which proceeding seeks, in whole or in part, monetary relief against Issuer or its affiliates, the Backstop Investor hereby
acknowledges and agrees that the Backstop Investor’s sole remedy shall be against funds held outside of the Trust
Account and that such claim shall not permit the Backstop Investor (or any person claiming on any of their behalves or in
lieu of any of the Backstop Investor) to have any claim against the Trust Account (including any distributions therefrom) or
any amounts contained therein and in the event of any action or proceeding based upon, in connection with, relating to or
arising out of any matter relating to Issuer or its affiliates, which proceeding seeks, in whole or in part, relief against
the Trust Account (including any distributions therefrom) in violation of this Backstop Subscription Agreement, Issuer shall
be entitled to recover from the Backstop Investor and its affiliates, the associated legal fees and costs in connection with
any such action, in the event Issuer or its affiliates, as applicable, prevails in such action or proceeding. Notwithstanding
any else in this Section 10, nothing herein shall be deemed to limit the Backstop Investor’s right, title,
interest or claim to the Trust Account by virtue of the Backstop Investor’s record or beneficial ownership of any
equity interests in Issuer acquired by any means other than pursuant to this Backstop Subscription Agreement.

 

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11.          
Miscellaneous.

 

(a)          
Neither this Backstop Subscription Agreement nor any rights that may accrue to the Backstop Investor hereunder (other than
the Backstop Shares acquired hereunder, if any) may be transferred or assigned; provided that the Backstop Investor may
assign its rights and obligations under this Backstop Subscription Agreement to one or more of its affiliates (including other
investment funds or accounts managed or advised by the investment manager who acts on behalf of the Backstop Investor or an affiliate
thereof); provided further that no such assignment shall relieve the Backstop Investor of its obligations hereunder.

 

(b)          
Issuer may request from the Backstop Investor such additional information as Issuer may deem necessary to evaluate the eligibility
of the Backstop Investor to acquire the Backstop Shares and in connection with the inclusion of the Backstop Shares in the Registration
Statement, and the Backstop Investor shall provide such information as may reasonably be requested, to the extent readily available
and to the extent consistent with its internal policies and procedures. The Backstop Investor acknowledges that Issuer may file
a copy of this Backstop Subscription Agreement with the SEC as an exhibit to a current or periodic report or a registration statement
of Issuer.

 

(c)          
The Backstop Investor acknowledges that Issuer and the Placement Agents (as third party beneficiaries with the right to
enforce Section 4, Section 5, Section 6, Section 10, and Section 11 hereof on their own behalf
and not, for the avoidance of doubt, on behalf of Issuer) will rely on the acknowledgments, understandings, agreements, representations
and warranties of the Backstop Investor contained in this Backstop Subscription Agreement. Prior to the Closing, the Backstop Investor
agrees to promptly notify Issuer and the Placement Agents if any of the acknowledgments, understandings, agreements, representations
and warranties of the Backstop Investor set forth herein are no longer accurate. The Backstop Investor acknowledges and agrees
that each purchase by the Backstop Investor of Backstop Shares from Issuer will constitute a reaffirmation of the acknowledgments,
understandings, agreements, representations and warranties herein (as modified by any such notification) by the Backstop Investor
as of the time of such purchase.

 

(d)           
Issuer, the Placement Agents and the Backstop Investor are each irrevocably authorized to produce this Backstop Subscription
Agreement or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to
the matters covered hereby.

 

(e)          
All of the representations and warranties contained in this Backstop Subscription Agreement shall survive the Closing. All
of the covenants and agreements made by each party hereto in this Backstop Subscription Agreement shall survive the Closing until
the applicable statute of limitations or in accordance with their respective terms, if a shorter period.

 

(f)           
This Backstop Subscription Agreement may not be modified, waived or terminated (other than pursuant to the terms of Section 8
above) except by an instrument in writing, signed by each of the parties hereto. No failure or delay of either party in exercising
any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or
power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other
or further exercise thereof or the exercise of any other right or power. The rights and remedies of the parties and third party
beneficiaries hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have hereunder.

 

(g)          
This Backstop Subscription Agreement (including the schedule hereto) constitutes the entire agreement, and supersedes all
other prior agreements, understandings, representations and warranties, both written and oral, among the parties, with respect
to the subject matter hereof. Except as set forth in Section 11(c) with respect to the persons referenced therein,
this Backstop Subscription Agreement shall not confer any rights or remedies upon any person other than the parties hereto, and
their respective successor and assigns.

 

(h)           Except
as otherwise provided herein, this Backstop Subscription Agreement shall be binding upon, and inure to the benefit of the
parties hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the
agreements, representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be
binding upon, such heirs, executors, administrators, successors, legal representatives and permitted assigns.

 

    14

     

    

 

(i)           
If any provision of this Backstop Subscription Agreement shall be adjudicated by a court of competent jurisdiction to be
invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions of this Backstop Subscription
Agreement shall not in any way be affected or impaired thereby and shall continue in full force and effect.

 

(j)           
This Backstop Subscription Agreement may be executed in one or more counterparts (including by electronic mail or in .pdf)
and by different parties in separate counterparts, with the same effect as if all parties hereto had signed the same document.
All counterparts so executed and delivered shall be construed together and shall constitute one and the same agreement.

 

(k)          
The parties hereto acknowledge and agree that irreparable damage would occur in the event that any of the provisions of
this Backstop Subscription Agreement were not performed in accordance with their specific terms or were otherwise breached. It
is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Backstop Subscription
Agreement, without posting a bond or undertaking and without proof of damages, to enforce specifically the terms and provisions
of this Backstop Subscription Agreement, this being in addition to any other remedy to which such party is entitled at law, in
equity, in contract, in tort or otherwise. The parties hereto acknowledge and agree that the Company shall be entitled to specifically
enforce the Backstop Investor’s obligations to fund the Backstop Subscription Amount and the provisions of the Backstop Subscription
Agreement of which the Company is an express third party beneficiary, in each case, on the terms and subject to the conditions
set forth herein.

 

(l)          
If any change in the number, type or classes of authorized shares of Issuer (including the Backstop Shares), other than
as contemplated by the Transaction Agreement or any agreement contemplated by the Transaction Agreement, shall occur between the
date hereof and immediately prior to the Closing by reason of reclassification, recapitalization, stock split (including reverse
stock split) or combination, exchange or readjustment of shares, or any stock dividend, the number of Backstop Shares issued to
the Backstop Investor shall be appropriately adjusted to reflect such change.

