Document:

Exhibit 10.2

 

PRIVILEGED AND CONFIDENTIAL

 

LOCK-UP AGREEMENT

 

December 20, 2022

 

ECARX Holdings Inc.

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

277 Longlan Road, Xuhui District

Shanghai 200041, People’s Republic of China

 

COVA Acquisition Corp.

1700 Montgomery Street, Suite 240

San Francisco, CA 94111

 

Re: Lock-Up Agreement

 

Ladies and Gentlemen:

 

This letter agreement (this “Letter
Agreement”) is being delivered to ECARX Holdings Inc., a Cayman Islands exempted company (the “Company”)
and COVA Acquisition Corp., a Cayman Islands exempted company (“SPAC”), in connection with the Agreement and
Plan of Merger (the “Merger Agreement”) entered into as of May 26, 2022, by and among the Company, SPAC, Ecarx
Temp Limited, a Cayman Islands exempted company (“Merger Sub 1”), and Ecarx&Co Limited, a Cayman Islands
exempted company (“Merger Sub 2”), pursuant to which, among other things, (i) Merger Sub 1 will merge with and
into SPAC, with SPAC surviving the First Merger as a wholly owned subsidiary of the Company (the “First Merger”),
(ii) SPAC will merge with and into Merger Sub 2, with Merger Sub 2 surviving the Second Merger as a wholly owned subsidiary of the Company
(the “Second Merger”, and together with the First Merger, the “Mergers”), and (iii)
in connection with the Mergers, the undersigned (the “Shareholder”) will hold such number of Class A ordinary
shares of the Company (each, a “Company Ordinary Share”) equal to (a) the number of ordinary shares and preferred
shares of the Company held by the Shareholder, multiplied by (b) the Recapitalization Factor. Capitalized terms used herein but
not defined herein shall have the meaning ascribed to such terms in the Merger Agreement.

 

In order to induce SPAC
and the Company to proceed with the Mergers and other transactions contemplated in the Merger Agreement (collectively, the “Transactions”)
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Shareholder hereby agrees
with SPAC and the Company as follows.

 

As used herein,
(i) “Closing” means the closing of the transactions contemplated by the Merger Agreement; (ii) “Closing
Date” means the date on which the Closing occurs; (iii) “Lock-Up Period” means a period of six
(6) months from and after the Closing Date; (iv) “Locked-Up Shares” means any Company Ordinary Shares that are
held by the Shareholder immediately after the First Effective Time and any Company Ordinary Shares acquired by the Shareholder upon the
exercise of the Company Options; and (v) “Transfer” means (x) sell, offer to sell, contract or agree to sell,
hypothecate, pledge, grant any option, right or warrant to purchase or otherwise transfer, dispose of or agree to transfer or dispose
of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within
the meaning of Section 16 of the Exchange Act, and the rules and regulations of the SEC promulgated thereunder, with respect to any Locked-Up
Shares, (y) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences
of ownership of any Locked-Up Shares, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise,
or (z) publicly announce any intention to effect any transaction specified in clause (x) or (y).

 

     

     

    

 

Subject to the exceptions
set forth herein, the Shareholder agrees not to, without the prior written consent of the board of directors of the Company, Transfer
any Locked-Up Shares held by it.

 

The restrictions set forth
in the immediately preceding paragraph shall not apply to:

 

(i)               
transfers by the Shareholder to (A) any of its shareholder, partner or member via dividend or share repurchase as part of a distribution,
or (B) any Person that is an affiliate of the Shareholder;

 

(ii)              
transfers by virtue of the Laws of the state of the Shareholder’s organization and the Shareholder’s Organizational
Documents upon dissolution of the Shareholder;

 

(iii)            
pledges of any Locked-Up Shares to a financial institution that create a mere security interest in such Locked-Up Shares pursuant
to a bona fide loan or indebtedness transaction so long as the Shareholder continues to control the exercise of the voting rights of such
pledged Locked-Up Shares (as well as any foreclosures on such pledged Locked-Up Shares so long as the transferee in such foreclosure agrees
to become a party to this Letter Agreement and be bound by all obligations applicable to the Shareholder, provided that such agreement
shall only take effect in the event that the transferee takes possession of the Locked-Up Shares as a result of foreclosure);

