Document:

Exhibit 10.5

 

STRATEGIC INVESTMENT AGREEMENT

 

This
STRATEGIC INVESTMENT AGREEMENT (this “Agreement”) is entered into on May 26, 2022, by and between ECARX
Holdings Inc., an exempted company incorporated with limited liability in the Cayman Islands (the “Issuer”), and Geely
Investment Holding Ltd., a company incorporated under the laws of the British Virgin Islands
(the “Investor”). Capitalized terms used and not defined in this Agreement have the meanings ascribed
to such terms in the Transaction Agreement (as defined below).

 

WHEREAS,
this Agreement is being entered into in connection with that certain Agreement and Plan of Merger, dated as of the date hereof (as may
be amended, modified, supplemented or waived from time to time in accordance with its terms, the “Transaction Agreement”),
by and among the Issuer, COVA Acquisition Corp., an exempted company incorporated with limited liability in the Cayman Islands (“SPAC”),
Ecarx Temp Limited, an exempted company incorporated with limited liability in the Cayman Islands and a direct wholly owned subsidiary
of the Issuer (“Merger Sub 1”), and Ecarx&Co Limited, an exempted company incorporated with limited liability
in the Cayman Islands and a direct wholly owned subsidiary of the Issuer (“Merger Sub 2”), pursuant to which, on the
terms and subject to the conditions set forth therein, among other things, (a) Merger Sub 1 will merge with and into SPAC (the “First
Merger”), with SPAC as the surviving company in the First Merger and, after giving effect to the First Merger, becoming a wholly
owned subsidiary of the Issuer, and (b) SPAC will merge with and into Merger Sub 2 (the “Second Merger,” and
together with the First Merger and the other transactions contemplated by the Transaction Agreement, the “Transaction”),
with Merger Sub 2 as the surviving company in the Second Merger and, after giving effect to the Second Merger, becoming a wholly owned
subsidiary of the Issuer;

 

WHEREAS,
in connection with, and contingent on the closing of, the Transaction, the Investor desires to subscribe for and purchase and the Issuer
desires to issue and sell to the Investor, on the Closing Date, 2,000,000 Class A ordinary shares in the Issuer, par value $0.000005
per share (the “Shares”) at a purchase price of $10.00 per share (the “Per Share Purchase Price”),
for the aggregate purchase price of US$20,000,000 (the “Subscription Amount”), all on the terms and conditions set
forth herein; and

 

WHEREAS, in connection with
the Transaction, the Issuer and/or SPAC (a) are entering into subscription agreements on the date hereof, and may enter into after
the date hereof, Subsequent Equity Subscription Agreements (together with the subscription agreements entered into on the date hereof,
the “Equity Subscription Agreements”) with certain investors (the “Other Equity Investors,” together
with the Investor, collectively, the “Equity Investors”), pursuant to which the Other Equity Investors have agreed
to or will agree to subscribe for and purchase, and the Issuer has agreed to or will agree to issue and sell to the Other Equity Investors,
on the Closing Date, the Shares at the Per Share Purchase Price, and (b) may enter into certain Permitted Financing Agreements (other
than the Equity Subscription Agreements) with certain parties (each, a “Financing Party”, and collectively, the “Financing
Parties”, together with the Equity Investors, the “Ecarx Investors”) pursuant to which the Issuer may agree
to, among other matters, issue Equity Securities of the Issuer to such Financing Parties.

 

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

 

		1.	Subscription.
                                            Subject to the terms and conditions hereof, the Investor hereby irrevocably subscribes for
                                            and agrees to purchase from the Issuer, and the Issuer hereby agrees to issue and sell to
                                            the Investor, the Shares, on the terms and subject to the conditions provided for herein.

 

		2.	Closing.

 

		2.1	The
                                            closing of the issuance and sale of the Shares contemplated hereby (the “Closing”)
                                            shall occur on the closing date of the Transaction (the “Closing Date”)
                                            and substantially concurrent with (and subject to), the consummation of the Transaction and
                                            satisfaction or waiver of the other conditions set forth in Section 3 hereof.

 

     

     

    

 

		2.2	At
                                            least five (5) business days before the expected Closing Date, the Issuer shall deliver
                                            written notice to the Investor (the “Closing Notice”) specifying
                                            the expected Closing Date and that the 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 five (5) business days from the date on which the Closing Notice is delivered to
                                            the Investor, (a) the Investor shall deliver to the Issuer, (i) three (3) business
                                            days prior to the expected closing date specified in the Closing Notice, the Subscription
                                            Amount by wire transfer of U.S. dollars in immediately available funds to the account in
                                            an escrow bank specified by the Issuer in the Closing Notice, to be held in a segregated
                                            escrow account on behalf of the Investor until the closing of the First Merger, or (ii) on
                                            the expected closing date specified in the Closing Notice, the Subscription Amount to an
                                            account specified by the Issuer, or otherwise mutually agreed by the Investor and the Issuer
                                            due to regulatory reasons that apply to the Investor, by wire transfer of U.S. dollars in
                                            immediately available funds, and (b) as soon as practicable following, but not later
                                            than one (1) business day after the Closing Date, the Issuer shall (i) issue the
                                            Shares to the Investor, free and clear of any liens or other restrictions (other than those
                                            arising under applicable securities laws) and subsequently (but not later than two (2) business
                                            days thereafter) cause the Shares to be registered in book-entry form in the name of the
                                            Investor on the Issuer’s register of members and (ii) provide to the Investor
                                            evidence of such issuance from the Issuer’s transfer agent.

 

		2.3	If the Closing does not occur within five
                                            (5) business days following the expected closing date specified in the Closing Notice,
                                            unless otherwise agreed to by the Issuer and the Investor, the Issuer shall promptly (but
                                            not later than two (2) business days following the expected closing date specified in
                                            the Closing Notice) cause the escrow agent to return the Subscription Amount in full, without
                                            any deduction or penalty of any kind, for or on account of any tax, withholding, charges,
                                            set-off or otherwise, to the Investor by wire transfer of U.S. dollars in immediately available
                                            funds to the account specified by the Investor, and any book-entries for the Shares shall
                                            be deemed cancelled; provided that unless this Agreement has been terminated pursuant
                                            to Section 6, such return of funds shall not terminate this Agreement or relieve
                                            the Investor of its obligation to purchase the Shares at the Closing upon delivery by the
                                            Issuer of a subsequent Closing Notice in accordance with the terms of this Section 2.

 

		2.4	Prior to or on the Closing Date, the Investor
                                            shall deliver to the Issuer any other information that is reasonably requested in order for
                                            the Issuer to issue the Shares , including, without limitation, the legal name of the person
                                            in whose name such Shares are to be issued and a duly executed Internal Revenue Service Form W-9
                                            or W-8, as applicable. For purposes of this Agreement, “business day” shall mean
                                            any day other than a Saturday, Sunday or other day on which commercial banks in New York,
                                            New York, the Cayman Islands, Hong Kong and mainland China are authorized or required by
                                            law to close.

 

		3.	Conditions
                                            to Closing

 

		3.1	Conditions to Closing of the Issuer.
                                            The Issuer’s obligations to sell and issue the Shares at the Closing are subject to
                                            the fulfillment or (to the extent permitted by applicable law) written waiver, on or prior
                                            to the Closing Date, of each of the following conditions:

 

		(a)	Closing of the Transaction. All
                                            conditions precedent to effect the closing of the Transaction shall have been satisfied or
                                            waived (other than those conditions that, by their nature, may only be satisfied at the consummation
                                            of the closing of the Transaction but subject to satisfaction or waiver thereof).

 

		(b)	Representations and Warranties Correct.
                                            The representations and warranties made by the Investor in Section 4.2 shall
                                            be true and correct in all material aspects as of the Closing Date other than (i) such
                                            representations and warranties qualified by materiality, Investor Material Adverse Effect
                                            or similar qualification, which shall be true and correct in all respects as of the Closing
                                            Date and (ii) such representations and warranties which speak as to an earlier date,
                                            which representations and warranties shall be true and correct in all material respects (or,
                                            if qualified by materiality, Investor Material Adverse Effect or similar qualification,
                                            in all respects) as of such date.

 

		(c)	Legality. There shall not be in
                                            force any order, judgment, injunction, decree, writ, stipulation, determination or award,
                                            in each case, entered by or with any governmental authority, law, statute, rule or regulation
                                            enjoining or prohibiting the issuance and sale of the Shares under this Agreement.

 

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		(d)	Performance and Compliance under the
                                            Agreement. The Investor shall have wired the Subscription Amount in accordance with Section 2
                                            of this Agreement and otherwise performed, satisfied and complied in all material respects
                                            with all covenants, agreements and conditions required by this Agreement to be performed,
                                            satisfied or complied with by it at or prior to the Closing, except where the failure of
                                            such performance or compliance would not or would not reasonably be expected to prevent,
                                            materially delay, or materially impair the ability of the Investor to consummate the Closing.

 

		3.2	Conditions to Closing of the Investor.
                                            The Investor’s obligation to subscribe for and purchase the Shares at the Closing is
                                            subject to the fulfillment or (to the extent permitted by applicable law) written waiver,
                                            on or prior to the Closing Date, of each of the following conditions:

 

		(a)	Closing of the Transaction. All
                                            conditions precedent to effect the Transaction shall have been satisfied or waived (other
                                            than those conditions that, by their nature, may only be satisfied at the closing of the
                                            Transaction but subject to satisfaction or waiver thereof) and the consummation of the Transaction
                                            shall have occurred.

 

		(b)	Representations and Warranties Correct.
                                            The representations and warranties made by the Issuer in Section 4.1 shall be
                                            true and correct in all material aspects as of the Closing Date other than (i) such
                                            representations and warranties qualified by materiality, Issuer Material Adverse Effect
                                            (as defined below) or similar qualification, which shall be true and correct in all respects
                                            as of the Closing Date and (ii) such representations and warranties which speak as to
                                            an earlier date, which representations and warranties shall be true and correct in all material
                                            respects (or, if qualified by materiality, Issuer Material Adverse Effect or similar
                                            qualification, in all respects) as of such date.

 

		(c)	Legality. There shall not be in
                                            force any order, judgment, injunction, decree, writ, stipulation, determination or award,
                                            in each case, entered by or with any governmental authority, law, statute, rule or regulation
                                            enjoining or prohibiting the issuance and sale of the Shares under this Agreement.

 

		(d)	Performance and Compliance under the
                                            Agreement. The Issuer shall have performed, satisfied and complied in all material respects
                                            with all covenants, agreements and conditions required by this Agreement to be performed,
                                            satisfied or complied with by it at or prior to the Closing, except where the failure of
                                            such performance or compliance would not or would not reasonably be expected to prevent,
                                            materially delay, or materially impair the ability of the Issuer to consummate the Closing.

