Document:

Exhibit 10.144
EXECUTION VERSION
STOCK PURCHASE AGREEMENT
THIS STOCK PURCHASE AGREEMENT (this “Agreement”), is made as of is made as of October 20, 2020, by and among Solectrac, Inc., a California benefit corporation (the “Company”) and Ideanomics, Inc., a Nevada corporation (“Purchaser”).
The parties hereby agree as follows:
1.Purchase and Sale.
1.1Sale and Issuance of Common Stock. Subject to the terms and conditions of this Agreement, Purchaser agrees to purchase at the Closing (as defined below) and the Company agrees to sell and issue to Purchaser at the Closing 1,428,571 shares of Common Stock, $0.0001 par value per share (the “Common Stock”), at a purchase price of $0.91 per share. The shares of Common Stock issued to Purchaser pursuant to this Agreement shall be referred to in this Agreement as the “Shares.”
1.2Closing; Delivery.
(a)The purchase and sale of the Shares shall take place remotely via the exchange of documents and signatures, at 10:00 a.m., on the date of this Agreement, or at such other time and place as the Company and Purchaser mutually agree upon, orally or in writing (which time and place are designated as the “Closing”).
(b)At the Closing, the Company shall deliver to Purchaser a certificate representing the Shares against payment of the purchase price therefor by check payable to the Company or by wire transfer to a bank account designated by the Company.
1.3Defined Terms Used in this Agreement. In addition to the terms defined above, the following terms used in this Agreement shall be construed to have the meanings set forth or referenced below.
(a)“Affiliate” means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled by, or is under common control with such Person, including, without limitation, any general partner, managing member, officer, director or trustee of such Person, or any venture capital fund or registered investment company now or hereafter existing that is controlled by one (1) or more general partners, managing members or investment advisers of, or shares the same management company or investment adviser with, such Person.
(b)“Code” means the Internal Revenue Code of 1986, as amended.
(c)“Company Intellectual Property” means all patents, patent applications, registered and unregistered trademarks, trademark applications, registered and unregistered service marks, service mark applications, tradenames, copyrights, trade secrets, domain names, mask works, information and proprietary rights and processes, similar or other intellectual property rights, subject matter of any of the foregoing, tangible embodiments of any of the foregoing, licenses in, to and under any of the foregoing, and in any and all such cases that
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are owned or used by the Company in the conduct of the Company’s business as now conducted and as presently proposed to be conducted.
(d)“Governmental Authority” means any national, federal, state, provincial, county, municipal or local government, foreign or domestic, or the government of any political subdivision of any of the foregoing, or any entity, authority, agency, arbitral body, ministry, court or other similar body exercising executive, legislative, judicial, regulatory or administrative authority or functions of or pertaining to government, including any authority or other quasi governmental authority established to perform any of such functions.
(e)“Key Employee” means any executive-level employee (including division director and vice president-level positions) as well as any employee or consultant who either alone or in concert with others develops, invents, programs or designs any Company Intellectual Property.
(f)“Knowledge” including the phrase “to the Company’s knowledge” shall mean the actual knowledge after reasonable investigation of Steve Heckeroth1. Additionally, for purposes of Section 2.8, the Company shall be deemed to have “knowledge” of a patent right if the Company has actual knowledge of the patent right or would be found to be on notice of such patent right as determined by reference to United States patent Laws.
(g)“Laws” means all statutes, laws (common and statutory, criminal and civil), rules, treaties, conventions, legislations, codes, regulations, restrictions, ordinances, orders, approvals and directives of, or issued by, all Governmental Authorities or any similar provision having the force of law.
(h)“Material Adverse Effect” means a material adverse effect on the business, assets (including intangible assets), liabilities, financial condition, property, prospects or results of operations of the Company.
(i)“Person” means any individual, corporation, partnership, trust, limited liability company, association or other entity.
(j)“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
(k)“Stockholders’ Agreement” means the agreement among the Company, Purchaser, and certain other stockholders of the Company dated as of the date of this Agreement, in the form of Exhibit A attached to this Agreement.
(l)“Transaction Agreements” means this Agreement and the Stockholders’ Agreement.
2.Representations and Warranties of the Company. The Company hereby represents and warrants to Purchaser that, except as set forth on the Disclosure Schedule delivered by the Company to Purchaser simultaneously with the execution and delivery of this Agreement, which

1 NTD: Other knowledge parties to be confirmed.
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exceptions shall be deemed to be part of the representations and warranties made hereunder, the following representations are true and complete as of the date of the Closing, except as otherwise indicated. The Disclosure Schedule shall be arranged in sections corresponding to the numbered and lettered sections contained in this Section 2, and the disclosures in any section of the Disclosure Schedule shall qualify other sections in this Section 2 only to the extent it is readily apparent from a reading of the disclosure that such disclosure is applicable to such other sections. The Company has no subsidiaries.
2.1Organization, Good Standing, Corporate Power and Qualification. The Company is a corporation duly organized, validly existing and in good standing under the Laws of the State of California and has all requisite corporate power and authority to carry on its business as now conducted and as presently proposed to be conducted. The Company is duly qualified to transact business and is in good standing in each jurisdiction in which the failure to so qualify would have a Material Adverse Effect.
2.2Capitalization.
(a)The authorized capital of the Company consists, immediately prior to the Closing, of 20,000,000 shares of Common Stock, 7,450,000 shares of which are issued and outstanding immediately prior to the Closing. All of the outstanding shares of Common Stock have been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable federal and state securities Laws. Except as set forth on Section 2.2(a) of the Disclosure Schedule, the Company holds no Common Stock in its treasury.
(b)The Company has reserved 7,500,000 shares of Common Stock for issuance to officers, directors, employees and consultants of the Company pursuant to its 2019 Equity Incentive Plan duly adopted by the Board of Directors and approved by the Company stockholders (the “Stock Plan”). Of such reserved shares of Common Stock, 650,000 shares have been issued pursuant to restricted stock purchase agreements of which 50,000 have been purchased back by the Company, options to purchase 450,000 shares have been granted and are currently outstanding, and 6,450,000 shares of Common Stock remain available for issuance to officers, directors, employees and consultants pursuant to the Stock Plan. The Company has furnished to Purchaser complete and accurate copies of the Stock Plan and forms of agreements used thereunder.
(c)Section 2.2(c) of the Disclosure Schedule sets forth the capitalization of the Company immediately following the Closing including the number of shares of the following: (i) issued and outstanding Common Stock, including, with respect to restricted Common Stock, vesting schedule and repurchase price; (ii) outstanding stock options, including vesting schedule and exercise price; (iii) shares of Common Stock reserved for future award grants under the Stock Plan; and (iv) warrants or stock purchase rights, if any. Except for (A) the conversion privileges of the Shares to be issued under this Agreement, (B) the rights provided in Sections 2 and 3.2 of the Stockholders’ Agreement, and (C) the securities and rights described in Section 2.2(b) of this Agreement and Section 2.2(c) of the Disclosure Schedule, there are no outstanding options, warrants, rights (including conversion or preemptive rights and rights of first refusal or similar rights) or agreements, orally or in writing, to purchase or acquire from the Company any shares of Common Stock or preferred stock, or any securities convertible into or

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exchangeable for shares of Common Stock or preferred stock. All outstanding shares of the Company’s Common Stock and all shares of the Company’s Common Stock underlying outstanding options are subject to (i) a right of first refusal in favor of the Company upon any proposed transfer (other than transfers for estate planning purposes); and (ii) a lock-up or market standoff agreement of not less than one hundred eighty (180) days following the Company’s initial public offering pursuant to a registration statement filed with the Securities and Exchange Commission under the Securities Act.
(d)None of the Company’s stock purchase agreements or stock option documents contains a provision for acceleration of vesting (or lapse of a repurchase right) or other changes in the vesting provisions or other terms of such agreement or understanding upon the occurrence of any event or combination of events, including, without limitation, in the case where the Company’s Stock Plan is not assumed in an acquisition. The Company has never adjusted or amended the exercise price of any stock options previously awarded, whether through amendment, cancellation, replacement grant, repricing, or any other means. The Company has no obligation (contingent or otherwise) to purchase or redeem any of its capital stock.
(e)409A. The Company believes in good faith that any “nonqualified deferred compensation plan” (as such term is defined under Section 409A(d)(1) of the Code and the guidance thereunder) under which the Company makes, is obligated to make or promises to make, payments (each, a “409A Plan”) complies in all material respects, in both form and operation, with the requirements of Section 409A of the Code and the guidance thereunder. To the knowledge of the Company, no payment to be made under any 409A Plan is, or will be, subject to the penalties of Section 409A(a)(1) of the Code.
(f)The Company has obtained valid waivers of any rights by other parties to purchase any of the Shares covered by this Agreement.
2.3Subsidiaries. The Company does not currently own or control, directly or indirectly, any interest in any other corporation, partnership, trust, joint venture, limited liability company, association, or other business entity. The Company is not a participant in any joint venture, partnership or similar arrangement.
2.4Authorization. All corporate action required to be taken by the Company’s Board of Directors and stockholders in order to authorize the Company to enter into the Transaction Agreements, and to issue the Shares at the Closing, has been taken. All action on the part of the officers of the Company necessary for the execution and delivery of the Transaction Agreements, the performance of all obligations of the Company under the Transaction Agreements to be performed as of the Closing, and the issuance and delivery of the Shares has been taken. The Transaction Agreements, when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their respective terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other Laws of general application relating to or affecting the enforcement of creditors’ rights generally, (ii) as limited by Laws relating to the availability of specific performance, injunctive relief, or other equitable remedies, or (iii) to the extent the indemnification provisions contained in the Stockholders’ Agreement may be limited by applicable federal or state securities Laws.

