Document:

Exhibit 10.13

 

EMPLOYMENT AGREEMENT

Nate Gandert

 

THIS EMPLOYMENT AGREEMENT (the “Agreement”),
dated as of June 1, 2016 (the “Effective Date”), is made by and between Getty Images (Seattle) Inc., a Washington
corporation (the “Company”), and Nate Gandert (“Executive”).

 

WHEREAS, as of the Employment Date (as defined
below) Executive will serve as the SVP, Chief Technology Officer of the Company and of Getty Images (Seattle), Inc. (“Getty
Inc.”); and

 

WHEREAS, in connection with the foregoing, the
Company and Executive desire to memorialize the terms of Executive’s employment relationship with the Company on the terms and conditions
set forth herein.

 

NOW, THEREFORE, in consideration of the forgoing
premises and the mutual covenants and promises contained herein, and for other good and valuable consideration, the Company and Executive
hereby agree as follows:

 

1.            Term
of Employment.

 

(a)          Term
of Employment. Subject to the provisions of Section 6 of this Agreement, Executive shall be employed by the Company for the period
commencing on June 1, 2016 (the “Employment Date”) and ending on December 31 2019 (such period, the “Employment
Term”) and on the terms and conditions set forth herein; provided, however, that commencing on December 31,
2019 and on each annual anniversary thereafter (each an “Extension Date”), the Employment Term shall be automatically
extended for an additional one-year period, unless either the Company or Executive provides the other party hereto three (3) months’
prior written notice before the next Extension Date that the Employment Term shall not be so extended; provided, further,
that any such notice of non-renewal shall be given in accordance with Section 12(g) of this Agreement.

 

2.            Position
and Duties.

 

(a)          Position.
During the Employment Term, Executive shall serve as SVP, Chief Technology Offer, of the Company and of Getty Inc. In such position, Executive
shall report directly or indirectly to Chief Executive Officer. Executive shall have such duties and authority as shall be determined
from time to time by Chief Executive Officer commensurate with Executive’s position.

 

(b)          Duties.
During the Employment Term, Executive shall devote Executive’s full business time and attention to the performance of Executive’s
duties hereunder and shall not engage in any other business, profession or occupation for compensation or otherwise which would conflict
or interfere with the rendition of such services either directly or indirectly, without the prior written consent of the Board; provided
that nothing herein shall preclude Executive from serving on any board of directors or trustees of any non-profit or charitable organization;
provided, further, that, in each case, and in the aggregate, such activities shall not materially conflict or materially
interfere with the performance of Executive’s duties hereunder or conflict with Sections 7 or 8 hereof.

 

    	 	 	 

     

    

 

3.            Salary
and Annual Bonus.

 

(a)          Base
Salary. During the Employment Term, the Company shall pay Executive a base salary at the annual rate of $350,000.00 payable in regular
installments in accordance with the Company’s usual payroll practices. The Board shall review Executive’s base salary at least
once per annum, and Executive’s annual base salary, as in effect from time to time, shall hereinafter be referred to as the “Base
Salary”.

 

(b)          Annual
Bonus. During the Employment Term, Executive shall be eligible to earn an annual cash bonus award (the “Annual Bonus”)
in respect of each full fiscal year of the Company for which he is employed, in a target amount equal to fifty percent (50%) of Executive’s
Base Salary for such fiscal year (the “Target Bonus”), based upon the achievement of the performance goals established
by the Compensation Committee of the Board (the “Compensation Committee”), or, if no such committee exists, the Board,
within the first three (3) months of each fiscal year during the Employment Term. The Annual Bonus, if any, shall be paid to Executive
in the calendar year following the year in which the bonus was earned and after the completion of the consolidated financial audit of
Getty Inc. and its Affiliates, as applicable, for the applicable year, but in no event later than March 15 of the year following
the year in which the bonus was earned.

 

4.            Equity
Participation.

 

(a)          Executive’s
equity participation in Griffey Investors, L.P. (“Parent”), Griffey Global Holdings, Inc., a Delaware corporation
(“Global Holdings”), the Company and any of their respective Affiliates shall be documented, as applicable, pursuant
to the Amended and Restated Limited Partnership Agreement of Parent, as it may be amended from time to time (the “Partnership
Agreement”), the Griffey Global Holdings, Inc. 2012 Stock Incentive Plan (the “Equity Plan”), award
agreements issued in respect of such entity or otherwise, and any contribution or subscription agreements relating to the equity of Parent,
Global Holdings, the Company or any of their respective Affiliates, each as executed, to the extent applicable, by Parent, Global Holdings,
the Company, any of their respective Affiliates, Executive and the other “Partners” (as defined in the Partnership Agreement)
(collectively, the “Equity Documents”). The Company and Executive each acknowledges that the terms and conditions of
the aforementioned Equity Documents govern Executive’s acquisition, holding, sale or other disposition of Executive’s equity
in Parent, Global Holdings, the Company or any of their respective Affiliates, and all of Executive’s rights with respect thereto.

 

(b)          Within
six (6) months following the Effective Date, Global Holdings shall grant to Executive options (the “Options”)
to purchase [●] shares of Global Holdings common stock, par value $0.01 (“Common Stock”),
at an exercise price equal to the fair market value of the Common Stock on the date of the grant, which shall vest 20% on the first anniversary
of the date of grant and the remaining 80% in equal quarterly installments over the following 4 years, subject to the Executive’s
continued employment through each applicable vesting date. The Options shall be granted under the 2012 Griffey Investors, L.P. and Griffey
Global Holdings, Inc. Equity Incentive Plan, as amended (the “Option Plan”) and subject to the terms and conditions
of (i) the Option Plan, (ii) the option agreements entered into between Executive and Global Holdings on or about the date of
the grant (the “Option Agreements”) pursuant to the Option Plan and (iii) the Griffey Global Holdings Inc. Stockholders
Agreement, dated as of December 18, 2012, among Global Holdings and its stockholders (as amended from time to time, the “Stockholders
Agreement”).]

 

    	 	 	 

     

    

  

5.            Employee
Benefits.

 

(a)          General.
During the Employment Term, Executive shall be entitled to participate in or be eligible to receive benefits under the Company’s
employee benefit plans and payroll practices, as in effect from time to time, including, but not limited to, any medical and dental insurance,
life insurance or short-term or long-term disability or death benefit plans or other fringe benefits (collectively, “Employee
Benefits”), on a no less favorable basis as those benefits are generally made available to other senior executives of the Company.

 

(b)          Vacation.
During the Employment Term, Executive shall be provided with a maximum of twenty-seven (27) days of paid vacation or, if applicable, paid
time off per annum in addition to any public holidays to which the Executive is entitled in the country in which Executive performs duties.
Such vacation or paid time off shall be taken in accordance with the Company’s vacation or paid time off policy, as applicable,
which may be amended by the Company, in its sole discretion, from time to time.

 

(c)          Expense
Reimbursement. The Company shall reimburse Executive for the reasonable business expenses incurred by Executive in the performance
of Executive’s duties hereunder; provided that such expenses are incurred and accounted for in accordance with the Company’s
policies and procedures.

 

6.            Termination
of Employment. The Employment Term and Executive’s employment hereunder may be terminated by either party at any time and for
any reason; provided, that Executive will be required to give the Company at least three (3) months’ advance written
notice of any resignation of employment by Executive and that the Company will be required to give Executive at least three (3) months’
advance written notice of a termination by the Company without Cause (as defined in Section 6(a)(i) below) (the “Notice
Period”); provided, further, that during the Notice Period, (a) the Company may, in its sole discretion,
elect to suspend Executive from performing any further services for the Company, and/or exclude Executive from Company premises, electronic
mail, computer hardware or software, or similar information or resources, (b) Executive may not (i) undertake any other paid
or unpaid work for any other company, entity or person, or (ii) contact any clients, customers, or vendors (unless otherwise agreed
by the Company), (c) Executive shall continue to owe all the duties of his employment (whether express or implied) and (d) Executive
shall continue to receive payments of Base Salary and participate in the Employee Benefits. Notwithstanding any other provision of this
Agreement, the provisions of this Section 6 shall exclusively govern Executive’s rights upon termination of employment with
the Company and its Affiliates; provided that Executive’s rights with respect to Executive’s equity participation in
Parent, Global Holdings, the Company and any of their respective Affiliates shall be governed solely by the Equity Documents, and Executive’s
rights with respect to Employee Benefits shall be governed by the documents governing such Employee Benefits. Upon termination of Executive’s
employment for any reason, Executive agrees to resign, as of the date of such termination and to the extent applicable, from all positions
with Parent, Global Holdings, the Company or any of their respective Affiliates.