 

		(e)	Transaction Agreement. The terms
                                            of the Transaction Agreement (including the conditions thereto) shall not have been amended
                                            or waived in a manner that materially and adversely affect the economic benefits the Investor
                                            reasonably expects to receive under this Agreement.

 

		4.	Representations,
                                            Warranties and Agreements.

 

		4.1	Issuer’s Representations, Warranties
                                            and Agreements. The Issuer hereby represents and warrants to the Investor as follows:

 

		(a)	The Issuer is an exempted company duly
                                            incorporated, validly existing and in good standing under the laws of the Cayman Islands.
                                            The Issuer has all power (corporate or otherwise) and authority to own, lease and operate
                                            its properties and conduct its business as presently conducted and contemplated to be conducted
                                            and to enter into, deliver and perform its obligations under this Agreement.

 

		(b)	At the Closing, the Shares will have been
                                            duly authorized, and when issued and delivered to the Investor against full payment in cash
                                            for the Shares in accordance with the terms of this Agreement and registered in the Issuer’s
                                            register of members, the Shares will be validly issued and allotted and fully paid and non-assessable,
                                            free and clear of any liens or other encumbrances (other than those arising under applicable
                                            securities laws) and will not have been issued in violation of or subject to any preemptive
                                            or similar rights created under the Issuer’s organizational documents (as in effect
                                            at such time of issuance) or the laws of the Cayman Islands.

 

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		(c)	This Agreement has been duly authorized,
                                            executed and delivered by the Issuer and, assuming that this Agreement constitutes the valid
                                            and binding obligation of the Investor, is enforceable against it 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.

 

		(d)	The
                                            issuance and sale of the Shares and the compliance by the Issuer with all of the provisions
                                            of this Agreement and the consummation of the transactions contemplated herein, will not
                                            (i) 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 the Issuer pursuant to the terms of
                                            any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement
                                            or instrument to which the Issuer is a party or by which the Issuer is bound or to which
                                            any of the property or assets of the Issuer is subject, which would reasonably be expected
                                            to have a material adverse effect on the ability of the Issuer to enter into and timely perform
                                            its obligations under this Agreement (an “Issuer Material Adverse Effect”),
                                            (ii) result in any violation of the provisions of the organizational documents of the
                                            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 the Issuer or any of its properties that would reasonably be expected to have an Issuer
                                            Material Adverse Effect.

 

		(e)	Assuming
                                            the accuracy of the Investor’s representations and warranties set forth in Section 4.2,
                                            in connection with the offer, sale and delivery of the Shares in the manner contemplated
                                            by this Agreement, no registration under the Securities Act of 1933, as amended (the “Securities
                                            Act”) is required for the offer and sale of the Shares by the Issuer to the Investor.
                                            The Shares (i) were not offered to the Investor by any form of general solicitation
                                            or general advertising, including methods described in section 502(c) of Regulation
                                            D under the Securities Act 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.

 

		(f)	The Issuer will use the cash proceeds
                                            of the sale of the Shares contemplated by the Equity Subscription Agreements and this Agreement
                                            exclusively to operate the Issuer’s business post-Closing and will not, directly or
                                            indirectly, or in any way, use the proceeds, or lend, contribute or otherwise make available
                                            such proceeds to any affiliates, subsidiaries, or its parent or other person or entity, for
                                            the purpose of financing the activities of any person, entity or country currently subject
                                            to sanctions imposed by any of the laws of a relevant and applicable jurisdiction, including
                                            the jurisdiction(s) in which the Agreement will take place, the United States (including
                                            sanctions programs administered by the US Department of the Treasury’s Office of Foreign
                                            Assets Control), United Kingdom and the European Union.

 

		(g)	The
                                            Issuer is not (i) a person or entity named on the Specially Designated Nationals and
                                            Blocked Persons List administered by the U.S. Treasury Department’s Office of Foreign
                                            Assets Control (“OFAC”) or in any Executive Order issued by the President
                                            of the United States and administered by OFAC, or a person or entity prohibited by any OFAC
                                            Sanctions program, or any similar list of sanctioned persons administered by the European
                                            Union or the United Kingdom (collectively, “Sanctions Lists”);
                                            (ii) directly or indirectly, owned or controlled by, or acting on behalf of, one or
                                            more persons that are named on the Sanctions Lists; (iii) organized, incorporated, established,
                                            located, resident or born in, or a citizen, national or the government, including any political
                                            subdivision, agency or instrumentality thereof, of, Cuba, Iran, North Korea, Syria,
                                            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 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 (each, a “Prohibited Investor”). The Issuer agrees to provide
                                            law enforcement agencies, if requested thereby, such records as required by applicable law;
                                            provided that the Issuer is permitted to do so under applicable law. To the extent
                                            required, the Issuer maintains procedures that it reasonably believes to be in compliance
                                            with sanctions programs administered by the United States, the European Union and the United
                                            Kingdom. To the extent required and from and after the closing of the Transaction, the Issuer
                                            shall maintain procedures adequate and necessary to ensure its compliance with sanctions
                                            programs administered by the United States, the European Union and the United Kingdom, and
                                            the Issuer shall comply with such sanctions programs to which it is legally subject and with
                                            which it is legally obligated to comply.

 

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		(h)	No broker, finder or other financial consultant
                                            is acting on behalf of the Issuer in connection with this Agreement or the transactions contemplated
                                            hereby in such a way as to create any liability of the Investor for the payment of any fees,
                                            costs, expenses or commissions.

 

		(i)	(i) The Equity Subscription Agreements
                                            reflect or will reflect the same Per Share Purchase Price and other material terms and conditions
                                            (including the registration rights) with respect to the purchase of the Shares that are no
                                            more favorable to any Other Equity Investor thereunder in any material respect than the terms
                                            of this Agreement, other than terms particular to the issuance of any Other Equity Investor’s
                                            shares to the Issuer (if such Other Equity Investor elects to issue and sell its shares to
                                            the Issuer), SPAC as a signing party thereto, the regulatory requirements of the Other Equity
                                            Investors or their respective affiliates or related funds that are mutual funds or are otherwise
                                            subject to regulations related to the timing of funding and the issuance of the related Shares
                                            (collectively, the “Excluded Terms”), and (ii) any Permitted Financing
                                            Agreement to the extent it provides for the issuance of Equity Securities of the Issuer,
                                            other than (A) the convertible note purchase agreement dated May 9, 2022 by and
                                            between the Issuer and Lotus Technology Inc. and the convertible note dated May 13,
                                            2022 issued by the Issuer to Lotus Technology Inc., and (B) any Permitted Financing
                                            Agreement pursuant to which (I) the Equity Securities of the Issuer to be issued thereunder
                                            are convertible into the Shares at an effective conversion price of no less than the Per
                                            Share Purchase Price, and (II) the Permitted Financing Proceeds thereunder will be funded
                                            prior to (and not subject to) the consummation of the Transaction (the agreements in (A) and
                                            (B) are collectively referred to as the “Excluded Subscription Agreements”),
                                            will not contain any terms (other than the Excluded Terms as applied mutatis mutandis)
                                            that provide a greater economic benefit with respect to such Equity Securities of the Issuer
                                            to be received by the Financing Party than the benefits to be received by the Investor under
                                            this Agreement.

 

		(j)	None of the Equity Subscription Agreements
                                            shall be amended, modified or terminated, and no provision thereof may be waived, in each
                                            case, in any way which would adversely affect the rights of the Investor in a manner disproportionate
                                            to any adverse effect such amendment, modification, termination or waiver would have on the
                                            rights of any of the Other Equity Investors. In addition, no Permitted Financing Agreement
                                            shall be entered into, amended, modified or terminated, and no provision thereof may be waived,
                                            in each case, in any way which would adversely affect the rights of the Investor solely with
                                            respect to the Shares in a manner disproportionate to any adverse effect such amendment,
                                            modification, termination or waiver would have on the rights of any Financing Party solely
                                            with respect to the Equity Securities of the Issuer to be received by such Financing Party
                                            pursuant to the applicable Permitted Financing Agreement. In addition, if the Issuer provides
                                            any terms more favorable to any of the Other Equity Investors with respect to the Shares
                                            under the Equity Subscription Agreements (but excluding the Excluded Terms) or terms more
                                            favorable to any of the Financing Parties with respect to the Equity Securities of the Issuer
                                            under the Permitted Financing Agreements (but excluding the Excluded Terms as applied mutatis
                                            mutandis) than those terms provided to the Investor, either directly or indirectly by
                                            amendment, merger, consolidation, recapitalization, reclassification, or otherwise, the Issuer
                                            shall promptly provide the Investor with written notice thereof, and, upon written request
                                            of the Investor, any additional information related to such terms as may be reasonably requested
                                            by the Investor. In the event the Investor determines that such terms are preferable to the
                                            terms contemplated herein and seeks to receive any such terms, the Investor shall notify
                                            the Issuer in writing within 10 days of the receipt of the Issuer’s notice. Promptly
                                            after receipt of such written notice from the Investor, the Issuer agrees to amend and restate
                                            any required documents to provide identical terms to the Investor. Notwithstanding anything
                                            to the contrary in this Agreement, this Section 4.1(j) shall not apply to
                                            the Excluded Subscription Agreements.

 

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		4.2	Investor’s Representations, Warranties
                                            and Agreements. The Investor hereby represents and warrants to the Issuer and acknowledges
                                            as follows:

 

		(a)	The Investor is a company duly incorporated,
validly existing and in good standing under the laws of the British Virgin Islands. The Investor has all power (corporate or otherwise)
and authority to own, lease and operate its properties and conduct its business as presently conducted and contemplated to be conducted
and to enter into, deliver and perform its obligations under this Agreement.

 

		(b)	This Agreement has been duly authorized,
                                            executed and delivered by the Investor and, assuming that this Agreement constitutes the
                                            valid and binding obligation of the Issuer, is enforceable against it 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.

 

		(c)	The
                                            compliance by the Investor with all of the provisions of this Agreement and the consummation
                                            of the transactions contemplated herein will not (i) 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 the Investor pursuant to the terms of any indenture, mortgage, deed of trust,
                                            loan agreement, lease, license or other agreement or instrument to which the Investor is
                                            a party or by which the Investor is bound or to which any of the property or assets of the
                                            Investor is subject, which would reasonably be expected to have a material adverse effect
                                            on the ability of the Investor to enter into and timely perform its obligations under this
                                            Agreement (an “Investor Material Adverse Effect”), (ii) result
                                            in any violation of the provisions of the organizational documents of the Investor 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 the Investor
                                            or any of its properties that would reasonably be expected to have an Investor Material Adverse
                                            Effect.

 

		(d)	The Investor (i) is not a “U.S.
                                            Person” (as such term is defined in Regulation S promulgated under the Securities Act),
                                            (ii) is acquiring the Shares only for its own account and not for the account of others,
                                            and (iii) is not acquiring the Shares with a view to, or for offer or sale in connection
                                            with, any distribution thereof in violation of the Securities Act.