 

(m)         
THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK (OR, TO THE EXTENT
SUCH COURT DOES NOT HAVE SUBJECT MATTER JURISDICTION, THE SUPERIOR COURT OF THE STATE OF NEW YORK, OR THE UNITED STATES DISTRICT
COURT FOR THE DISTRICT OF NEW YORK) SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS BACKSTOP
SUBSCRIPTION AGREEMENT AND THE DOCUMENTS REFERRED TO IN THIS BACKSTOP SUBSCRIPTION AGREEMENT AND IN RESPECT OF THE TRANSACTIONS
CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION
OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT THAT IS NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT
OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS BACKSTOP SUBSCRIPTION AGREEMENT
OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT
TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED BY SUCH A NEW YORK STATE OR FEDERAL COURT. THE PARTIES HEREBY
CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND
AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER PROVIDED IN THIS
SECTION 11(m) OF THIS BACKSTOP SUBSCRIPTION AGREEMENT OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID
AND SUFFICIENT SERVICE THEREOF. THIS BACKSTOP SUBSCRIPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THAT WOULD OTHERWISE REQUIRED THE APPLICATION
OF THE LAW OF ANY OTHER STATE.

 

    15

     

    

 

(n)         
 EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS BACKSTOP SUBSCRIPTION AGREEMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR
INDIRECTLY ARISING OUT OF OR RELATING TO THIS BACKSTOP SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS BACKSTOP
SUBSCRIPTION AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH PARTY MAKES
THE FOREGOING WAIVER VOLUNTARILY; AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS BACKSTOP SUBSCRIPTION AGREEMENT
BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 11(n).

 

12.         
Non-Reliance and Exculpation. The Backstop Investor acknowledges that it is not relying upon, and has not relied
upon, any statement, representation or warranty made by any person, firm or corporation (including, without limitation, the Placement
Agents, any of their respective affiliates or any control persons, officers, directors, employees, partners, agents or representatives
of any of the foregoing), other than the statements, representations and warranties of Issuer expressly contained in Section 5
of this Backstop Subscription Agreement, in making its investment or decision to invest in Issuer. The Backstop Investor acknowledges
and agrees that none of (i) any other investor pursuant to this Backstop Subscription Agreement or any other subscription
agreement related to the private placement of the Backstop Shares (including the investor’s respective affiliates or any
control persons, officers, directors, employees, partners, agents or representatives of any of the foregoing), (ii) the Placement
Agents, their respective affiliates or any control persons, officers, directors, employees, partners, agents or representatives
of any of the foregoing, or (iii) any affiliates, or any control persons, officers, directors, employees, partners, agents or representatives
of any of Issuer or the Company shall be liable to the Backstop Investor, or to any other investor, pursuant to this Backstop Subscription
Agreement or any other subscription agreement related to the private placement of the Backstop Shares, the negotiation hereof or
thereof or the subject matter hereof or thereof, or the transactions contemplated hereby or thereby, for any action heretofore
or hereafter taken or omitted to be taken by any of them in connection with the purchase of the Backstop Shares.

 

13.          
Disclosure; Press Releases. Issuer shall, by 9:00 a.m. New York City time, on the first business day immediately
following the date of this Backstop Subscription Agreement, issue one or more press releases or furnish or file with the SEC a
Current Report on Form 8-K (collectively, the “Disclosure Document”) disclosing all material terms of the transactions
contemplated hereby and by the Other Subscription Agreements and this Backstop Subscription Agreements, all material terms of the
Transaction and any other material, nonpublic information that Issuer has provided to the Backstop Investor at any time prior to
the filing of the Disclosure Document. From and after the disclosure of the Disclosure Document, to the knowledge of Issuer, the
Backstop Investor shall not be in possession of any material, nonpublic information received from Issuer or any of its officers,
directors or employees, and the Backstop Investor shall no longer be subject to any confidentiality or similar obligations under
any current agreement, whether written or oral, with Issuer, the Placement Agents or any of their respective affiliates, relating
to the transactions contemplated by this Backstop Subscription Agreement. All press releases or other public communications relating
to the transactions contemplated hereby between Issuer and the Backstop Investor, and the method of the release for publication
thereof, shall be subject to the prior approval of (i) Issuer, and (ii) to the extent such press release or public communication
references the Backstop Investor or its affiliates or investment advisers by name, the Backstop Investor; provided that
neither Issuer nor the Backstop Investor shall be required to obtain consent pursuant to this Section 13 to the extent any
proposed release or statement is substantially equivalent to the information that has previously been made public without breach
of the obligation under this Section 13. The restriction in this Section 13 shall not apply to the extent the public
announcement is required by applicable securities law, any governmental authority or stock exchange rule; provided further
that, in the case of disclosures by the Issuer, the Issuer shall provide to the Backstop Investor a copy of any proposed disclosure
under this Section 13 relating to the Backstop Investor in advance of any publication thereof and shall include such revisions
to such proposed disclosure as the Backstop Investor shall reasonably request.

 

    16

     

    

 

14.        
 Notices. All notices and other communications among the parties shall be in writing and shall be deemed to have
been duly given (i) when delivered in person, (ii) when delivered after posting in the United States mail having been sent registered
or certified mail return receipt requested, postage prepaid, (iii) when delivered by FedEx or other nationally recognized overnight
delivery service, or (iv) when delivered by email (in each case in this clause (iv), solely if receipt is confirmed, but excluding
any automated reply, such as an out-of-office notification), addressed as follows:

 

If to the Backstop Investor, to the address
provided on the Backstop Investor’s signature page hereto.

 

If to Issuer, to:

 

ACE Convergence Acquisition Corp.

1013 Centre Road, Suite 403S

Wilmington, DE 19805

Attention:          Behrooz Abdi

Email:                behrooz@acev.io

 

with copies to (which shall
not constitute notice), to:

 

Skadden, Arps, Slate, Meagher
 & Flom LLP

525 University Avenue, Suite 1400

Palo Alto, California 94301

Attention:          Michael Mies

Email:                michael.mies@skadden.com

and

 

Achronix Semiconductor Corporation

Great America Place

2903 Bunker Hill Lane

Santa Clara, California 95054

Attention:          Robert Blake

Email:                robert.blake@achronix.com

 

and

 

Cooley LLP

3175 Hanover Street

Palo Alto, California 94304

Attention:          Matthew Hemington

John McKenna

		Email:	hemingtonmb@cooley.com

jmckenna@cooley.com

 

or to such
other address or addresses as the parties may from time to time designate in writing. Copies delivered solely to outside counsel
shall not constitute notice.