 

    	 	 	 

     

    

 

(a)          For
Cause by the Company or for Any Reason Other than Good Reason by Executive. The Employment Term and Executive’s employment may
be terminated by the Company for Cause or by Executive’s resignation without Good Reason.

 

(i)          For
purposes of this Agreement, “Cause” shall mean the occurrence of any of the following:

 

(A)    
         Executive’s willful, material or persistently
repeated nonperformance and continued failure (other than by reason of incapacity due to physical or mental illness) to perform the
duties of Executive’s employment after notice from the Company of such failure and Executive’s inability or
unwillingness to correct such failure within ten (10) days of receiving notice of such failure;

 

(B)    
         Executive’s indictment for a felony offense or
Executive’s plea of no contest to a crime involving fraud or moral turpitude;

 

(C)            perpetration
by Executive of fraud against the Company or any of its Affiliates or the giving, offering, promising or accepting a bribe, or any willful
misconduct that brings the reputation of the Company or any of its Affiliates into serious disrepute or causes Executive to cease to be
able to perform Executive’s duties;

 

(D)    
         Executive’s material violation of a material
written policy, written program or written code of the Company;

 

(E)      
       Executive’s commission of a material act of dishonesty
against the Company or any of its Affiliates; or

 

(F)         
    Executive’s material breach of a material term of this Agreement.

 

(ii)          For
purposes of this Agreement, “Good Reason” means the occurrence of any of the following after the Effective Date:

 

(A)            an
adverse and material change in Executive’s duties;

 

(B)            a
material breach by the Company of this Agreement;

 

(C)            a
material reduction in Executive’s (x) Base Salary (without Executive’s written consent), or (y) Annual Bonus opportunity
(as contemplated by Section 3(b) of this Agreement) or the failure of the Company to pay Executive any material amount of compensation
under this Agreement when due hereunder; or

 

    	 	 	 

     

    

 

(D)            a
material relocation of Executive’s principal place of business by at least thirty-five (35) miles without Executive’s prior
written consent;

 

provided that the occurrence of any of the foregoing
events in (A), (B), (C) or (D) shall constitute Good Reason only if the Company fails to cure such event within ninety (90)
days after receipt from Executive of written notice of such occurrence; provided, further, that Good Reason shall cease
to exist thirty (30) days after the later of its occurrence or Executive’s knowledge thereof, unless Executive has given the Company
written notice thereof prior to such date.

 

(iii)          If
Executive’s employment is terminated by the Company for Cause, or if Executive resigns without Good Reason, Executive shall be entitled
to receive:

 

(A)            the
Base Salary through the date of termination, payable on the normal payroll date for such Base Salary;

 

(B)            any
Annual Bonus earned, but unpaid, as of the date of termination for the immediately preceding fiscal year in accordance with Section 3
of this Agreement, paid at the time set forth in Section 3;

 

(C)            reimbursement
for any unreimbursed business expenses that have been properly incurred by Executive prior to the date of Executive’s termination
and that are or have been submitted in accordance with the applicable Company policy, which reimbursement shall be paid promptly and in
any event within sixty (60) days after submission in accordance with Company policy; provided that Executive shall submit all outstanding
unreimbursed business expenses no later than forty-five (45) days following the date of termination; and

 

(D)            such
Employee Benefits, if any, as to which Executive may be entitled under the employee benefit plans of the Company at the time or times
provided therein, which shall not include payment for any unused vacation or paid time off, as applicable, unless required by applicable
law (the amounts described in clauses (A) through (D) hereof, payable at the times provided herein, being referred to as the
 “Accrued Rights”).

 

(iv)          Following
termination of Executive’s employment by the Company for Cause or by Executive without Good Reason, and except as set forth in Section 6(a)(iii) directly
above, Executive shall have no further rights to any compensation or any other benefits under this Agreement; provided that Executive’s
rights with respect to Executive’s equity participation with Parent, Global Holdings, the Company or any of their respective Affiliates
shall be governed solely by the Equity Documents.

 

(b)          Death
or Disability. The Employment Term and Executive’s employment hereunder shall terminate upon Executive’s death and may
be terminated by the Company as a result of Executive’s Disability.

 

    	 	 	 

     

    

 

(i)            For
purposes of this Agreement, “Disability” means that Executive has become physically or mentally incapacitated and is
therefore unable for a period of six (6) consecutive months or for an aggregate of nine (9) months in any twelve (12) consecutive
month period to perform Executive’s duties. Any question as to the existence of the Disability of Executive as to which Executive
and the Company cannot agree shall be determined in writing by a qualified independent physician mutually acceptable to Executive and
the Company. All costs associated with the determination by the qualified independent physician shall be paid by the Company. If Executive
and the Company cannot agree as to a qualified independent physician, each shall appoint such a physician and those two physicians shall
select a third who shall make such determination in writing. To the extent applicable, all costs associated with the appointment and determination
by the third physician shall be paid by the Company. The determination of Disability shall be made in writing to the Company and Executive
and shall be final and conclusive for all purposes of this Agreement.

 

(ii)            If,
during the Employment Term, Executive’s employment is terminated by the Company as a result of Executive’s Disability or due
to Executive’s death, Executive shall be entitled to receive from the Company the Accrued Rights. In addition, Executive’s
estate shall benefit from a term life insurance policy provided by the Company and intended to provide payment of a death benefit equal
to the Base Severance (as defined in Section 6(c)(ii) below).

 

(iii)            Following
termination of Executive’s employment by the Company as a result of Executive’s Disability or due to Executive’s death,
and except as set forth in Section 6(b)(ii) directly above, Executive shall have no further rights to any compensation or any
other benefits under this Agreement; provided that Executive’s rights with respect to Executive’s equity participation
with Parent, Global Holdings, the Company or any of their respective Affiliates shall be governed solely by the Equity Documents.

 

(c)          Without
Cause by the Company or for Good Reason by Executive. The Employment Term and Executive’s employment may be terminated by the
Company without Cause or by Executive’s resignation for Good Reason.

 

(i)            If,
during the Employment Term, Executive’s employment is terminated by the Company without Cause or by Executive for Good Reason, Executive
shall be entitled to receive, in addition to the Accrued Rights:

 

(A)            subject
to Executive’s continued compliance with the provisions of Sections 7 and 8 of this Agreement, and subject to Executive’s
execution and non-revocation of a release substantially in the form attached hereto as Exhibit A (the “Release”),
which shall be delivered to Executive within ten (10) days following the termination of Executive’s employment and which must
become effective and irrevocable within sixty (60) days of Executive’s date of termination (the “Release Period”),

 

    	 	 	 

     

    

 

(1)            equal,
or substantially equal, payments totaling in the aggregate sum of (x) one-hundred fifty percent (150%) of Base Salary, and (y) one-hundred
fifty percent (150%) of the Target Bonus in respect of the fiscal year of termination which shall be payable in accordance with the Company’s
normal payroll practices over the eighteen (18) month period commencing on the date of termination (the “Base Severance”);
provided that the first payment shall be made on the first payroll date that occurs following the date on which the Release becomes
irrevocable (the “Release Effective Date”), and shall include any amounts that would have otherwise been due prior
to such first payment date; and

 

(2)            continued
coverage under the Company’s group health and welfare plans for a period of eighteen (18) months following the date of termination
on the same basis (including payment of premiums) as provided by the Company to senior-level executives; provided, that, (i) if
and to the extent that any benefit described in this Section 6(c)(i)(A)(2) is not or cannot be paid or provided under any Company
plan or program without adverse tax consequences to Executive or the Company or for any other reason, then the Company shall pay Executive
a monthly payment in an amount equal to the Company’s cost of providing such benefit and (ii) such benefits or payments shall
be discontinued in the event Executive becomes eligible for similar benefits from a successor employer (and Executive’s eligibility
for any such benefits shall be reported by Executive to the Company) (the “Continued Health Benefits”).

 

Notwithstanding the foregoing, if the Release Period spans
two (2) calendar years, then the first installment of the Base Severance will commence on the first regularly scheduled payment date
that occurs in the second calendar year, with any amounts otherwise payable prior to such regularly scheduled payment date being paid
instead on such payment date.

 

Furthermore, notwithstanding the foregoing, if the termination
of Executive’s employment occurs within one (1) year following a Change in Control (as defined in Section 12(q) hereof),
and such termination is either by the Company without Cause or by Executive for Good Reason, then, subject to the immediately preceding
sentence, the Base Severance shall be paid in one lump sum payment on the first payroll date that occurs following the Release Effective
Date (instead of in installments over the eighteen (18) month period following the date of termination of Executive’s employment).

 

(ii)           Following
termination of Executive’s employment by the Company without Cause or by Executive for Good Reason, and except as set forth in Section 6(c)(i) directly
above, Executive shall have no further rights to any compensation or any other benefits under this Agreement; provided that Executive’s
rights with respect to Executive’s equity participation with Parent, Global Holdings, the Company or any of their respective Affiliates
shall be governed solely by the Equity Documents.