 

		(e)	The Investor acknowledges and agrees that
                                            the Shares were not offered by any form of general solicitation or general advertising and
                                            are being offered in a transaction not involving any public offering within the meaning of
                                            the Securities Act and, that the Shares have not been registered under the Securities Act
                                            and the Issuer is not required to register the Shares except as set forth in Section 5.
                                            The Investor acknowledges and agrees that the Shares may not be offered, resold, transferred,
                                            pledged or otherwise disposed of by the Investor absent an effective registration statement
                                            under the Securities Act, except (i) to the Issuer or a subsidiary thereof, (ii) to
                                            non-U.S. persons pursuant to offers and sales that occur solely outside the United States
                                            within the meaning of and in compliance with 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 book-entry position or certificates
                                            representing the Shares shall contain a restrictive legend to such effect. The Investor acknowledges
                                            and agrees that the Shares will be subject to transfer restrictions and, as a result of these
                                            transfer restrictions, the Investor may not be able to readily offer, resell, transfer, pledge
                                            or otherwise dispose of the Shares and may be required to bear the financial risk of an investment
                                            in the Shares for an indefinite period of time. The Investor acknowledges and agrees that
                                            the Shares will not be eligible for offer, resale, transfer, pledge or disposition pursuant
                                            to Rule 144 promulgated under the Securities Act until at least six months from the
                                            issuance date thereof and to the extent Rule 144 is available. The Investor acknowledges
                                            and agrees that it has been advised to consult legal counsel and tax and accounting advisors
                                            prior to making any offer, resale, transfer, pledge or disposition of any of the Shares.

 

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		(f)	The Investor acknowledges and agrees that
                                            the Investor is purchasing the Shares directly from the Issuer. The Investor further acknowledges
                                            that there have been no representations, warranties, covenants and agreements made to the
                                            Investor by or on behalf of the Issuer, any of their respective affiliates or any control
                                            persons, officers, directors, employees, partners, 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 the Issuer expressly set forth in Section 4.1
                                            of this Agreement.

 

		(g)	The Investor acknowledges and agrees that
                                            the Investor has received such information as the Investor deems necessary in order to make
                                            an investment decision with respect to the Shares, including, with respect to the Issuer,
                                            the Transaction and the business of the Issuer and its subsidiaries. The Investor has sufficient
                                            knowledge and experience in financial and business matters so as to be capable of evaluating
                                            the merits and risks of its investment in the Issuer. The Investor is capable of bearing
                                            the economic risks of such investment, including a complete loss of its investment.

 

		(h)	The Investor acknowledges that certain
                                            information provided to the Investor was based on projections, and such projections were
                                            prepared based on assumptions and estimates that are inherently uncertain and are subject
                                            to a wide variety of significant business, economic and competitive risks and uncertainties
                                            that could cause actual results to differ materially from those contained in the projections.

 

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

 

		(j)	The
                                            Investor is not a Prohibited Investor. The Investor agrees to provide law enforcement
                                            agencies, if requested thereby, such records as required by applicable law; provided
                                            that the Investor is permitted to do so under applicable law. To the extent required, it
                                            maintains policies and procedures reasonably designed to ensure compliance with sanctions
                                            programs administered by the United States, the European Union and the United Kingdom.

 

		(k)	Except as expressly disclosed in a Schedule
                                            13D or Schedule 13G (or amendments thereto) filed by the Investor with the SEC with respect
                                            to the beneficial ownership of SPAC’s ordinary shares prior to the date hereof, the
                                            Investor is not currently (and at all times through Closing will refrain from being or becoming)
                                            a member of a “group” (within the meaning of Section 13(d)(3) or Section 14(d)(2) of
                                            the Exchange Act) acting for the purpose of acquiring, holding or disposing of equity securities
                                            of SPAC (within the meaning of Rule 13d-5(b)(1) under the Exchange Act).

 

		(l)	The Investor has or has commitments to
                                            have and, when required to deliver payment to the Issuer pursuant to Section 2,
                                            will have, sufficient funds to pay the Subscription Amount and consummate the purchase and
                                            sale of the Shares pursuant to this Agreement.

 

		(m)	The Investor does not have, as of the
                                            date hereof, and during the 30-day period immediately prior to the date hereof, the Investor
                                            has not entered into, any “put equivalent position” as such term is defined in
                                            Rule 16a-1 under the Exchange Act or end of day short sale positions with respect to
                                            the securities of SPAC.

 

		(n)	No broker, finder or other financial consultant
                                            is acting on the Investor’s behalf in connection with this Agreement or the transactions
                                            contemplated hereby in such a way as to create any liability of the Issuer or SPAC for the
                                            payment of any fees, costs, expenses or commissions.

 

    	 	7	 

     

    

 

		(o)	The
                                            Investor agrees that, from the date of this Agreement until the Closing Date (or earlier
                                            termination of this Agreement), none of the Investor or any person or entity acting on behalf
                                            of the Investor or pursuant to any understanding with the Investor will engage in any Short
                                            Sales with respect to securities of the Issuer or SPAC. For purpose of this Section 4.2(o),
                                            “Short Sales” shall mean all “short sales” as defined in Rule 200
                                            of Regulation SHO under the Exchange Act and all types of direct and indirect share 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 short transactions through non-U.S. broker dealers
                                            or foreign regulated brokers. Notwithstanding the foregoing, (i) the restrictions in
                                            this Section 4.2(o) shall not apply to any sale of securities of the Issuer
                                            or SPAC (A) held by the Investor or any person or entity acting on behalf of the Investor
                                            prior to the execution of this Agreement or (B) purchased by the Investor or any person
                                            or entity acting on behalf of the Investor in an open market transaction after the execution
                                            of this Agreement. Further, notwithstanding the foregoing, (ii) nothing herein shall
                                            prohibit other entities under common management with the Investor that have no knowledge
                                            of this Agreement or of the Investor’s subscription of the Shares (including the Investor’s
                                            controlled affiliates and/or affiliates) from entering into any Short Sales.

 

		5.	Registration
                                            Rights

 

		5.1	The Issuer agrees that, within sixty (60)
                                            calendar days after the Closing Date, it will file with the SEC (at the Issuer’s sole
                                            cost and expense) a registration statement registering the resale of the Shares (the “Registration
                                            Statement”), and it shall use its commercially reasonable efforts to have the Registration
                                            Statement declared effective as soon as practicable after the filing thereof; provided,
                                            however, that the Issuer’s obligations to include such shares in the Registration
                                            Statement are contingent upon Investor furnishing in writing to the Issuer such information
                                            regarding Investor, the securities of the Issuer beneficially owned by Investor and the intended
                                            method of disposition of the Shares as shall be reasonably requested by the Issuer to effect
                                            the registration of the Shares, and Investor shall execute such documents in connection with
                                            such registration as the Issuer may reasonably request that are customary of a selling shareholder
                                            in similar situations, including providing that the Issuer shall be entitled to postpone
                                            and suspend the effectiveness or use of the Registration Statement as permitted hereunder.

 

		5.2	The
                                            Issuer agrees to, except for such times as the Issuer is permitted hereunder to suspend the
                                            use of the prospectus forming part of an Registration Statement, use its commercially reasonable
                                            efforts to cause such Registration Statement (including any post-effective amendment to such
                                            Registration Statement), or another shelf registration statement that includes the Shares
                                            to be issued pursuant to this Agreement, to remain effective until the earliest of (i) the
                                            second anniversary of the Closing, (ii) the date on which the Investor ceases to hold
                                            any Shares issued pursuant to this Agreement, or (iii) on the first date on which the
                                            Investor is able to sell all of its Shares issued pursuant to this Agreement (or shares received
                                            in exchange therefor) under Rule 144 promulgated under the Securities Act (“Rule 144”)
                                            without the public information, volume or manner of sale limitations of such rule (such
                                            date, the “End Date”).

 

		5.3	The Issuer will use all commercially reasonable
                                            efforts, at all times from the Closing Date through the End Date, to satisfy any applicable
                                            continuing listing requirements of the Nasdaq Stock Market in respect of the Shares. The
                                            Investor agrees to disclose its ownership to the Issuer upon request to assist it in making
                                            the determination with respect to Rule 144 described in clause (iii) of Section 5.2
                                            above. The Issuer may amend the Registration Statement so as to convert the Registration
                                            Statement to an Registration Statement on Form F-3 at such time after the Issuer becomes
                                            eligible to use such Form F-3. The Investor acknowledges and agrees that the Issuer
                                            may suspend the use of any such registration statement if it determines that in order for
                                            such registration statement not to contain a material misstatement or omission, 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, provided that any
                                            such suspension shall be for the shortest period of time, determined in good faith by the
                                            Issuer’s Board of Directors to be necessary for such purpose.

 

    	 	8	 

     

    

 

		5.4	Notwithstanding the foregoing, if the SEC
                                            prevents the Issuer from including any or all of the shares proposed to be registered under
                                            the Registration Statement due to limitations on the use of Rule 415 of the Securities
                                            Act for the resale of the Shares by the applicable shareholders or otherwise, such Registration
                                            Statement shall register for resale such number of the Shares which is equal to the maximum
                                            number of the Shares as is permitted by the SEC. In such event, the number of the Shares
                                            to be registered shall be reduced (a) firstly, pro rata among all the selling shareholders
                                            other than the Ecarx Investors; and (b) secondly, only if the number of the Shares to
                                            be registered for the selling shareholders other than the Ecarx Investors has been reduced
                                            to zero, pro rata among the Ecarx Investors, and the Issuer shall use its commercially reasonable
                                            efforts to file with the SEC, as promptly as practicable and as allowed by the SEC, one or
                                            more registration statements to register the resale of those Shares that were not registered
                                            on the initial Registration Statement, as so amended.