 

(iv)            
transfers of any Company Ordinary Shares acquired as part of the Permitted Financing or Subsequent Equity Financing;

 

(v)             
transactions relating to Company Ordinary Shares or other securities convertible into or exercisable or exchangeable for Company
Ordinary Shares acquired in open market transactions after the Closing, provided that no such transaction is required to be, or
is, publicly announced (whether on Form 4, Form 5 or otherwise, other than a required filing on Schedule 13F, 13G or 13G/A) during the
applicable Lock-Up Period;

 

(vi)             
the exercise of any options to purchase Company Ordinary Shares (which exercises may be effected on a cashless basis to the extent
the instruments representing such options or warrants permit exercises on a cashless basis);

 

(vii)           
transfers to the Company to satisfy tax withholding obligations pursuant to the Company’s equity incentive plans or arrangements;

 

(viii)         
the establishment, at any time after the Closing, by the Shareholder of a trading plan providing for the sale of Company Ordinary
Shares that meets the requirements of Rule 10b5-1(c) under the Exchange Act (a “Trading Plan”); provided, however,
that no sales of Locked-Up Shares shall be made by the Shareholder pursuant to such Trading Plan during the applicable Lock-Up Period
and no public announcement or filing is voluntarily made regarding such plan during the applicable Lock-Up Period; and

 

(ix)             
transfers made in connection with a liquidation, merger, share exchange or other similar transaction that results in all of the
Company’s shareholders having the right to exchange their Company Ordinary Shares for cash, securities or other property subsequent
to the Closing Date;

 

    2

     

    

 

provided, however, that in the case
of clauses (i) through (iv), these permitted transferees shall enter into a written agreement in substantially the form of this Letter
Agreement, agreeing to be bound by the lock-up restrictions on Transfer of Lock-Up Shares prior to such Transfer.

 

The Shareholder hereby
agrees that, in accordance with the terms thereof, (i) the Investors Rights Agreement, (ii) any rights of the Shareholder under the Investors
Rights Agreement (including, for the avoidance of doubt, any registration rights of the Shareholder with respect to any securities of
the Company thereunder) and (iii) any rights under any other agreement providing for redemption rights, put rights, purchase rights or
other similar rights not generally available to the shareholders of the Company, shall be terminated effective as of the First Effective
Time, and thereupon shall be of no further force or effect, without any further action on the part of any of the Shareholder or the Company,
and neither the Company, the Shareholder, nor any of their respective affiliates or subsidiaries shall have any further rights, duties,
liabilities or obligations thereunder and each of the Shareholder and the Company hereby releases in full any and all claims with respect
thereto with effect on and from the First Effective Time.

 

The Shareholder hereby
represents and warrants that the Shareholder has full power and authority to enter into this Letter Agreement and that this Letter Agreement
constitutes the legal, valid and binding obligation of the Shareholder, enforceable in accordance with its terms. The Shareholder will,
from time to time, (i) execute and deliver, or cause to be executed and delivered, any additional or further consents, documents and other
instruments as the Company or SPAC may reasonably request for the purpose of effectively consummating the transactions contemplated by
this Letter Agreement, the Merger Agreement and the other Transaction Documents and (ii) refrain from exercising any veto right, consent
right or similar right (whether under the Organizational Documents of the Company or the Cayman Companies Act) which would prevent, impede
or, in any material respect, delay or adversely affect the consummation of the Mergers or any other transactions contemplated by the Merger
Agreement or any of the other Transaction Documents. Any obligations of the Shareholder shall be binding upon the successors and assigns
of the Shareholder from and after the date hereof.

 

This Letter Agreement
constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and supersedes any other
agreements, whether written or oral, that may have been made or entered into by or between the parties hereto or any of their respective
Subsidiaries relating to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement may not be changed,
amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument
executed by all parties hereto.

