Exhibit 10.2


 


PROMISSORY NOTE


 


	$2,000,000.00	
    New York, NY

    December 13, 2022



 


FOR VALUE RECEIVED, Ideanomics, Inc., a Nevada Corporation (the "Borrower")
hereby unconditionally promises to pay to the order of Tillou Management and Consulting LLC, a New Jersey Limited Liability Company (the
 "Noteholder"), the principal amount of $2,000,000.00 (two million dollars) (the "Loan"), together with
all accrued interest thereon, as provided in this Promissory Note (this "Note").


1.             
Payment
Dates.


 


(a)              
Payment Date. The aggregate unpaid principal amount of the Loan, all accrued and unpaid interest, and all other amounts
payable under this Note shall be due and payable on demand any time after January 15, 2023.


 


(b)              
Prepayment. The Borrower may prepay the Loan in whole or in part at any time or from time to time without penalty or premium
by paying the principal amount to be prepaid together with accrued interest thereon to the date of prepayment.


 


2.            
Interest.


 


(a)              
Interest Rate. Except as provided in Section 2(b), the principal amount
outstanding under this Note from time to time shall bear interest at a flat rate (the "Interest Rate") equal to twenty
percent (20 %) per annum.


 


(b)              
Default Interest. If any amount payable hereunder is not paid when due (without regard to any applicable grace period),
whether at stated maturity, by acceleration, or otherwise, such overdue amount shall bear interest at the Interest Rate plus two percent
(2%) (the "Default Rate").


 


(c)              
Interest Rate Limitation. If at any time the Interest Rate payable on the Loan shall exceed the maximum rate of interest
permitted under applicable law, such Interest Rate shall be reduced automatically to the maximum rate permitted.


 


3.            
Payment Mechanics.


 


(a)              
Manner of Payment. All payments of principal and interest shall be made in US dollars no later than 5:00 PM on the
date on which such payment is due. Such payments shall be made by cashier's check, certified check, or wire transfer of immediately available
funds to the Noteholder's account at a bank specified by the Noteholder in writing to the Borrower from time to time.


 






     


     


    

 


(b)              
Application of Payments. All payments shall be applied, first, to fees or charges outstanding under this Note, second,
to accrued interest, and, third, to principal outstanding under this Note.


 


(c)              
Business Day. Whenever any payment hereunder is due on a day that is not a Business Day, such payment shall be made on the
next succeeding Business Day, and interest shall be calculated to include such extension. "Business Day" means a day
other than Saturday, Sunday, or other day on which commercial banks in New York, NY are authorized or required by law to close.


 


(d)              
Evidence of Debt. The Borrower authorizes the Noteholder to record on the grid attached as Exhibit A the Loan made
to the Borrower and the date and amount of each payment or prepayment of the Loan. The entries made by the Noteholder shall be prima
facie evidence of the existence and amount of the obligations of the Borrower recorded therein in the absence of manifest error. No
failure to make any such record, nor any errors in making any such records, shall affect the validity of the Borrower's obligation to
repay the unpaid principal of the Loan with interest in accordance with the terms of this Note.


 


4.             
Pledge Agreement dated as of December 13, 2022. As collateral for the Borrower’s obligations under this Note
and this Agreement, Borrower hereby grants to Lender a security interest in the Secured Collateral as that term is defined and as provided
in the Pledge Agreement between the parties, dated as of December 13, 2022. The terms and conditions of the Pledge Agreement are incorporated
by reference herein as if stated in full.


 


5.             
Representations
and Warranties. The Borrower represents and warrants to the Noteholder to the best of its knowledge as follows:


 


(a)              
Existence. The Borrower is a corporation duly incorporated, validly existing, and in good standing under the laws of the
state of its organization. The Borrower has the requisite power and authority to own, lease, and operate its property, and to carry on
its business.


 


(b)              
Compliance with Law. The Borrower is in compliance with all laws, statutes, ordinances, rules, and regulations applicable
to or binding on the Borrower, its property, and business.


 


(c)              
Power and Authority. The Borrower has the requisite power and authority to execute, deliver, and perform its obligations
under this Note.


 


(d)              
Authorization; Execution and Delivery. The execution and delivery of this Note by the Borrower and the performance of its
obligations hereunder have been duly authorized by all necessary corporate action in accordance with applicable law. The Borrower has
duly executed and delivered this Note.