 

		5.5	Notwithstanding anything to the contrary in
                                            this Agreement, the Issuer shall be entitled to delay or postpone the effectiveness of the
                                            Registration Statement, and from time to time to require the Investor not to sell under the
                                            Registration Statement or to suspend the effectiveness thereof, if (a) the use of the
                                            Registration Statement would require the inclusion of financial statements that are unavailable
                                            for reasons beyond the Issuer’s control, (b) the Issuer determines that in order
                                            for the Registration Statement to not 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 or (ii) the
                                            negotiation or consummation of a transaction by the Issuer or its subsidiaries is pending
                                            or an event has occurred, which negotiation, consummation or event that the Issuer reasonably
                                            believes would require additional disclosure by the Issuer in the Registration Statement
                                            of material information that the 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 the Issuer’s board of directors to cause the Registration Statement
                                            to fail to comply with applicable disclosure requirements (each such circumstance, an “Suspension
                                            Event”). Upon receipt of any written notice from the Issuer of the happening of
                                            any Suspension Event during the period that the Registration Statement is effective or if
                                            as a result of an 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, the Investor agrees
                                            that (i) it will immediately discontinue offers and sales of the Shares under the Registration
                                            Statement (excluding, for the avoidance of doubt, sales conducted pursuant to Rule 144)
                                            until the Investor receives copies of a supplemental or amended prospectus 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 the Issuer
                                            that it may resume such offers and sales; provided, for the avoidance of doubt, that
                                            the Issuer shall not include any material non-public information in any such written notice.
                                            If so directed by the Issuer, the Investor will deliver to the Issuer or destroy all copies
                                            of the prospectus covering the Shares in the Investor’s possession. The Issuer may
                                            not delay or suspend any filing, initial effectiveness or continued use of an Registration
                                            Statement pursuant to this Section 5.5 on more than three (3) occasions
                                            or for more than sixty (60) consecutive days or for more than one hundred and twenty (120)
                                            total calendar days, in each case, in any 12-month period. Notwithstanding anything to the
                                            contrary in this Agreement, the Investor agrees and acknowledges that any offer or sale of
                                            the Shares shall be in compliance with applicable securities laws, and if applicable, the
                                            Issuer’s customary insider trading policy.

 

		5.6	Indemnification.

 

		(a)	The Issuer agrees to indemnify and hold
                                            harmless, to the extent permitted by law, the Investor, its directors, and officers, employees,
                                            and agents, and each person who controls the Investor (within the meaning of the Securities
                                            Act or the Exchange Act) from and against any and all losses, claims, damages, liabilities
                                            and reasonable and documented out-of-pocket expenses (including, without limitation, any
                                            reasonable and documented attorneys’ fees and expenses incurred in connection with
                                            defending or investigating any such action or claim) caused by any untrue or alleged untrue
                                            statement of a material fact contained in any Registration Statement, prospectus included
                                            in any Registration Statement 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 not misleading, except insofar as the same are
                                            caused by or contained in any information furnished in writing to the Issuer by or on behalf
                                            of the Investor expressly for use therein or such Investor has omitted a material fact from
                                            such information or otherwise violated the Securities Act, Exchange Act or any state securities
                                            law or any other law, rule or regulation thereunder; provided, however,
                                            that the indemnification contained in this Section 5.6(a) shall not apply
                                            to amounts paid by the Investor in settlement of any losses, claims, damages, liabilities
                                            or out-of-pocket expenses if such settlement is effected without the consent of the Issuer,
                                            which consent shall not be unreasonably withheld. In no event shall the liability of the
                                            Issuer be greater than the dollar amount of the Subscription Amount.

 

    	 	9	 

     

    

 

		(b)	In connection with any Registration Statement
                                            in which the Investor is participating, the Investor agrees to indemnify and hold harmless
                                            the Issuer, its directors and officers and agents and each person who controls the Issuer
                                            (within the meaning of the Securities Act) against any losses, claims, damages, liabilities
                                            and expenses (including, without limitation, reasonable and documented attorneys’ fees)
                                            resulting from any untrue statement of material fact contained in the Registration Statement,
                                            prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any
                                            omission of a material fact required to be stated therein or necessary to make the statements
                                            therein not misleading, but only to the extent that such untrue statement or omission is
                                            contained (or not contained, in the case of an omission) in any information or affidavit
                                            so furnished in writing by or on behalf of the Investor expressly for use therein; provided,
                                            however, that the liability of the Investor shall be several and not joint with any other
                                            selling shareholder and in no event shall the liability of the Investor be greater in amount
                                            than the dollar amount of the net proceeds received by the Investor upon the sale of the
                                            Shares purchased pursuant to this Agreement giving rise to such indemnification obligation.

 

		(c)	Any person entitled to indemnification
                                            herein shall (i) 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 right to indemnification hereunder to the extent
                                            such failure has not prejudiced the indemnifying party) and (ii) permit such indemnifying
                                            party to assume the defense of such claim with counsel it elects in its sole discretion.
                                            If such defense is assumed, the indemnifying party will not be liable to the indemnified
                                            party for any legal or other expenses incurred by the indemnified party and shall not be
                                            subject to any liability for any settlement made by the indemnified party without its consent.
                                            An indemnifying party who 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 legal
                                            counsel to any indemnified party a conflict of interest exists 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 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.

 

		(d)	The indemnification provided for under
                                            this 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, employee, agent, affiliate
                                            or controlling person of such indemnified party and shall survive the transfer of the Shares
                                            purchased pursuant to this Agreement.

 

    	 	10	 

     

    

 

		(e)	If the indemnification provided under
                                            this Section 5.6 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. 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 relates to information supplied by or on behalf of, 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 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 5.6(e) from
                                            any person who was not guilty of such fraudulent misrepresentation. Any contribution pursuant
                                            to this Section 5.6(e) by any seller of Shares shall be limited in amount
                                            to the amount of net proceeds received by such seller from the sale of such Shares pursuant
                                            to the Registration Statement. Notwithstanding anything to the contrary herein, in no event
                                            will any party be liable for consequential, special, exemplary or punitive damages in connection
                                            with this Agreement.

 

		6.	Termination.
                                            This 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 Agreement, and (c) on the 300th day after the date hereof (and if
                                            such 300th day shall not be a business day, then the next following business day), if the
                                            Closing has not occurred by such date other than as a result of a breach of the Investor’s
                                            obligations hereunder; 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. The Issuer shall notify the Investor in writing of the termination
                                            of the Transaction Agreement promptly after the termination of such agreement. Upon the termination
                                            of this Agreement in accordance with this Section 6, any monies paid by the Investor
                                            to the Issuer in connection herewith shall be promptly (and in any event within two (2) business
                                            days after such termination) returned to the Investor without any deduction for or on account
                                            of any tax, withholding, charges, or set-off.

 

		7.	Miscellaneous.

 

		7.1	Assignment. Neither this Agreement
                                            nor any rights, interests or obligations that may accrue to the parties hereunder (other
                                            than the Shares acquired hereunder, if any) may be transferred or assigned without the prior
                                            written consent of each of the other parties hereto, other than (a) an assignment by
                                            the Investor to any affiliate of the Investor; provided that prior to such assignment
                                            any such assignee shall agree in writing to be bound by the terms hereof; provided,
                                            further, that no assignment pursuant to the foregoing terms shall relieve the Investor
                                            of its obligations hereunder, (b) an assignment of the Investor’s rights under
                                            Section 5 to an assignee or transferee of the Shares, and (c) an assignment
                                            by the Issuer to any affiliate of the Issuer; provided that prior to such assignment
                                            any such assignee shall agree in writing to be bound by the terms hereof; provided,
                                            further, that no assignment pursuant to the foregoing terms shall relieve the Issuer
                                            of its obligations hereunder.

 

		7.2	Additional Information. The Issuer
                                            may request from the Investor such additional information as is reasonably necessary for
                                            SPAC or the Issuer, as applicable, to comply with public disclosure requirements of applicable
                                            securities laws or any filing requirements pursuant to the rules of any stock exchange
                                            or the Financial Industry Regulatory Authority, and the Investor shall provide such information;
                                            provided that, subject to Section 5.5, the Issuer shall keep any such
                                            information provided by the Investor confidential except (a) as necessary to include
                                            in any registration statement the Issuer is required to file hereunder, (b) as required
                                            by the federal securities law or pursuant to other routine proceedings of regulatory authorities
                                            or (c) to the extent such disclosure is required by law, at the request of the staff
                                            of the SEC or regulatory agency or under the regulations of any national securities exchange
                                            on which SPAC’s securities are listed or the Issuer’s securities will be listed
                                            for trading. The Investor acknowledges that SPAC and/or the Issuer may file a copy of the
                                            form of this Agreement with the SEC as an exhibit to a current or periodic report or a registration
                                            statement of SPAC or the Issuer, as applicable. The Issuer may request from the Investor
                                            such additional information as the Issuer may reasonably deem necessary to register the resale
                                            of the Shares and evaluate the eligibility of the Investor to acquire the Shares, and the
                                            Investor shall promptly provide such information as may reasonably be requested to the extent
                                            readily available. The Investor acknowledges and agrees that if it does not provide the Issuer
                                            with such requested information, the Issuer may not be able to register the Investor’s
                                            Shares for resale pursuant to Section 5 hereof.

 

    	 	11	 

     

    

 

		7.3	Further Assurances.

 

		(a)	The Investor acknowledges that the Issuer
                                            will rely on the acknowledgments, understandings, agreements, covenants, representations
                                            and warranties of the Investor contained in this Agreement. Prior to the Closing, the Investor
                                            agrees to promptly notify the Issuer if any of the acknowledgments, understandings, agreements,
                                            covenants representations and warranties made by the Investor set forth herein are no longer
                                            accurate in all material respects. The Investor acknowledges and agrees that each purchase
                                            by the Investor of the Shares from the Issuer will constitute a reaffirmation of the acknowledgments,
                                            understandings, agreements, representations and warranties herein (as modified by any such
                                            notice) by the Investor as of the time of such purchase.

 

		(b)	The Issuer acknowledges that the Investor
                                            will rely on the acknowledgements, understandings, agreements, covenants, representations
                                            and warranties of the Issuer contained in this Agreement. Prior to the Closing, the Issuer
                                            agrees to promptly notify the Investor if any of the acknowledgements, understandings, agreements,
                                            covenants, representations and warranties made by the Issuer, as applicable, set forth herein
                                            are no longer accurate in all material respects. The Issuer acknowledges and agrees that
                                            each purchase by the Investor of the Shares from the Issuer will constitute a reaffirmation
                                            of the acknowledgments, understandings, agreements, representations and warranties herein
                                            (as modified by any such notice) by the Issuer as of the time of such purchase.

 

		(c)	Each of the Investor and the Issuer is
                                            irrevocably authorized to produce this Agreement or a copy hereof to any interested party
                                            in any action, suit, hearing, claim, charge, audit, lawsuit, litigation, inquiry or proceeding
                                            (in each case, whether civil, criminal or administrative or at law or in equity) with respect
                                            to the matters covered hereby.

 

		(d)	The
                                            Investor acknowledges and agrees that none of any other party to the Transaction Agreement
                                            (other than the Issuer) or any Issuer Non-Party Affiliate, shall have any liability (including
                                            in contract, tort, under federal or state securities laws or otherwise) to the Investor pursuant
                                            to this Agreement related to the private placement of the 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 Shares, or with respect to any claim (whether
                                            in tort, contract or otherwise) for breach of this Agreement or in respect of any written
                                            or oral representations made or alleged to be made in connection herewith, as expressly provided
                                            herein, or for any actual or alleged inaccuracies, misstatements or omissions with respect
                                            to any information or materials of any kind furnished by the Issuer or any Issuer Non-Party
                                            Affiliate concerning the Issuer, any of their respective controlled affiliates, this Agreement
                                            or the transactions contemplated hereby. For purposes of this Agreement, “Issuer
                                            Non-Party Affiliates” means each former, current or future officer,
                                            director, employee, partner, member, manager, direct or indirect equityholder or affiliate
                                            of the Issuer or any of the Issuer’s controlled affiliates or any family member of
                                            the foregoing.