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2.5Valid Issuance of Shares. The Shares, when issued, sold and delivered in accordance with the terms and for the consideration set forth in this Agreement, will be validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under the Transaction Agreements, applicable state and federal securities Laws and liens or encumbrances created by or imposed by Purchaser. Assuming the accuracy of the representations of Purchaser in Section 3 of this Agreement, the Shares will be issued in compliance with all applicable federal and state securities Laws.
2.6Governmental Consents and Filings. Assuming the accuracy of the representations made by Purchaser in Section 3 of this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any Governmental Authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except for filings pursuant to applicable securities Laws, which have been made or will be made in a timely manner.
2.7Litigation. There is no claim, action, suit, proceeding, arbitration,complaint, charge or investigation pending or to the Company’s knowledge, currently threatened (i) against the Company or any officer, director or Key Employee of the Company arising out of their employment or board relationship with the Company, (ii) that questions the validity of the Transaction Agreements or the right of the Company to enter into them, or to consummate the transactions contemplated by the Transaction Agreements, or (iii) that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. Neither the Company nor, to the Company’s knowledge, any of its officers, directors or Key Employees is a party or is named as subject to the provisions of any order, writ, injunction, judgment or decree of any court or government agency or instrumentality (in the case of officers, directors or Key Employees, such as would affect the Company). There is no action, suit, proceeding or investigation by the Company pending or which the Company intends to initiate. The foregoing includes, without limitation, actions, suits, proceedings or investigations pending or threatened in writing (or any basis therefor known to the Company) involving the prior employment of any of the Company’s employees, their services provided in connection with the Company’s business, any information or techniques allegedly proprietary to any of their former employers or their obligations under any agreements with prior employers.
2.8Intellectual Property.
(a)The Company owns or possesses or reasonably believes it can acquire on commercially reasonable terms sufficient legal rights to all Company Intellectual Property without any known conflict with, or infringement or misappropriation of, the rights of others, including prior employees or consultants, or academic or medical institutions with which any of them may be affiliated now or may have been affiliated in the past. The Company has not received any communications alleging that the Company has violated, or by conducting its business, would violate any of the patents, trademarks, service marks, tradenames, copyrights, trade secrets, mask works or other proprietary rights or processes of any other Person.
(b)To the Company’s knowledge, no product or service marketed or sold (or proposed to be marketed or sold) by the Company violates or will violate any license or infringes or will infringe any intellectual property rights of any other party. The Company has not
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received any written communications alleging that the Company has violated or, by conducting its business, would violate, any intellectual property rights of any other party.
(c)Other than with respect to commercially available software products under standard end-user object code license agreements, there are no outstanding options, licenses, agreements, claims, encumbrances or shared ownership interests of any kind relating to the Company Intellectual Property, nor is the Company bound by or a party to any options, licenses or agreements of any kind with respect to the patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information, proprietary rights and processes of any other Person.
(d)The Company has obtained and possesses valid licenses to use all of the software programs present on the computers and other software-enabled electronic devices that it owns or leases or that it has otherwise provided to its employees for their use in connection with the Company’s business.
(e)Each employee and consultant has assigned to the Company all intellectual property rights he or she owns that are related to the Company’s business as now conducted and as presently proposed to be conducted and all intellectual property rights that he, she or it solely or jointly conceived, reduced to practice, developed or made during the period of his, her or its employment or consulting relationship with the Company that (i) relate, at the time of conception, reduction to practice, development, or making of such intellectual property right, to the Company’s business as then conducted or as then proposed to be conducted, (ii) were developed on any amount of the Company’s time or with the use of any of the Company’s equipment, supplies, facilities or information or (iii) resulted from the performance of services for the Company. To the Company’s knowledge, it will not be necessary to use any inventions of any of its employees or consultants (or Persons it currently intends to hire) made prior to their employment by the Company, including prior employees or consultants, or academic or medical institutions with which any of them may be affiliated now or may have been affiliated in the past.
(f)Section 2.8(f) of the Disclosure Schedule lists all patents, patent applications, trademarks, trademark applications, service marks, service mark applications, tradenames, copyrights, and licenses to and under any of the foregoing, in each case owned by the Company.
(g)The Company has not embedded, used or distributed any open source, copyleft or community source code (including but not limited to any libraries or code, software, technologies or other materials that are licensed or distributed under any General Public License, Lesser General Public License or similar license arrangement or other distribution model described by the Open Source Initiative at www.opensource.org, collectively “Open Source Software”) in connection with any of its products or services that are generally available or in development in any manner that would materially restrict the ability of the Company to protect its proprietary interests in any such product or service or in any manner that requires, or purports to require (i) any Company Intellectual Property (other than the Open Source Software itself) be disclosed or distributed in source code form or be licensed for the purpose of making derivative works; (ii) any restriction on the consideration to be charged for the distribution of any Company Intellectual Property; (iii) the creation of any obligation for the Company with respect to Company
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Intellectual Property owned by the Company, or the grant to any third party of any rights or immunities under Company Intellectual Property owned by the Company; or (iv) any other limitation, restriction or condition on the right of the Company with respect to its use or distribution of any Company Intellectual Property.
(h)No government funding, facilities of a university, college, other educational institution or research center, or funding from third parties was used in the development of any Company Intellectual Property. No Person who was involved in, or who contributed to, the creation or development of any Company Intellectual Property, has performed services for the government, university, college, or other educational institution or research center in a manner that would affect Company’s rights in the Company Intellectual Property.
(i)To the Company’s knowledge, no other Person is infringing, misappropriating, or otherwise violating any of the Company Intellectual Property.
2.9Compliance with Other Instruments. The Company is not in violation or default (i) of any provisions of its Articles of Incorporation or Bylaws, (ii) of any instrument, judgment, order, writ or decree, (iii) under any note, indenture or mortgage, (iv) under any lease, agreement, contract or purchase order to which it is a party or by which it is bound that is required to be listed on the Disclosure Schedule, or (v) of any provision of federal or state statute, rule or regulation applicable to the Company, the violation of which would have a Material Adverse Effect. The execution, delivery and performance of the Transaction Agreements and the consummation of the transactions contemplated by the Transaction Agreements will not result in any such violation or be in conflict with or constitute, with or without the passage of time and giving of notice, either (i) a default under any such provision, instrument, judgment, order, writ, decree, contract or agreement; or (ii) an event which results in the creation of any lien, charge or encumbrance upon any assets of the Company or the suspension, revocation, forfeiture, or nonrenewal of any material permit or license applicable to the Company.
2.10 Agreements; Actions.
(a)Except for the Transaction Agreements or as set forth on Section 2.10(a) of the Disclosure Schedule, there are no agreements, understandings, instruments, contracts or proposed transactions to which the Company is a party or by which it is bound that involve (i) obligations (contingent or otherwise) of, or payments to, the Company in excess of $50,000, (ii) the license of any patent, copyright, trademark, trade secret or other proprietary right to or from the Company, (iii) the grant of rights to manufacture, produce, assemble, license, market, or sell its products to any other Person that limit the Company’s exclusive right to develop, manufacture, assemble, distribute, market or sell its products, or (iv) indemnification by the Company with respect to infringements of proprietary rights.
(b)Except as set forth on Section 2.10(b) of the Disclosure Schedule, the Company has not (i) declared or paid any dividends, or authorized or made any distribution upon or with respect to any class or series of its capital stock, (ii) incurred any indebtedness for money borrowed or incurred any other liabilities individually in excess of $50,000 or in excess of $250,000 in the aggregate, (iii) made any loans or advances to any Person, other than ordinary advances for travel expenses, or (iv) sold, exchanged or otherwise disposed of any of its assets or
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rights, other than the sale of its inventory in the ordinary course of business. For the purposes of (a) and (b) of this Section 2.10, all indebtedness, liabilities, agreements, understandings, instruments, contracts and proposed transactions involving the same Person (including Persons the Company has reason to believe are affiliated with each other) shall be aggregated for the purpose of meeting the individual minimum dollar amounts of such section.
(c)The Company is not a guarantor or indemnitor of any indebtedness of any other Person.
2.11 Certain Transactions.
(a)Other than (i) standard employee benefits generally made available to all employees, standard employee offer letters and Confidential Information Agreements (as defined below), (ii) standard director and officer indemnification agreements approved by the Board of Directors, (iii) the purchase of shares of the Company’s capital stock and the issuance of options to purchase shares of the Company’s Common Stock, in each instance, approved in the written minutes or written consents of the Board of Directors (previously provided to Purchaser or its counsel), and (iv) the Transaction Documents, there are no agreements, understandings or proposed transactions between the Company and any of its officers, directors, consultants or Key Employees, or any Affiliate thereof.
(b)The Company is not indebted, directly or indirectly, to any of its directors, officers or employees or to their respective spouses or children or to any Affiliate of any of the foregoing, other than in connection with expenses or advances of expenses incurred in the ordinary course of business or employee relocation expenses and for other customary employee benefits made generally available to all employees. None of the Company’s directors, officers or employees, or any members of their immediate families, or any Affiliate of the foregoing are, directly or indirectly, indebted to the Company or, to the Company’s knowledge, have any (i) material commercial, industrial, banking, consulting, legal, accounting, charitable or familial relationship with any of the Company’s customers, suppliers, service providers, joint venture partners, licensees and competitors, (ii) direct or indirect ownership interest in any firm or corporation with which the Company is affiliated or with which the Company has a business relationship, or any firm or corporation which competes with the Company except that directors, officers, employees or stockholders of the Company may own stock in (but not exceeding two percent (2%) of the outstanding capital stock of) publicly traded companies that may compete with the Company; or (iii) financial interest in any material contract with the Company.
2.12 Rights of Registration and Voting Rights. The Company is not under any obligation to register under the Securities Act any of its currently outstanding securities or any securities issuable upon exercise or conversion of its currently outstanding securities. To the Company’s knowledge, except as contemplated in the Stockholders’ Agreement, no stockholder of the Company has entered into any agreements with respect to the voting of capital shares of the Company.
2.13 Property. The property and assets that the Company owns are free and clear of all mortgages, deeds of trust, liens, loans and encumbrances, except for statutory liens for the payment of current taxes that are not yet delinquent and encumbrances and liens that arise in the
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ordinary course of business and do not materially impair the Company’s ownership or use of such property or assets. With respect to the property and assets it leases, the Company is in compliance with such leases and holds a valid leasehold interest free of any liens, claims or encumbrances other than those of the lessors of such property or assets. The Company does not own any real property.
2.14 Financial Statements. The Company has delivered to Purchaser (i) its unaudited financial statements (including balance sheet, income statement and statement of cash flows) for the fiscal year ended December 31, 2019 and (ii) its unaudited financial statements (including balance sheet, income statement and statement of cash flows) as of August 31, 2020 (the “Balance Sheet Date,” and such statements in clauses (i) and (ii), collectively, the “Financial Statements”). The Financial Statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) applied on a consistent basis throughout the periods indicated, except that the Financial Statements may not contain all footnotes required by GAAP. The Financial Statements fairly present in all material respects the financial condition and operating results of the Company as of the dates, and for the periods, indicated therein, subject in the case of the unaudited Financial Statements to normal year-end audit adjustments. Except as set forth in the Financial Statements, the Company has no material liabilities or obligations, contingent or otherwise, other than (i) liabilities incurred in the ordinary course of business subsequent to the Balance Sheet Date; (ii) obligations under contracts and commitments incurred in the ordinary course of business; and (iii) liabilities and obligations of a type or nature not required under GAAP to be reflected in the Financial Statements, which, in all such cases, individually and in the aggregate would not have a Material Adverse Effect. The Company maintains and will continue to maintain a standard system of accounting established and administered in accordance with GAAP.
2.15 Changes. Since the Balance Sheet Date there has not been:
(a)any change in the assets, liabilities, financial condition or operating results of the Company from that reflected in the Financial Statements, except changes in the ordinary course of business that have not caused, in the aggregate, a Material Adverse Effect;
(b)any damage, destruction or loss, whether or not covered by insurance, that would have a Material Adverse Effect;
(c)any waiver or compromise by the Company of a valuable right or of a material debt owed to it;
(d)any satisfaction or discharge of any lien, claim, or encumbrance or payment of any obligation by the Company, except in the ordinary course of business and the satisfaction or discharge of which would not have a Material Adverse Effect;
(e)any material change to a material contract or agreement by which the Company or any of its assets is bound or subject;
(f)any material change in any compensation arrangement or agreement with any employee, officer, director or stockholder;
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(g)any resignation or termination of employment of any officer or Key Employee of the Company;
(h)any mortgage, pledge, transfer of a security interest in, or lien, created by the Company, with respect to any of its material properties or assets, except liens for taxes not yet due or payable and liens that arise in the ordinary course of business and do not materially impair the Company’s ownership or use of such property or assets;
(i)any loans or guarantees made by the Company to or for the benefit of its employees, officers or directors, or any members of their immediate families, other than travel advances and other advances made in the ordinary course of its business;
(j)any declaration, setting aside or payment or other distribution in respect of any of the Company’s capital stock, or any direct or indirect redemption, purchase, or other acquisition of any of such stock by the Company;