 

    	 	 	 

     

    

 

(d)          Expiration
of Employment Term.

 

(i)          Executive’s
Election Not to Extend the Employment Term. In the event Executive elects not to extend the Employment Term pursuant to Section 1(b) hereof,
unless Executive’s employment is earlier terminated pursuant to paragraphs (a), (b), (c) or (d)(ii) of this Section 6,
Executive’s termination of employment hereunder shall be deemed to occur on the close of business on the day immediately preceding
the next scheduled Extension Date and Executive shall be entitled to receive the Accrued Rights (payable at the times specified in Section 6(a)(iii)).
Following such termination of Executive’s employment hereunder as a result of Executive’s election not to extend the Employment
Term, except as set forth in this Section 6(d)(i), Executive shall have no further rights to any compensation or any other benefits
under this Agreement; provided that Executive’s rights with respect to Executive’s equity participation with Parent,
Global Holdings, the Company or any of their respective Affiliates shall be governed solely by the Equity Documents.

 

(ii)          Company’s
Election Not to Extend the Employment Term. In the event the Company elects not to extend the Employment Term pursuant to Section 1(b) hereof,
unless Executive’s employment is earlier terminated pursuant to paragraphs (a), (b), (c) or (d)(i) of this Section 6,
Executive’s termination of employment hereunder shall occur on the close of business on the day immediately preceding the next scheduled
Extension Date (or such later date on which Executive’s employment is terminated) and Executive shall be entitled to receive:

 

(A)            the
Accrued Rights; and

 

(B)            subject
to Executive’s continued compliance with the provisions of Sections 7 and 8 of this Agreement, and subject to Executive’s
execution and non-revocation of the Release which shall be delivered to Executive within ten (10) days following the termination
of Executive’s employment and which must become effective and irrevocable within the Release Period, (1) the Continued Health
Benefits and (2) equal, or substantially equal, payments totaling, in the aggregate, the Base Severance, which shall be payable in
accordance with the Company’s normal payroll practices over the eighteen (18) month period commencing on the date of Executive’s
termination of employment; provided that the first payment shall be made on the payroll date that occurs following the Release
Effective Date, and shall include any amounts that would have otherwise been due prior to such first payment date. Notwithstanding the
foregoing, if the Release Period spans two (2) calendar years, then the first installment of the Base Severance will commence on
the first regularly scheduled payment date that occurs in the second calendar year, with any amounts otherwise payable prior to such regularly
scheduled payment date being paid instead on such payment date and all other payments to be made as if no such delay had occurred.

 

Furthermore, notwithstanding the foregoing, if Executive’s
termination of employment occurs within one (1) year following a Change in Control, then, subject to the immediately preceding sentence,
the Base Severance shall be paid in one lump sum payment on the first payroll date that occurs following the Release Effective Date (instead
of in installments over the eighteen (18) month period following the date of Executive’s termination of employment).

 

    	 	 	 

     

    

 

Following such termination of employment hereunder as a result
of the Company’s election not to extend the Employment Term, except as set forth in this Section 6(d)(ii), Executive shall
have no further rights to any compensation or any other benefits under this Agreement; provided that Executive’s rights with
respect to Executive’s equity participation with Parent, Global Holdings, the Company or any of their respective Affiliates shall
be governed solely by the Equity Documents.

 

(e)          Notice
of Termination. Any purported termination of Executive’s employment by the Company or by Executive shall be communicated by
written “Notice of Termination” to the other party hereto in accordance with Section 12(g) hereof. For purposes
of this Agreement, “Notice of Termination” shall mean a notice that shall indicate the specific termination provision
in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination
of Executive’s employment under the provision so indicated.

 

7.          Protection
of Goodwill. Executive acknowledges and recognizes the highly competitive nature of the businesses of the Company and its Affiliates,
Executive’s unique access to strategic information and sensitive Confidential Information (as defined in Section 8(a)(ii) below)
and the significance of the privileges and benefits conferred under this Agreement, and accordingly, agrees as follows:

 

(a)          During
Executive’s employment and for a period of eighteen (18) months following termination of Executive’s employment for any reason
(the “Restricted Period”), Executive will not, whether on Executive’s own behalf or on behalf of or in conjunction
with any person, firm, partnership, joint venture, association, corporation or other business organization, entity or enterprise whatsoever
(“Person”), directly or indirectly solicit or assist in soliciting in competition with the Company or any of its Affiliates,
the business of any current or actively being pursued prospective customer, client, content provider, image partner, distributor, supplier,
partner, member or investor:

 

(i)            with
whom Executive had personal contact or dealings on behalf of the Company or any of its Affiliates during the one-year period preceding
Executive’s termination of employment; or

 

(ii)            with
whom key employees reporting directly or indirectly to Executive have had personal contact or dealings on behalf of the Company or any
of its Affiliates during the one-year period immediately preceding Executive’s termination of employment.

 

    	 	 	 

     

    

 

(b)          During
the Restricted Period, for the protection of the Company’s Confidential Information and goodwill, Executive will not directly or
indirectly:

 

(i)            carry
on or participate in any business that competes with the business of the Company or any of its Affiliates and is listed as a Key Competitor
on Exhibit B hereto, as such exhibit may be amended or supplemented from time to time by the Board in its reasonable discretion
and with written notice to Executive prior to termination or resignation of Executive’s employment (a “Competitive Business”);
it being acknowledged and agreed by Executive that (i) each of the entities set forth on Exhibit B hereto (as amended from time
to time as set forth above) is a Competitive Business and (ii) Key Competitors will include any businesses in direct competition
with any of the Company’s new business lines and products that generated revenues of not less than 5% of the Company’s consolidated
revenues during the fiscal quarter or year ended immediately prior to the date the Board determines to amend or supplement Exhibit B
and are listed as Key Competitors on Exhibit B (as amended from time to time as set forth above);

 

(ii)            enter
the employ of, or render any services to, any Person (or any division or controlled or controlling Affiliate of any Person) who or which
engages in a Competitive Business;

 

(iii)            acquire
a financial interest in (excluding non-voting debt interests that are not convertible into equity interests), or otherwise become actively
involved with, any Competitive Business, directly or indirectly, as an individual, partner, shareholder, officer, director, principal,
agent, trustee or consultant; or

 

(iv)            interfere
with, or attempt to interfere with, business relationships (whether formed before, on or after the date of this Agreement) between the
Company or any of its Affiliates or their respective agents and any current or actively being pursued prospective customer, client, content
provider, image partner, distributor, supplier, partner, member or investor of the Company or any of its Affiliates.

 

Notwithstanding anything to the contrary in this Agreement,
Executive may, directly or indirectly own, solely as an investment, equity securities of any Person engaged in a Competitive Business,
which are publicly traded on a national or regional stock exchange or on the over-the-counter market if Executive (i) is not a controlling
Person of, or a member of a group which controls, such Person and

 

(v)            does
not, directly or indirectly, own five percent (5%) or more of any class of equity securities of such Person.

 

(c)          During
the Restricted Period, Executive will not, whether on Executive’s own behalf or on behalf of or in conjunction with any Person,
directly or indirectly:

 

(i)            solicit
or encourage any then-current employee of the Company or any of its Affiliates to leave the employment of the Company or any of its Affiliates;
or

 

(ii)            solicit
or encourage to cease to work with the Company or any of its Affiliates any independent contractor, consultant or partner then under contract
with the Company or any of its Affiliates; or

 

    	 	 	 

     

    

 

(iii)            hire
any employee who was employed by the Company or any of its Affiliates as of the date of Executive’s termination of employment with
the Company or who left the employment of the Company and its Affiliates coincident with, or within one year prior to or after, the termination
of Executive’s employment with the Company;

 

provided that nothing herein will prohibit Executive
from hiring any person who held the position of manager or any lower position at the time of such person’s termination of employment
with the Company and its Affiliates or a person with whom Executive has not otherwise initiated contact and who responds to a general
solicitation published in a journal, newspaper, website or other publication of general circulation and not specifically directed toward
such person.

 

(d)          It
is expressly understood and agreed that although Executive and the Company consider the restrictions contained in this Section 7
to be reasonable, if a final judicial determination is made by a court of competent jurisdiction that the time or territory or any other
restriction contained in this Agreement is an unenforceable restriction against Executive, the provisions of this Agreement shall not
be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such court may
judicially determine or indicate to be enforceable. Alternatively, if any court of competent jurisdiction finds that any restriction contained
in this Agreement is unenforceable, and such restriction cannot be amended so as to make it enforceable, such finding shall not affect
the enforceability of any of the other restrictions contained herein.