 

		(e)	The
                                            Issuer acknowledges and agrees that none of any other party to the Transaction Agreement
                                            (other than the Investor) or any Investor Non-Party Affiliate, shall have any liability (including
                                            in contract, tort, under federal or state securities laws or otherwise) to the Issuer pursuant
                                            to this Agreement related to the negotiation hereof or thereof or the subject matter hereof
                                            or thereof, or the transactions contemplated hereby or thereby, or with respect to any claim
                                            (whether in tort, contract or otherwise) for breach of this Agreement or in respect of any
                                            written or oral representations made or alleged to be made in connection herewith, as expressly
                                            provided herein, or for any actual or alleged inaccuracies, misstatements or omissions with
                                            respect to any information or materials of any kind furnished by the Investor or any Investor
                                            Non-Party Affiliate concerning the Investor, any of their respective controlled affiliates,
                                            this Agreement or the transactions contemplated hereby. For purposes of this Agreement, “Investor
                                            Non-Party Affiliates” means each former, current or future officer,
                                            director, employee, partner, member, manager, direct or indirect equityholder or affiliate
                                            of the Investor, or any of the Investor’s controlled affiliates or any family member
                                            of the foregoing.

 

    	 	12	 

     

    

 

		7.4	Survival of Representations and Warranties
                                            and Covenants. All of the agreements, representations and warranties contained in this
                                            Agreement shall survive the Closing.

 

		7.5	Modifications and Amendments. This
                                            Agreement may not be modified, waived or terminated (other than pursuant to the terms of
                                            Section 6 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 hereunder are cumulative and
                                            are not exclusive of any rights or remedies that they would otherwise have hereunder.

 

		7.6	Entire Agreement. This 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 5.6,
                                            with respect to the persons specifically referenced therein, this Agreement shall not confer
                                            any rights or remedies upon any person other than the parties hereto, and their respective
                                            successors and assigns.

 

		7.7	Benefit. Except as otherwise provided
                                            herein, this 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.

 

		7.8	Severability. If any provision of this
                                            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 Agreement shall not in any way be affected or impaired thereby and shall continue in
                                            full force and effect.

 

		7.9	Transaction Expenses. Subject to Section 5.1,
                                            each party shall pay all of its own costs and expenses incurred in anticipation of, relating
                                            to and in connection with the negotiation and execution of this Agreement and the transactions
                                            contemplated hereby, whether or not such transactions are consummated.

 

		7.10	Counterparts. This Agreement may be
                                            executed in one or more counterparts (including by facsimile or 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.

 

		7.11	Remedies. The parties hereto acknowledge
                                            and agree that irreparable damage would occur in the event that any of the provisions of
                                            this 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 Agreement, without posting a bond or undertaking
                                            and without proof of damages, to enforce specifically the terms and provisions of this 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 it may be
                                            difficult to prove damages with reasonable certainty, that it may be difficult to procure
                                            suitable substitute performance, and that injunctive relief and/or specific performance will
                                            not cause an undue hardship to the parties hereto. The parties hereto further acknowledge
                                            that the existence of any other remedy contemplated by this Agreement does not diminish the
                                            availability of specific performance of the obligations hereunder or any other injunctive
                                            relief. Each party hereto further agrees that in the event of any action by the other party
                                            for specific performance or injunctive relief, it will not assert that a remedy at law or
                                            other remedy would be adequate or that specific performance or injunctive relief in respect
                                            of such breach or violation should not be available on the grounds that money damages are
                                            adequate or any other grounds.

 

    	 	13	 

     

    

 

		7.12	Adjustment of Number of Shares. If
                                            any change in the number, type or classes of authorized shares of the Issuer (including the
                                            Shares), 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 the Shares issued
                                            to the Investor shall be appropriately adjusted to reflect such change.

 

		7.13	Governing Law. This Agreement, and
                                            any claim or cause of action hereunder based upon, arising out of or related to this Agreement
                                            (whether based on law, in equity, in contract, in tort or any other theory) or the negotiation,
                                            execution, performance or enforcement of this Agreement, shall be governed by and construed
                                            in accordance with the laws of the State of New York, without giving effect to the principles
                                            of conflicts of laws that would otherwise require the application of the law of any other
                                            state.

 

		7.14	Dispute
                                            Resolution. Any proceeding or action based upon, arising out of or related to this Agreement
                                            or the transactions contemplated hereby must be referred to and finally settled by arbitration
                                            administered by the International Centre for Dispute Resolution (the “ICDR”)
                                            under the ICDR Rules in force at the time of commencement of the arbitration. The seat
                                            of arbitration shall be New York. There shall be three arbitrators. The claimant and respondent
                                            shall each nominate one (1) arbitrator and the third arbitrator shall be appointed by
                                            the ICDR. The arbitration proceedings shall be conducted in English. The award of the arbitral
                                            tribunal shall be final and binding upon the parties thereto, and the prevailing party may
                                            apply to a court of competent jurisdiction for enforcement of such award.

 

		7.15	Notice. Any notice or communication
                                            required or permitted hereunder to be given to the Investor shall be in writing and either
                                            delivered personally, emailed or sent by overnight mail via a reputable overnight carrier,
                                            or sent by certified or registered mail, postage prepaid, to such address(es) or email address(es)
                                            set forth on the signature page hereto, and shall be deemed to be given and received
                                            (i) when so delivered personally, (ii) when sent, with no mail undeliverable or
                                            other rejection notice, if sent by email, or (iii) three (3) business days after
                                            the date of mailing to the address below or to such other address or addresses as the Investor
                                            may hereafter designate by notice to the Issuer.

 

		(a)	if to the Investor, to:

 

Geely Investment Holding Ltd.

Attn:
Buqing Ma

Email: Buqing.Ma@geely.com

 

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

 

Zhejiang Geely Holding (Group) Co., Ltd.

Attn:
Tihua Huang

Email: Tihua.Huang@geely.com

 

		(b)	if to the Issuer, to:

 

ECARX Holdings Inc.

16/F, Tower 2, China Eastern Airline Binjiang Center

277 Longlan Road

Xuhui District, Shanghai 200041

People’s Republic of China

Attention: Tony Chen

Email: tony.chen@ecarxgroup.com

 

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

 

Skadden, Arps, Slate, Meagher & Flom LLP

30/F, China World Office 2

No. 1, Jian Guo Men Wai Avenue

Beijing 100004, China

Attention: Peter X. Huang, Esq.

Email: peter.huang@skadden.com

 

    	 	14	 

     

    

 

		8.	Disclosure.
                                            The Issuer shall cause the SPAC to by 9:00 a.m., New York City time, on the first (1st)
                                            business day immediately following the date of the Transaction Agreement, issue one or more
                                            press releases 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 the Transaction and any other material, nonpublic information that
                                            the Issuer or SPAC or their respective representatives have provided to Investor at any time
                                            prior to the filing of the Disclosure Document. From and after the issuance of the Disclosure
                                            Document, to the Issuer’s knowledge, the Investor shall not be in possession of any
                                            material, non-public information received from the Issuer or any of its respective officers,
                                            directors, employees or agents relating to the transactions contemplated by this Agreement.
                                            Notwithstanding anything in this Agreement to the contrary, the Issuer shall ensure that
                                            the SPAC shall not publicly disclose the name of the Investor or any of its affiliates or
                                            advisers, or include the name of the Investor or any of its affiliates or advisers in any
                                            press release or in any filing with the SEC or any regulatory agency or trading market, without
                                            the prior written consent of the Investor and the Issuer, except (i) as required by
                                            the federal securities law or pursuant to other routine proceedings of regulatory authorities,
                                            (ii) to the extent such disclosure is required by law, at the request of the staff of
                                            the SEC or regulatory agency or under the regulations of any national securities exchange
                                            on which SPAC’s securities are listed for trading or (iii) to the extent such
                                            announcements or other communications contain only information previously disclosed in a
                                            public statement, press release or other communication previously approved in accordance
                                            with this Section 8.

 

		9.	Allocation.
                                            Notwithstanding anything to the contrary in this Agreement, the Issuer shall have the right,
                                            with the prior written consent of SPAC, to, by written notice to the Investor at least three
                                            (3) business days before the Closing, reduce the number of the Shares to be issued to
                                            the Investor pursuant to this Agreement, upon which the Subscription Amount shall be reduced
                                            proportionally based on the Per Share Purchase Price; provided, however, that any reduction
                                            shall also apply to the Other Equity Investors and such reduction shall apply pro rata to
                                            the Equity Investors based on the number of the Shares to be purchased.

 

[Signature Page Follows]

 

    	 	15	 

     

    

 

IN
WITNESS WHEREOF, the Investor has executed or caused this Agreement to be executed by its duly authorized representative as
of the date first written above.

 

	 	GEELY INVESTMENT
    HOLDING LTD.
	 	 	 
	 	By:	 /s/ Donghui Li 
	 	 	Name: Donghui Li
	 	 	Title: CEO

 

[Signature Page to Strategic Investment Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the Issuer has executed or caused this Agreement to be executed by its duly authorized representative as
of the date first set forth above.

 

	 	ECARX HOLDINGS
    INC.
	 	 	 