 


6.             
Events
of Default. The occurrence and continuance of any of the following shall constitute an "Event of Default"
hereunder:


 






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(a)              
Failure to Pay. The Borrower fails to pay (i) any principal amount of the Loan when due; (ii) any interest on
the Loan within ten (10) days after the date such amount is due; or (iii) any other amount due hereunder within ten (10) days
after such amount is due.


 


(b)              
Breach of Representations and Warranties. Any representation or warranty made by the Borrower to the Noteholder herein contains
an untrue or misleading statement of a material fact as of the date made; provided, however, no Event of Default shall be
deemed to have occurred pursuant to this Section 6(b) if, within ten (10) days of
the date on which the Borrower receives notice (from any source) of such untrue or misleading statement, Borrower shall have addressed
the adverse effects of such untrue or misleading statement to the reasonable satisfaction of the Noteholder.


 


(c)              
Bankruptcy; Insolvency.


 


(i)               
The Borrower institutes a voluntary case seeking relief under any law relating to bankruptcy, insolvency, reorganization, or other
relief for debtors.


 


(ii)             
An involuntary case is commenced seeking the liquidation or reorganization of the Borrower under any law relating to bankruptcy
or insolvency, and such case is not dismissed or vacated within sixty (60) days of its filing.


 


(iii)           
The Borrower makes a general assignment for the benefit of its creditors.


 


(iv)            
The Borrower is unable, or admits in writing its inability, to pay its debts as they become due.


 


(v)              
A case is commenced against the Borrower or its assets seeking attachment, execution, or similar process against all or a substantial
part of its assets, and such case is not dismissed or vacated within sixty (60) days of its filing.


 


(d)              
Failure to Give Notice. The Borrower fails to give the
notice of Event of Default specified in 6.


 


7.             
Notice of Event of Default. As
soon as possible after it becomes aware that an Event of Default has occurred, and in any event within five (5) Business Days, the Borrower
shall notify the Noteholder in writing of the nature and extent of such Event of Default and the action, if any, it has taken or proposes
to take with respect to such Event of Default.


 


8.             
Remedies.
Upon the occurrence and during the continuance of an Event of Default, the Noteholder may, at its option, by written notice to the Borrower
declare the outstanding principal amount of the Loan, accrued and unpaid interest thereon, and all other amounts payable hereunder immediately
due and payable; provided, however, if an Event of Default described in Sections 6(c)(i),6(c)(iii),
or 6(c)(iv) shall occur, the outstanding principal amount, accrued and unpaid interest, and all other amounts payable hereunder shall
become immediately due and payable without notice, declaration, or other act on the part of the Noteholder.


 






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9.             
Expenses.
The Borrower shall reimburse the Noteholder on demand for all reasonable and documented out-of-pocket costs, expenses, and fees, including
the reasonable fees and expenses of counsel, incurred by the Noteholder in connection with the negotiation, documentation, and execution
of this Note and the enforcement of the Noteholder's rights hereunder.


 


10.         
Notices.
All notices and other communications relating to this Note shall be in writing and shall be deemed given upon the first to occur of (x)
deposit with the United States Postal Service or overnight courier service, properly addressed and postage prepaid; (y) transmittal
by facsimile or e-mail properly addressed (with written acknowledgment from the intended recipient such as "return receipt requested"
function, return e-mail, or other written acknowledgment); or (z) actual receipt by an employee or agent of the other party. Notices hereunder
shall be sent to the following addresses, or to such other address as such party shall specify in writing:


 


(a)          
If to the Borrower:


 


1441 Broadway, Suite #5116


New York, NY 10018


Attention: Alf Poor


E-mail: apoor@ideanomics.com


With a copy to:


pwhittendoolin@ideanomics.com


 


(b)          
If to the Noteholder:


 


c/o Skoller Law LLC


325 Tillou Rd.


South Orange, New Jersey 07079


Attention: Stephen Skoller


Facsimile: 973-763-4057


E-mail: stephen@skollerlaw.com


 


11.          
Governing
Law. This Note and any claim, controversy, dispute, or cause of action (whether in contract, tort, or otherwise) based on,
arising out of, or relating to this Note and the transactions contemplated hereby shall be governed by and construed in accordance with
the laws of the State of New York.


 






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12.          
Disputes.


 


(a)           
Submission
to Jurisdiction.