 

[SIGNATURE PAGES FOLLOW]

 

    17

     

    

 

IN WITNESS WHEREOF, the Backstop
Investor has executed or caused this Backstop Subscription Agreement to be executed by its duly authorized representative as of
the date set forth below.

 

	Name of Backstop Investor:	 	State/Country of Formation or Domicile:
	 	 	 
	By:  	 	 	 
	Name: 	              	 	 
	Title:	 	 	 
	 	 	 
	Name in which Backstop Shares are to be registered (if different):	 	Date: ________, 2021
	 	 	 
	Backstop Investor’s EIN:	 	 
	 	 	 
	Business Address-Street:	 	Mailing Address-Street (if different):
	 	 	 
	City, State, Zip:	 	City, State, Zip:
	 	 	 
	Attn:	 	 	Attn:  	            
	 	 	 
	Telephone No.:	 	Telephone No.:
	Facsimile No.:	 	Facsimile No.:

 

You must pay the Subscription Amount by
wire transfer of United States dollars in immediately available funds to the account specified by Issuer in the Closing Notice.

 

[Signature Page to Backstop Subscription
Agreement]

 

    

     

    

 

IN WITNESS WHEREOF, Issuer has accepted
this Backstop Subscription Agreement as of the date set forth below.

 

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

 

Date: January 7, 2021

 

[Signature Page to Backstop Subscription
Agreement]

 

    

     

    

 

SCHEDULE A

 

ELIGIBILITY REPRESENTATIONS OF THE
BACKSTOP INVESTOR

 

		A.	QUALIFIED INSTITUTIONAL BUYER STATUS

(Please check the applicable subparagraphs):

 

		☐	We are a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act).

 

		B.	INSTITUTIONAL ACCREDITED INVESTOR STATUS

(Please check the applicable subparagraphs):

 

		1.	☐ We are an “accredited investor” (within
the meaning of Rule 501(a) under the Securities Act) or an entity in which all of the equity holders are accredited investors
within the meaning of Rule 501(a) under the Securities Act, and have marked and initialed the appropriate box on the following
page indicating the provision under which we qualify as an “accredited investor.”

 

		2.	☐ We are not a natural person.

 

Rule 501(a), in relevant part, states that an “accredited
investor” shall mean any person who comes within any of the below listed categories, or who the issuer reasonably believes
comes within any of the below listed categories, at the time of the sale of the securities to that person. The Backstop Investor
has indicated, by marking and initialing the appropriate box below, the provision(s) below which apply to the Backstop Investor
and under which the Backstop Investor accordingly qualifies as an “accredited investor.”

 

		☐	Any bank, registered broker or dealer, insurance company, registered investment company, business development company, or small
business investment company;

 

		☐	Any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or
its political subdivisions for the benefit of its employees, if such plan has total assets in excess of $5,000,000;

 

		☐	Any employee benefit plan, within the meaning of the Employee Retirement Income Security Act of 1974, if a bank, insurance
company, or registered investment adviser makes the investment decisions, or if the plan has total assets in excess of $5,000,000;

 

		☐	Any organization described in Section 501(c)(3) of the Internal Revenue Code, corporation, similar business trust, or
partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000;

 

		☐	Any trust with assets in excess of $5,000,000, not formed to acquire the securities offered, whose purchase is directed by
a sophisticated person; or

 

		☐	Any entity in which all of the equity owners are accredited investors meeting one or more of the above tests.

 

This page should be completed by
the Backstop Investor

and constitutes a part of this Backstop Subscription Agreement.

 

[Schedule A to Backstop Subscription
Agreement]Exhibit 10.3

 

Final Version

 

SPONSOR SUPPORT AGREEMENT

 

This Sponsor Support
Agreement (this “Sponsor Agreement”) is dated as of January 7, 2021, by and among ACE Convergence Acquisition
LLC, a Delaware limited liability company (the “Sponsor Holdco”), the Persons set forth on Schedule I
hereto (together with the Sponsor Holdco, each, a “Sponsor” and, together, the “Sponsors”),
ACE Convergence Acquisition Corp., a Cayman Islands exempted company limited by shares (which shall domesticate as a Delaware corporation
prior to the Closing (as defined in the Merger Agreement (as defined below))) (“Acquiror”), and Achronix Semiconductor
Corporation, a Delaware corporation (the “Company”). Capitalized terms used but not defined herein shall have
the respective meanings ascribed to such terms in the Merger Agreement.

 

RECITALS

 

WHEREAS, as of the date
hereof, the Sponsors collectively are the holders of record and the “beneficial owners” (within the meaning of Rule
13d-3 under the Exchange Act) of 5,750,000 shares of Acquiror Common Stock and 6,600,000 Acquiror Warrants in the aggregate (such
shares of Acquiror Common Stock and Acquiror Warrants collectively referred to herein as the “Subject Shares”)
as set forth on Schedule I attached hereto;

 

WHEREAS, contemporaneously
with the execution and delivery of this Sponsor Agreement, Acquiror, ACE Convergence Subsidiary Corp., a Delaware corporation (“Merger
Sub”), and the Company, have entered into an Agreement and Plan of Merger (as amended or modified from time to time,
the “Merger Agreement”), dated as of the date hereof, pursuant to which, Merger Sub will merge with and into
the Company (the “Merger”), with the Company surviving the Merger as a wholly owned subsidiary of Acquiror,
on the terms and conditions set forth therein; and

 

WHEREAS, as an inducement
to Acquiror and the Company to enter into the Merger Agreement and to consummate the transactions contemplated therein, the parties
hereto desire to agree to certain matters as set forth herein.

 

AGREEMENT

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual agreements contained herein, and intending to be legally bound hereby, the parties hereto hereby
agree as follows:

 

ARTICLE
I

SPONSOR SUPPORT AGREEMENT; COVENANTS

 

Section 1.1           
Binding Effect of Merger Agreement. Each Sponsor hereby acknowledges that it has read the Merger Agreement and this
Sponsor Agreement and has had the opportunity to consult with its tax and legal advisors. Each Sponsor shall be bound by and comply
with Sections 7.4 (No Solicitation by Acquiror) and 11.12 (Publicity) of the Merger Agreement (and any relevant definitions
contained in any such Sections) as if such Sponsor was an original signatory to the Merger Agreement with respect to such provisions.