 

8.          Confidentiality;
Intellectual Property.

 

(a)          Confidentiality.

 

(i)            Executive
will not at any time (whether during or after Executive’s employment with the Company, its subsidiaries or any of its Affiliates)
(x) retain or use for the benefit, purposes or account of Executive or any other Person (other than the Company or any of its subsidiaries
or Affiliates); or (y) disclose, divulge, reveal, communicate, share, transfer or provide access to any Person outside the Company,
Parent, Global Holdings or their Affiliates (other than its professional advisers who are bound by confidentiality obligations), any non-public,
proprietary or confidential information — including, but not limited to, trade secrets, know-how, research and development, software,
databases, inventions, processes, formulae, technology, designs and other intellectual property, information concerning finances, investments,
profits, pricing, costs, products, services, vendors, customers, clients, partners, investors, personnel, compensation, recruiting, training,
advertising, sales, marketing, promotions, government and regulatory activities and approvals — concerning the past, current or
future business, activities and operations of the Company, its subsidiaries or any of its Affiliates and/or any third party that has disclosed
or provided any of the same to the Company or any of its subsidiaries of Affiliates on a confidential basis (“Confidential Information”)
without the prior written authorization of the Board. Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement
prohibits Executive from reporting possible violations of federal law or regulation to any governmental agency or entity.

 

    	 	 	 

     

    

 

(ii)            “Confidential
Information” shall not include any information that is (a) generally known to the industry or the public other than as
a result of Executive’s breach of this covenant or any breach of other confidentiality obligations by third parties; (b) received
by Executive in good faith from a third party (which is unaffiliated with the Company, its subsidiaries and its Affiliates) who had received
such information without breach of any confidentiality obligation; or (c) required by law or legal process to be disclosed; provided
that Executive shall use Executive’s best efforts to give prompt written notice to the Company of such requirement, disclose no
more information than is so required, and cooperate with any attempts by the Company to obtain a protective order or similar treatment.

 

(iii)            Except
as required by law, Executive will not disclose to anyone, other than Executive’s immediate family and legal or financial advisors
(and other than through the disclosure of basic personal financial or compensation information for personal reasons), the existence or
contents of this Agreement; provided that Executive may disclose to any prospective future employer the provisions of Sections
7 and 8 of this Agreement provided they agree to maintain the confidentiality of such terms.

 

(iv)            Upon
termination of Executive’s employment with the Company for any reason, Executive shall (x) cease and not thereafter use any
Confidential Information (including, but not limited to, any patent, invention, copyright, trade secret, trademark, trade name, logo,
domain name or other source indicator) owned or used by the Company, its subsidiaries or Affiliates; (y) immediately destroy, delete,
or return to the Company, at the Company’s option, all originals and copies in any form or medium (including memoranda, books, papers,
plans, computer files, electronic files, letters and other data) in Executive’s possession or control (including any of the foregoing
stored or located in Executive’s office, home, cloud, laptop or other computer or device, whether or not Company property) that
contain Confidential Information or otherwise relate to the business of the Company, its Affiliates and subsidiaries, except that Executive
may retain only those portions of any personal notes, notebooks and diaries that do not contain any Confidential Information; and (z) notify
and fully cooperate with the Company regarding the delivery or destruction of any other Confidential Information of which Executive is
or becomes aware.

 

(b)          Intellectual
Property.

 

(i)            If
Executive has created, invented, designed, developed, contributed to or improved any works of authorship, inventions, intellectual property,
materials, documents or other work product (including, but not limited to, research, reports, software, databases, systems, applications,
presentations, textual works, content, or audiovisual materials) (“Works”), either alone or with third parties, prior
to or during Executive’s employment by the Company (which includes periods prior to the Employment Date and the Effective Date)
or any of its Affiliates, that are relevant to or implicated by such employment (“Prior Works”), Executive hereby grants
the Company a perpetual, non-exclusive, royalty-free, worldwide, assignable, sub-licensable license under all rights and intellectual
property rights (including rights under patent, industrial property, copyright, trademark, trade secret, unfair competition and related
laws) therein for all purposes in connection with the Company’s current and future business. Notwithstanding anything to the contrary
in this Agreement, all prior licenses granted by Executive to the Company or any of its Affiliates with respect to any Works or Prior
Works (whether such grant was made prior to, on or following the Effective Date) shall continue in full force and effect following the
Effective Date.

 

    	 	 	 

     

    

 

(ii)            If
Executive creates, invents, designs, develops, contributes to or improves any Works, either alone or with third parties, at any time during
Executive’s employment by the Company or any of its Affiliates and within the scope of such employment and/or with the use of any
of the Company resources (“Company Works”), Executive shall promptly and fully disclose same to the Company and hereby
irrevocably assigns, transfers and conveys, to the maximum extent permitted by applicable law, all rights and intellectual property rights
therein (including rights under patent, industrial property, copyright, trademark, trade secret, unfair competition and related laws)
to the Company to the extent ownership of any such rights does not vest originally in the Company.

 

(iii)            With
respect to all periods on and after the date of Executive’s initial employment with the Company, Executive agrees to keep and maintain
adequate and current written records (in the form of notes, sketches, drawings, and any other form or media requested by the Company)
of all Company Works in accordance with the applicable policies and procedures of the Company, as may be amended from time to time, provided
such policies and procedures are communicated to Executive in writing in advance. The records will be available to and remain the sole
property and intellectual property of the Company at all times.

 

(iv)            Executive
shall take all requested actions and execute all requested documents (including any licenses or assignments required by a government contract)
at the Company’s expense (but without further remuneration) to assist the Company in validating, maintaining, protecting, enforcing,
perfecting, recording, patenting or registering any of the Company’s rights in the Prior Works and Company Works. If the Company
is unable for any other reason to secure Executive’s signature on any document for this purpose, then Executive hereby irrevocably
designates and appoints the Company and its duly authorized officers and agents as Executive’s agent and attorney in fact, to act
for and in Executive’s behalf and stead to execute any documents and to do all other lawfully permitted acts in connection with
the foregoing.

 

(v)            Executive
shall not improperly use for the benefit of, bring to any premises of, divulge, disclose, communicate, reveal, transfer or provide access
to, or share with the Company or any of its subsidiaries or Affiliates any confidential, proprietary or non-public information or intellectual
property relating to a former employer or other third party without the prior written permission of such third party. Executive shall
comply with all relevant policies and guidelines of the Company, including, without limitation, policies and guidelines regarding the
protection of confidential information and intellectual property and potential conflicts of interest. Executive acknowledges that the
Company may amend any such policies and guidelines from time to time, and that Executive remains at all times bound by their most current
version.

 

    	 	 	 

     

    

 

(vi)            Notwithstanding
anything to the contrary in this Agreement, Sections 8(b)(i) and 8(b)(ii) shall not apply to any Works for which no equipment,
supplies, facility or trade secret information of the Company or any of its Affiliates is or was used by Executive and which is or was
developed entirely on Executive’s own time, unless (i) the Works relates directly to the business of the Company or any of
its Affiliates, (ii) the Works relates to actual or demonstrably anticipated research or development of the Company or any of its
Affiliates, or (iii) the Work results from any work performed by Executive for the Company or any of its Affiliates.

 

9.          Specific
Performance. Executive acknowledges and agrees that the Company’s remedies at law for a breach or threatened breach of any of
the provisions of Sections 7 or 8 would be inadequate and the Company would suffer irreparable damages as a result of such breach or threatened
breach. In recognition of this fact, Executive agrees that, in the event of such a breach or threatened breach, in addition to any remedies
at law, the Company, without posting any bond, shall be entitled to cease making any payments or providing any benefit otherwise required
by this Agreement and obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent
injunction or any other equitable remedy which may then be available.

 

10.          280G
Cutback. Notwithstanding any other provisions of this Agreement to the contrary, in the event that the Company determines in good
faith that any payment or benefit received or to be received by Executive pursuant to this Agreement, or otherwise (all such payments
and benefits, including, without limitation, salary and bonus payments, being hereinafter called the “Total Payments”)
would be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”),
by reason of being considered “contingent on a change in ownership or control” of the Company within the meaning of Section 280G
of the Code, then such Total Payments shall be reduced to the extent necessary so that the Total Payments will be less than three times
Executive’s “base amount” (as defined in Section 280G(b)(3) of the Code), unless the amount of such reduction
would equal or exceed one-hundred percent (100%) of the excise taxes that would be imposed by Section 4999 of the Code on such payments
and benefits. The reduction of the Total Payments shall apply as follows, unless otherwise agreed and such agreement is in compliance
with Section 409A of the Code: (i) first, any cash severance payments due under the Agreement shall be reduced, with the last
such payment due first forfeited and reduced, and sequentially thereafter working from the next last payment, and (ii) second, any
acceleration of vesting of any equity shall be deferred with the tranche that would vest last (without any such acceleration) first deferred.
Notwithstanding the foregoing, to the extent satisfaction of the shareholder approval requirements of Section 280G(b)(5)(B) and
Treasury Regulation Section 1.280G-1 Q&A7 (the “Shareholder Approval Exception”) would result in the Total
Payments being excluded from tax imposed by Section 4999 of the Code, the Company hereby agrees that it will seek the necessary approval
from the stockholders of the Company and take the other steps reasonably necessary, and within its control, to satisfy the requirements
of the Shareholder Approval Exception.