	 	By:	 /s/ Ziyu Shen
	 	 	Name:Ziyu Shen
	 	 	Title: DirectorDocument

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THERMON GROUP HOLDINGS, INC.
EXECUTIVE SEVERANCE PLAN
(Effective 24 May 2022)
In order to encourage the retention of key management employees and to replace severance benefits previously provided under employment agreements with certain officers, the Human Capital Matters and Compensation Committee of the Board of Directors (the “Committee”) of Thermon Group Holdings, Inc., a Delaware corporation (“TGH”), has adopted this Executive Severance Plan (as it may be amended pursuant to the terms hereof, this “Plan”).
TGH’s wholly owned subsidiary, Thermon Holding Corp., a Delaware Corporation (the “Company”), previously entered into employment agreements with certain officers of the Company. Upon and following the expiration and termination of such employment agreements, Participants (as defined in Section 2) shall be eligible for benefits pursuant to this Plan.
SECTION 1. Definitions. For purposes of this Plan, the following terms shall have the meanings set forth below:
a.“Accrued Rights” shall have the meaning set forth in Section 3(a).
b.“Affiliate(s)” shall mean, with respect to any specified person, any other person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such specified person, it being understood that control of an entity shall require the direct or indirect ownership of a majority of the outstanding capital stock of such entity. For purposes of the definition of “Affiliate(s),” the term “person” has the meaning described in Section 13(d) of the Exchange Act, or any successor statute thereto.
c.“Annual Base Salary” shall mean, with respect to any Participant, such Participant’s annual rate of base salary in effect immediately prior to such Participant’s Termination Date (or, in the event of a termination for Good Reason, the annual rate of base salary in effect immediately prior to the event giving rise to the termination for Good Reason if such annual base salary is higher than the annual base salary in effect immediately prior to such Participant’s Termination Date). For the avoidance of doubt, Annual Base Salary shall include annual base salary received by the Participant from TGH and all of its Affiliates.
d.“Annual Bonus” shall mean Participant’s target annual cash bonus for the fiscal year in which the Termination Date occurs.  For the avoidance of doubt, Annual Bonus shall include annual cash bonus received by the Participant from TGH and all of its Affiliates.
e.“Board” shall mean the Board of Directors of TGH. 
f.“Cause” shall mean, with respect to any Participant, the occurrence of any one of the following, as reasonably determined by the Board:
(i)the commission by the Participant of a felony (or a crime involving moral turpitude);
(ii)the theft, conversion, embezzlement or misappropriation by the Participant of funds or other assets of the Company or any of its Affiliates or any other act of fraud or dishonesty with respect to the Company or any of its Affiliates (including acceptance of any bribes or kickbacks or other acts of self-dealing);
(iii)intentional, grossly negligent, or unlawful misconduct by the Participant which causes harm or embarrassment to the Company or any of its Affiliates or exposes the Company or any of its Affiliates to a substantial risk of harm or embarrassment;

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(iv)the violation by the Participant of any law or Company policy regarding employment discrimination or sexual harassment;
(v)the failure by the Participant to comply with any material policy generally applicable to Company employees, which failure is not cured within 30 days after notice to the Participant;
(vi)the repeated failure by the Participant to follow the reasonable directives of any supervisor or the Board, which failure is not cured within 30 days after notice to the Participant;
(vii)the unauthorized dissemination by the Participant of confidential information in violation of the Participant’s obligations under his or her employment agreement or any other agreement to which TGH or any of its Affiliates is party;
(viii)any material misrepresentation or materially misleading omission in any resume or other information regarding the Participant (including the Participant’s work experience, academic credentials, professional affiliations or absence of criminal record) provided by or on behalf of the Participant;
(ix)the Company’s discovery that, prior to the Participant’s employment with the Company, the Participant engaged in conduct of the type described in clauses (i) through (iv) above; or
(x)any other material breach by the Participant of this Plan or the terms of the Participant’s employment agreement that is not cured within 30 days after notice to the Participant.
g.“Change in Control” shall have the same meaning as such term is defined under the Thermon Group Holdings, Inc. 2011 Long-Term Incentive Plan or any successor equity incentive plan, as may be amended from time to time.
h.“Change in Control Severance Multiple” shall mean (i) 2.5 for the Chief Executive Officer of TGH and (ii) two (2) for all other Participants.
i.“Change in Control Severance Period” shall mean (i) thirty (30) months for the Chief Executive Officer of TGH and (ii) twenty-four (24) months for all other Participants.
j.“Claimant” shall have the meaning set forth in Section 4(c).
k.“COBRA” shall mean the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended from time to time, or any successor statute thereto.
l.“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated thereunder.
m.“Disability” shall mean, with respect to any Participant, (i) a physical or mental health condition that causes such Participant to be unable to perform Participant’s essential job functions for at least 90 consecutive days or for 120 days during any 180 day period, or (ii) such Participant receiving long-term disability benefits under any policy, plan or program.  
n.“Effective Date” shall mean 6 March 2020.
o.“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, or any successor statute thereto.
p.“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time. 

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q.“Good Reason” shall mean the occurrence of any of the following without the Participant’s consent:
(i)the assignment to the Participant of any duties or responsibilities materially inconsistent with the Participant’s position, or a material reduction in the Participant’s responsibilities and authority, except in connection with the termination of the Participant’s employment for Cause, Disability or death;
(ii)a material reduction by the Company in the Participant’s Annual Base Salary, except for a non-permanent reduction that is part of a program applied to other senior executives of the Company necessitated by economic or other financial conditions; or
(iii)requiring the Participant to relocate or perform services on a regular basis more than 25 miles from the Company’s principal place of business as of the date Participant commences participation in the Plan, or, in the event the Participant consents to any relocation, the failure by the Company to pay (or reimburse the Participant) for reasonable moving expenses under the Company’s Relocation Policy in effect at the time of the relocation;
provided in each case that the Participant must notify the Company by written notice of Participant’s intention to terminate Participant’s employment for “Good Reason;” and provided, further, that such notice shall be provided to the Company within ninety (90) days of the initial existence of such event constituting “Good Reason;” and the Company shall have thirty (30) days to cure such event after receipt of such notice and, if the Good Reason event is not cured, the Participant shall terminate his or her employment within 30 days following the expiration of the Good Reason cure period. 
r.“LTI Awards” shall mean, with respect to a Participant, long-term incentive awards received pursuant to one or more of the Company’s long-term incentive programs.
s.“Participant” shall have the meaning set forth in Section 2.
t.“Payments” shall have the meaning set forth in Section 3(f).
u.“Severance Multiple” shall mean (i) 1.5 for the Chief Executive Officer of TGH and (ii) one (1) for all other Participants.
v.“Severance Period” shall mean (i) eighteen (18) months for the Chief Executive Officer of TGH and (ii) twelve (12) months for all other Participants.
w.“Termination Date” shall mean, with respect to any Participant, the effective date of such Participant’s termination of employment.
 
SECTION 2. Eligibility. Participants in this Plan (“Participants”) are those “executive officers’ of TGH or the Company who are subject to Section 16 of the Exchange Act.  An individual will cease to be a Participant once such individual ceases to be an “executive officer” of TGH or the Company who is subject to Section 16 of the Exchange Act. 
SECTION 3. Effect of Termination of Employment.
a. Effect of Termination of Employment on Compensation and Accrued Rights. Upon termination of a Participant’s employment with TGH and its Affiliates for any reason, all compensation and all benefits to the Participant shall terminate, provided that the Company shall pay the Participant: (i) the earned but unpaid portion of the Participant’s Annual Base Salary through the Termination Date; (ii) any annual, long-term, or other incentive award that relates to a completed fiscal year or performance period, as applicable, and is payable (but not yet paid) on or before the Termination Date pursuant 

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to the terms of the underlying award agreement, which shall be paid in accordance with the terms of such award; (iii) a lump-sum payment in respect of accrued but unused vacation days at the Participant’s per-business-day Annual Base Salary rate in effect as of the Termination Date; and (iv) any unpaid expense or other reimbursements due to the Participant (collectively, the “Accrued Rights”).
b.Involuntary Termination and Good Reason Termination. Subject to Sections 3(g) and 5, upon a Participant’s resignation with Good Reason or the Participant’s termination by TGH and its Affiliates other than for Cause, death or Disability, the Participant shall be entitled to receive the following payments and benefits set forth in this Section 3(b) (collectively, the “Standard Severance Benefits”):
(i)an amount equal to the Severance Multiple multiplied by the Participant’s Annual Base Salary payable in substantially equal installments in accordance with the Company’s normal payroll practices for the Severance Period following the Participant’s Termination Date, with the first installment paid within sixty (60) days following the Termination Date and such first installment including such amounts as would have otherwise been paid during the period beginning on the Termination Date and ending on such payment date;
(ii)an amount equal to the Participant’s Annual Bonus for the fiscal year in which the Termination Date occurs, prorated based on the number of days the Participant remained an employee and payable in a lump sum within sixty (60) days following the Termination Date; and
(iii)within sixty (60) days following the Termination Date, a one-time lump-sum cash payment calculated by the Company in its discretion equal to the cost of the Participant’s monthly COBRA premiums (determined as of the Termination Date) multiplied by the number of months in the Severance Period.
c.Change in Control Termination. Subject to Sections 3(g) and 5, upon a Participant’s resignation with Good Reason or termination by TGH and its Affiliates other than for Cause, death or Disability within twenty-four (24) months following a Change in Control, the Participant shall be entitled to receive the following payments and benefits set forth in this Section 3(c) (collectively, the “Change in Control Severance Benefits”):
(i)an amount equal to the Change in Control Severance Multiple multiplied by the sum of (x) the Participant’s Annual Base Salary and (y) the Participant’s Annual Bonus, payable in equal installments in accordance with the Company’s normal payroll practices for the Change in Control Severance Period following the Participant’s Termination Date, with the first installment paid within sixty (60) days following the Termination Date and such first installment including such amounts as would have otherwise been paid during the period beginning on the Termination Date and ending on such payment date;
(ii)an amount equal to the Participant’s Annual Bonus for the fiscal year in which the Termination Date occurs, prorated based on the number of days the Participant remained an employee and payable in a lump sum within sixty (60) days following the Termination Date; and
(iii)within sixty (60) days following the Termination Date, a one-time lump-sum cash payment calculated by the Company in its discretion equal to the cost of the Participant’s monthly COBRA premiums (determined as of the Termination Date) multiplied by the number of months in the Change in Control Severance Period.

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d.Treatment of Assumed LTI Awards. Treatment of the Participant’s unvested and outstanding LTI Awards shall be as provided in the applicable plan documents and award agreements; provided, however, that in the event of a termination related to a Change in Control as described in Section 3(c) above, each Participant shall become 100% vested in any unvested and outstanding LTI Awards as of the date of termination, including, without limitation, restricted stock units, stock options and performance units held by such Participant, and such LTI Awards shall be settled within sixty (60) days following such termination of employment or such later date as required pursuant to the terms of the underlying award agreements to comply with Section 409A of the Code. Any unvested LTI Awards with performance vesting conditions held by each Participant at the time of termination shall vest at the greater of (i) target and (ii) actual performance through such Participant’s termination of employment.
e.Treatment of Unassumed LTI Awards. In the event of a Change in Control pursuant to which an unvested and outstanding LTI Award is not effectively assumed or continued by the surviving or acquiring corporation in such Change in Control (as determined by the Committee, with appropriate adjustments to the number and kind of shares, in each case, that preserve the value of the shares subject to such award and other material terms and conditions of such outstanding LTI Award as in effect immediately prior to the Change in Control), such unassumed LTI Award shall vest in its entirety as of the date of the Change in Control and shall be settled within sixty (60) days following such Change in Control, provided that if such settlement would be impermissible under Section 409A of the Code, the unassumed LTI Award shall vest as of such Change in Control and shall be settled in accordance with the terms of the underlying equity award agreements. Such unassumed LTI Awards with performance vesting conditions held by each Participant prior to the Change in Control shall vest at the greater of (i) target and (ii) actual performance through the date immediately prior to such Change in Control.
f.Grounds for Cause; Remedies in the Event of Material Breach. The Participant shall not be entitled to any of the benefits described in Sections 3(b) or 3(c) if, as of the Termination Date, grounds existed for termination of the Participant’s employment for Cause. Notwithstanding any provisions in this Agreement to the contrary, the Committee may, in its sole and absolute discretion, in the event of the Participant’s material breach of a material obligation of the Participant to TGH or the Company pursuant to any award or agreement between the Participant and TGH or the Company: (A) terminate the right of such Participant to receive the Standard Severance Benefits or the Change in Control Severance Benefits pursuant to Sections 3(b) and (c), to the extent such benefits have not been paid, (B) seek the recoupment of any the Standard Severance Benefits or the Change in Control Severance Benefits paid to such Participant under Sections 3(b) and (c), including through exercise rights of set-off, forfeiture or cancellation, to the full extent permitted by law, with respect to any other awards, benefits or payments otherwise due the Participant from TGH, the Company or any of their Affiliates, to the extent the Committee in its sole discretion deems appropriate after considering the relevant facts and circumstances. Any termination and/or recoupment of a Participant’s benefits under this Plan shall be in addition and without prejudice to any other remedies that TGH or the Company might elect to assert. 
g.Section 280G. Notwithstanding anything to the contrary in this Plan, by participating in this Plan, each Participant expressly agrees that if the payments and benefits provided for in this Plan or any other payments and benefits which such Participant has the right to receive from TGH, the Company and their Affiliates (collectively, the “Payments”), 

