Is there a 10% early withdraw penalty for people under age 59.5 for converting traditional IRA to Roth IRA?

I've been thinking about rollover some money from my traditional IRA to Roth. I'm under 59.5 and have read online that if the 10% early withdrawal penalty is not accessed at the time of the conversion, and if I don't withdraw the converted money from my Roth IRA account until 5 years later, then the 10% penalty won't be triggered either. Is my understanding correct?