 

11.          Executive’s
Representations. The Executive hereby warrants and represents to the Company that the Executive has carefully reviewed this Agreement
and has consulted with such advisors as the Executive considers appropriate in connection with this Agreement, and is not subject to any
covenants, agreements or restrictions arising out of the Executive’s prior employment which would be breached or violated by Executive’s
execution of this Agreement or by the Executive’s performance of his duties hereunder.

 

    	 	 	 

     

    

 

12.            Miscellaneous.

 

(a)            Governing
Law; Consent to Jurisdiction; Jury Trial Waiver. This Agreement shall be governed, construed, interpreted and enforced in accordance
with its express terms, and otherwise in accordance with the substantive laws of the State of Washington without reference to the principles
of conflicts of law of the State of Washington or any other jurisdiction, and where applicable, the laws of the United States. Except
as is otherwise specifically provided in Section 12(o), actions or proceedings relating to this Agreement (including, but not limited
to, any court proceeding to obtain injunctive relief pursuant to Section 9 or to challenge or enforce an arbitrator’s award)
must be brought in the courts situated in King County, Washington. Each party to this Agreement waives all right to trial by jury in any
action, proceeding, claim or counterclaim.

 

(b)            Entire
Agreement/Amendments. This Agreement contains the entire understanding of the parties with respect to the employment of Executive
by the Company, and this Agreement shall supersede all prior agreements between Executive, Parent and the Company and any of their Affiliates
with respect to any matters discussed herein. Executive’s rights with respect to Executive’s equity participation with Parent,
Global Holdings, the Company or any of their respective Affiliates shall be governed solely by the Equity Documents. There are no restrictions,
agreements, promises, warranties, covenants or undertakings between the parties with respect to the subject matter herein other than those
expressly set forth herein. This Agreement may not be altered, modified, or amended except by written instrument signed by the parties
hereto.

 

(c)            No
Waiver. The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered
a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any
other term of this Agreement.

 

(d)            Severability.
In the event that any one or more of the provisions of this Agreement shall be or become invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby.

 

(e)            Assignment.
This Agreement and all of Executive’s rights and duties hereunder, shall not be assignable or delegable by Executive. Any purported
assignment or delegation by Executive in violation of the foregoing shall be null and void ab initio and of no force and effect.
This Agreement may be assigned by the Company to a person or entity which is a successor in interest to substantially all of the business
and operations of the Company. Upon such assignment, the rights and obligations of the Company hereunder shall become the rights and obligations
of such Affiliate or successor person or entity.

 

    	 	 	 

     

    

 

(f)          Successors;
Binding Agreement. This Agreement shall inure to the benefit of and be binding upon personal or legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees.

 

(g)          Notice.
For the purpose of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be
deemed to have been duly given when delivered by hand or overnight courier or three days after it has been mailed by United States registered
mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below in this Agreement, or to such other
address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall
be effective only upon receipt.

 

If to the Company:

 

Getty Images, Inc.

One Hudson Square

75 Varick Street – 5th Floor

New York, NY 10013

Telephone: (646) 613-4000

Attention: Senior Vice President, Human Resources & Facilities

 

With a copy, which shall not constitute
notice to:

 

Debevoise & Plimpton LLP

919 Third Avenue

New York, NY 10022

Telephone: (212) 909-6000

Facsimile: (212) 909-6836

Attention: Elizabeth Pagel Serebransky

 

If to Executive:

 

To the most recent address of Executive
set forth in the personnel records of the Company.

 

(h)          Executive
Representation. Executive hereby represents to the Company and the Parent that the execution and delivery of this Agreement by Executive
and the Company and the performance by Executive of Executive’s duties hereunder shall not constitute a breach of, or otherwise
contravene, the terms of any employment agreement or other agreement or policy to which Executive is a party or otherwise bound.

 

(i)          Cooperation.
Executive shall provide Executive’s reasonable cooperation in connection with any action or proceeding (or any appeal from any action
or proceeding) which relates to events occurring during Executive’s employment hereunder. The Company shall reimburse all reasonable
costs and expenses of Executive as a result of such cooperation. This provision shall survive any termination of this Agreement.

 

    	 	 	 

     

    

 

(j)           Withholding
Taxes. The Company may withhold from any amounts payable under this Agreement such federal, state and local taxes as may be required
to be withheld pursuant to any applicable law or regulation.

 

(k)           Counterparts.
This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and
hereto were upon the same instrument.

 

(l)           Compliance
with IRC Section 409A.

 

(i)            The
parties intend that this Agreement shall be interpreted and administered so that any amount or benefit payable hereunder shall be paid
or provided in a manner that is either exempt from or compliant with Code Section 409A and the Treasury Regulations and Internal
Revenue Service guidance promulgated thereunder “(Section 409A”) and the parties hereby agree that the amounts
and benefits payable under this Agreement are either exempt from or compliant with Section 409A. The parties agree not to take any
position inconsistent with the preceding sentence for any reporting purposes, whether internal or external, and to cause their affiliates,
successors and assigns not to take any such inconsistent position.

 

(ii)            Notwithstanding
anything herein to the contrary, (i) if at the time of Executive’s termination of employment with the Company, Executive is
a “specified employee” as defined in Section 409A and the deferral of the commencement of any payments or benefits otherwise
payable hereunder or otherwise as a result of such termination of employment is necessary in order to prevent any accelerated or additional
tax under Section 409A, then the Company will defer the commencement of the payment of any such payments or benefits hereunder (without
any reduction in such payments or benefits ultimately paid or provided to Executive) to the extent necessary to comply with the requirements
of Section 409A until the first business day that is more than six months following Executive’s termination of employment with
the Company (or the date of Executive’s death or the earliest date as is permitted under Section 409A) and (ii) if any
other payments of money or other benefits due to Executive hereunder could cause the application of an accelerated or additional tax under
Section 409A, such payments or other benefits shall be deferred if deferral will make such payment or other benefits compliant under
Section 409A, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner, determined
by the Board, that does not cause such an accelerated or additional tax. In the event that payments under this Agreement are deferred
pursuant to this Section 12(l) in order to prevent any accelerated tax or additional tax under Section 409A, then such
payments shall be paid at the time specified under this Section 12(l) without any interest thereon. The Company shall consult
with Executive in good faith regarding the implementation of this Section 12(l); provided that neither the Company nor any
of its Affiliates, employees or representatives shall have any liability to Executive with respect to the imposition of any early or additional
tax under Section 409A. Notwithstanding anything to the contrary herein, to the extent required by Section 409A, a termination
of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of amounts
or benefits upon or following a termination of employment unless such termination is also a “Separation from Service” within
the meaning of Section 409A and, for purposes of any such provision of this Agreement, references to a “resignation,”
 “termination,” “termination of employment” or like terms shall mean “Separation from Service.” For
purposes of Section 409A, each payment made under this Agreement shall be designated as a “separate payment” within the
meaning of Section 409A. Notwithstanding anything to the contrary herein, except to the extent any expense, reimbursement or in-kind
benefit provided pursuant to this Agreement does not constitute a “deferral of compensation” within the meaning of Section 409A,
(x) the amount of expenses eligible for reimbursement or in-kind benefits provided to Executive during any calendar year will not
affect the amount of expenses eligible for reimbursement or in-kind benefits provided to Executive in any other calendar year, (y) the
reimbursements for expenses for which Executive is entitled to be reimbursed shall be made on or before the last day of the calendar year
following the calendar year in which the applicable expense is incurred and (z) the right to payment or reimbursement or in-kind
benefits hereunder may not be liquidated or exchanged for any other benefit.

 

    	 	 	 

     

    

 

(m)            No
Mitigation. Executive shall not be required to mitigate the amount of any payment provided for pursuant to this Agreement by seeking
other employment or otherwise and the amount of any payment provided for pursuant to this Agreement shall not be reduced by any compensation
earned as a result of subsequent employment of Executive following the termination of his employment hereunder.