(k)any sale, assignment or transfer of any Company Intellectual Property that could reasonably be expected to result in a Material Adverse Effect;
(l)receipt of notice that there has been a loss of, or material order cancellation by, any major customer of the Company;
(m)any other event or condition of any character, other than events affecting the economy or the Company’s industry generally, that could reasonably be expected to result in a Material Adverse Effect; or
(n)any arrangement or commitment by the Company to do any of the things described in this Section 2.15.
2.16 Employee Matters.
(a)Section 2.16(a) of the Disclosure Schedule sets forth a detailed list of all of the Company’s current employees and independent contractors. To the Company’s knowledge, none of its employees is obligated under any contract (including licenses, covenants or commitments of any nature) or other agreement, or subject to any judgment, decree or order of any court or administrative agency, that would materially interfere with such employee’s ability to promote the interest of the Company or that would conflict with the Company’s business. Neither the execution or delivery of the Transaction Agreements, nor the carrying on of the Company’s business by the employees of the Company, nor the conduct of the Company’s business as now conducted and as presently proposed to be conducted, will, to the Company’s knowledge, conflict with or result in a breach of the terms, conditions, or provisions of, or constitute a default under, any contract, covenant or instrument under which any such employee is now obligated.
(b)The Company is not delinquent in payments to any of its employees, consultants, or independent contractors for any wages, salaries, commissions, bonuses, or other direct compensation for any service performed for it to the date hereof or amounts required to be reimbursed to such employees, consultants or independent contractors. To the Company’s
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knowledge, the Company has complied in all material respects with all applicable state and federal equal employment opportunity Laws and with other Laws related to employment, including those related to wages, hours, worker classification and collective bargaining. The Company has withheld and paid to the appropriate Governmental Authority or is holding for payment not yet due to such Governmental Authority all amounts required to be withheld from employees of the Company and is not liable for any arrears of wages, taxes, penalties or other sums for failure to comply with any of the foregoing.
(c)To the Company’s knowledge, no Key Employee intends to terminate employment with the Company or is otherwise likely to become unavailable to continue as a Key Employee. The Company does not have a present intention to terminate the employment of any of the foregoing. The employment of each employee of the Company is terminable at the will of the Company. Except as set forth in Section 2.16(c)(i) of the Disclosure Schedule or as required by Law, upon termination of the employment of any such employees, no severance or other payments will become due. Except as set forth in Section 2.16(c)(ii) of the Disclosure Schedule, the Company has no policy, practice, plan or program of paying severance pay or any form of severance compensation in connection with the termination of employment services.
(d)The Company has not made any representations regarding equity incentives to any officer, employee, director or consultant that are inconsistent with the share amounts and terms set forth in the minutes of meetings of (or actions taken by unanimous written consent by) the Company’s Board of Directors.
(e)Each former Key Employee whose employment was terminated by the Company has entered into an agreement with the Company providing for the full release of any claims against the Company or any related party arising out of such employment.
(f)Section 2.16(f) of the Disclosure Schedule sets forth each employee benefit plan maintained, established or sponsored by the Company, or which the Company participates in or contributes to, which is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The Company has made all required contributions and has no liability to any such employee benefit plan, other than liability for health plan continuation coverage described in Part 6 of Title I(B) of ERISA, and has complied in all material respects with all applicable Laws for any such employee benefit plan.
(g)The Company is not bound by or subject to (and none of its assets or properties is bound by or subject to) any written or oral, express or implied, contract, commitment or arrangement with any labor union, and no labor union has requested or, to the knowledge of the Company, has sought to represent any of the employees, representatives or agents of the Company. There is no strike or other labor dispute involving the Company pending, or to the Company’s knowledge, threatened, which could have a Material Adverse Effect, nor is the Company aware of any labor organization activity involving its employees.
(h)To the Company’s knowledge, none of the Key Employees or directors of the Company has been (i) subject to voluntary or involuntary petition under the federal bankruptcy Laws or any state insolvency Law or the appointment of a receiver, fiscal agent or similar officer by a court for his or her business or property; (ii) convicted in a criminal proceeding
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or named as a subject of a pending criminal proceeding (excluding traffic violations and other minor offenses); (iii) subject to any order, judgment or decree (not subsequently reversed, suspended, or vacated) of any court of competent jurisdiction permanently or temporarily enjoining him or her from engaging, or otherwise imposing limits or conditions on his or her engagement in any securities, investment advisory, banking, insurance, or other type of business or acting as an officer or director of a public company; (iv) found by a court of competent jurisdiction in a civil action or by the Securities and Exchange Commission or the Commodity Futures Trading Commission to have violated any federal or state securities, commodities, or unfair trade practices Law, which such judgment or finding has not been subsequently reversed, suspended, or vacated; or (v) informed, following an internal investigation: (x) by the Company that such Key Employee or director has violated any Company policy regarding appropriate workplace behavior or any Company anti-harassment or anti-discrimination policy prohibiting discrimination and/or harassment at the Company, or (y) by any prior employer of the violation of any substantially similar policy.
2.17 Tax Returns and Payments. There are no federal, state, county, local or foreign taxes due and payable by the Company which have not been timely paid. There are no accrued and unpaid federal, state, country, local or foreign taxes of the Company which are due, whether or not assessed or disputed. There have been no examinations or audits of any tax returns or reports by any applicable Governmental Authority. The Company has duly and timely filed all federal, state, county, local and foreign tax returns required to have been filed by it and there are in effect no waivers of applicable statutes of limitations with respect to taxes for any year.
2.18 Insurance. The Company has in full force and effect insurance policies concerning such casualties as would be reasonable and customary for companies like the Company, with extended coverage, sufficient in amount (subject to reasonable deductions) to allow it to replace any of its properties that might be damaged or destroyed.
2.19 Employee Agreements. Each current and former employee, consultant and officer of the Company has executed an agreement with the Company regarding confidentiality and proprietary information substantially in the form or forms delivered to Purchaser or its counsel (the “Confidential Information Agreements”). No current or former Key Employee has excluded works or inventions from his or her assignment of inventions pursuant to such Key Employee’s Confidential Information Agreement. Each current and former Key Employee has executed a non-competition and non-solicitation agreement substantially in the form or forms delivered to Purchaser or its counsel. The Company is not aware that any of its Key Employees is in violation of any agreement described in this Section 2.19.
2.20 Permits. To the Company’s knowledge, the Company has all material franchises, permits, licenses and any similar authority necessary for the conduct of its business. To the Company’s knowledge, the Company is not in default in any material respect under any of such franchises, permits, licenses or other similar authority. All such franchises, permits, licenses, and authorities are validly held by the Company. During the past twelve (12) months the Company has not received written notice of any proceedings relating to the revocation or modification of any of the same and none will be subject to suspension, modification, revocation or nonrenewal as a result of the execution and delivery of this Agreement or the consummation of the transactions
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contemplated hereby. No written notice has been received by the Company with respect to any failure by the Company to have any franchise, permit, license, or authorization.
2.21 Corporate Documents. The Articles of Incorporation and Bylaws of the Company as of the date of this Agreement are in the form provided to Purchaser. To the Company’s knowledge, the copy of the minute books of the Company provided to Purchaser contains minutes of all meetings of directors and stockholders and all actions by written consent without a meeting by the directors and stockholders since the date of incorporation and accurately reflects in all material respects all actions by the directors (and any committee of directors) and stockholders.
2.22 83(b) Elections. To the Company’s knowledge, all elections and notices under Section 83(b) of the Code have been or will be timely filed by all individuals who have acquired unvested shares of the Company’s Common Stock.
2.23 Environmental and Safety Laws. Except as could not reasonably be expected to have a Material Adverse Effect, to the Company’s knowledge (a) the Company is and has been in compliance with all Environmental Laws; (b) there has been no release or threatened release of any pollutant, contaminant or toxic or hazardous material, substance or waste or petroleum or any fraction thereof (each a “Hazardous Substance”), on, upon, into or from any site currently or heretofore owned, leased or otherwise used by the Company; (c) there have been no Hazardous Substances generated by the Company that have been disposed of or come to rest at any site that has been included in any published U.S. federal, state or local “superfund” site list or any other similar list of hazardous or toxic waste sites published by any Governmental Authority in the United States; and (d) there are no underground storage tanks located on, no polychlorinated biphenyls (“PCBs”) or PCB-containing equipment used or stored on, and no hazardous waste as defined by the Resource Conservation and Recovery Act, as amended, stored on, any site owned or operated by the Company, except for the storage of hazardous waste in compliance with Environmental Laws. The Company has made available to Purchaser true and complete copies of all material environmental records, reports, notifications, certificates of need, permits, pending permit applications, correspondence, engineering studies and environmental studies or assessments. For purposes of this Section 2.23, “Environmental Laws” means all federal, state and local Laws enacted and in effect on or prior to the Closing Date, concerning pollution or protection of the environment, including all those relating to the presence, use, production, generation, handling, transportation, treatment, storage, disposal, distribution, labeling, testing, processing, discharge, release, control or cleanup of any hazardous materials, substances or wastes.
2.24 Foreign Corrupt Practices Act. To the Company’s knowledge, neither the Company nor any of its directors, officers, employees or agents have, directly or indirectly, made, offered, promised or authorized any payment or gift of any money or anything of value to or for the benefit of any “foreign official” (as such term is defined in the U.S. Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”)), foreign political party or official thereof or candidate for foreign political office for the purpose of (i) influencing any official act or decision of such official, party or candidate, (ii) inducing such official, party or candidate to use his, her or its influence to affect any act or decision of a foreign Governmental Authority, or (iii) securing any improper advantage, in the case of (i), (ii) and (iii) above in order to assist the Company or any of its affiliates in obtaining or retaining business for or with, or directing business to, any person. Neither the Company nor any of its directors, officers, employees or agents have made or authorized any bribe,
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rebate, payoff, influence payment, kickback or other unlawful payment of funds or received or retained any funds in violation of any Law. The Company further represents that it has maintained, and has caused each of its subsidiaries and affiliates to maintain, systems of internal controls (including, but not limited to, accounting systems, purchasing systems and billing systems) and written policies to ensure compliance with the FCPA or any other applicable anti-bribery or anti­corruption Law, and to ensure that all books and records of the Company accurately and fairly reflect, in reasonable detail, all transactions and dispositions of funds and assets. Neither the Company nor, to the Company’s knowledge, any of its officers, directors or employees are the subject of any allegation, voluntary disclosure, investigation, prosecution or other enforcement action related to the FCPA or any other anti-corruption Law (collectively, “Enforcement Action”).
2.25 Data Privacy. In connection with its collection, storage, use, transfer and/or disclosure of any information that constitutes “personal information,” “personal data” or “personally identifiable information” as defined in applicable Laws (collectively “Personal Information”) by or on behalf of the Company, the Company is and has been in compliance with (i) all applicable Laws (including, without limitation, Laws relating to privacy, data security, telephone and text message communications, and marketing by email or other channels) in all relevant jurisdictions, (ii) the Company’s privacy policies and public written statements regarding the Company’s privacy or data security practices, and (iii) the requirements of any contract codes of conduct or industry standards by which the Company is bound. The Company maintains and has maintained reasonable physical, technical, and administrative security measures and policies designed to protect all Personal Information owned, stored, used, maintained or controlled by or on behalf of the Company from and against unlawful, accidental or unauthorized access, destruction, loss, use, modification and/or disclosure. The Company is and has been in compliance in all material respects with all Laws relating to data loss, theft and breach of security notification obligations. With respect to all user data and personal information collected or obtained by the Company, to extent applicable, the Company has taken commercially reasonable steps necessary to ensure that the user data and personal information is protected against loss and unauthorized or illegal access, use, modification, disclosure or transfer. To the Company’s knowledge, there has been no occurrence of (x) unlawful, accidental or unauthorized destruction, loss, use, modification or disclosure of or access to Personal Information owned, stored, used, maintained or controlled by or on behalf of the Company such that Privacy Requirements require or required the Company to notify Government Authorities, affected individuals or other parties of such occurrence or (y) unauthorized access to or disclosure of the Company’s confidential information or trade secrets that reasonably would be expected to result in a Material Adverse Effect.
2.26 Export Control Laws. The Company has conducted all export transactions in accordance with applicable provisions of United States export control Laws, including the Export Administration Regulations, the International Traffic in Arms Regulations, the regulations administered by the Office of Foreign Assets Control of the U.S. Treasury Department, and the export control Laws of any other applicable jurisdiction. Without limiting the foregoing: (a) the Company has obtained all export licenses and other approvals, timely filed all required filings and has assigned the appropriate export classifications to all products, in each case as required for its exports of products, software and technologies from the United States and any other applicable jurisdiction; (b) the Company is in compliance with the terms of all applicable export licenses, classifications, filing requirements or other approvals; (c) there are no pending or, to the
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knowledge of the Company, threatened claims against the Company with respect to such exports, classifications, required filings or other approvals; (d) there are no pending investigations related to the Company’s exports; and (e) there are no actions, conditions, or circumstances pertaining to the Company’s export transactions that would reasonably be expected to give rise to any material future claims.