  

     

     

    

 

Section 1.2           
No Transfer. During the period commencing on the date hereof and ending on the earliest of (a) the Effective Time,
(b) such date and time as the Merger Agreement shall be terminated in accordance with Section 10.1 thereof (the earlier of (a)
and (b), the “Expiration Time”) and (c) the liquidation of Acquiror, each Sponsor shall not (i) sell, offer
to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose
of, directly or indirectly, file (or participate in the filing of) a registration statement with the SEC (other than the Proxy
Statement/Registration Statement) or establish or increase a put equivalent position or liquidate or decrease a call equivalent
position within the meaning of Section 16 of the Exchange Act, with respect to any shares of Acquiror Common Stock or Acquiror
Warrants owned by such Sponsor, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any
of the economic consequences of ownership of any shares of Acquiror Common Stock or Acquiror Warrants owned by such Sponsor or
(iii) publicly announce any intention to effect any transaction specified in clause (i) or (ii); provided, however,
that nothing herein shall prohibit a Transfer to another Sponsor or an Affiliate of a Sponsor (a “Permitted Transfer”);
provided, further, that any Permitted Transfer shall be permitted only if, as a precondition to such Transfer, the
transferee also agrees in a writing, reasonably satisfactory in form and substance to the Company, to assume all of the obligations
of such Sponsor under, and be bound by all of the terms of, this Agreement; provided, further, that any Transfer
permitted under this Section 1.2 shall not relieve a Sponsor of its obligations under this Agreement. Any Transfer in violation
of this Section 1.2 with respect to a Sponsor’s Subject Shares shall be null and void. Nothing in this Agreement shall prohibit
direct or indirect transfers of equity or other interests in the Sponsor Holdco.

 

Section 1.3           
New Shares. In the event that (a) any shares of Acquiror Common Stock, Acquiror Warrants or other equity securities
of Acquiror are issued to a Sponsor after the date of this Sponsor Agreement pursuant to any stock dividend, stock split, recapitalization,
reclassification, combination or exchange of shares of Acquiror Common Stock or Acquiror Warrants of, on or affecting the shares
of Acquiror Common Stock or Acquiror Warrants owned by such Sponsor or otherwise, (b) a Sponsor purchases or otherwise acquires
beneficial ownership of any shares of Acquiror Common Stock, Acquiror Warrants or other equity securities of Acquiror after the
date of this Sponsor Agreement, or (c) a Sponsor acquires the right to vote or share in the voting of any shares of Acquiror Common
Stock or other equity securities of Acquiror after the date of this Sponsor Agreement (such shares of Acquiror Common Stock, Acquiror
Warrants or other equity securities of Acquiror, collectively the “New Securities”), then such New Securities
acquired or purchased by such Sponsor shall be subject to the terms of this Sponsor Agreement to the same extent as if they constituted
the shares of Acquiror Common Stock or Acquiror Warrants owned by such Sponsor as of the date hereof.

 

Section 1.4           
Closing Date Deliverables. On the Closing Date, the Sponsors shall deliver to Acquiror and the Company:

 

(a)           a
duly executed copy of that certain Amended and Restated Registration Rights Agreement, by and among Acquiror, the Company, the
Sponsors, and certain of the Company’s stockholders or their respective affiliates, as applicable, in substantially the form
attached as Exhibit C to the Merger Agreement; and

 

    	 	2	 

     

    

 

(b)          a duly executed
copy of that certain Lock-Up Agreement in substantially the form attached as Exhibit F to the Merger Agreement.

 

Section 1.5           
Sponsor Agreements.

 

(a)         
At any meeting of the shareholders of Acquiror, however called, or at any adjournment thereof, or in any other circumstance
in which the vote, consent or other approval of the shareholders of Acquiror is sought, each Sponsor shall (i) appear at each such
meeting or otherwise cause all of its shares of Acquiror Common Stock to be counted as present thereat for purposes of calculating
a quorum and (ii) vote (or cause to be voted), or execute and deliver a written consent (or cause a written consent to be executed
and delivered) covering, all of its shares of Acquiror Common Stock:

 

(i)       
in favor of each Transaction Proposal;

 

(ii)     
against any Business Combination Proposal or any proposal relating to a Business Combination Proposal (in each case, other
than the Transaction Proposals);

 

(iii)   
against any merger agreement or merger (other than the Merger Agreement and the Merger), consolidation, combination, sale
of substantial assets, reorganization, recapitalization, dissolution, liquidation or winding up of or by Acquiror;

 

(iv)    
against any change in the business, management or Board of Directors of Acquiror (other than in connection with the Transaction
Proposals);

 

(v)    
against any proposal, action or agreement that would (A) impede, frustrate, prevent or nullify any provision of this Agreement,
the Merger Agreement or any Merger, (B) result in a breach in any respect of any covenant, representation, warranty or any other
obligation or agreement of Acquiror or the Merger Sub under the Merger Agreement, (C) result in any of the conditions set forth
in Article IX of the Merger Agreement not being fulfilled or (D) change in any manner the dividend policy or capitalization of,
including the voting rights of any class of capital stock of, Acquiror;

 

(vi)     
if applicable, in favor of waiving any and all anti-dilution rights such Sponsor may hold pursuant to the Acquiror Governing
Documents; and

 

(vii)    
against any amendment to the Voting Letter Agreement (as defined below) without the consent of the Company.

 

    	 	3	 

     

    

 

Each Sponsor hereby
agrees that it shall not commit or agree to take any action inconsistent with the foregoing.

 

(b)         
Each Sponsor shall comply with, and fully perform all of its obligations, covenants and agreements set forth in, that certain
Letter Agreement, dated as of July 27, 2020, by and among the Sponsors and Acquiror (the “Voting Letter Agreement”),
including the obligations of the Sponsors pursuant to Section 1 therein to not redeem any shares of Acquiror Common Stock owned
by such Sponsor in connection with the transactions contemplated by the Merger Agreement.