 

(n)            Resignation
as Member of Board. If Executive’s employment with the Company is terminated for any reason, Executive hereby agrees to resign,
as of the date of such termination and to the extent applicable, as a member of the Board (and any committees thereof), the board of directors
of Global Holdings (and any committees thereof) and the board of directors or managers (and any committees thereof) of any of the Company’s
Affiliates.

 

(o)            Arbitration.
Any controversy, dispute, or claim arising out of, in connection with, or in relation to, the interpretation, performance or breach of
this Agreement, other than injunctive relief under Section 9 hereof, shall be settled exclusively by arbitration conducted in Seattle,
Washington, by and in accordance with the applicable rules of the American Arbitration Association (the “Rules”).
Each of the parties hereto agrees that such arbitration shall be conducted by a single arbitrator selected in accordance with the Rules;
provided that such arbitrator must be experienced in deciding cases concerning the matter which is the subject of the dispute.
Each of the parties hereto agrees to treat as confidential the results of any arbitration (including, but not limited to, any findings
of fact and/or law made by the arbitrator) and not to disclose such results to any unauthorized person. The parties intend that this agreement
to arbitrate be valid, enforceable and irrevocable. With respect to any arbitration hereunder, each party shall pay its own legal fees
and expenses; provided that (i) the Company shall pay the reasonable legal fees and expenses of Executive if the arbitrator
determines there was no reasonable basis for the Company’s claim or position, and (ii) Executive shall pay the reasonable legal
fees and expenses of the Company if the arbitrator determines there was no reasonable basis for Executive’s claim or position; provided,
further, that the parties agree to share the cost of the arbitrator’s fees in any event.

 

    	 	 	 

     

    

 

(p)           Modification.
No change, modification or waiver of any provision of this Agreement shall be valid unless the same is in writing and signed by the parties
hereto.

 

(q)           Defined
Terms. For purposes of this Agreement, the following capitalized terms shall have their respective meanings set forth below:

 

(i)          “Affiliate”
shall mean with respect to any Person, any other Person that controls, is controlled by, or is under common control with such Person.
The term “control,” as used in this Agreement, means the power to direct or cause the direction of the management and
policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise. “Controlled”
and “controlling” have meanings correlative to the foregoing.

 

(ii)          “Beneficial
Owner” shall have the meaning given to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act (or any successor
rules thereto). For the avoidance of doubt, no stockholder of Global Holdings shall be deemed to “beneficially own” any
securities of Global Holdings or any of its subsidiaries held by any other holder of such securities solely by virtue of the provisions
of the Partnership Agreement or any stockholders agreement of Global Holdings.

 

(iii)           “Change
in Control” shall mean the occurrence in a single transaction or in a series of related transactions, any one or more of the
following events on or after the Effective Date:

 

(A)            the
sale or disposition, in one or a series of related transactions, of all or substantially all of the assets of Global Holdings and its
subsidiaries, taken as a whole, to any “person” or “group” (as such terms are used for purposes of Sections 13(d)(3) and
14(d)(2) of the Exchange Act) other than to any of the Initial Investors or any of their respective Affiliates; or

 

(B)            any
person or group, other than any of the Initial Investors or any of their Affiliates, is or becomes the Beneficial Owner, directly or indirectly,
of more than fifty percent (50%) of the total voting power of the outstanding voting stock of Holdings, including by way of merger, consolidation
or otherwise.

 

Notwithstanding the foregoing, a transaction
or series of related transactions shall not constitute a Change in Control, unless such transaction or series of transactions also constitutes
a change in ownership of the Company or Global Holdings within the meaning of Treasury Regulation Section 1.409A-3(i)(5)(v) or
a change in the ownership of a substantial portion of the Company’s or Global Holdings’ assets within the meaning of Treasury
Regulation Section 1.409A-3(i)(5)(vii).

 

(iv)          “Exchange
Act” shall mean the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder, as each may be
amended from time to time.

 

(v)          “Initial
Carlyle Investors” shall mean Carlyle Partners V, L.P. and any affiliated investment fund.

 

    	 	 	 

     

    

 

(vi)            “Initial
Investors” shall mean Executive, the Initial Carlyle Investors, the Initial Rollover Partners and their respective Affiliates.

 

(vii)            “Initial
Rollover Partners” shall mean Getty Investments L.L.C., Cheyne Walk Trust, Ronald Family Trust B, October 1993 Trust and
Mark H. Getty.

 

(r)          Survival.
Notwithstanding the termination of the Employment Term, the provisions of Sections 6, 7, 8, 9, 10 11, 12(i), 12(l) and 12(o) of
this Agreement shall survive any such termination.

 

[Signature page follows]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the date first above written.

 

	 	GETTY IMAGES (US) INC.
	 	 
	 	By:	/s/ Dawn Airey
	 	Name: Dawn Airey
	 	Title: Chief Executive Officer
	 	 
	 	EXECUTIVE
	 	 
	 	By:	/s/ Nate Gandert
	 	Name: Nate Gandert

 

    	 	 	 

     

    

 

EXHIBIT A

 

AGREEMENT AND RELEASE

 

PLEASE READ CAREFULLY, THIS RELEASE INCLUDES
A WAIVER AND A SETTLEMENT OF ALL KNOWN AND UNKNOWN CLAIMS

 

THIS AGREEMENT AND RELEASE, dated as of _______________
(this “Agreement”), is entered into by and between _______________ (“Executive”) and Getty Images
(US) Inc. (the “Company”).

 

WHEREAS, Executive and the Company previously entered
into that certain Amended and Restated Employment Agreement dated as of _______________ (the “Employment Agreement”);
and

 

WHEREAS, Executive’s employment with the
Company has terminated or been terminated pursuant to Section 6[(b)][(c)][d] of the Employment Agreement;

 

NOW, THEREFORE, in consideration of the mutual
promises and covenants contained in this Agreement, Executive and the Company hereby agree as follows:

 

1.            Executive’s
employment with the Company has terminated or been terminated pursuant to Section 6[(b)][(c)][d] of the Employment Agreement effective
as of _______________ (the “Termination Date”).

 

2.            The
Company and Executive agree that Executive shall be provided severance pay and other benefits in accordance with the terms of Section 6[(b)][(c)][d]
of the Employment Agreement; provided that no such severance pay or benefits (other than Accrued Rights (as defined in Section 6(a)(iii) of
the Employment Agreement)) shall be paid or provided if Executive revokes this Agreement pursuant to Section 4 below.

 

    	 	 	 

     

    

 

3.            Executive
agrees, on behalf of [himself/herself], [his/her] agents, assignees, attorneys, successors, assigns, heirs and executors, to, and Executive
does hereby, fully and completely forever release the Company and its affiliates, predecessors and successors and all of their respective
past and/or present officers, directors, partners, members, managing members, managers, employees, agents, representatives, administrators,
attorneys, insurers and fiduciaries in their individual and/or representative capacities (collectively, the “Released Parties”),
from any and all grievances, claims, demands, causes of action, obligations, damages and/or liabilities of any nature whatsoever, whether
known or unknown, suspected or claimed, which Executive ever had, now has, or claims to have against the Released Parties, by reason of
any act or omission occurring before the date hereof and involving or arising out of Executive’s employment by the Company or the
termination thereof, including, without limiting the generality of the foregoing, (a) any act, cause, matter or thing stated, claimed
or alleged, or which was or which could have been alleged in any manner against the Released Parties prior to the execution of this Agreement,
(b) all claims in connection with or in relation to Executive’s employment or other service relationship with the Company,
the termination of such relationship and any applicable employment, benefit, compensatory or equity arrangement with the Company or its
affiliates (each, a “Claim”); provided that nothing contained in this Agreement shall affect Executive’s
right to enforce this Agreement or Executive’s entitlement (if any) under the Equity Documents or the Option Agreements, as defined
in the Employment Agreement, which will remain in full force and effect. Without limiting the generality of the foregoing, Executive expressly
releases the Released Parties from any and all claims (including but not limited to claims for wages, benefits, discrimination, harassment
and/or retaliation), under Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, as amended, the Fair Labor
Standards Act of 1938, as amended, the Americans with Disabilities Act of 1990, the Age Discrimination in Employment Act, the Rehabilitation
Act of 1973, the Family and Medical Leave Act of 1992, the Employee Retirement Income Security Act of 1974, the Older Workers Benefit
Protection Act of 1990, the National Labor Relations Act, the Equal Pay Act, and any and all claims for wrongful discharge, breach of
contract, fraud, misrepresentation, intentional infliction of emotional distress, defamation, assault, battery, false imprisonment, interference
with contractual or advantageous relationship, any and all claims relating to compensation, benefits or equity, and any and all claims
arising out of any actual or alleged contract of employment, whether written, oral, express or implied, or any other federal, state or
local civil or human rights or labor law, ordinances, rules, regulations, guidelines, statutes, common law, contract or tort law, or arising
out of or relating to Executive’s employment with and/or separation from the Company, and/or any events occurring prior to the execution
of this Agreement. Executive expressly understands and agrees that the Company’s obligations under this Agreement are in lieu of
any and all other amounts to which Executive may be, is now, or may become entitled to receive from any of the Released Parties upon any
claim whatsoever, including but not limited to any claim for employment, reinstatement of employment, payment for salary, back pay, front
pay, interest, bonuses, contributions to or vesting in any employee benefit or equity incentive plan, program or arrangement, damages,
accrued vacation, accrued sick leave, medical benefits, life insurance coverage, overtime, severance pay, and/or attorneys’ fees
or costs, except as are expressly set forth in this Agreement.