 

Other than in connection
with the Transfer of any Locked-Up Shares in accordance with the terms of this Letter Agreement, which shall not be deemed to be an assignment
of this Letter Agreement or the rights or obligations hereunder, no party hereto may assign this Letter Agreement or any part hereof without
the prior written consent of each other party and any such transfer without prior written consent shall be void. This Letter Agreement
shall be binding on the Shareholder and its permitted successors and assigns.

 

This Letter Agreement
shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflicts
of law principles that would result in the application of the substantive laws of another jurisdiction. The parties hereto (i) all agree
that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Letter Agreement shall be brought and enforced
in any state or federal courts located in New York county, State of New York (or any appellate courts therefrom), and irrevocably submit
to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive jurisdiction
and venue or that such courts represent an inconvenient forum. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE
UNDER THIS LETTER AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE
EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS LETTER AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS LETTER AGREEMENT.

 

    3

     

    

 

The parties hereto agree
that irreparable damage would occur in the event that any of the provisions of this Letter Agreement were not performed in accordance
with their specific terms or were otherwise breached. It is accordingly agreed that the parties hereto shall be entitled to an injunction
or injunctions to prevent breaches of this Letter Agreement and to specific enforcement of the terms and provisions of this Letter Agreement,
in addition to any other remedy to which any party is entitled at law or in equity. In the event that any Action shall be brought in equity
to enforce the provisions of this Letter Agreement, no party shall allege, and each party hereby waives the defense, that there is an
adequate remedy at law, and each party agrees to waiver any requirement for the securing or posting of any bond in connection therewith.

 

This Letter Agreement
may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of
2000, e.g., www.docusign.com or www.echosign.com) or other transmission method and any counterpart so delivered shall be deemed to have
been duly and validly delivered and be valid and effective for all purposes.

 

All general notices, demands
or other communications required or permitted to be given or made hereunder shall be in writing and delivered personally or sent by courier
or sent by registered post or sent by electronic mail to the Shareholder at its address set forth on the signature page and to the intended
recipient of the Company and SPAC at its address or at its email address set out below (or to such other address or email address as each
of them may from time to time notify the other parties):

 

If to SPAC, to:

 

COVA Acquisition Corp.

1700 Montgomery Street,
Suite 240

San Francisco, CA 94111

Attention: Jun Hong Heng

E-mail: junhong@crescentcove.com

 

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

 

Orrick, Herrington &
Sutcliffe LLP

 

222 Berkeley Street, Suite
2000

Attention: Albert Vanderlaan;
Hari Raman

E-mail: avanderlaan@orrick.com;
hraman@orrick.com

 

and

 

Orrick, Herrington &
Sutcliffe LLP

5701 China World Tower
A

No. 1 Jianguomenwai Avenue,
Beijing 100004

Attention: Jeff Zhang

Email: jeffzang@orrick.com

 

    4

     

    

 

If to Company, to:

 

ECARX Holdings Inc.

 

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

277 Longlan Road, Xuhui District

Shanghai 200041, People’s
Republic of China

Attention: Tony Chen

E-mail: tony.chen@ecarxgroup.com

 

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

 

Skadden, Arps, Slate,
Meagher & Flom LLP

 

30/F, China World Office
2

No. 1, Jian Guo Men Wai
Avenue

Beijing 100004, China

Attention: Peter X. Huang

Email: peter.huang@skadden.com

 

and

 

Skadden, Arps, Slate,
Meagher & Flom LLP

 

c/o 42/F, Edinburgh Tower,
The Landmark

15 Queen’s Road
Central, Hong Kong

Attention: Shu Du

Email: shu.du@skadden.com

 

This Letter Agreement
shall automatically terminate upon the earlier to occur of the (i) the expiration of the Lock-Up Period and (ii) the termination of the
Merger Agreement, provided that termination hereof shall not extinguish or otherwise affect the liability of the Shareholder for any prior
breach of or non-compliance with the terms hereof.