 

(c)         
During the period commencing on the date hereof and ending on the earlier of the consummation of the Closing and the termination
of the Merger Agreement pursuant to Article X thereof, each Sponsor shall not modify or amend any Contract between or among such
Sponsor, anyone related by blood, marriage or adoption to such Sponsor or any Affiliate of such Sponsor (other than Acquiror or
any of its Subsidiaries), on the one hand, and Acquiror or any of Acquiror’s Subsidiaries, on the other hand, including,
for the avoidance of doubt, the Voting Letter Agreement.

 

Section 1.6          
Further Assurances. Each Sponsor shall take, or cause to be taken, all actions and do, or cause to be done, all things
reasonably necessary under applicable Laws to consummate the Mergers and the other transactions contemplated by the Merger Agreement
on the terms and subject to the conditions set forth therein and herein.

 

Section 1.7           
No Inconsistent Agreement. Each Sponsor hereby represents and covenants that such Sponsor has not entered into, and
shall not enter into, any agreement that would restrict, limit or interfere with the performance of such Sponsor’s obligations
hereunder.

 

ARTICLE
II

REPRESENTATIONS AND WARRANTIES

 

Section 2.1           
Representations and Warranties of the Sponsors. Each Sponsor represents and warrants as of the date hereof to Acquiror
and the Company (solely with respect to itself, himself or herself and not with respect to any other Sponsor) as follows:

 

(a)         
Organization; Due Authorization. If such Sponsor is not an individual, it is duly organized, validly existing and
in good standing under the Laws of the jurisdiction in which it is incorporated, formed, organized or constituted, and the execution,
delivery and performance of this Sponsor Agreement and the consummation of the transactions contemplated hereby are within such
Sponsor’s corporate, limited liability company or organizational powers and have been duly authorized by all necessary corporate,
limited liability company or organizational actions on the part of such Sponsor. If such Sponsor is an individual, such Sponsor
has full legal capacity, right and authority to execute and deliver this Sponsor Agreement and to perform his or her obligations
hereunder. This Sponsor Agreement has been duly executed and delivered by such Sponsor and, assuming due authorization, execution
and delivery by the other parties to this Sponsor Agreement, this Sponsor Agreement constitutes a legally valid and binding obligation
of such Sponsor, enforceable against such Sponsor in accordance with the terms hereof (except as enforceability may be limited
by bankruptcy Laws, other similar Laws affecting creditors’ rights and general principles of equity affecting the availability
of specific performance and other equitable remedies). If this Sponsor Agreement is being executed in a representative or fiduciary
capacity, the Person signing this Sponsor Agreement has full power and authority to enter into this Sponsor Agreement on behalf
of the applicable Sponsor.

 

    	 	4	 

     

    

 

(b)          
Ownership. Such Sponsor is the record and beneficial owner (as defined in the Securities Act) of, and has good title
to, all of such Sponsor’s shares of Acquiror Common Stock and Acquiror Warrants, and there exist no Liens or any other limitation
or restriction (including any restriction on the right to vote, sell or otherwise dispose of such shares of Acquiror Common Stock
or Acquiror Warrants (other than transfer restrictions under the Securities Act)) affecting any such shares of Acquiror Common
Stock or Acquiror Warrants, other than Liens pursuant to (i) this Sponsor Agreement, (ii) the Acquiror Governing Documents, (iii)
the Merger Agreement, (iv) the Voting Letter Agreement or (v) any applicable securities Laws. Such Sponsor’s shares of Acquiror
Common Stock and Acquiror Warrants are the only equity securities in Acquiror owned of record or beneficially by such Sponsor on
the date of this Sponsor Agreement, and none of such Sponsor’s shares of Acquiror Common Stock or Acquiror Warrants are subject
to any proxy, voting trust or other agreement or arrangement with respect to the voting of such shares of Acquiror Common Stock
or Acquiror Warrants, except as provided hereunder and under the Voting Letter Agreement. Other than the Acquiror Warrants, such
Sponsor does not hold or own any rights to acquire (directly or indirectly) any equity securities of Acquiror or any equity securities
convertible into, or which can be exchanged for, equity securities of Acquiror.

 

(c)          
No Conflicts. The execution and delivery of this Sponsor Agreement by such Sponsor does not, and the performance
by such Sponsor of his, her or its obligations hereunder will not, (i) if such Sponsor is not an individual, conflict with or result
in a violation of the organizational documents of such Sponsor or (ii) require any consent or approval that has not been given
or other action that has not been taken by any Person (including under any Contract binding upon such Sponsor or such Sponsor’s
shares of Acquiror Common Stock or Acquiror Warrants), in each case, to the extent such consent, approval or other action would
prevent, enjoin or materially delay the performance by such Sponsor of its, his or her obligations under this Sponsor Agreement.

 

(d)          
Litigation. There are no Actions pending against such Sponsor, or to the knowledge of such Sponsor threatened against
such Sponsor, before (or, in the case of threatened Actions, that would be before) any arbitrator or any Governmental Authority,
which in any manner challenges or seeks to prevent, enjoin or materially delay the performance by such Sponsor of its, his or her
obligations under this Sponsor Agreement.

 

(e)          
Brokerage Fees. Except as described on Section 5.13 of the Acquiror Disclosure Letter, no broker, finder, investment
banker or other Person is entitled to any brokerage fee, finders’ fee or other commission in connection with the transactions
contemplated by the Merger Agreement based upon arrangements made by such Sponsor, for which Acquiror or any of its Affiliates
may become liable.

 

(f)           
Affiliate Arrangements. Except as set forth on Schedule II attached hereto, neither such Sponsor nor any anyone
related by blood, marriage or adoption to such Sponsor or, to the knowledge of such Sponsor, any Person in which such Sponsor has
a direct or indirect legal, contractual or beneficial ownership of 5% or greater is party to, or has any rights with respect to
or arising from, any Contract with Acquiror or its Subsidiaries.

 

    	 	5	 

     

    

 

(g)          
Acknowledgment. Such Sponsor understands and acknowledges that each of Acquiror and the Company is entering into
the Merger Agreement in reliance upon such Sponsor’s execution and delivery of this Sponsor Agreement.

 

ARTICLE
III

EARNOUT

 

Section 3.1           
Sponsor Holdco Earnout Shares.

 

(a)         
Sponsor Holdco Earnout Shares. Sponsor Holdco agrees that, in connection with the Transactions, 1,500,000 shares
of Acquiror Class A Common Stock (which such shares automatically converted from Acquiror Class B Common Stock to Acquiror Class
A Common Stock at the closing of the Transactions) held by it (such shares, the “Sponsor Holdco Earnout Shares”)
shall, concurrently with the Closing, have the Legend (as defined below) affixed to them and be held subject to the terms and conditions
of this Section 3.