 

4.            Executive
also specifically acknowledges that [he/she] is knowingly and voluntarily waiving and releasing any rights or claims that [he/she] has
or may have under the Age Discrimination In Employment Act of 1967, 29 U.S.C. §§621-634, as amended (“ADEA”).
In accordance with the ADEA, the Company specifically advises Executive that, and Executive acknowledges that [he/she] has been advised
in writing that: (1) [his/her] waiver and release do not apply to any rights or claims that may arise on or after the date Executive
signs this Agreement, (2) [he/she] has the right to, and should, consult an attorney before signing this Agreement, (3) [he/she]
has twenty-one (21) days to consider this Agreement (although [he/she] may execute this Agreement earlier), (4) [he/she] has seven
(7) days after signing this Agreement to revoke this Agreement, and (5) this Agreement shall not be effective until the date
upon which the revocation period has expired, which shall be the eighth day after Executive executes this Agreement. Executive acknowledges
that any revocation of this Agreement must be received by Lisa Calvert, Senior Vice President, Human Resources and Facilities within the
seven day revocation period.

 

5.            Executive
warrants that [he/she] has not made any assignment, transfer, conveyance or alienation of any potential claim, cause of action, or any
right of any kind whatsoever as it relates to any Claim, including but not limited to, potential claims and remedies for discrimination,
harassment, retaliation, or wrongful termination, and that no other person or entity of any kind has had, or now has as to any Claim,
any financial or other interest in any of the demands, obligations, causes of action, debts, liabilities, rights, contracts, damages,
costs, expenses, losses or claims which could have been asserted as to such Claim by Executive against the Company. Executive also warrants
that [he/she] has not filed any action, complaint, charge, grievance or arbitration against any of the Released Parties with respect to
any Claim.

 

    	 	 	 

     

    

 

6.            Executive
hereby agrees not to defame or disparage the Company or any of its affiliates or any director, officer or employee of the Company or any
of its affiliates in any medium to any person without limitation in time. The Company hereby agrees that the Company’s board of
directors and the executive officers of the Company shall not defame or disparage Executive in any medium to any person without limitation
in time. Notwithstanding this provision, either party may confer in confidence with his, her or its legal representatives and make truthful
statements as required by law.

 

7.            The
parties acknowledge that this Agreement is a settlement of disputed potential claims and is not an admission of liability or of the accuracy
of any alleged fact or claim. The Company expressly denies any violation of any federal, state, or local statute, ordinance, rule, regulation,
order, common law or other law in connection with the employment and termination of employment of Executive. The parties expressly agree
that this Agreement shall not be construed as an admission by any of the parties of any violation, liability or wrongdoing, and shall
not be admissible in any proceeding as evidence of or an admission by any party of any violation or wrongdoing.

 

8.            This
Agreement in all respects shall be interpreted, enforced and governed under the laws of the State of Washington and any applicable federal
laws relating to the subject matter of this Agreement. This Agreement and the Employment Agreement contain the entire agreement of the
parties as to the subject matter hereof and thereof. No modification or waiver of any of the provisions of this Agreement shall be valid
and enforceable unless such modification or waiver is in writing and signed by the party to be charged, and unless otherwise stated therein,
no such modification or waiver shall constitute a modification or waiver of any other provision of this Agreement (whether or not similar)
or constitute a continuing waiver.

 

9.            Executive
represents that [he/she] has been afforded a reasonable period of time within which to consider the terms of this Agreement, that [he/she]
has read this Agreement, and is fully aware of its legal effects. Executive further represents and warrants that Executive is entering
into this Agreement knowingly and voluntarily, without any mistake, duress or undue influence, and that Executive has been provided the
opportunity to review this Agreement with counsel of Executive’s own choosing. In making this Agreement, each party relies upon
his, her or its own judgment, belief and knowledge, and has not been influenced in any way by any representations or statements not set
forth herein regarding the contents hereof by the entities who are hereby released, or by anyone representing them.

 

10.            This
Agreement may be executed in counterparts, all of which shall be considered one and the same agreement, and shall become effective when
one or more counterparts have been signed by each of the parties and delivered to the other parties. The parties further agree that delivery
of an executed counterpart by facsimile shall be as effective as delivery of an originally executed counterpart.

 

    	 	 	 

     

    

 

11.            Should
any provision of this Agreement be declared or be determined by a forum with competent jurisdiction to be illegal or invalid, the validity
of the remaining parts, terms or provisions shall not be affected thereby and said illegal or invalid part, term, or provision shall be
deemed not to be a part of this Agreement.

 

PLEASE READ CAREFULLY, THIS RELEASE INCLUDES
A WAIVER AND A SETTLEMENT OF ALL KNOWN AND UNKNOWN CLAIMS.

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the date first above written.

 

	 	GETTY IMAGES (US) INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	EXECUTIVE
	 	 
	 	By:	 
	 	 	[NAME]

 

    	 	 	 

     

    

 

EXHIBIT B

 

Each of the following entities is a Competitive Business:

 

		·	AFP

 

		·	Corbis

 

		·	Dreamstime

 

		·	Adobe

 

		·	Shutterstock

 

		·	SilverHub

 

Each of the following entities is also a Competitive Business, but
only to the extent any role or relationship by Executive with such entity relates in any way to such entity’s image licensing business
or the way such entity leverages image licensing in other lines of business:

 

		·	the Associated Press

 

		·	British Sky Broadcasting

 

		·	dpa (German Press Agency)

 

		·	Microsoft

 

		·	News Corporation

 

		·	Reuters

 

		·	Facebook

 

		·	Google

 

		·	Yahoo

 

    	 	 	 

     

    

 

FIRST AMENDMENT TO

EMPLOYMENT AGREEMENT

NATE GANDERT

 

THIS AMENDMENT (this “Amendment”)
is entered into as of April 1, 2020 by and between Getty Images (Seattle), Inc., a Washington corporation (the “Company”),
and Nate Gandert (the “Executive”).

 

WHEREAS, the Executive is currently party
to that certain employment agreement with the Company, dated as of June 1, 2016 (the “Employment Agreement”);

 

WHEREAS, the Company and the Executive desire
to enter into this Amendment to amend certain terms of the Employment Agreement; and

 

WHEREAS, capitalized terms that are not
defined herein shall have the same meaning as set forth in the Employment Agreement, unless specified to the contrary.

 

NOW THEREFORE, in consideration of the foregoing,
the mutual promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto hereby agree as follows:

 

12.            Section 3(a) of
the Employment Agreement is hereby deleted in its entirety and replaced with the following:

 

“(a)     Base
Salary. During the Employment Term, the Company shall pay Executive a base salary. For a period ending April 30, 2020, the Company
paid/will pay Executive a base salary at an annual rate of $493,782 (the “Base Salary”). During the Employment Term
and commencing May 1, 2020 (the “Effective Date”), the Company shall pay Executive a base salary at an annual
rate of $345,647 (the “Modified Salary”), payable in regular installments in accordance with the Company’s usual
payroll practices. The adjustment from Base Salary to Modified Salary is intended to be an extraordinary and temporary measure to address
the potential global economic impact of COVID-19. The Modified Salary shall revert to the Base Salary, in whole or in part, at such time
as the Company, acting reasonably, determines that such reduction is no longer necessary, which shall be reviewed at least once per month
during the time that the Modified Salary is in effect. The Company agrees that it shall not unnecessarily maintain the Modified Salary
beyond the extraordinary events caused directly or indirectly by COVID-19. The Board shall review the Executive’s Base Salary at
least once per annum. For the avoidance of doubt, the Company shall have no obligation to make any payments to Executive in connection
with the reduction of the Base Salary to the Modified Salary.”