2.27 CFIUS Representations. The Company does not engage in (a) the design, fabrication, development, testing, production or manufacture of one (1) or more “critical technologies” within the meaning of the Defense Production Act of 1950, as amended, including all implementing regulations thereof (the “DPA”); (b) the ownership, operation, maintenance, supply, manufacture, or servicing of “covered investment critical infrastructure” within the meaning of the DPA (where such activities are covered by column 2 of Appendix A to 31 C.F.R. Part 800); or (c) the maintenance or collection, directly or indirectly, of “sensitive personal data” of U.S. citizens within the meaning of the DPA. The Company has no current intention of engaging in such activities in the future.
2.28 Product Liability and Product Recall. The Company does not have knowledge of any fact (including without limitation, knowledge of any material defect in any Company product) that could form the basis of any claim against the Company for material injury to person or property caused by any products manufactured, marketed, sold or distributed by the Company. Section 2.28(a) of the Disclosure Schedule sets forth (i) a list of all known claims asserted against the Company asserting any (A) liability for injury to person or property caused by any products manufactured, sold or distributed by the Company or (B) claim in respect of any product warranty and (ii) the aggregate dollar amount paid by the Company and its insurers in respect of such claims. Except as set forth on Section 2.26(a) of the Disclosure Schedule, there have not been any recalls or, to the Company’s knowledge, proposed recalls of products (whether instituted by the Company or requested or directed by any Governmental Authority or otherwise), and the Company has not otherwise withdrawn any products, manufactured, distributed or sold by it (excluding product returns). None of the Company’s products or any of the materials received by the Company from any of its suppliers currently has any defects or other adverse quality issues.
2.29 No “Bad Actor” Disqualification. No “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) promulgated by the U.S. Securities and Exchange Commission (“SEC”) under the Securities Act (a “Disqualification Event”) is applicable to the Company or, to the Company’s knowledge, any Company Covered Person (as defined below), except for a Disqualification Event as to which Rule 506(d)(2)(ii–iv) or (d)(3) is applicable. “Company Covered Person” means, with respect to the Company as an “issuer” for purposes of Rule 506 promulgated by the SEC under the Securities Act, any person or entity listed in the first paragraph of Rule 506(d)(1).
2.30 Disclosure. The Company has made available to Purchaser all the information reasonably available to the Company that Purchaser has requested for deciding whether to acquire the Shares, including certain of the Company’s projections describing its proposed business plan (the “Business Plan”). To the Company’s knowledge, no representation or warranty of the Company contained in this Agreement, as qualified by the Disclosure Schedule, and no certificate furnished or to be furnished to Purchaser at the Closing contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the
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statements contained herein or therein not misleading in light of the circumstances under which they were made. The Business Plan was prepared in good faith; however, the Company does not warrant that it will achieve any results projected in the Business Plan. It is understood that this representation is qualified by the fact that the Company has not delivered to Purchaser, and has not been requested to deliver, a private placement or similar memorandum or any written disclosure of the types of information customarily furnished to purchasers of securities.
3.Representations and Warranties of Purchaser. Purchaser hereby represents and warrants to the Company that:
3.1Authorization. Purchaser has full power and authority to enter into the Transaction Agreements. The Transaction Agreements to which Purchaser is a party, when executed and delivered by Purchaser, will constitute valid and legally binding obligations of Purchaser, enforceable against Purchaser in accordance with their terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other Laws of general application affecting enforcement of creditors’ rights generally, and as limited by Laws relating to the availability of specific performance, injunctive relief or other equitable remedies, or (b) to the extent the indemnification provisions contained in the Stockholders’ Agreement may be limited by applicable federal or state securities Laws.
3.2Compliance with Other Instruments. Purchaser is not in violation or default (i) of any provisions of its Articles of Incorporation or Bylaws, (ii) of any instrument, judgment, order, writ or decree, (iii) under any note, indenture or mortgage, (iv) under any lease, agreement, contract or purchase order to which it is a party or by which it is bound, or (v) of any provision of federal or state statute, rule or regulation applicable to Purchaser, except, in each case, as would not reasonably be expected to interfere with, prevent, or materially delay Purchaser’s ability to enter into and perform its obligations under the Transaction Agreements to which it is a party or to consummate the transactions contemplated by the Transaction Agreements. The execution, delivery and performance of the Transaction Agreements and the consummation of the transactions contemplated by the Transaction Agreements will not result in any such violation or be in conflict with or constitute, with or without the passage of time and giving of notice, either (i) a default under any such provision, instrument, judgment, order, writ, decree, contract or agreement; or (ii) an event which results in the creation of any lien, charge or encumbrance upon any assets of the Company or the suspension, revocation, forfeiture, or nonrenewal of any material permit or license applicable to the Company, except in each case, as would not reasonably be expected to interfere with, prevent, or materially delay Purchaser’s ability to enter into and perform its obligations under the Transaction Agreements to which it is a party or to consummate the transactions contemplated by the Transaction Agreements.
3.3Litigation. There is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending or to Purchaser’s knowledge, currently threatened that questions the validity of the Transaction Agreements or the right of Purchaser to enter into them, or to consummate the transactions contemplated by the Transaction Agreements.
3.4No “Bad Actor” Disqualification. Purchaser is familiar with the “bad actor” provisions of Rule 506(d) promulgated by the SEC under the Securities Act and Purchaser is
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not, and has not been, subject to or experienced any of the events described in Rule 506(d)(1)(i)-(viii).
3.5Purchase Entirely for Own Account. This Agreement is made with
Purchaser in reliance upon Purchaser’s representation to the Company, which by Purchaser’s execution of this Agreement, Purchaser hereby confirms, that the Shares to be acquired by Purchaser will be acquired for investment for Purchaser’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same. By executing this Agreement, Purchaser further represents that Purchaser does not presently have any contract, undertaking, agreement or arrangement with any Person to sell, transfer or grant participations to such Person or to any third Person, with respect to any of the Shares. Purchaser has not been formed for the specific purpose of acquiring the Shares.
3.6Disclosure of Information. Purchaser has had an opportunity to discuss the
Company’s business, management, financial affairs and the terms and conditions of the offering of the Shares with the Company’s management and has had an opportunity to review the Company’s facilities. The foregoing, however, does not limit or modify the representations and warranties of the Company in Section 2 of this Agreement or the right of Purchaser to rely thereon.
3.7Restricted Securities. Purchaser understands that the Shares have not been,
and will not be, registered under the Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of Purchaser’s representations as expressed herein. Purchaser understands that the Shares are “restricted securities” under applicable U.S. federal and state securities Laws and that, pursuant to these Laws, Purchaser must hold the Shares indefinitely unless they are registered with the Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification requirements is available. Purchaser acknowledges that the Company has no obligation to register or qualify the Shares for resale. Purchaser further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Shares, and on requirements relating to the Company which are outside of Purchaser’s control, and which the Company is under no obligation and may not be able to satisfy.
3.8No Public Market. Purchaser understands that no public market now exists
for the Shares, and that the Company has made no assurances that a public market will ever exist for the Shares.
3.9Legends. Purchaser understands that the Shares and any securities issued
in respect of or exchange for the Shares, may be notated with one or all of the following legends:
“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND
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UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THESE
SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR 
HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT.
THIS ENTITY IS A BENEFIT CORPORATION ORGANIZED UNDER PART 13 (COMMENCING WITH SECTION 14600) OF DIVISION 3 OF TITLE 1 OF THE CALIFORNIA CORPORATIONS CODE.
THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER, A RIGHT OF FIRST REFUSAL AND A LOCK-UP PERIOD IN THE EVENT OF A PUBLIC OFFERING AS SET FORTH IN THE STOCK PURCHASE AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER RESTRICTIONS, RIGHT OF FIRST REFUSAL AND LOCK-UP PERIOD ARE BINDING ON TRANSFEREES OF THESE SHARES.”
(a)Any legend set forth in, or required by, the other Transaction Agreements.
(b)Any legend required by the securities Laws of any state to the extent such Laws are applicable to the Shares represented by the certificate, instrument, or book entry so legended.
3.10 Accredited Investor. Purchaser is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities Act.
3.11 No General Solicitation. Neither Purchaser, nor any of its officers, directors, employees, agents, stockholders or partners has either directly or indirectly, including, through a broker or finder (a) engaged in any general solicitation, or (b) published any advertisement in connection with the offer and sale of the Shares.
3.12 Principal Office. The address of the principal place of business of Purchaser is 55 Broadway, 19th Floor, New York, NY 10006.
4.Closing Deliverables of the Company. The Company shall deliver to Purchaser at or prior to the Closing the following:
4.1Stockholders’ Agreement. The Stockholders’ Agreement, duly executed by the Company and the other parties thereto (other than Purchaser).
4.2Secretary’s Certificate. A certificate executed by the secretary of the Company certifying (i) the Articles of Incorporation and Bylaws of the Company as in effect at
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the Closing and (ii) resolutions of the Board of Directors of the Company approving the Transaction Agreements and the transactions contemplated under the Transaction Agreements.
5.Closing Deliverables of Purchaser. Purchaser shall deliver to the Company at or prior to the Closing the Stockholders’ Agreement, duly executed by Purchaser.
6.Miscellaneous.
6.1Survival of Warranties. Unless otherwise set forth in this Agreement, the
representations and warranties of the Company and Purchaser contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and the Closing until the date that is the two (2)-year anniversary of the Closing, and shall in no way be affected by any investigation or knowledge of the subject matter thereof made by or on behalf of Purchaser or the Company.
6.2Successors and Assigns. The terms and conditions of this Agreement shall
inure to the benefit of and be binding upon the respective successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.
6.3Governing Law. This Agreement shall be governed by the internal law of
the State of California, without regard to conflict of law principles that would result in the application of any law other than the law of such State.
6.4Counterparts. This Agreement may be executed in two (2) or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.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.
6.5Titles and Subtitles. The titles and subtitles used in this Agreement are used
for convenience only and are not to be considered in construing or interpreting this Agreement.
6.6Notices.
(a)General. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt, or (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic mail during normal business hours of the recipient, and if not sent during normal business hours, then on the recipient’s next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) business day after deposit with a nationally recognized overnight courier, freight prepaid, specifying next business day delivery, with written verification of receipt. All communications shall be sent to the respective parties at their address as set forth on the signature page, or to such e-mail address or address as subsequently modified by written notice given in accordance with this Section 6.6. If notice is given to the Company, a copy (which copy shall not constitute notice) shall also be sent
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to Jackson Law Offices, 245 East Laurel St, Fort Bragg, CA 95437, Attn: James A. Jackson, Email:  and if notice is given to Purchaser, a copy (which copy shall not constitute notice) shall also be given to Venable LLP, 1290 Avenue of the Americas, 20th Floor, New York, NY 10104, Attn: William N. Haddad, Email:
6.7No Finder’s Fees. Each party represents that it neither is nor will be obligated for any finder’s fee or commission in connection with this transaction. Purchaser agrees to indemnify and to hold harmless the Company from any liability for any commission or compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of defending against such liability or asserted liability) for which Purchaser or any of its officers, employees or representatives is responsible. The Company agrees to indemnify and hold harmless Purchaser from any liability for any commission or compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of defending against such liability or asserted liability) for which the Company or any of its officers, employees or representatives is responsible.
6.8Fees and Expenses. All fees and expenses incurred in connection with the transactions contemplated by the Transaction Agreements shall be paid by the party incurring such expenses, whether or not such transactions are consummated.
6.9Amendments and Waivers. Any term of this Agreement may be amended,terminated or waived only with the written consent of the Company and Purchaser. Any amendment or waiver effected in accordance with this Section 6.9 shall be binding upon Purchaser and each transferee of the Shares, each future holder of all such securities, and the Company.
6.10Severability. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.
6.11Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by Law or otherwise afforded to any party, shall be cumulative and not alternative.
6.12Entire Agreement. This Agreement (including the Exhibits hereto) and the other Transaction Agreements constitute the full and entire understanding and agreement between the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties are expressly canceled.
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6.13Corporate Securities Law. THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF THE SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO THE QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM THE QUALIFICATION BY SECTION 25100, 25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON THE QUALIFICATION BEING OBTAINED UNLESS THE SALE IS SO EXEMPT.
6.14Dispute Resolution. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of New York and to the jurisdiction of the United States District Court for the Southern District of New York for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the state courts of New York or the United States District Court for the Southern District of New York, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court. EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL
6.15No Commitment for Additional Financing. The Company acknowledges and agrees that Purchaser has not made any representation, undertaking, commitment or agreement to provide or assist the Company in obtaining any financing, investment or other assistance, other than the purchase of the Shares as set forth herein and subject to the conditions set forth herein. In addition, the Company acknowledges and agrees that (i) no statements, whether written or oral, made by Purchaser or its representatives on or after the date of this Agreement shall create an obligation, commitment or agreement to provide or assist the Company in obtaining any financing or investment, (ii) the Company shall not rely on any such statement by Purchaser or its representatives, and (iii) an obligation, commitment or agreement to provide or assist the Company in obtaining any financing or investment may only be created by a written agreement, signed by Purchaser and the Company, setting forth the terms and conditions of such financing or investment
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and stating that the parties intend for such writing to be a binding obligation or agreement. Purchaser shall have the right, in its sole and absolute discretion, to refuse or decline to participate in any other financing of or investment in the Company, and shall have no obligation to assist or cooperate with the Company in obtaining any financing, investment or other assistance.
[Signature Page Follows]
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IN WITNESS WHEREOF, the parties have executed this Stock Purchase Agreement as of the date first written above.
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	COMPANY:

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	By:
	

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	Name: Stephen Heckeroth

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	Title: Chief Executive Officer

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	Address: 30151 Navarro Ridge Road, Albion CA 95410

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SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT

IN WITNESS WHEREOF, the parties have executed this Stock Purchase Agreement as of the date first written above.
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	PURCHASER:

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	IDEANOMICS, INC.

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	By:
	

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	Name: Alf Poor 

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	Title: Chief Executive Officer

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	Address: 1441 Broadway, Suite 5116, New York, NY 10018

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SIGNATURE PAGE TO STOCK PURCHASE AGREEMENTExhibit 10.145
EXECUTION VERSION
STOCKHOLDERS' AGREEMENT
THIS STOCKHOLDERS' AGREEMENT (this "Agreement"), is made as of October 20, 2020, by and among Solectrac, Inc., a California benefit corporation (the "Company") and each of the stockholders listed on Schedule  hereto, each of whom is referred to herein as a "Stockholder".
RECITALS
WHEREAS, each Stockholder beneficially owns the number of shares of common stock, par value $0.0001 per share (the "Common Stock"), of the Company set forth next to such Stockholder's name on Schedule A hereto; and
WHEREAS, the Stockholders and the Company desire for their mutual benefit and protection to enter into an agreement governing the ownership and transfer of such shares.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledge, the parties hereto agree as follows:
1.Definitions. For purposes of this Agreement:
1.1"Affiliate" means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled by, or is under common control with such Person, including, without limitation, any general partner, managing member, officer, director or trustee of such Person, or any venture capital fund or other investment fund now or hereafter existing that is controlled by one (1) or more general partners, managing members or investment adviser of, or shares the same management company or investment adviser with, such Person.
1.2"Articles of Incorporation" means the Company's Articles of Incorporation, as amended and/or restated from time to time.
1.3"As-Converted Basis" means, for the purpose of determining the number of shares of Common Stock outstanding as of a given time, a basis of calculation which takes into account (a) the number of shares of Common Stock actually issued and outstanding at such time, and (b) the number of shares of Common Stock that are then issuable upon the exercise, exchange or conversion of all outstanding securities or rights convertible into, or exchangeable or exercisable for, shares of Common Stock, including, without limitation, any outstanding options, warrants, or shares of preferred stock.
1.4"Board" means the board of directors of the Company.
1.5"Business Day" means a day other than a Saturday, Sunday or other day on which commercial banks in the City of New York are authorized or required under applicable Law to close.
1.6"Capital Stock" means (a) shares of Common Stock and (b) shares of Common Stock issued or issuable upon exercise or conversion, as applicable, of Derivative Securities, in
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each case now owned or subsequently acquired by any Stockholder or their respective successors or permitted transferees or assigns.
1.7"Common Stock" means shares of the Company's common stock, par value $0.0001 per share.
1.8"Derivative Securities" means any securities or rights convertible into, or exercisable or exchangeable for (in each case, directly or indirectly), Common Stock, including options and warrants.
1.9"GAAP" means generally accepted accounting principles in the United States as in effect from time to time.
1.10"Immediate Family Member" means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, life partner or similar statutorily-recognized domestic partner, or sibling, including adoptive relationships of a natural person referred to herein.
1.11"IPO" means the Company's first underwritten public offering of its Common Stock under the Securities Act.
1.12"Joinder Agreement" means (i) with respect to a Person issued New Securities pursuant to Section 2.6, a writing reasonably satisfactory in form and substance to the Board whereby such Person becomes a party to and agrees to be bound by the terms of this Agreement as if such Person had originally been a party to this Agreement, and (ii) with respect to a transferee of shares of Capital Stock pursuant to Section 3, a writing reasonably satisfactory in form and substance to the Board whereby such transferee becomes a party to and agrees to be bound, to the same extent as the applicable transferor, by the terms of this Agreement as if such transferee had originally been a party to this Agreement.
1.13"New Securities" means shares of Common Stock or other Derivative Securities issued or sold by the Company, other than (a) shares of Common Stock or Derivative Securities issued to employees or directors of the Company pursuant to an incentive compensation plan, agreement or arrangement approved by the Board, (b) shares of Common Stock or Derivative Securities issued by reason of a dividend, stock split, split-up or other distribution on shares of Common Stock, (c) shares of Common Stock actually issued upon the conversion or exchange of Derivative Securities, in each case provided such issuance is pursuant to the terms of such Derivative Security, (d) shares of Common Stock or Derivative Securities issued to banks, equipment lessors or other financial institutions, or to real property lessors, pursuant to a debt financing, equipment leasing or real property leasing transaction approved by the Board, (e) shares of Common Stock or Derivative Securities issued as acquisition consideration pursuant to a merger, consolidation, acquisition, or similar business combination approved by the Board, and (f) shares of Common Stock issued pursuant to the crowdfunding campaign currently being conducted by the Company as of the date hereof up to an aggregate purchase price of $1,070,000.
1.14"Overallotment Percentage" means (a) with respect to an Exercising Stockholder who specified an Excess Amount in its Purchase Notice in respect of an issuance or sale of New Securities pursuant to Section 2, the percentage determined by dividing (i) the number of shares of Common Stock (calculated on an As-Converted Basis) held by such Exercising Stockholder by