 

[Signature pages follow]

 

    5

     

    

 

	 	Very truly yours,
	 	 
	 	 
	 	(Name of Shareholder – Please Print)
	 	 
	 	 
	 	(Signature)
	 	 
	 	 
	 	(Name of Signatory if Shareholder is an entity – Please Print)
	 	 
	 	 
	 	(Title of Signatory if Shareholder is an entity – Please Print)
	 	 
	 	Address:	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

[Signature Page to Lock-Up
Agreement]

 

     

     

    

 

	Agreed to and accepted:	 
	 	 
	ECARX HOLDINGS INC.	 
	 	 
	By:	            	 
	Name:	 
	Title:	 
	 	 
	COVA ACQUISITION CORP.	 
	 	 
	By:	 	 
	Name:	 
	Title:	 

 

[Signature Page to Lock-Up Agreement]Exhibit 10.3

 

ASSIGNMENT,
ASSUMPTION AND AMENDMENT AGREEMENT

 

THIS ASSIGNMENT, ASSUMPTION AND AMENDMENT AGREEMENT
(this “Agreement”) is made and entered into as of December 20, 2022, by and among (i) COVA Acquisition
Corp., a Cayman Islands exempted company (the “SPAC”), (ii) ECARX Holdings Inc., a Cayman Islands
exempted company (the “Company”), and (iii) Continental Stock Transfer & Trust Company, a New
York limited purpose trust company, as warrant agent (the “Warrant Agent”). Capitalized terms used but not otherwise
defined herein shall have the respective meanings assigned to such terms in the Warrant Agreement (as defined below) (and if such term
is not defined in the Warrant Agreement, then the Merger Agreement (as defined below)).

 

RECITALS

 

WHEREAS,
SPAC and the Warrant Agent are parties to that certain Warrant Agreement, dated as of February 4, 2021 (as amended, including without
limitation by this Agreement, the “Warrant Agreement”), pursuant to which the Warrant Agent agreed to act as
the SPAC’s warrant agent with respect to the issuance, registration, transfer, exchange, redemption and exercise of (i) warrants
to purchase ordinary shares of the SPAC issued in SPAC’s initial public offering (“IPO”) (the “Public
Warrants”), (ii) warrants to purchase ordinary shares underlying the units of SPAC acquired by COVA Acquisition Sponsor
LLC (the “Sponsor”), in a private placement concurrent with the IPO (the “Private Placement Warrants”),
and (iii) warrants to purchase ordinary shares issuable to the Sponsor or an affiliate of the Sponsor or certain officers and directors
of SPAC upon conversion of up to $1,000,000 of working capital loans (the “Working Capital Warrants” and together
with the Public Warrants and the Private Placement Warrants, the “Warrants”);

 

WHEREAS,
on May 26, 2022, (i) SPAC, (ii) the Company, (iii) Ecarx Temp Limited, an exempted company limited by shares incorporated under
the laws of the Cayman Islands and a direct wholly owned subsidiary of the Company (“Merger
Sub 1”), and (iv) Ecarx&Co Limited, an exempted company limited by shares incorporated under the laws of the
Cayman Islands and a direct wholly owned subsidiary of the Company (“Merger
Sub 2”), entered into that certain Agreement and Plan of Merger (as it may be amended after the date hereof, the
 “Merger Agreement”);

 

WHEREAS,
pursuant to the Merger Agreement, upon the consummation of the transactions contemplated thereby (the
 “Closing”), among other matters and subject to the terms and conditions thereof, (a) Merger Sub 1 will
merge with and into SPAC (the “First Merger”), with SPAC being the surviving entity, and (b) immediately
following the First Merger and as part of the same overall transaction as the First Merger, SPAC, in its capacity as the surviving
entity of the First Merger, will merge with and into Merger Sub 2 (the “Second
Merger” and together with the First Merger, collectively, the “Mergers”),
with Merger Sub 2 being the surviving entity, and as a result of which, among other matters, (i) Merger Sub 2, in its capacity
as the surviving entity of the Second Merger, shall remain a wholly-owned subsidiary of the Company and (ii) each SPAC Class A
Ordinary Share (which includes each SPAC Class A Ordinary Share (A) issued in connection with the SPAC Class B Conversion and (B)
held as a result of the Unit Separation) immediately prior to the effective time of the First Merger (the “Effective
Time”) shall automatically be cancelled and cease to exist in exchange for the right to receive one newly issued,
fully paid and non-assessable class A ordinary shares, par value $0.000005 per share, of the Company (together with any other
securities of the Company or any successor entity issued in consideration of (including as a stock split, dividend or distribution)
or in exchange for any of such securities, the “Company Class A Ordinary Shares”), all upon the terms and
subject to the conditions set forth in the Merger Agreement and in accordance with the provisions of applicable law;