 

(b)         
Legends. The books and records of Acquiror evidencing the Sponsor Holdco Earnout Shares shall be stamped or otherwise
imprinted with a legend (the “Legend”) in substantially the following form:

 

THE SECURITIES EVIDENCED HEREIN
ARE SUBJECT TO RESTRICTIONS ON TRANSFER, AND CERTAIN OTHER AGREEMENTS, SET FORTH IN THE SPONSOR SUPPORT AGREEMENT, DATED AS OF
JANUARY 7, 2021, BY AND AMONG ACE CONVERGENCE ACQUISITION CORP. AND THE OTHER PARTIES THERETO.

 

(c)         
Procedures Applicable to the Sponsor Holdco Earnout Shares. As soon as practicable, and in any event within five
(5) Business Days after the occurrence of a Triggering Event (as defined below), Acquiror shall remove, or cause to be removed,
the Legend from the books and records of Acquiror evidencing the Sponsor Holdco Earnout Shares with respect to which a Triggering
Event has occurred and such shares shall no longer be subject to any of the terms of this Section 3 (any such removal of
Legend and other restrictions, a “Release”).

 

    	 	6	 

     

    

 

(i)     
  Sponsor Holdco shall not Transfer any Sponsor Holdco Earnout Shares until the later of (A) the date on which the relevant
vesting triggers have been satisfied as described in Section 3.1(d) below and the Legend on such shares has been removed
from such shares and (B) the date on which the Sponsor Holdco Earnout Shares are no longer subject to restriction pursuant to the
Voting Letter Agreement.

 

(ii)     
Any Sponsor Holdco Earnout Shares not eligible to be Released in accordance with the terms of Section 3.1(d) on or
before the fifth (5th) anniversary of the Closing Date (the “Earnout Lockup Period”) shall immediately thereafter
be forfeited to Acquiror and canceled and Sponsor Holdco shall not have any rights with respect thereto.

 

(d)         
Release of Sponsor Holdco Earnout Shares. The Sponsor Holdco Earnout Shares shall be Released as follows (each, a
 “Triggering Event”):

 

(i)       
fifty percent (50%) of the Sponsor Holdco Earnout Shares will be Released if the volume-weighted average closing share price
of one share of Acquiror Common Stock quoted on Nasdaq (or the exchange on which the shares of Acquiror Common Stock are then listed)
equals or exceeds $12.00 per share for twenty (20) of any thirty (30) consecutive Trading Days commencing after the Closing on
Nasdaq or any other national securities exchange; and

 

(ii)      
fifty percent (50%) of the Sponsor Holdco Earnout Shares will be Released if the volume-weighted average closing share price
one share of Acquiror Common Stock quoted on Nasdaq (or the exchange on which the shares of Acquiror Common Stock are then listed)
equals or exceeds $18.00 per share for twenty (20) of any thirty (30) consecutive trading days commencing after the Closing on
Nasdaq or any other national securities exchange.

 

(e)         
Release Upon Change of Control. If, during the Earnout Lockup Period, there is a Change of Control pursuant to which
Acquiror or its stockholders have the right to receive consideration implying a value per share of Acquiror Common Stock (as agreed
in good faith by Sponsor Holdco and the Acquiror Board) of:

 

    	 	7	 

     

    

 

(i)       
less than $12.00, then this Section 3.1 shall terminate and no Sponsor Holdco Earnout Shares shall be Released hereunder;

 

(ii)     
greater than or equal to $12.00 but less than $18.00, then, (A) immediately prior to such Change of Control, Acquiror shall
remove, or cause to be removed, the Legend from the books and records of Acquiror evidencing 750,000 Sponsor Holdco Earnout Shares
and (B) thereafter, this Section 3.1 shall terminate and no further Sponsor Holdco Earnout Shares shall be Released hereunder;
or

 

(iii)     
greater than or equal to $18.00, then, (A) immediately prior to such Change of Control, Acquiror shall remove, or cause
to be removed, the Legend from the books and records of Acquiror evidencing all of the Sponsor Holdco Earnout Shares and (B) thereafter,
this Section 3.1 shall terminate and no further Sponsor Holdco Earnout Shares shall be Released hereunder.

 

(f)           
Bankruptcy, etc. If, during the Earnout Lockup Period, (i) any liquidation, dissolution or winding up of Acquiror
is initiated, (ii) any bankruptcy, dissolution or liquidation proceeding is instituted by or against Acquiror, or (iii) Acquiror
makes an assignment for the benefit of creditors or consents to the appointment of a custodian, receiver or trustee for all or
substantial part of its assets or properties, then any Sponsor Holdco Earnout Shares that have not been previously Released shall
be deemed Released and Acquiror shall remove, or cause to be removed, the Legend from the books and records of Acquiror evidencing
all of the Sponsor Holdco Earnout Shares.

 

(g)          
Equitable Adjustments. The Acquiror Common Stock price targets set forth in this Section 3.1 shall be equitably
adjusted for stock splits, reverse stock splits, stock dividends, reorganizations, recapitalizations, reclassifications, combination,
exchange of shares or other like change or transaction with respect to Acquiror Common Stock occurring on or after the Closing
(other than the conversion of the Acquiror Founders Stock into Acquiror Common Stock at the Closing.

 

(h)        
Voting. Sponsor Holdco will agree to vote all unvested Sponsor Holdco Earnout Shares in accordance with the recommendation
of the board of directors of the Company.

 

ARTICLE
IV

MISCELLANEOUS

 

Section 4.1           
Termination. This Sponsor Agreement and all of its provisions shall terminate and be of no further force or effect
upon the earliest of (a) the Expiration Time, (b) the liquidation of Acquiror and (c) the written agreement of the Sponsor, Acquiror,
and the Company. Upon such termination of this Sponsor Agreement, all obligations of the parties under this Sponsor Agreement will
terminate, without any liability or other obligation on the part of any party hereto to any Person in respect hereof or the transactions
contemplated hereby, and no party hereto shall have any claim against another (and no person shall have any rights against such
party), whether under contract, tort or otherwise, with respect to the subject matter hereof; provided, however, that the termination
of this Sponsor Agreement shall not relieve any party hereto from liability arising in respect of any breach of this Sponsor Agreement
prior to such termination. This ARTICLE IV shall survive the termination of this Agreement.