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(ii) the sum of the shares of Common Stock (calculated on an As-Converted Basis) of all Exercising Stockholders who specified an Excess Amount in their respective Purchase Notices in respect of such issuance or sale, (b) with respect to a ROFR Stockholder that has delivered a valid ROFR Exercise Notice in respect of a Transfer of Transfer Stock pursuant to Section 3.2, the percentage determined by dividing (i) the number of shares of Common Stock (calculated on an As-Converted Basis) of such ROFR Stockholder by (ii) the sum of the shares of Common Stock (calculated on an As-Converted Basis) of all ROFR Stockholders that have delivered a valid ROFR Exercise Notice in respect of such Transfer, and (c) with respect to a Transferring Stockholder or a Tag-Along Participant in respect of a Tag-Along Transaction pursuant to Section 3.3, the percentage determined by dividing (i) the number of shares of Common Stock (calculated on an As-Converted Basis) of such Transferring Stockholder or Tag-Along Participant, as applicable, by (ii) the sum of the shares of Common Stock (calculated on an As-Converted Basis) of such Transferring Stockholders and all of the Tag-Along Participants who have delivered a Tag-Along Acceptance Notice in respect of such Tag-Along Transaction.
1.15 "Ownership Percentage" means, with respect to a given Stockholder on a given date, an amount, expressed as a percentage, equal to (a) the number of shares of Common Stock held by such Stockholder as of such date, calculated on an As-Converted Basis, divided by (b) the number of shares of Common Stock outstanding as of such date, calculated on an As-Converted Basis.
1.16 "Permitted Transfer" means a Transfer by a Stockholder to (a) an Affiliate of such Stockholder, (b) any other Stockholder, (c) an Immediate Family Member of such Stockholder, or (d) a trust, whether inter vivos or testamentary, in which any Immediate Family Member is the primary income beneficiary.
1.17 "Person" means any individual, corporation, partnership, trust, limited liability company, association or other entity.
1.18 "Sale Transaction" means (i) any merger, amalgamation, reorganization, consolidation or other transaction involving the Company and any other Person in which the Persons who were the stockholders of the Company immediately prior to such transaction own less than fifty percent (50%) of the outstanding voting securities of the surviving or continuing Person after such transaction; (ii) the sale, exchange or transfer by the Company's stockholders, in a single transaction or series of related transactions, of all of the voting shares of the Company; or (iii) the sale of all or substantially all of the assets of the Company.
1.19 "SEC" means the Securities and Exchange Commission.
1.20 "Securities Act" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
1.21 "Transfer" means, (a) when used as a noun, any sale, conveyance, hypothecation, pledge, assignment, attachment, grant of a lien or security interest, exchange, disposition or other transfer, whether voluntarily, by operation of Law, pursuant to judicial process or otherwise, and (b) when used as a verb, to sell, convey, hypothecate, pledge, assign, grant a lien or security
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interest, exchange, dispose of or otherwise transfer, whether voluntarily, by operation of Law, pursuant to judicial process or otherwise.
2.Preemptive Rights.
2.1Each Stockholder shall have the right to participate in any issuance or sale of New Securities by the Company, on the terms and subject to the conditions set forth in this Section 2. For the avoidance of doubt, the purchase right provided in this Section 2 shall apply at the time of issuance of any Derivative Security, and not to the conversion, exchange or exercise thereof.
2.2Within five (5) business days following any meeting of the Board at which any proposed issuance or sale of New Securities by the Company is approved, and at least ten (10) Business Days prior to the proposed effective date of such issuance or sale, the Company shall give written notice of any proposed issuance or sale described in Section 2.1 (the "Issuance Notice") to each Stockholder, which notice shall (i) set forth the description of the New Securities proposed to be issued or sold (the "Purchase Stock"), the material terms and conditions of such proposed issuance or sale, including the name of any proposed purchaser(s), the proposed manner of disposition, the proposed issuance or sale date and the proposed purchase price per Purchase Stock and (ii) contain, if applicable, a written offer from the prospective purchaser to purchase such Purchase Stock.
2.3At any time during the ten (10)-Business Day period following its receipt of the Issuance Notice (the "Purchase Period"), each Stockholder that wishes to purchase any Purchase Stock shall give a written notice to the Company (the "Purchase Notice"), which notice shall (i) set forth the number of shares of Purchase Stock such Stockholder wishes to purchase (up to the Ownership Percentage of such Stockholder) and, at the option of such Stockholder, the maximum number of Purchase Stock that such Stockholder desires to purchase in excess of such Stockholder's Ownership Percentage (the "Excess Amount"), and (ii) contain an irrevocable commitment by such Stockholder to purchase the number of shares of Purchase Stock set forth in such Purchase Notice, upon the terms and conditions, including the purchase price, specified in the applicable Issuance Notice (each Stockholder exercising its purchase right pursuant to this Section 2.3, an "Exercising Stockholder"). So long as none of the terms set forth in the Issuance Notice are changed following delivery of the Purchase Notice by an Exercising Stockholder, any Purchase Notice shall upon delivery become binding on such Exercising Stockholder and shall become irrevocable without the necessity of any acceptance thereof by the Company. The failure of a Stockholder to provide a Purchase Notice prior to the expiration of the Purchase Period shall be deemed an election by such Stockholder not to subscribe for or purchase any shares of Purchase Stock pursuant to the issuance or sale to which such Purchase Period relates, but shall not affect the rights of such Stockholder with respect to any future issuances or sales of New Securities.
2.4If one or more Stockholders decline to participate in such issuance or sale or elect to subscribe for less than their Ownership Percentage of the Purchase Stock (any such unsubscribed Purchase Stock, the "Excess Purchase Stock"), the Excess Purchase Stock shall automatically be allocated to the Exercising Stockholders who specified an Excess Amount in their respective Purchase Notices in accordance with their respective Overallotment Percentages; provided that in no event shall an amount of Purchase Stock greater than an Exercising Stockholder's Excess Amount be allocated to such Exercising Stockholder. Any Excess Purchase
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Stock remaining after such allocation shall be further allocated among the remaining Exercising Stockholders whose respective Excess Amounts have not been satisfied in full in accordance with each such Exercising Stockholder's respective Overallotment Percentage (calculated to omit any Exercising Stockholder once its Excess Amount becomes fully satisfied) until the first to occur of (i) the entire Excess Amount of each Exercising Stockholder becoming fully satisfied and (ii) the aggregate amount of Purchase Stock becoming fully allocated.
2.5The purchase of Purchase Stock with respect to which Purchase Notices have been delivered in accordance with Section 2.3 shall be consummated concurrently with the consummation of the issuance or sale described in the applicable Issuance Notice. Upon the consummation of an issuance or sale of Purchase Stock in accordance with this Section 2, (i) the Company shall deliver the Purchase Stock free and clear of all liens or encumbrances other than those existing under applicable securities Laws or pursuant to this Agreement and (ii) each Exercising Stockholder who has purchased such Purchase Stock shall remit to the Company, by wire transfer of immediately available funds, the consideration for the Purchase Stock issued or sold to such Exercising Stockholder.
2.6In the event that, at the end of the Purchase Period, no Stockholder has delivered to the Company a valid Purchase Notice or the valid Purchase Notices delivered to the Company cover in the aggregate less than all of the Purchase Stock (any such unallocated Purchase Stock, the "Remaining Excess Stock"), the Company shall be permitted to offer, issue, and sell all or any portion of the Remaining Excess Stock to third parties on terms no less favorable to the Company than those set forth in the Issuance Notice (except that the amount of Purchase Stock to be issued or sold may be reduced). Any third party to whom New Securities are to be issued pursuant to this Section 2 that was not a Stockholder prior to such issuance and who will hold five percent (5%) or more of the issued and outstanding shares of Common Stock (calculated on an As-Converted Basis) immediately following such issuance shall, as a condition precedent to such issuance, execute and deliver to the Company a Joinder Agreement. In the event that the Company has not issued or sold any of the Purchase Stock proposed to be issued or sold in the Issuance Notice within ninety (90) days following the date of such Issuance Notice, the Company shall not thereafter issue or sell any New Securities without again fully complying with this Section 2.
2.7The provisions of this Section 2 shall terminate and be of no further force or effect upon the first to occur of the following: (i) immediately prior the consummation of the IPO, or (ii) upon the closing of a Sale Transaction.
3.Transfers of Capital Stock.
3.1Restrictions on Transfer.
(a)Other than (i) Permitted Transfers or (ii) Transfers in accordance with the provisions of this Section 3, no Stockholder may Transfer all or any portion of his, her or its Capital Stock.
(b)Each transferee of Common Stock shall, as a condition precedent to such Transfer, (i) execute and deliver to the Company a Joinder Agreement if immediately following such Transfer such transferee will hold five percent (5%) or more of the issued and outstanding
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shares of Common Stock (calculated on an As-Converted Basis) and (ii) reimburse the Company and the Board for all reasonable expenses (including reasonably attorneys' fees and expenses and the costs of any incremental accounting expense) incurred by the Company and the Board in connection with such Transfer. Any Transfer of Capital Stock permitted pursuant to this Agreement shall be effective as of the date of assignment and compliance with the conditions to such Transfer and such Transfer shall be shown on the books and records of the Company. Upon the effectiveness of any such Transfer, the transferee shall become a substitute Stockholder of the Company with respect to the Capital Stock Transferred.
(c)Notwithstanding any other provisions of this Section 3, no Transfer of Capital Stock may be made (including pursuant to a Permitted Transfer) unless in the opinion of counsel (who may be counsel for the Company), satisfactory in form and substance to the Board and counsel for the Company (which opinion may be waived, in whole or in part, at the discretion of the Board), such Transfer would not violate any applicable securities Laws applicable to the Company or the Capital Stock to be Transferred. Such opinion of counsel shall be delivered in writing to the Company prior to the date of the Transfer.
(d)A Stockholder shall cease to be a Stockholder under this Agreement at such time as such Stockholder ceases to own any Capital Stock; provided that Section 5.6 shall survive any such cessation and remain applicable to such Stockholder.
(e)Any purported Transfer by a Stockholder that does not comply with this Section 3 shall be null and void ab initio, shall not be recorded on the books of the Company or its transfer agent and shall confer no rights whatsoever on the purported transferee as against the Company or any other stockholder of the Company, including the Stockholders.
(f)Each certificate, instrument, or book entry representing the Capital Stock or any other securities issued in respect of such securities upon any stock split, stock dividend, recapitalization, merger, consolidation, or similar event, shall be notated with a legend substantially in the following form:
"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "ACT") AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR 
HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT.
THIS ENTITY IS A BENEFIT CORPORATION ORGANIZED UNDER PART 13 (COMMENCING WITH SECTION 14600) OF DIVISION 3 OF TITLE 1 OF THE CALIFORNIA CORPORATIONS CODE.
THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER, A RIGHT
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OF FIRST REFUSAL AND A LOCK-UP PERIOD IN THE EVENT OF A PUBLIC OFFERING AS SET FORTH IN THE STOCK PURCHASE AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER RESTRICTIONS, RIGHT OF FIRST REFUSAL AND LOCK-UP PERIOD ARE BINDING ON TRANSFEREES OF THESE SHARES."
The Stockholders consent to the Company making a notation in its records and giving instructions to any transfer agent of the Capital Stock in order to implement the restrictions on transfer set forth in this Section 3.1.
(g)The provisions of this Section 3.1 shall terminate and be of no further force or effect upon the first to occur of the following: (i) immediately prior the consummation of the IPO, or (ii) upon the closing of a Sale Transaction.
3.2Right of First Refusal.
If any Stockholder proposes to Transfer (other than pursuant to a Permitted Transfer) to any Person any portion of such Stockholder's Capital Stock, each other Stockholder and the Company shall have a right of first refusal to purchase such Capital Stock on the same terms and conditions, as discussed in more detail below.
(a)Subject to the terms and conditions of this Section 3.2, each other Stockholder (a "ROFR Stockholder") shall have a right of first refusal if any Stockholder (a "ROFR Transferor") proposes to Transfer to any Person all or any portion of such Stockholder's Capital Stock; provided that this Section 3.2 shall not apply to any Transfer to a Permitted Transferee or (ii) any Transfer by a Tag-Along Participant pursuant to Section 3.3 (after prior compliance by the applicable Transferring Stockholder with this Section 3.2 in respect of such Transfer).
(b)If a ROFR Transferor proposes at any time to Transfer all or any portion of such Stockholder's Capital Stock (the "Transfer Stock"), such ROFR Transferor shall provide to each ROFR Stockholder a written notice (the "ROFR Transfer Notice") specifying the Transfer Stock and containing an irrevocable offer to Transfer the Transfer Stock to the ROFR Stockholders at the price (the "Transfer Price"), and upon the other material terms and conditions, specified in the ROFR Transfer Notice. The Transfer Price shall be equal to the price offered (the "Purchase  Offer") to the ROFR Transferor by a bona fide third party offeror (the "Third Party Offeror"), the identity of which shall be specified in the ROFR Transfer Notice together with the ROFR Transferor's good faith reasonable estimation of the cash value of any non-cash consideration offered by the Third Party Offeror, the terms of payment of the Purchase Offer and all other material matters relating to the Third Party Offeror's offer to purchase the Transfer Stock. The written proposal containing the Purchase Offer shall be provided with the ROFR Transfer Notice.
(c)Within fifteen (15) Business Days after receipt of the ROFR Transfer Notice, (the "ROFR Exercise Period"), each ROFR Stockholder may exercise its right of first
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refusal under Section 3.2(a) by providing written notice to the ROFR Transferor (a "ROFR Exercise Notice") specifying that such ROFR Stockholder wishes to purchase all (but not less than all) of the Transfer Stock. The failure of any ROFR Stockholder to deliver a valid ROFR Exercise Notice prior to the expiration of the ROFR Exercise Period shall be deemed an election by such ROFR Stockholder not to purchase the Transfer Stock. If more than one ROFR Stockholder delivers to the ROFR Transferor a valid ROFR Exercise Notice, each such ROFR Stockholder shall be required to purchase such portion of the Transfer Stock equal to its Overallotment Percentage. A ROFR Transferor shall be permitted to withdraw a ROFR Transfer Notice at any time if such ROFR Transferor no longer proposes to Transfer the Transfer Stockholder.
(d)The closing of any purchase of the Transfer Stock by one or more ROFR Stockholders pursuant to this Section 3.2 shall occur on a Business Day chosen by such ROFR Stockholder, which shall not be later than thirty (30) Business Days after the end of the ROFR Exercise Period (the "ROFR Closing Date"); provided that the ROFR Closing Date may be extended beyond the date described in the Transfer Notice to the extent necessary to obtain required governmental approvals and other required third-party approvals and the Company and the Stockholders shall use their respective commercially reasonable efforts to obtain such approvals. Upon the consummation of the purchase by such ROFR Stockholders of the Transfer Stock pursuant to this Section 3.2, each such ROFR Stockholder shall pay to the ROFR Transferor, by wire transfer of immediately available funds to an account designated by such ROFR Transferor, the Transfer Price (or the portion thereof in respect of the portion of the Transfer Stock purchased by such ROFR Stockholder). The Transfer Stock shall be delivered to the ROFR Stockholders free and clear of any liens or encumbrances other than those existing under applicable securities Laws or pursuant to this Agreement.