 

     

     

    

 

WHEREAS,
upon consummation of the Mergers, as provided in the Merger Agreement and Section 4.5 of the Warrant Agreement, each of the issued
and outstanding Warrants will no longer be exercisable for SPAC Ordinary Shares (as defined in the Merger Agreement) but instead will
be exercisable (subject to the terms and conditions of the Warrant Agreement as amended hereby) for the same number of Company Class A
Ordinary Shares at the same exercise price per share; and

 

WHEREAS,
the Company Class A Ordinary Shares constitute an Alternative Issuance as defined in said Section 4.5 of the Warrant Agreement;

 

WHEREAS,
all references to “Ordinary Shares” in the Warrant Agreement (including all Exhibits thereto) shall mean the Company Class
A Ordinary Shares;

 

WHEREAS,
the board of directors of SPAC has determined that the consummation of the transactions contemplated by the Merger Agreement will constitute
a Business Combination (as defined in the Warrant Agreement); and

 

WHEREAS,
in connection with the Mergers, SPAC desires to assign all of its right, title and interest in the Warrant Agreement to the Company, and
the Company wishes to accept such assignment and assume all the liabilities and obligations of SPAC under the Warrant Agreement with the
same force and effect as if the Company were initially a party to the Warrant Agreement.

 

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

 

1.              Assignment and Assumption; Consent.

 

(a)           Assignment and Assumption. SPAC hereby assigns to the Company all of SPAC’s right, title and interest in and to the
Warrant Agreement and the Warrants (each as amended hereby) as of the Effective Time. The Company hereby assumes, and agrees to pay, perform,
satisfy and discharge in full, as the same become due, all of SPAC’s liabilities and obligations under the Warrant Agreement and
the Warrants (each as amended hereby) arising from and after the Effective Time with the same force and effect as if the Company were
initially a party to the Warrant Agreement.

 

    2

     

    

 

(b)           Consent.
The Warrant Agent hereby consents to the assignment of the Warrant Agreement and the Warrants by SPAC to the Company and the
assumption by the Company of the SPAC’s obligations under the Warrant Agreement pursuant to Section 1(a) hereof
effective as of the Effective Time, the assumption of the Warrant Agreement and Warrants by the Company from SPAC pursuant to Section 1(a) hereof
effective as of the Effective Time, and to the continuation of the Warrant Agreement and Warrants in full force and effect from and
after the Effective Time, subject at all times to the Warrant Agreement and Warrants (each as amended hereby) and to all of the
provisions, covenants, agreements, terms and conditions of the Warrant Agreement and this Agreement.

 

2.             Amendments to Warrant Agreement. The parties hereto hereby agree to the following amendments to the Warrant Agreement and
acknowledge and agree that the amendments to the Warrant Agreement set forth in this Section 2 (i) are necessary and desirable and do
not adversely affect the rights of the Registered Holders under the Warrant Agreement in any material respect and (ii) are to provide
for the delivery of Alternative Issuance pursuant to Section 4.5 of the Warrant Agreement:

 

(a)           Preamble
and References to the “Company”. The preamble of the Warrant Agreement is hereby amended by deleting “COVA Acquisition
Corp.” and replacing it with “ECARX Holdings Inc.”. As a result thereof, all references to the “Company”
in the Warrant Agreement (including all exhibits thereto) shall be amended such that they refer to the Company rather than SPAC.