 

    	 	8	 

     

    

 

Section 4.2           
Governing Law. This Sponsor Agreement, and all claims or causes of action (whether in contract or tort) that may
be based upon, arise out of or relate to this Sponsor Agreement or the negotiation, execution or performance of this Sponsor Agreement
(including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection
with this Sponsor Agreement) will be governed by and construed in accordance with the internal Laws of the State of Delaware applicable
to agreements executed and performed entirely within such State.

 

Section 4.3           
CONSENT TO JURISDICTION AND SERVICE OF PROCESS; WAIVER OF JURY TRIAL.

 

(a)         
THE PARTIES TO THIS SPONSOR AGREEMENT SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE STATE COURTS LOCATED IN WILMINGTON, DELAWARE
OR THE COURTS OF THE UNITED STATES LOCATED IN WILMINGTON, DELAWARE IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS
OF THIS SPONSOR AGREEMENT AND ANY RELATED AGREEMENT, CERTIFICATE OR OTHER DOCUMENT DELIVERED IN CONNECTION HEREWITH AND BY THIS
SPONSOR AGREEMENT WAIVE, AND AGREE NOT TO ASSERT, ANY DEFENSE IN ANY ACTION FOR THE INTERPRETATION OR ENFORCEMENT OF THIS SPONSOR
AGREEMENT AND ANY RELATED AGREEMENT, CERTIFICATE OR OTHER DOCUMENT DELIVERED IN CONNECTION HEREWITH, THAT THEY ARE NOT SUBJECT
TO THE PERSONAL JURISDICTION THERETO OR THAT SUCH ACTION MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SUCH COURTS OR THAT THIS
SPONSOR AGREEMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS OR THAT THEIR PROPERTY IS EXEMPT OR IMMUNE FROM EXECUTION, THAT THE
ACTION IS BROUGHT IN AN INCONVENIENT FORUM, OR THAT THE VENUE OF THE ACTION IS IMPROPER AND FURTHER AGREES NOT TO BRING ANY PROCEEDING
OR ACTION ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IN ANY OTHER COURT. SERVICE OF PROCESS
WITH RESPECT THERETO MAY BE MADE UPON ANY PARTY TO THIS SPONSOR AGREEMENT BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED
MAIL, POSTAGE PREPAID, TO SUCH PARTY AT ITS ADDRESS AS PROVIDED IN Section 4.8.

 

(b)        
WAIVER OF TRIAL BY JURY. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS
SPONSOR AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING
TO THIS SPONSOR AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS SPONSOR AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT
(I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE
IMPLICATIONS OF THIS WAIVER, (III) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (IV) EACH SUCH PARTY HAS BEEN INDUCED TO
ENTER INTO THIS SPONSOR AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section
4.3.

 

    	 	9	 

     

    

 

Section 4.4           
Assignment. This Sponsor Agreement and all of the provisions hereof will be binding upon and inure to the benefit
of the parties hereto and their respective heirs, successors and permitted assigns. Neither this Sponsor Agreement nor any of the
rights, interests or obligations hereunder will be assigned (including by operation of law) without the prior written consent of
the parties hereto.

 

Section 4.5           
Specific Performance. The parties hereto agree that irreparable damage may occur in the event that any of the provisions
of this Sponsor Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly
agreed that the parties hereto shall be entitled to an injunction or injunctions to prevent breaches of this Sponsor Agreement
and to enforce specifically the terms and provisions of this Sponsor Agreement in the chancery court or any other state or federal
court within the State of Delaware, this being in addition to any other remedy to which such party is entitled at law or in equity.
In the event that any Action shall be brought in equity to enforce the provisions of this Agreement, no party shall allege, and
each party hereby waives the defense, that there is an adequate remedy at law, and each party agrees to waive any requirement for
the securing or posting of any bond in connection therewith.

 

Section 4.6           
Amendment; Waiver. This Sponsor Agreement may not be amended, changed, supplemented, waived or otherwise modified
or terminated, except upon the execution and delivery of a written agreement executed by Acquiror, the Company and the Sponsor
Holdco.

 

Section 4.7          
Severability. If any provision of this Sponsor Agreement is held invalid or unenforceable by any court of competent
jurisdiction, the other provisions of this Sponsor Agreement will remain in full force and effect. Any provision of this Sponsor
Agreement held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid
or unenforceable.

 

Section 4.8           
Notices. All notices and other communications among the parties hereto shall be in writing and shall be deemed to
have been duly given (a) when delivered in person, (b) when delivered after posting in the United States mail having been sent
registered or certified mail return receipt requested, postage prepaid, (c) when delivered by FedEx or other nationally recognized
overnight delivery service or (d) when e-mailed during normal business hours (and otherwise as of the immediately following Business
Day), addressed as follows:

 

    	 	10	 

     

    

 

If to Acquiror:

 

ACE Convergence Acquisition Corp.

1013 Centre Road, Suite 403S

Wilmington,     DE 19805

Attention:         Denis Tse

Email:               denis@acev.io

with a copy to (which will not constitute notice):

 

Skadden, Arps, Slate, Meagher & Flom LLP

525 University Avenue, Suite 1400

Palo Alto, CA 94301

Attention:         Michael Mies

Email:               michael.mies@skadden.com

 

If to the Company:

 

Achronix Semiconductor Corporation

2903 Bunker Hill Lane, Suite 200

Santa Clara, CA 95054

Attention:         Robert Blake

Email:               robert.blake@achronix.com

 

with a copy to (which shall not
constitute notice):

 

Cooley LLP

3175 Hanover Street

Palo Alto, CA 94304

Attention: Matthew Hemington

Email: hemingtonmb@cooley.com

Attention: Miguel J. Vega

Email: mvega@cooley.com

 

If to a Sponsor:

 

To such Sponsor’s address set forth in Schedule
I

with a copy to (which will not constitute notice):

 

Skadden, Arps, Slate, Meagher & Flom LLP

525 University Avenue, Suite 1400

Palo Alto, CA 94301

Attention:         Michael Mies

Email:               michael.mies@skadden.com

 

    	 	11	 

     

    

 

Section 4.9           
Counterparts. This Sponsor Agreement may be executed in two or more counterparts (any of which may be delivered by
electronic transmission), each of which shall constitute an original, and all of which taken together shall constitute one and
the same instrument.