(e)If none of the ROFR Stockholders delivers to the ROFR Transferor a valid ROFR Exercise Notice prior to the expiration of the ROFR Exercise Period or the ROFR Stockholders fail to consummate the purchase of the Transfer Stock in accordance with this Section 3.2 solely due to a default by such ROFR Stockholders, then, for a period of ninety (90) days (the "Permitted Sale Period") following the expiration of the ROFR Exercise Period and subject to compliance with Section 3.3, the ROFR Transferor shall be permitted to Transfer all (but not less than all, unless there is a reduction to the portion of the Capital Stock to be sold by the ROFR Transferor due to the participation of Tag-Along Participants pursuant to Section 3.3) of the Transfer Stock to the Third Party Offeror at a price not lower than the Transfer Price and on terms no more favorable to the Third Party Offeror than those contained in the ROFR Transfer Notice (other than with respect to the addition of representations and warranties and corresponding indemnification protections). If, at the end of the Permitted Sale Period, the ROFR Transferor has not consummated the Transfer of the Transfer Stock to the Third Party Offeror, the ROFR Transferor shall no longer be permitted to Transfer the Transfer Stock to any Person without again complying with this Section 3.2; provided that, if the ROFR Transferor determines at any time during the Permitted Sale Period that the Transfer of the Transfer Stock at the Transfer Price and on such terms and conditions as required by this Section 3.2(e) is no longer practical or desirable, the ROFR Transferor may, upon delivery of written notice to the ROFR Stockholders, terminate all efforts to consummate such Transfer and recommence the procedures set forth in this Section 3.2 prior to the expiration of the Permitted Sale Period.
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(f)Each Stockholder shall take all actions as may be reasonably necessary to consummate the Transfer contemplated by this Section 3.2, including, without limitation, entering into agreements and delivering such certificates, instruments and consents as may be deemed necessary or appropriate.
3.3Co-Sale Rights.
If any Stockholder proposes to Transfer (other than pursuant to a Permitted Transfer) to any Person any portion of such Stockholder's Capital Stock, each other Stockholder (to be known as a Tag-Along Stockholder) shall have the right to transfer a portion of their Capital Stock to the same proposed Transferee on the same terms and conditions, as discussed in more detail below.
(a)In the event of a proposed Transfer by a Stockholder (a "Transferring Stockholder") to any Person of all or any portion of such Stockholder's Capital Stock, and subject to prior compliance with Section 3.2, each other Stockholder (a "Tag-Along Stockholder") shall have the right to participate in such proposed Transfer in accordance with this Section 3.3 (a "Tag-Along Transaction"); provided that this Section 3.3 shall not apply to any Permitted Transfer.
(b)Prior to any Transfer described in Section 3.3(a), the Transferring Stockholder shall deliver to the Company and all Tag-Along Stockholders prompt written notice (the "Transfer Notice") specifying (i) the name of the proposed transferee (the "Tag-Along Transferee"), (ii) the shares of Capital Stock proposed to be Transferred (the "Tag-Along Stock") and the percentage such Tag-Along Stock bears to the aggregate shares of Capital Stock held by such Transferring Stockholder calculated on an As-Converted Basis (the "Transferring Stockholder Tag-Along Percentage"), (iii) the proposed purchase price therefor, including a description of any non-cash consideration sufficiently detailed (to the extent that such Transferring Stockholder is in possession of such information) to permit the determination of the fair market value thereof, and (iv) the other material terms and conditions of the proposed Transfer, including the proposed closing date of such Transfer (which shall not be less than twenty (20) Business Days after the delivery of the Transfer Notice) (the "Proposed Tag-Along Closing Date").
(c)Each Tag-Along Stockholder may, subject to the limitations set forth in this Section 3.3(c), Transfer to the Tag-Along Transferee up to such portion of its shares of Capital Stock equal to the aggregate shares of Capital Stock held by such Tag-Along Stockholder, calculated on an As-Converted Basis, multiplied by the Transferring Stockholder Tag-Along Percentage (such Tag-Along Stockholder's "Tag-Along Stockholder Tag-Along Percentage"). Within ten (10) Business Days after receipt of the Transfer Notice, each Tag-Along Stockholder may exercise such tag-along right by providing the Company and the Transferring Stockholder with written notice (a "Tag-Along Acceptance Notice") stating (i) that such Tag-Along Stockholder elects to exercise its tag-along right under this Section 3.3 and (ii) the maximum number of shares of Capital Stock that such Tag-Along Stockholder desires to Transfer (any Tag-Along Stockholder that validly exercises its tag-along right under this Section 3.3, a "Tag-Along Participant"). Each Tag-Along Stockholder shall be deemed to have waived its tag-along right under this Section 3.3 if it (x) fails to provide the Tag-Along Acceptance Notice within the prescribed time period or (y) purchases all or any portion of a Transferring Stockholder's Capital Stock pursuant to an exercise of right of first refusal in accordance with Section 3.2.
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(d)The Tag-Along Transferee shall not be obligated to directly or indirectly purchase shares of Capital Stock exceeding those set forth in the Transfer Notice. In the event the Tag-Along Transferee elects to purchase, directly or indirectly, less than all of the additional shares of Capital Stock sought to be Transferred by the Tag-Along Participants, the shares of Capital Stock to be Transferred by the Transferring Stockholder and each Tag-Along Participant shall be equal to (i) the aggregate shares of Capital Stock that the Tag-Along Transferee elects to purchase, multiplied by (ii) the Overallotment Percentage of such Transferring Stockholder or such Tag-Along Participant, as applicable. In the event that a Tag-Along Stockholder elects to Transfer a number of shares of Capital Stock smaller than the aggregate number of shares of Capital Stock held by such Tag-Along Stockholder multiplied by its Tag-Along Stockholder Tag-Along Percentage (any portion of such Tag-Along Stockholder's Capital Stock subject to such non-election, the "Shortfall Stock"), the Transferring Stockholder shall be entitled to sell an additional portion of the Capital Stock held by it equal to the Shortfall Stock.
(e)Each Tag-Along Participant and the Transferring Stockholder shall receive (i) consideration in the same form; provided that if the Transferring Stockholder is given an option as to the form of consideration to be received, all Tag-Along Participants shall be given the same option, and (ii) the same rights granted by the Tag-Along Transferee to the Transferring Stockholder in such Tag-Along Transaction. Upon consummation of the Tag-Along Transaction, each Tag-Along Participant shall deliver to the Tag-Along Transferee such Tag-Along Participant's Capital Stock to be Transferred free and clear of any liens or encumbrances other than those existing under applicable securities Laws or pursuant to this Agreement. Each Tag-Along Participant shall agree to make and provide customary representations, covenants, indemnities and agreements so long as they are made severally and not jointly; provided (x) any general indemnity given by the Transferring Stockholder to the Tag-Along Transferee that is applicable to liabilities not specific to the Transferring Stockholder shall be apportioned among the Tag-Along Participants and the Transferring Stockholder pro rata based upon the consideration received by each such Stockholder in respect of its Capital Stock to be Transferred and shall not exceed such Stockholder's gross proceeds from such Tag-Along Transaction, (y) any representation relating specifically to a Stockholder or its ownership of its Capital Stock to be Transferred shall be made only by such Stockholder, and any indemnity given with respect to such representation shall be given only by such Stockholder and shall not exceed such Stockholder's gross proceeds from the sale, and (z) in no event shall any Tag-Along Participant be obligated to agree to any non-competition covenant or other similar agreement restricting the business operations of such Stockholder or its Affiliates as a condition to participating in such Transfer. The Transferring Stockholder shall have until the Proposed Tag-Along Closing Date to consummate the proposed Tag-Along Transaction on terms not more favorable to the Transferring Stockholder than those set forth in the Transfer Notice; provided, however, that the Proposed Tag-Along Closing Date may be extended beyond the date described in the Transfer Notice for a period of thirty (30) days to the extent necessary to obtain required governmental approvals and other required third-party approvals and the Company and the Stockholders shall use their respective commercially reasonable efforts to obtain such approvals. If the Transferring Stockholder has not consummated the Tag-Along Transaction on or prior to the Proposed Tag-Along Closing Date, the Transferring Stockholder shall not thereafter consummate a Transfer that is subject to this Section 3.3 without again fully complying with this Section 3.3.
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(f)The Transferring Stockholder shall, in its sole discretion, decide whether or not to pursue, consummate, postpone or abandon any proposed Transfer subject to this Section 3.3  and the terms and conditions thereof. No Stockholder shall have any liability to any other Stockholder or the Company arising from, relating to or in connection with the pursuit, consummation, postponement, abandonment or terms and conditions of any proposed Transfer subject to this Section 3.3 except to the extent such Stockholder shall have failed to comply with the provisions of this Section 3.3.
(g)If a Transferring Stockholder Transfers any portion of its Capital Stock in violation of this Section 3.3, each Tag-Along Stockholder shall have the right to Transfer to the Transferring Stockholder, and the Transferring Stockholder shall be obligated to purchase from each such Tag-Along Stockholder, the shares of Capital Stock that such Tag-Along Stockholder would have had the right to Transfer to the proposed transferee pursuant to this Section 3.3 for a price and upon the terms and conditions on which such proposed transferee purchased such shares of Capital Stock from the Transferring Stockholder; provided that nothing contained in this Section 3.3(g) shall preclude any Tag-Along Stockholder from seeking alternative remedies against the Transferring Stockholder as a result of its breach of this Section 3.3. The Transferring Stockholder shall also reimburse each such Tag-Along Stockholder for any and all reasonable and documented out-of-pocket fees and expenses (including reasonable legal fees and expenses) incurred pursuant to the exercise or attempted exercise of such Tag-Along Stockholder's rights under this Section 3.3(g).
(h)The provisions of this Section 3.3 shall terminate and be of no further force or effect upon the first to occur of the following: (i) immediately prior the consummation of the IPO, or (ii) upon the closing of a Sale Transaction.
3.4Market Stand-off. Each Stockholder hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the IPO, and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) days, or such other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (1) the publication or other distribution of research reports and (2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in applicable FINRA rules, or any successor provisions or amendments thereto), (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any shares of Capital Stock held immediately before the effective date of the registration statement for such offering or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise. The foregoing provisions of this Section 3.4 shall apply only to the IPO, shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement or to the establishment of a trading plan pursuant to Rule 10b5-1, provided that such plan does not permit transfers during the restricted period, and shall be applicable to the Stockholders only if all officers and directors are subject to the same restrictions and the Company uses commercially reasonable efforts to obtain a similar agreement from all stockholders individually owning more than one percent (1%) of the
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Company's outstanding Common Stock (calculated on an As-Converted Basis). The underwriters in connection with such registration are intended third-party beneficiaries of this Section 3.4 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each Stockholder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent with this Section 3.4 or that are necessary to give further effect thereto. Any discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters shall apply pro rata to all Company stockholders that are subject to such agreements, based on the number of shares subject to such agreements.
4.Management of the Company.
4.1Board Composition. Each Stockholder agrees to vote, or cause to be voted, all shares of Capital Stock owned by such Stockholder, or over which such Stockholder has voting control, from time to time and at all times, in whatever manner as shall be necessary to ensure that at each annual or special meeting of stockholders at which an election of directors is held or pursuant to any written consent of the stockholders, the following persons shall be elected to the Board:
(a)for so long as Ideanomics, Inc. ("Ideanomics") and its Affiliates continue to own beneficially at least five percent (5%) of the outstanding shares of Common Stock (calculated on an As-Converted Basis) (the "Ownership Threshold"), one (1) person designated from time to time by Ideanomics (the "Ideanomics Director"), which shall initially be Keith Byars; and
(b)Five (5) persons designated from time to time by the holders of a majority of the shares of Common Stock outstanding, voting as a separate class, which shall initially be Steve Heckeroth, Heather Paulsen, Nishi Deokule, Joseph Marino, Willard MacDonald.
To the extent that clause (a) above shall become inapplicable due to Ideanomics and its Affiliates failing to satisfy the Ownership Threshold, (i) any member of the Board who would otherwise have been designated by Ideanomics in accordance with the terms thereof shall instead be voted upon by all holders of outstanding shares of Common Stock and (ii) Section 4.6 shall apply.
4.2Failure to Designate a Board Member. In the absence of any designation from the Persons or groups with the right to designate a director as specified in Section 4.1, the director previously designated by them and then serving shall be reelected if willing to serve unless such individual has been removed as provided herein, and otherwise such Board seat shall remain vacant until otherwise filled as provided above.
4.3Removal of Board Members. Each Stockholder also agrees to vote, or cause to be voted, all shares of Capital Stock owned by such Stockholder, or over which such Stockholder has voting control, from time to time and at all times, in whatever manner as shall be necessary to ensure that:
(a)no director elected pursuant to Section 4.1 of this Agreement may be removed from office unless (i) such removal is directed or approved by the affirmative vote of the Person(s) entitled under Section 4.1 to designate such director or (ii) the Person(s) originally
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entitled to designate or approve such director pursuant to Section 4.1 is no longer so entitled to designate or approve such director;
(b)any vacancies created by the resignation, removal or death of a director elected pursuant to Section 4.1 shall be filled pursuant to the provisions of this Section 4; and
(c)upon the request of any party entitled to designate a director as provided in Section 4.1 to remove such director, such director shall be removed.
All Stockholders agree to execute any written consents required to perform the obligations of this Section 4, and the Company agrees at the request of any Person or group entitled to designate directors to call a special meeting of stockholders for the purpose of electing directors. So long as the stockholders of the Company are entitled to cumulative voting, if less than the entire Board is to be removed, no director may be removed without cause if the votes cast against his or her removal would be sufficient to elect such director if then cumulatively voted at an election of the entire Board.
4.4No Liability for Election of Recommended Directors. No Stockholder, nor any
Affiliate of any Stockholder, shall have any liability as a result of designating a person for election as a director for any act or omission by such designated person in his or her capacity as a director of the Company, nor shall any Stockholder have any liability as a result of voting for any such designee in accordance with the provisions of this Agreement.
4.5Indemnification.