 

13.            Section 3(b) of
the Employment Agreement is hereby deleted in its entirety and replaced with the following:

 

“(b)     Annual
Bonus. During the Employment Term, Executive shall be eligible to earn an annual cash bonus award (the “Annual Bonus”)
in respect of each full fiscal year of the Company for which she is employed, in a target amount equal to 50% of the Base Salary (the
 “Target Bonus”), based upon the achievement of the performance goals established by the Compensation Committee of the
Board (the “Compensation Committee”), or, if no such committee exists, the Board, within the first three (3) months
of each fiscal year during the Employment Term. The Annual Bonus, if any, shall be paid to Executive in the calendar year following the
year in which the bonus was earned and after the completion of the consolidated financial audit of Getty Inc. and its Affiliates, as applicable,
for the applicable year, but in no event later than March 15 of the year following the year in which the bonus was earned.”

 

    	 	 	 

     

    

 

14.          Clause
(d) in the first sentence of Section 6 of the Employment Agreement is hereby deleted in its entirety and replaced with
the following:

 

“(d) Executive shall continue to receive payments
of Modified Salary and participate in the Employee Benefits.”

 

15.          Section 6(a)(iii)(A) of
the Employment Agreement is hereby deleted in its entirety and replaced with the following:

 

“(A)  
    the Modified Salary through the date of termination, payable on the normal payroll
date for such Modified Salary;”

 

16.            For
greater clarity, except as specifically provided herein, all compensation and benefits provided to the Executive that are calculated by
reference to the Base Salary shall continue to be calculated by reference to the Base Salary, including but not limited to life insurance
and critical illness benefits.

 

17.           This
Amendment constitutes Executive’s written consent to the reduction of the Base Salary to the Modified Salary, such that such action
is not Good Reason under the Employment Agreement.

 

18.            Remaining
Provisions. Except as expressly modified by this Amendment, the Employment Agreement shall remain in full force and effect. This Amendment
and the Employment Agreement embody the entire agreement and understanding of the parties hereto with respect to the subject matter hereof,
and supersede all prior and contemporaneous agreements and understandings, oral or written, relative thereto.

 

19.            Governing
Law. This Amendment and all claims, causes of action or proceedings (whether in contract, in tort, at law or otherwise) that may be
based upon, arise out of or relate to this Amendment will be governed by the internal laws of the State of Washington, excluding any conflicts
or choice-of-law rule or principle that might otherwise refer construction or interpretation of this Amendment to the substantive
law of another jurisdiction.

 

20.            Amendment
Effective Date. This Amendment shall be effective as of the Effective Date.

 

21.            Counterparts.
This Amendment may be executed in more than one counterpart, each of which shall be deemed to be an original but all of which together
will constitute one and the same instrument.

 

*     *     *

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have executed
this Amendment as of the Effective Date.

 

	 	GETTY IMAGES (US) INC.
	 	 
	 	By:	/s/ Kjelti Kellough
	 	Name: Kjelti Kellough
	 	Title: Senior Vice President, General Counsel
	 	 
	 	EXECUTIVE
	 	 
	 	By:	/s/ Nate Gandert
	 	Name: Nate Gandert

 

    	 	 	 

     

    

 

SECOND AMENDMENT TO

EMPLOYMENT AGREEMENT

NATE GANDERT

 

THIS AMENDMENT (this “Amendment”)
is entered into as of October 1, 2020 (the “Effective Date”) by and between Getty Images (Seattle), Inc., a Washington
corporation (the “Company”), and Nate Gandert (the “Executive”).

 

WHEREAS, the Executive is currently party
to that certain employment agreement with the Company, dated as of June 1, 2016 and amended on April 1, 2020 (the “Employment
Agreement”);

 

WHEREAS, the Company and the Executive desire
to enter into this Amendment to amend certain terms of the Employment Agreement; and

 

WHEREAS, capitalized terms that are not
defined herein shall have the same meaning as set forth in the Employment Agreement, unless specified to the contrary.

 

NOW THEREFORE, in consideration of the foregoing,
the mutual promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto hereby agree as follows:

 

22.            Section 3(a) of
the Employment Agreement is hereby deleted in its entirety and replaced with the following:

 

“(a)         Base
Salary. During the Employment Term, the Company shall pay Executive a base salary. During the Employment Term, the Company shall pay
Executive a base salary at an annual rate of $493,782 (the “Base Salary”), payable in regular installments in accordance
with the Company’s usual payroll practices. The parties acknowledge that from May 1, 2020 to September 30, 2020, the Base
Salary was subject to a temporary reduction of 30% to address the potential global economic impact of COVID-19 (the “Modified
Salary”). For the avoidance of doubt, the Company shall have no obligation to make any payments to Executive in connection with
the reduction of the Base Salary to the Modified Salary. The Board shall review the Executive’s Base Salary at least once per annum.”

 

23.            Clause
(d) in the first sentence of Section 6 of the Employment Agreement is hereby deleted in its entirety and replaced with
the following:

 

“(d)          Executive shall continue to receive payments
of Modified Salary and participate in the Employee Benefits.”

 

24.            Section 6(a)(iii)(A) of
the Employment Agreement is hereby deleted in its entirety and replaced with the following:

 

“(A)       the
Modified Salary through the date of termination, payable on the normal payroll date for such Modified Salary;”

 

    	 	 	 

     

    

 

25.            Remaining
Provisions. Except as expressly modified by this Amendment, the Employment Agreement shall remain in full force and effect. This Amendment
and the Employment Agreement embody the entire agreement and understanding of the parties hereto with respect to the subject matter hereof,
and supersede all prior and contemporaneous agreements and understandings, oral or written, relative thereto.

 

26.            Governing
Law. This Amendment and all claims, causes of action or proceedings (whether in contract, in tort, at law or otherwise) that may be
based upon, arise out of or relate to this Amendment will be governed by the internal laws of the State of Washington, excluding any conflicts
or choice-of-law rule or principle that might otherwise refer construction or interpretation of this Amendment to the substantive
law of another jurisdiction.

 

27.            Amendment
Effective Date. This Amendment shall be effective as of the Effective Date.

 

28.            Counterparts.
This Amendment may be executed in more than one counterpart, each of which shall be deemed to be an original but all of which together
will constitute one and the same instrument.

 

*     *     *

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Amendment as of the Effective Date.

 

	 	GETTY IMAGES (US) INC.
	 	 
	 	By:	/s/ Kjelti Kellough
	 	Name: Kjelti Kellough
	 	Title: Senior Vice President, General Counsel
	 	 
	 	EXECUTIVE
	 	 
	 	By:	/s/ Nate Gandert
	 	Name: Nate GandertExhibit 10.1

 

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

 

ACE CONVERGENCE ACQUISITION CORP.

CONVERTIBLE PROMISSORY NOTE

 

	Principal Amount: Up to $1,500,000	 	Dated
                                            as of January 13, 2022

 

ACE Convergence Acquisition Corp., a Cayman Islands
exempted company limited by shares (“Maker”), promises to pay to ACE Convergence Acquisition LLC, a Delaware limited
liability company (“Payee”), or order, the principal balance as set forth on Schedule A hereto in cash
in lawful money of the United States of America, on the terms and conditions described below; which schedule shall be updated from time
to time by the parties hereto to reflect all advances and re-advances outstanding under this Note; provided that at no time shall
the aggregate of all advances and re-advances outstanding under this note exceed one million and five hundred thousand dollars ($1,500,000)
(the “Maximum Amount”). Any advance hereunder shall be made by the Payee pursuant to Section 2 below and shall
be set forth on Schedule A. All payments on this Note shall be made by check or wire transfer of immediately available funds
or as otherwise determined by Maker to such account as Payee may from time to time designate by written notice in accordance with the
provisions of this Note.

 

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

 

2.                  
Drawdowns. Payee shall advance to Maker, beginning on January 25, 2022, and thereafter on the 25th of each month
until the earlier of (i) the consummation of the transactions contemplated by the Merger Agreement and (ii) the date by which Maker must
complete an initial business combination, an amount equal to the product of $0.03 and the number of then-outstanding Class A ordinary
shares of Maker, such amounts in the aggregate not to exceed the Maximum Amount. Drawdowns under this Note are conditioned upon the approval
by the shareholders of Maker of the proposal to extend the date by which Maker must complete an initial business combination to be presented
at the annual general meeting of shareholders of Maker to be held on January 21, 2022.

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

6.                  
Conversion

 

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

 

    2

     

    

 

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

 

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

 

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

 

7.                  
Remedies.

 

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

 

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

 

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

 

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

 

    3

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    4

     

    

 

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

 

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

 

[Signature page follows.]

 

    5

     

    

 

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

 

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

 

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

 

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

 

     

     

    

 

SCHEDULE A

 

Subject to the terms and conditions set forth in
the Note to which this schedule is attached, the principal balance due under the Note shall be set forth in the table below and shall
be updated from time to time to reflect all advances and re-advances outstanding under the Note.

 

	Date	Drawing	Interest Earned	Principal Balance

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