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would constitute a “parachute payment” (as defined in Section 280G(b)(2) of the Code), then the Payments shall be either (a) reduced (but not below zero) so that the present value of the Payments will be one dollar ($1.00) less than three times the Participant’s “base amount” (as defined in Section 280G(b)(3) of the Code) and so that no portion of the Payments received by the Participant shall be subject to the excise tax imposed by Section 4999 of the Code or (b) paid in full, whichever produces the better net after-tax position to the Participant. The reduction of Payments, if any, shall be made by reducing first any Payments that are exempt from Section 409A of the Code and then reducing any Payments subject to Section 409A of the Code in the reverse order in which such Payments would be paid or provided (beginning with such payment or benefit that would be made last in time and continuing, to the extent necessary, through to such payment or benefit that would be made first in time). The determination as to whether any such reduction in the Payments is necessary shall be made by the Committee in good faith. If a reduced Payment is made or provided and, through error or otherwise, that Payment, when aggregated with other payments and benefits from TGH (or its Affiliates) used in determining if a “parachute payment” exists, exceeds one dollar ($1.00) less than three times the Participant’s base amount, then the Participant shall immediately repay such excess to TGH.
h.Payment Obligations Absolute; Release of Claims. Subject to the provisions in Sections 3(f) and (g) and 6(a), the obligations of TGH and its Affiliates under this Section 3 shall be absolute and unconditional and shall not be affected by any circumstances, including, without limitation, any set off, counterclaim, recoupment, defense or other right which TGH or its Affiliates may have against a Participant or anyone else; provided that the obligations of TGH and its Affiliates under Sections 3(b) and (c) (except upon such Participant’s death) shall be subject to such Participant’s execution of a general release and waiver in a form provided by TGH or the Company, which has become irrevocable within sixty (60) days after the Termination Date. TGH and the Company agree to execute such form of release and waiver concurrently with the execution thereof by Participant. All amounts payable by TGH shall be paid without notice or demand. A Participant shall not be obligated to seek other employment in mitigation of the amounts payable or arrangements made under any provision of this Section 3, and the obtaining of any such other employment (or the engagement in any endeavor as an independent contractor, sole proprietor, partner, or joint venturer) shall in no event effect any reduction of the obligations of TGH and its Affiliates under this Section 3.
SECTION 4. Administration of Plan; Claims Procedure.
a.General. Except as specifically provided herein, the Plan shall be administered by the Committee. The Committee may delegate any administrative duties, including, without limitation, duties with respect to the processing, review, investigation, approval and payment of severance benefits, to designated individuals or committees. The Committee shall be the “administrator” and a “named fiduciary” under the Plan for purposes of ERISA.
b.Interpretations and Variations. The Committee shall have the duty and authority to interpret and construe, in its sole discretion, the terms of the Plan in regard to all questions of eligibility, the status and rights of Participants, and the manner, time and amount of any payment under the Plan. The Committee or its representative shall decide any issues arising under this Plan, and the decision of the Committee shall be binding and conclusive on the Participants, TGH and the Company. Any variations from the Plan may be made only by the Committee in its sole discretion.
c.Filing a Claim. It is not normally necessary to file a claim in order to receive benefits under this Plan; however, if a Participant (the “Claimant”) feels he or she has been 

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improperly denied severance benefits, any claim for payment of severance benefits shall be signed, dated and submitted to the General Counsel, as set forth in Section 7(a). The Committee shall then evaluate the claim and notify the Claimant of the approval or disapproval in accordance with the provisions of this Plan not later than 90 days after the Company’s receipt of such claim unless special circumstances require an extension of time for processing the claims. If such an extension of time for processing is required, written notice of the extension shall be furnished to the Claimant prior to the termination of the initial 90 day period which shall specify the special circumstances requiring an extension and the date by which a final decision will be reached (which date shall not be later than 180 days after the date on which the claim was filed). If the Claimant does not provide all the necessary information for the Committee to process the claim, the Committee may request additional information and set deadlines for the Claimant to provide that information.
d.Notice of Initial Determination. The Claimant shall be given a written notice in which the Claimant shall be advised as to whether the claim is granted or denied, in whole or in part. If a claim is denied, in whole or in part, the Claimant shall be given written notice which shall contain (i) the specific reasons for the denial, (ii) specific references to pertinent Plan provisions on which the denial is based, (iii) a description of any additional material or information necessary to perfect the claim and an explanation of why such material or information is necessary and (iv) an explanation of this Plan’s appeal procedures, which shall also include a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA following a denial of the claim upon review.
e.Right to Appeal. If a claim for payment of severance benefits made in accordance with the procedures specified in this Plan is denied, in whole or in part, the Claimant shall have the right to request that the Committee review the denial, provided that the Claimant files a written request for review with the Committee within 60 days after the date on which the Claimant received written notification of the denial. The Claimant may review or receive copies, upon request and free of charge, any documents, records or other information “relevant” (within the meaning of Department of Labor Regulation 2560.503-1(m)(8)) to the Claimant’s claim. The Claimant may also submit written comments, documents, records and other information relating to his or her claim.
f.Review of Appeal. In deciding a Claimant’s appeal, the Committee shall take into account all comments, documents, records and other information submitted by the Claimant relating to the claim, without regard to whether such information was submitted or considered in the initial review of the claim. If the Claimant does not provide all the necessary information for the Committee to decide the appeal, the Committee may request additional information and set deadlines for the Claimant to provide that information. Within 60 days after a request for review is received, the review shall be made and the Claimant shall be advised in writing of the decision on review, unless special circumstances require an extension of time for processing the review, in which case the Claimant shall be given a written notification within such initial 60 day period specifying the reasons for the extension and when such review shall be completed (provided that such review shall be completed within 120 days after the date on which the request for review was filed).
g.Notice of Appeal Determination. The decision on review shall be forwarded to the Claimant in writing and, in the case of a denial, shall include (i) specific reasons for the decision, (ii) specific references to the pertinent Plan provisions upon which the decision is based, (iii) a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records or other information relevant to the Claimant’s claim and (iv) a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA following a wholly or partially denied claim for benefits. The Committee’s decision on review shall be final and binding on all 

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persons for all purposes. If a Claimant shall fail to file a request for review in accordance with the procedures herein outlined, such Claimant shall have no right to review and shall have no right to bring an action in any court, and the denial of the claim shall become final and binding on all persons for all purposes. Any notice and decisions by the Committee under this Section 4 may be furnished electronically in accordance with Department of Labor Regulation 2520.104b-1(c)(i), (iii) and (iv).
h.Arbitration. Upon a Claimant’s exhaustion of the provisions set forth above, any Claimant with a continuing dispute arising out of or relating to this Plan or the adoption, breach, termination or validity thereof, will be settled by binding arbitration by a panel of three arbitrators in accordance with the commercial arbitration rules of the American Arbitration Association. The arbitration proceedings will be located in Austin, Texas. The arbitrators are not empowered to award damages in excess of compensatory damages and no party shall be entitled to any damages in excess of compensatory damages. Judgment upon any arbitration award may be entered into any court having jurisdiction thereof and the parties consent to the jurisdiction of any court of competent jurisdiction located in the State of Texas. BY PARTICIPATING IN THIS PLAN, PARTICIPANT WAIVES ANY RIGHT THAT PARTICIPANT MAY HAVE TO A JURY TRIAL OR, EXCEPT AS EXPRESSLY PROVIDED HEREIN, A COURT TRIAL OF ANY CLAIM ALLEGED BY PARTICIPANT.
SECTION 5. Section 409A Compliance; Changes in Law.
a.It is the intention of TGH and the Company that the provisions of this Plan comply with Section 409A of the Code, and all provisions of this Plan shall be construed and interpreted in a manner consistent with Section 409A of the Code. TGH and the Company shall administer and operate this Plan in compliance with Section 409A of the Code and any rules, regulations or other guidance promulgated thereunder as in effect from time to time and in the event that TGH determines that any provision of this Plan does not comply with Section 409A of the Code or any such rules, regulations or guidance and that as a result any Participant may become subject to a Section 409A tax, notwithstanding Section 7(k), TGH shall have the discretion to amend or modify such provision to avoid the application of such Section 409A tax, and in no event shall any Participant’s consent be required for such amendment or modification. Notwithstanding any provision of this Plan to the contrary, each Participant shall be solely responsible and liable for the satisfaction of all taxes and penalties that may arise in connection with amounts payable pursuant to this Plan (including any taxes arising under Section 409A of the Code), and neither TGH nor the Company shall have any obligation to indemnify or otherwise hold such Participant harmless from any or all of such taxes.
b.In the event that TGH determines that any provision of this Plan violates, or would result in any material liability (other than liabilities for Standard Severance Benefits or Change in Control Severance Benefits) to the Company under, any law, regulation, rule or similar authority of any governmental agency (other than Section 409A of the Code), TGH and the Company shall be entitled, notwithstanding Section 7(k), to amend or modify such provision as TGH determines in its discretion to be necessary or desirable to avoid such violation or liability, and in no event shall any Participant’s consent be required for such amendment or modification.
c.The payments under this Plan are designated as separate payments for purposes of the short-term deferral rule under Treasury Regulation Section 1.409A-1(b)(4), the exemption for involuntary terminations under separation pay plans under Treasury Regulation Section 1.409A-1(b)(9)(iii), and the exemption for medical expense reimbursements under Treasury Regulation Section 1.409A-1(b)(9)(v)(B). As a result, (A) payments that are made on or before the later of (x) the 15th day of the third month of 