(a)Right to Indemnification of Directors. The Company shall indemnify and hold harmless, to the fullest extent permitted by applicable Law as it presently exists or may hereafter be amended, any person (an "Indemnified Person") who was or is made or is threatened to be made a party or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (a "Proceeding"), by reason of the fact that such person, or a person for whom such person is the legal representative, is or was a director of the Company or, while a director of the Company, is or was serving at the request of the Company as a director of another corporation or of a partnership, joint venture, limited liability company, trust, enterprise or nonprofit entity, against all liability and loss suffered and expenses (including attorneys' fees) reasonably incurred by such Indemnified Person in such Proceeding. Notwithstanding the preceding sentence, except as otherwise provided in Section 4.5(c), the Company shall be required to indemnify an Indemnified Person in connection with a Proceeding (or part thereof) commenced by such Indemnified Person only if the commencement of such Proceeding (or part thereof) by the Indemnified Person was authorized in advance by the Board.
(b)Prepayment of Expenses of Directors. The Company shall pay the expenses (including attorneys' fees) incurred by an Indemnified Person in defending any Proceeding in advance of its final disposition; provided, however, that, to the extent required by Law, such payment of expenses in advance of the final disposition of the Proceeding shall be made only upon receipt of an undertaking by the Indemnified Person to repay all amounts advanced if it should be ultimately determined that the Indemnified Person is not entitled to be indemnified under this Section 4.5.
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(c)Claims by Directors. If a claim for indemnification or advancement of expenses under this Section 4.5 is not paid in full within thirty (30) days after a written claim therefor by the Indemnified Person has been received by the Company, the Indemnified Person may file suit to recover the unpaid amount of such claim and, if successful in whole or in part, shall be entitled to be paid the expense of prosecuting such claim. In any such action the Company shall have the burden of proving that the Indemnified Person is not entitled to the requested indemnification or advancement of expenses under applicable Law.
(d)Non-Exclusivity of Rights. The rights conferred on any person by this Section 4.5 shall not be exclusive of any other rights which such person may have or hereafter acquire under any statute, this Agreement, the Bylaws of the Company, or any agreement, or pursuant to any vote of stockholders or disinterested directors of the Company or otherwise.
(e)Insurance. The Board may, to the full extent permitted by applicable Law as it presently exists, or may hereafter be amended from time to time, authorize an appropriate officer or officers to purchase and maintain at the Company's expense insurance (a) to indemnify the Company for any obligation which it incurs as a result of the indemnification of directors under this Section 4.5 and (b) to indemnify or insure directors against liability in instances in which they may not otherwise be indemnified by the Company under the provisions of this Section 4.5.
(f)Successor Indemnification. If the Company or any of its successors or assignees consolidates with or merges into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the successors and assignees of the Company assume the obligations of the Company with respect to indemnification of members of the Board as in effect immediately before such transaction, whether such obligations are contained in the Company's Bylaws, the Articles of Incorporation, or elsewhere, as the case may be.
(g)Amendment or Repeal. Any repeal or modification of the foregoing provisions of this Section 4.5 shall not adversely affect any right or protection hereunder of any person in respect of any act or omission occurring prior to the time of such repeal or modification. The rights provided hereunder shall inure to the benefit of any Indemnified Person and such person's heirs, executors and administrators.
4.6Board Observer. In the event that Ideanomics and its Affiliates fail to satisfy the Ownership Threshold, the Company shall therafter invite a representative of Ideanomics to attend all meetings of the Board in a nonvoting observer capacity and, in this respect, shall give such representative copies of all notices, minutes, consents, and other materials that it provides to its directors at the same time and in the same manner as provided to such directors; provided, however, that such representative shall agree to hold in confidence all information so provided; and provided further, that the Company reserves the right to withhold any information and to exclude such representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel.
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5.Information Rights.
5.1Delivery of Financial Statements. The Company shall deliver to the Stockholders:
(a)as soon as practicable, but in any event within one hundred twenty (120) days after the end of each fiscal year of the Company (i) a balance sheet as of the end of such year, (ii) statements of income and of cash flows for such year, and a comparison between (x) the actual amounts as of and for such fiscal year and (y) the comparable amounts for the prior year and as included in the Budget (as defined in Section 5.1(c)) for such year, with an explanation of any material differences between such amounts and a schedule as to the sources and applications of funds for such year, and (iii) a statement of stockholders' equity as of the end of such year, all such financial statements audited and certified by independent public accountants of nationally or regionally recognized standing selected by the Company;
(b)as soon as practicable, but in any event within forty-five (45) days after the end of each quarter of each fiscal year of the Company, unaudited statements of income and cash flows for such fiscal quarter, and an unaudited balance sheet and a statement of stockholders' equity as of the end of such fiscal quarter, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments; and (ii) not contain all notes thereto that may be required in accordance with GAAP);
(c)as soon as practicable, but in any event thirty (30) days before the end of each fiscal year, a budget and business plan for the next fiscal year, prepared on a monthly basis, including balance sheets, income statements, and statements of cash flow for such months and, promptly after prepared, any other budgets or revised budgets prepared by the Company (each such budget and business plan that is approved by the Board of Directors is referred to herein as the "Budget"); and
(d)such other information relating to the financial condition, business, prospects, or corporate affairs of the Company as the Stockholders may from time to time reasonably request; provided, however, that the Company shall not be obligated under this Section 5.1  to provide information (i) that the Company reasonably determines in good faith to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in a form acceptable to the Company); or (ii) the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel.
5.2Consolidation of Financial Statements. If, for any period, the Company has any subsidiary whose accounts are consolidated with those of the Company, then in respect of such period the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the Company and all such consolidated subsidiaries.
5.3Filing of Registration Statements. Notwithstanding anything else in Section 5.1 to the contrary, the Company may cease providing the information set forth in Section 5.1 during the period starting with the date sixty (60) days before the Company's good-faith estimate of the date of filing of a registration statement if it reasonably concludes it must do so to comply with the SEC rules applicable to such registration statement and related offering; provided that the Company's
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covenants under this Section 5.1 shall be reinstated at such time as the Company is no longer actively employing its commercially reasonable efforts to cause such registration statement to become effective.
5.4Inspection. The Company shall permit a Stockholder, at its expense, to visit and inspect the Company's properties; examine its books of account and records; and discuss the Company's affairs, finances, and accounts with its officers, during normal business hours of the Company as may be reasonably requested by the Investor; provided, however, that the Company shall not be obligated pursuant to this Section 5.4 to provide access to any information that it reasonably and in good faith considers to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form acceptable to the Company) or the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel.
5.5Termination of Rights. The covenants set forth in Section 5.1 and Section 5.4 shall terminate and be of no further force or effect upon the first to occur of the following: (i) immediately prior the consummation of the IPO or (ii) upon the closing of a Sale Transaction.
5.6Confidentiality. Each Stockholder agrees that it will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor or make decisions with respect to its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this Agreement (including notice of the Company's intention to file a registration statement), unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Section 5.6 by such Stockholder), (b) is or has been independently developed or conceived by such Stockholder without use of the Company's confidential information, or (c) is or has been made known or disclosed to such Stockholder by a third party without a breach of any obligation of confidentiality such third party may have to the Company; provided, however, that such Stockholder may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent reasonably necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Capital Stock from such Stockholder, if such prospective purchaser agrees to be bound by the provisions of this Section 5.6; (iii) to any existing or prospective Affiliate, partner, member, stockholder, or wholly owned subsidiary of such Stockholder in the ordinary course of business, provided that such Stockholder informs such Person that such information is confidential and directs such Person to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, regulation, rule, court order or subpoena, provided that such Stockholder promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure.
6.Anti-Dilution. In the event the Company shall at any time issue New Securities, without consideration or for consideration per share less than the price per share of Common Stock paid by Ideanomics pursuant to that certain Stock Purchase Agreement, dated as of the date of this Agreement (such shares purchased by Ideanomics, the "Purchased Shares"), then, concurrently with such issuance, the Company shall issue to Ideanomics for no additional consideration such additional shares of Common Stock as necessary to reflect a weighted-average adjustment to the price per share paid by Ideanomics for the Purchased Shares; provided that the anti-dilution rights
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set forth in this Section 6 shall terminate and be of no further force or effect upon the failure by Ideanomics and its Affiliates to satisfy the Ownership Threshold.
7.Miscellaneous.
7.1Successors and Assigns. The terms and conditions of this Agreement inure to the benefit of and are binding upon the respective successors and permitted assignees of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein.
7.2Governing Law. This Agreement shall be governed by the internal law of the State of California, without regard to conflict of law principles that would result in the application of any law other than the law of the State of California.
7.3Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.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.
7.4Titles and Subtitles. The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing or interpreting this Agreement.
7.5Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if sent by electronic mail during the recipient's normal business hours, and if not sent during normal business hours, then on the recipient's next business day; (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (iv) one (1) business day after the business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written verification of receipt. All communications shall be sent to the respective parties at their addresses as set forth on Schedule A hereto, or, as to the Company, to the principal office of the Company and to the attention of the Chief Executive Officer, or in any case to such email address or address as subsequently modified by written notice given in accordance with this Section 7.5. If notice is given to the Company, a copy (which copy shall not constitute notice) shall also be sent to Jackson Law Offices, 245 E. Laurel Street, Fort Bragg, CA 95437, Attn: James A. Jackson, Email:and if notice is given to Ideanomics, a copy (which copy shall not constitute notice) shall also be given to Venable LLP, 1290 Avenue of the Americas, 20th Floor, New York, NY 10104, Attn: William N. Haddad, Email: .
7.6Amendments and Waivers. Any term of this Agreement may be amended, modified or terminated and the observance of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company and the holders of at least a majority of the shares of Common Stock then
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outstanding (calculated on an As-Converted Basis), which majority shall include Ideanomics; provided that (a) this Agreement may not be amended, modified or terminated and the observance of any term hereof may not be waived with respect to any Stockholder without the written consent of such Investor, unless such amendment, modification, termination, or waiver applies to all Stockholders in the same fashion and (b) any provision hereof may be waived by any waiving party on such party’s own behalf, without the consent of any other party. Notwithstanding the foregoing, Schedule A hereto may be amended by the Company from time to time to add transferees of any Capital Stock in compliance with the terms of this Agreement without the consent of the other parties. The Company shall give prompt notice of any amendment, modification or termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, modification, termination, or waiver. Any amendment, modification, termination, or waiver effected in accordance with this Section 7.6 shall be binding on all parties hereto, regardless of whether any such party has consented thereto. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one (1) or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision.
7.7Severability. In case any one (1) or more of the provisions contained in this Agreement is for any reason held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable provision shall be reformed and construed so that it will be valid, legal, and enforceable to the maximum extent permitted by Law.
7.8Aggregation of Stock; Apportionment. All shares of Capital Stock held or acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliated Persons may apportion such rights as among themselves in any manner they deem appropriate.
7.9Entire Agreement. This Agreement (including any Schedules hereto), constitutes the full and entire understanding and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled.
7.10Dispute Resolution. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of New York and to the jurisdiction of the United States District Court for the Southern District of New York for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the state courts of New York or the United States District Court for the Southern District of New York, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court. EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR THE SUBJECT MATTER HEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-
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ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS AGREEMENT, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.
7.11Delays or Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching or non-defaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. All remedies, whether under this Agreement or by Law or otherwise afforded to any party, shall be cumulative and not alternative.
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IN WITNESS WHEREOF, the parties have executed this Stockholders' Agreement as of the date first written above.
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	COMPANY:

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	Solectrac, Inc.

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	By:
	

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	Name: Stephen Heckeroth

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	Title: Chief Executive Officer

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SIGNATURE PAGE TO STOCKHOLDERS' AGREEMENT

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	STOCKHOLDERS:

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	Ideanomics, Inc.

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	Name: Alf Poor

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	Title: Chief Executive Officer

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SIGNATURE PAGE TO STOCKHOLDERS' AGREEMENT

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SIGNATURE PAGE TO STOCKHOLDERS' AGREEMENT

SCHEDULE A
STOCKHOLDERS

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