 

(b)           Recitals. The recitals on pages one and two of the Warrant Agreement are hereby deleted and replaced in their entirety as
follows:

 

“WHEREAS,
on February 4, 2021, COVA Acquisition Corp. (“COVA”) entered into that certain Private Placement Warrants Purchase Agreement
with COVA Acquisition Sponsor, a Cayman Islands limited liability company, (the “Sponsor”), pursuant to which the Sponsor
agreed to purchase an aggregate of 7,725,000 warrants (or up to 8,875,000 warrants if the Over-allotment Option (as defined below) in
connection with the Public Offering (as defined below) is exercised in full) simultaneously with the closing of the Public Offering (and
the closing of the Over-allotment Option, if applicable) bearing the legend set forth in Exhibit B hereto (the “Private Placement
Warrants”) at a purchase price of $1.00 per Private Placement Warrant; and

 

WHEREAS, in
order to finance COVA’s transaction costs in connection with an intended initial merger, share exchange, asset acquisition, share
purchase, reorganization or similar business combination, involving the Company and one or more businesses, the Sponsor or an affiliate
of the Sponsor or certain of COVA’s officers and directors could, but were not obligated to, loan COVA funds as COVA required, of
which up to $1,000,000 of such loans may be convertible into up to an additional 1,000,000 Private Placement Warrants at a price of $1.00
per Private Placement Warrant (the “Working Capital Warrants”); and

 

WHEREAS,
COVA consummated an initial public offering (the “Public Offering”) of units of COVA’s equity securities, each
such unit comprised of one Class A ordinary share and one-half of one Public Warrant (as defined below) (the
 “Units”) and, in connection therewith, issued and delivered up to 15,007,500 warrants (including up to 1,957,500
warrants subject to the Over-allotment Option) to public investors in the Public Offering (the “Public Warrants” and
together with the Private Placement Warrants and Working Capital Warrants, the “COVA Warrants”). Each whole COVA Warrant
entitles the holder thereof to purchase one Class A ordinary share of COVA for $11.50 per share, subject to adjustment. Only whole
warrants are exercisable; and

 

    3

     

    

 

WHEREAS, COVA
has filed with the Securities and Exchange Commission (the “Commission”) a registration statement on Form S-1, File No. 333-252273 (the
 “Registration Statement”) and prospectus (the “Prospectus”), for the registration, under the Securities Act of
1933, as amended (the “Securities Act”), of the Units, and the Public Warrants and the Class A ordinary shares included in
the Units; and

 

WHEREAS,
on May 26, 2022, (i) SPAC, (ii) the Company, (iii) Ecarx&Co Limited, an exempted company limited by shares incorporated under the
laws of the Cayman Islands and a direct wholly owned subsidiary of the Company (“Merger Sub 1”), and (iv) Ecarx Temp Limited,
an exempted company limited by shares incorporated under the laws of the Cayman Islands and a direct wholly owned subsidiary of the Company
(“Merger Sub 2”), entered into that certain Agreement and Plan of Merger (as it may be amended after the date hereof, the
 “Merger Agreement”) and, as a result, all Class A ordinary shares of COVA shall be exchanged for the right to receive class
A ordinary shares, par value $0.000005 per share, of the Company (“Company Class A Ordinary Shares”); and

 

WHEREAS, pursuant
to the Merger Agreement and Section 4.5 of this Agreement, immediately after the First Effective Time (as defined in the Merger Agreement),
each of the issued and outstanding COVA Warrants will no longer be exercisable for Ordinary Shares but instead will become exercisable
(subject to the terms and conditions of this Agreement) for Company Class A Ordinary Shares (each a “Warrant” and collectively,
the “Warrants”); and

 

WHEREAS, the
Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the
issuance, registration, transfer, exchange, redemption and exercise of the Warrants; and

 

WHEREAS, the
Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the
respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

WHEREAS, all
acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned
by or on behalf of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the
execution and delivery of this Agreement.