 

Section 4.10       
Entire Agreement. This Sponsor Agreement and the agreements referenced herein constitute the entire agreement and
understanding of the parties hereto in respect of the subject matter hereof and supersede all prior understandings, agreements
or representations by or among the parties hereto to the extent they relate in any way to the subject matter hereof.

 

[THE REMAINDER OF THIS PAGE
IS INTENTIONALLY BLANK]

 

    	 	12	 

     

    

 

IN WITNESS WHEREOF,
the Sponsors, Acquiror, and the Company have each caused this Sponsor Support Agreement to be duly executed as of the date first
written above.

 

	 	SPONSORS:
	 	 
	 	ACE Convergence Acquisition LLC
	 	 

 

 

	 	By:	/s/ Denis Tse
	 	 	Name: Denis Tse
	 	 	Title:   President

 

 

	 	/s/ Behrooz Abdi
	 	Name:  Behrooz Abdi
	 	 
	 	 
	 	/s/ Sunny Siu
	 	Name:  Sunny Siu
	 	 
	 	 
	 	/s/ Denis Tse
	 	Name:  Denis Tse
	 	 
	 	 
	 	/s/ Kenneth Klein
	 	Name:  Kenneth Klein
	 	 
	 	 
	 	/s/ Ryan Benton
	 	Name:  Ryan Benton
	 	 
	 	 
	 	/s/ Raquel Chmielewski
	 	Name:  Raquel Chmielewski
	 	 
	 	 
	 	/s/ Omid Tahernia
	 	Name:  Omid Tahernia
	 	 
	 	 
	 	/s/ Minyoung Park
	 	Name:  Minyoung Park

 

[Signature Page to Sponsor Support Agreement]

  

    	 		 

     

    

 

	 	ACQUIROR:
	 	 
	 	ACE Convergence Acquisition Corp.

  

 

	 	By:	/s/ Denis Tse
	 	 	Name: Denis Tse
	 	 	Title:   Secretary

 

[Signature Page to Sponsor Support Agreement]

  

    	 	 	 

     

    

  

	 	COMPANY:
	 	 
	 	Achronix Semiconductor Corporation

 

 

	 	By:	/s/ Robert Blake
	 	 	Name: Robert Blake
	 	 	Title:   President and Chief Executive Officer

 

[Signature Page to Sponsor Support
Agreement]

 

    	 		 

     

    

 

Schedule I

Sponsor Shares of Acquiror Common Stock
and Acquiror Warrants

 

	Sponsor	 	Acquiror
    Common Stock	 	 	Acquiror
    Warrants	 
	ACE Convergence Acquisition LLC(1)
 c/o ACE Convergence Acquisition Corp.
 1013 Centre Road, Suite 403S, Wilmington, Delaware 19805
	 	 	5,595,000	 	 	 	6,600,000	 
	Behrooz Abdi(1)
 c/o ACE Convergence Acquisition Corp.
 1013 Centre Road, Suite 403S, Wilmington, Delaware 19805
	 	 	0	 	 	 	---	 
	Sunny Siu(1)
 c/o ACE Convergence Acquisition Corp.
 1013 Centre Road, Suite 403S, Wilmington, Delaware 19805
	 	 	0	 	 	 	---	 
	Denis Tse(1)
 c/o ACE Convergence Acquisition Corp.
 1013 Centre Road, Suite 403S, Wilmington, Delaware 19805
	 	 	0	 	 	 	---	 
	Kenneth Klein 
c/o ACE Convergence Acquisition Corp. 
1013 Centre Road, Suite 403S, Wilmington, Delaware 19805	 	 	40,000	 	 	 	---	 
	Ryan Benton 
c/o ACE Convergence Acquisition Corp. 
1013 Centre Road, Suite 403S, Wilmington, Delaware 19805	 	 	35,000	 	 	 	---	 
	Raquel Chmielewski 
c/o ACE Convergence Acquisition Corp. 
1013 Centre Road, Suite 403S, Wilmington, Delaware 19805	 	 	35,000	 	 	 	---	 
	Omid Tahernia 
c/o ACE Convergence Acquisition Corp. 
1013 Centre Road, Suite 403S, Wilmington, Delaware 19805	 	 	35,000	 	 	 	---	 
	Minyoung Park 
c/o ACE Convergence Acquisition Corp. 
1013 Centre Road, Suite 403S, Wilmington, Delaware 19805	 	 	10,000	 	 	 	---	 

  

(1) Messrs. Abdi, Siu and Tse may be deemed to beneficially
own securities held by ACE Convergence Acquisition LLC by virtue of their shared control over ACE Convergence Acquisition LLC.
Each of Messrs. Abdi, Siu and Tse disclaims beneficial ownership of securities held by ACE Convergence Acquisition LLC except to
the extent of their pecuniary interests therein.

 

[Schedule I to Sponsor Support Agreement]

 

    	 		 

     

    

  

Schedule II

 

Affiliate Agreements

 

	 	1.	Letter Agreement, dated July 27, 2020, among Acquiror, the Sponsor Holdco and each of the other parties thereto

	 	2.	Registration Rights Agreement, dated July 27, 2020, among Acquiror, the Sponsor Holdco and certain other security holders named therein

	 	3.	Administrative Services Agreement, dated July 27, 2020, between Acquiror and the Sponsor Holdco, which shall terminate at Closing without further liability, cost, payment or other obligation of Acquiror

	 	4.	Indemnity Agreement, dated July 27, 2020, between Acquiror and Behrooz Abdi

	 	5.	Indemnity Agreement, dated July 27, 2020, between Acquiror and Sunny Siu

	 	6.	Indemnity Agreement, dated July 27, 2020, between Acquiror and Denis Tse

	 	7.	Indemnity Agreement, dated July 27, 2020, between Acquiror and Kenneth Klein

	 	8.	Indemnity Agreement, dated July 27, 2020, between Acquiror and Omid Tahernia

	 	9.	Indemnity Agreement, dated July 27, 2020, between Acquiror and Ryan Benton

	 	10.	Indemnity Agreement, dated July 27, 2020, between Acquiror and Raquel Chmielewski

	 	11.	Indemnity Agreement, dated July 27, 2020, between Acquiror and Minyoung Park

 

[Schedule II to Sponsor Support Agreement]

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