 


(i)                
The Borrower irrevocably and unconditionally (A) agrees that any action, suit, or proceeding arising from or relating to this
Note may be brought in the courts of the State of New York sitting in New York County, and in the United States District Court for the
Southern District of New York, and (B) submits to the exclusive jurisdiction of such courts in any such action, suit, or proceeding.
Final judgment against the Borrower in any such action, suit, or proceeding shall be conclusive and may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by law.


 


(ii)             
Nothing in this Section 11(a) shall affect the right of the Noteholder to
bring any action, suit, or proceeding relating to this Note against the Borrower or its properties in the courts of any other jurisdiction.


 


(iii)           
Nothing in this Section 11(a) shall affect the right of the Noteholder to serve
process upon the Borrower in any manner authorized by the laws of any such jurisdiction.


 


(b)              
Venue.
The Borrower irrevocably and unconditionally waives, to the fullest extent permitted by law, (i) any objection that it may now or
hereafter have to the laying of venue in any action, suit, or proceeding relating to this Note in any court referred to in Section 12(a),
and (ii) the defense of inconvenient forum to the maintenance of such action, suit, or proceeding in any such court.


 


(c)              
Waiver
of Jury Trial. THE BORROWER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY
HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY RELATING TO THIS NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY,
WHETHER BASED ON CONTRACT, TORT, OR ANY OTHER THEORY.


 


13.          
Successors
and Assigns. This Note may be assigned or transferred by the Noteholder to any individual, corporation, company, limited liability
company, trust, joint venture, association, partnership, unincorporated organization, governmental authority, or other entity.


 


14.          
Integration.
This Note constitutes the entire contract between the Borrower and the Noteholder with respect to the subject matter hereof and supersedes
all previous agreements and understandings, oral or written, with respect thereto.


 


15.          
Amendments
and Waivers. No term of this Note may be waived, modified, or amended, except by an instrument in writing signed by the Borrower
and the Noteholder. Any waiver of the terms hereof shall be effective only in the specific instance and for the specific purpose given.


 






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16.          
No
Waiver; Cumulative Remedies. No failure by the Noteholder to exercise and no delay in exercising any right, remedy,
or power hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, or power hereunder
preclude any other or further exercise thereof or the exercise of any other right, remedy, or power. The rights, remedies, and powers
herein provided are cumulative and not exclusive of any other rights, remedies, or powers provided by law.


 


17.          
Severability.
If any term or provision of this Note is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability
shall not affect any other term or provision of this Note or render such term or provision invalid or unenforceable in any other jurisdiction.


 


18.          
Counterparts.
This Note and any amendments, waivers, consents, or supplements hereto may be executed in counterparts, each of which shall constitute
an original, but all of which taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page
to this Note by facsimile or in electronic ("pdf" or "tif") format shall be as effective as delivery of a manually
executed counterpart of this Note.


 


19.          
Electronic
Execution. The words "execution," "signed," "signature," and words of similar import in this
Note shall be deemed to include electronic and digital signatures and the keeping of records in electronic form, each of which shall be
of the same effect, validity, and enforceability as manually executed signatures and paper-based recordkeeping systems, to the extent
and as provided for under applicable law, including the Electronic Signatures in Global and National Commerce Act of 2000 (15 U.S.C. § 7001
et seq.), the Electronic Signatures and Records Act of 1999 (N.Y. State Tech. Law §§ 301-309), and any other similar
state laws based on the Uniform Electronic Transactions Act.


 






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IN WITNESS WHEREOF, the Borrower has executed this Note as of December
13, 2022.


 


		 	Ideanomics, Inc.

	 	 	 	 
	 	 	By	/s/ Alf Poor
	 	 	Name:	Alf Poor
	 	 	Title:	CEO
	 	 	 	 
	ACKNOWLEDGED AND ACCEPTED BY:	 	 	 
	TILLOU MANAGEMENT AND CONSULTING LLC	 	 	 
	 	 	 	 
	By:	/s/ Stephen Skoller	 	 	 
	Name:	Stephen Skoller	 	 	 
	Title:	Assistant Treasurer	 	 	 



 






     


     


    

 


EXHIBIT A


 


PAYMENTS ON THE LOAN


 


	Date	Principal Amount Paid	Unpaid Principal 

Balance	Name of Person Making Notation
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 


 






     


     


    

 


EXHIBIT B


 


WIRE INSTRUCTIONS TO BORROWER