 

NOW, THEREFORE,
in consideration of the mutual agreements herein contained, the parties hereto agree as follows:”

 

(c)           Detachability
of Warrants. Section 2.4 of the Warrant Agreement is hereby deleted and replaced with the following: “[INTENTIONALLY OMITTED]”

 

(d)           Reference to Ordinary Shares. All references to “Ordinary Shares” in the Warrant Agreement (including all Exhibits
thereto) shall mean Company Class A Ordinary Shares.

 

    4

     

    

 

(e)           Reference to Business Combination. All references to “Business Combination” in the Warrant Agreement (including
all Exhibits thereto) shall be references to the transactions contemplated by the Merger Agreement, and references to “the completion
of the Business Combination” and all variations thereof in the Warrant Agreement (including all Exhibits thereto) shall be references
to the closing of the transactions contemplated by the Merger Agreement.

 

(f)            Notices. Section 9.2 of the Warrant Agreement is hereby amended to delete the address of the Company for notices under
the Warrant Agreement and instead add the following address for notices to the Company:

 

	
     

     

    ECARX Holdings Inc.

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

    277 Longlan Road

    Xuhui District, Shanghai 200041

    People’s Republic of China

    Attention: Tony Chen

    Email: tony.chen@ecarxgroup.com
	
    with a copy (which will not constitute notice) to:

     

    Skadden, Arps, Slate, Meagher & Flom LLP

    c/o 42/F, Edinburgh Tower, The Landmark

    15 Queen’s Road Central

    Hong Kong

    Email: julie.gao@skadden.com

    Attention: Z. Julie Gao

    

    and

    

    Skadden, Arps, Slate, Meagher & Flom LLP

    30/F, China World Office 2

    No. 1, Jian Guo Men Wai Avenue

    Beijing 100004, China

    Email: peter.huang@skadden.com

    Attention: Peter X. Huang

 

3.              Effectiveness.
Notwithstanding anything to the contrary contained herein, this Agreement shall be expressly subject to the occurrence of and only become
effective upon the Closing. In the event that the Merger Agreement is terminated for any reason in accordance with its terms prior to
the Closing, this Agreement and all rights and obligations of the parties hereunder shall automatically terminate and be of no further
force or effect.

 

4.              Miscellaneous.
Except as expressly provided in this Agreement, all of the terms and provisions in the Warrant Agreement are and shall remain in
full force and effect, on the terms and subject to the conditions set forth therein. This Agreement does not constitute, directly or
by implication, an amendment or waiver of any provision of the Warrant Agreement, or any other right, remedy, power or privilege of
any party thereto, except as expressly set forth herein. Any reference to the Warrant Agreement in the Warrant Agreement or any
other agreement, document, instrument or certificate entered into or issued in connection therewith, shall hereinafter mean the
Warrant Agreement as the case may be, as amended by this Agreement (or as such agreement may be further amended or modified in
accordance with the terms thereof). The terms of this Agreement shall be governed by, enforced and construed and interpreted in a
manner consistent with the provisions of the Warrant Agreement, as it applies to the amendments to the Warrant Agreement herein,
including without limitation Section 9 of the Warrant Agreement.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK;
SIGNATURE PAGES FOLLOW]

 

    5

     

    

 

 

IN
WITNESS WHEREOF, each party hereto has caused this Agreement to be signed and delivered by its respective duly authorized officer
as of the date first above written.

 

	 	SPAC:
	 	 
	 	COVA ACQUISITION CORP.
	 	 
	 	By:	 /s/ Jun Hong Heng
	 	Name: Jun Hong Heng
	 	Title: Chief Executive Officer
	 	 
	 	The Company:
	 	 
	 	ECARX HOLDINGS INC.
	 	 
	 	By:	 /s/ SHEN Ziyu
	 	Name: SHEN Ziyu
	 	Title: Director
	 	 
	 	Warrant Agent:
	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 
	 	By:	/s/ Erika Young
	 	Name: Erika Young
	 	Title: Vice President, 12/20/22

 

[Signature Page to Assignment, Assumption and Amendment
Agreement]

  

    6

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