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the calendar year following the calendar year in which the Participant’s right to payment ceased being subject to a substantial risk of forfeiture, and (y) the 15th day of the third month of the Company’s fiscal year following the Company’s fiscal year in which the Participant’s right to payment ceased being subject to a substantial risk of forfeiture and (B) any additional payments that are made on or before the last day of the second calendar year following the year of the Participant’s Separation Date and do not exceed the lesser of two times the Participant’s annual rate of pay in the year prior to his termination or two times the limit under Section 401(a)(17) of the Code then in effect, are intended to be exempt from the requirements of Section 409A of the Code to the maximum extent permissible. 
d.To the extent any amounts under this Plan are payable by reference to a Participant’s “termination of employment,” such term and similar terms shall be deemed to refer to such Participant’s “separation from service,” within the meaning of Section 409A of the Code. Notwithstanding any other provision in this Plan, to the extent any payments hereunder constitute “nonqualified deferred compensation,” within the meaning of Section 409A of the Code (“Section 409A Payment”), and the Participant is a specified employee, within the meaning of Treasury Regulation Section 1.409A-1(i), as determined by TGH in accordance with any method permitted under Section 409A of the Code, as of the date of the Participant’s separation from service, each such payment that is payable upon such Participant’s separation from service and would have been paid prior to the six-month anniversary of such Participant’s separation from service, shall be delayed until the earlier to occur of (i) the first day of the seventh month following the Participant’s separation from service or (ii) the date of the Participant’s death.  Further, to the extent that any amount is a Section 409A Payment and such payment is conditioned upon Participant’s execution of a release and which is to be paid or provided during a designated period that begins in one taxable year and ends in a second taxable year, then such Section 409A Payment shall be paid or provided in the later of the two taxable years.
 
e.Any reimbursements payable to a Participant pursuant to this Plan or otherwise shall be paid to such Participant in no event later than the last day of the calendar year following the calendar year in which such Participant incurred the reimbursable expense. Any amount of expenses eligible for reimbursement, or in-kind benefit provided, during a calendar year shall not affect the amount of expenses eligible for reimbursement, or in-kind benefit to be provided, during any other calendar year. The right to any reimbursement or in-kind benefit pursuant to this Plan shall not be subject to liquidation or exchange for any other benefit. Any tax gross-up payment payable to a Participant, whether under this Plan or otherwise, shall be paid to the Participant or to the applicable taxing authorities on the Participant’s behalf as soon as practicable after the related taxes are due, but in any event not later than the last day of the calendar year following the calendar year in which the related taxes are remitted to the taxing authorities.
SECTION 6. Offset; No Mitigation.
f.To the extent permitted by Section 409A of the Code, the amount of a Participant’s payments under this Plan shall be reduced to the extent necessary to defray amounts owed by Participant due to unused expense account balances, overpayment of salary, awards or bonuses, advances or loans.
a.In no event shall any Participant be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Participant under any of the provisions of this Plan and such amounts shall not be reduced whether or not the Participant obtains other employment.

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SECTION 7. Miscellaneous.
a.Notices. Notices and all other communications provided for herein shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows:
 
									
			
	If to the Company or TGH:	 	Thermon Holding Corp.
7171 Southwest Parkway, Building 300, Suite 200
Austin, Texas 78735
Attention: General Counsel

		
	If to a Participant:	 	At the most recent address
on file with the Company

or to such other address as either party may furnish to the other in writing in accordance herewith, except that notices of changes of address shall be effective only upon receipt.

b.GOVERNING LAW. THIS PLAN SHALL BE DEEMED TO BE MADE IN THE STATE OF TEXAS, AND, TO THE EXTENT NOT PREEMPTED BY ERISA OR OTHER FEDERAL LAW, THE VALIDITY, INTERPRETATION, CONSTRUCTION AND PERFORMANCE OF THIS PLAN IN ALL RESPECTS SHALL BE GOVERNED BY THE LAWS OF THE STATE OF [TEXAS] WITHOUT REGARD TO ITS PRINCIPLES OF CONFLICTS OF LAW. By participating in this Plan, each Participant and TGH and the Company hereby irrevocably consent to, and agree not to object or assert any defense or challenge to, the jurisdiction and venue of the state and federal courts located in Austin, Texas, and agree that any claim which, subject to Section 4 above, may be brought in a court of law or equity may be brought in any such Austin, Texas court.
c.No Waiver. No failure by TGH, the Company or a Participant at any time to give notice of any breach by TGH, the Company or a Participant, or to require compliance with, any condition or provision of this Plan shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.
d.Severability. If a court of competent jurisdiction determines that any provision of this Plan is invalid or unenforceable, then the invalidity or unenforceability of that provision shall not affect the validity or enforceability of any other provision of this Plan, and all other provisions shall remain in full force and effect.
e.Withholding of Taxes and Other Employee Deductions. The Company may withhold from any benefits and payments made pursuant to this Plan all federal, state, city and other taxes as may be required pursuant to any law or governmental regulation or ruling and all other normal employee deductions made with respect to the Company’s employees generally.
f.Headings. The paragraph headings have been inserted for purposes of convenience and shall not be used for interpretive purposes.
g.Interpretations. For purposes of this Plan, the words “include” and “including”, and variations thereof, shall not be deemed to be terms of limitation but rather shall be deemed to be followed by the words “without limitation”. The term “or” is not exclusive. The word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other thing extends, and such phrase shall not mean simply “if.” Wherever the context 

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so requires, the masculine gender includes the feminine or neuter, and the singular number includes the plural and conversely.
h.Successors. This Plan shall be binding upon and inure to the benefit of TGH and the Company and any successor of TGH or the Company, including without limitation any person, association, or entity which may hereafter acquire or succeed to all or substantially all of the business or assets of TGH or the Company by any means whether direct or indirect, by purchase, merger, consolidation, or otherwise. Participants’ rights, benefits and obligations under this Plan are personal and shall not be voluntarily or involuntarily assigned, alienated, or transferred, whether by operation of law or otherwise, without the prior written consent of TGH and the Company.
i.Other Agreement. Except as provided in (i) any awards under stock incentive plans or programs, long term incentive programs, annual incentive program, or similar plans or programs of TGH or the Company, and (ii) if applicable, terms and conditions that survive upon the expiration of the employment agreement, including any restrictive covenants contained therein, among the Participant and TGH or an Affiliate as of the Effective Date, this Plan sets forth the entire agreement of TGH and the Company with regard to the subject matter hereof.
j. Non-Duplication.  The benefits provided under this Plan are not intended to result in any duplicative benefits to Participant and this Plan shall be administered accordingly.  Accordingly, the Committee, in good faith, shall exercise its discretion and to the extent permitted under applicable law, equitably offset against Participant’s severance benefits under this Plan against any other severance, termination, or similar benefits payable to Participant by TGH or any of its Affiliates or amounts paid to comply with, or satisfy liability under, the Worker Adjustment and Retraining Notification Act or any other foreign, federal, state, or local law requiring payments in connection with any termination of Employment or workforce reduction, including, but not limited to, amounts paid in connection with paid leaves of absence, back pay, benefits, and other payments intended to satisfy such liability or alleged liability.  For the avoidance of doubt, this Plan shall replace any agreements entered into between the Company and the Participant providing the Participant with severance or related benefits and the Participant shall not be entitled to benefits under both this Plan and any other severance plan or policy maintained by TGH or its Affiliates and amounts payable under this Plan shall be reduced by any amounts received or payable under any such severance plan or policy. To the extent that the benefits payable hereunder are deemed to be a substitute for a Section 409A Payment provided under another agreement with Participant, then the benefits payable hereunder shall be paid at the same time and in the same form as such substituted Section 409A Payment to the extent required to comply with Section 409A of the Code.
k.Deemed Resignations. Any termination of a Participant’s employment shall constitute an automatic resignation of such Participant as an officer of TGH, the Company and each Affiliate of TGH and the Company, an automatic resignation from the board of directors, if applicable, of TGH and the Company and each Affiliate of TGH and the Company and from the board of directors or similar governing body of any corporation, limited liability company or other entity in which the Company, TGH or any Affiliate holds an equity interest and with respect to which board or similar governing body such Participant serves as the Company’s, TGH’s, or such Affiliate’s designee or other representative.
l.Protected Rights.  Nothing contained in this Plan or otherwise limits the Participant’s ability to report possible violations of law or regulation to, or file a charge or complaint with, the Securities and Exchange Commission, the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Department of Justice, the Congress, any Inspector General, or any other federal, state or local governmental agency or commission (“Government 

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Agencies”). This Plan does not limit Participant’s ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. Nothing in this Plan shall limit Participant’s ability under applicable U.S. Federal law to (a) disclose in confidence trade secrets to federal, state, and local government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law or (b) disclose trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure.
m.No Guarantee of Employment. This Plan shall not be construed as creating any contract of employment between TGH and its Affiliates, on the one hand, and any Participant, on the other hand, nor shall this Plan be construed as restricting in any way the rights of TGH or any of its Affiliates to terminate the employment of any Participant at any time and for any reason subject, however, to any rights of a Participant under this Plan.
n.Amendment and Termination of this Plan. The Committee may amend, modify or terminate this Plan at any time; provided, however, that (i) except as specifically provided in Section 5, no amendment that is materially adverse to any Participant will be effective without such Participant’s written consent until one year after its adoption, (ii) termination of the Plan will not be effective until the first anniversary of the date of the relevant corporate action authorizing the Plan’s termination and (iii) no such amendment, modification or termination shall affect the right to any unpaid Standard Severance Benefits or Change in Control Severance Benefits of any Participant whose Termination Date has occurred prior to such amendment, modification or termination of this Plan. The failure of TGH, the Company or a Participant to insist upon strict adherence to any term of this Plan on any occasion shall not be considered as a waiver of the rights of TGH, the Company or such Participant or deprive TGH, the Company or such Participant of the right thereafter to insist upon strict adherence to that term or any other term of this Plan. No failure or delay by TGH, the Company or any Participant in exercising any right or power hereunder will operate as a waiver thereof, nor will any single or partial exercise of any such right or power, or any abandonment of any steps to enforce such right or power, preclude any other or further exercise thereof or the exercise of any other right or power.
SECTION 8. Survival. The provisions of this Plan, including Sections 3, 4, 5, 6, 7 and 8 shall survive and remain binding and enforceable, notwithstanding the expiration or termination of this Plan, the termination of a Participant’s employment with TGH or any of its Affiliates for any reason or any settlement of the financial rights and obligations arising from such Participant’s participation hereunder, to the extent necessary to preserve the intended benefits of such provisions.
* * * * * *
 
IN WITNESS WHEREOF, TGH has caused this Executive Severance Plan to be executed on its behalf, to be effective as of 24 May 2022.
 
			
	
	THERMON GROUP HOLDINGS, INC.
	
	/s/ Bruce Thames
	
	Bruce Thames

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