Document:

Exhibit 10.8

 

Acquisition
Agreement

 

This agreement is signed by the following
parties in 2019: [ ] month [ ] day [ ]

 

Buyer:
IDEANOMICS, INC.

Address:
318 North Carson Street, Suite 208, Carson City, Nevada 89701

 

Tree manufacturing Sdn. Bhd.

Shareholder:
Tree manufacturing Sdn. Bhd.

 

Address:
No. 8, Jalan Taming Jaya 1, Taman Taming Jaya, 43300 Balakong, Selangor, Malaysia

 

The
above parties collectively referred to as "The Parties", each referred to as a "Party"

 

Whereas:

 

		1.	The
                                         Buyer is a company established and valid under the laws of Nevada, United States. It
                                         is quoted on the Nasdaq Stock Market, an American stock exchange under the ticker symbol
                                         IDEX. As at the date of signature, the total number of outstanding common shares of the
                                         Buyer is 108,561,959 shares and 7,000,000 preferred shares.

 

		2.	The
                                         Shareholder is a company established and valid under the laws of Malaysia. As at the
                                         date of signature, the Shareholder holds 100 shares in the Target Company, representing
                                         100 percent of shares issued by the target company. The shareholding structure of the
                                         Shareholder and the Target Company is in Exhibit II.

 

    	 	1	 

     

    

 

		3.	The Target Company
                                         is a company established and valid under the laws of Malaysia. As at the date of signature,
                                         the total number of shares issued by the Target Company is 100, all of which are held
                                         directly by the Shareholder.

 

		4.	The Buyer intends
                                         to acquire the Shares of the Target Company from the Shareholder at the price and on
                                         the terms and subject to the conditions set forth below. The Shareholder intends to sell
                                         the Shares of the Target Company to the Buyer at the price and on the terms and subject
                                         to the conditions set forth below.

 

NOW
THEREFORE, in consideration of the representation, warranties and commitments set forth herein, the Parties agree as follows:

 

		1	Definition

 

		1.1	Words underlined
                                         in this Agreement, unless otherwise stated, shall have the meaning referred to in Exhibit
                                         I.

 

		2	Purchase
                                         and Sale of Shares

 

		2.1	The Buyer shall
                                         purchase from the Shareholder the 51 shares of the Target Company, which is 51% of the
                                         total number of shares issued by the Target Company (the "Underlying Shares")

 

    	 	2	 

     

    

 

		3	Target Company

 

		3.1	Name: Tree
                                         Motion Sdn. Bhd., Company Registration number 1293672-X.

 

		3.2	Registered
                                         Address: No. 24C, Jalan 2/137B, Resource Industrial Centre, Jalan Klang Lama, 58200 Kuala
                                         Lumpur, Malaysia.

 

		3.3	As of the signature
                                         date, the Shareholder owns 100 shares of the Target Company, 100% of the Target Shares.

 

		4.	Transaction Considerations
                                         and Payments

 

		4.1	The parties
                                         agree to set the price of the Target Shares shall be USD $51,000,000 on the basis of
                                         the valuation value agreed upon by both parties.

 

		4.2	The Buyer shall
                                         pay to the Shareholder its stocks equivalent of USD $51,000,000. The Buyer shall issue
                                         and allocates 25,500,000 shares of the Buyer's stock to the Shareholder at a price of
                                         US $2 per share (the "Transaction Consideration").

 

		4.3	The issuance
                                         and allotment of the Transaction Consideration shall be completed within 90 days after
                                         the entry into force of this Agreement. All Transaction Considerations shall be allotted
                                         separately and effectively deposited in the escrow account of the Shareholder.

 

		4.4	The Consideration
                                         Shares shall be shares of a separate class, with partial or full voting rights, and shall
                                         be entitled to voting rights since the time of allotment to the escrow account; the specific
                                         terms shall be agreed upon in writing by the parties

 

		4.5	The Consideration
                                         Shares shall be restricted from the date of allotment and shall be released year by year
                                         in accordance with this section:

 

    	 	3	 

     

    

 

		a)	One year after
                                         the Public Announcement of 2019, 50% of the Consideration Shares, namely 12,750,000 shares
                                         shall be lifted from the sale restriction;

 

		b)	One
                                         year after the Public Announcement of 2020, 50% of the Consideration Shares, namely 12,750,000
                                         shares shall be lifted from the sale restriction;

 

		4.6	After the completion
                                         of the issue and allotment of the Consideration Shares, the Shareholder shall hold 18.89%
                                         share of the Buyer.

 

		4.7	The
                                         Shareholder agrees to sign a restricted sale agreement with the Buyer in accordance with
                                         the rules of the Nasdaq Stock Exchange with respect to the restricted sale of the Consideration
                                         Shares.

 

		5	Closing

 

		5.1	Within [30]
                                         working days after the entry into force of this Agreement, the Shareholder shall transfer
                                         the Underlying Shares to the Buyer and complete the registration of the changes in the
                                         Target Company.

 

		5.2	The parties
                                         shall be obliged to cooperate with the other parties in the completion of the closing
                                         of this section, including but not limited to, the signing of all documents required,
                                         forms and authorizations, and providing the other parties with proof of delivery, tax
                                         payment vouchers, etc.

 

		5.3	If, at any
                                         time prior to the Closing Date, the Shareholder or the Target Company violates any of
                                         their respective representations and warranties under this Agreement, the Buyer shall
                                         have the right to suspend the closing immediately.

 

		5.4	Each Party
                                         agrees that after the completion of the closing, the Shareholder shall have the right
                                         to nominate [1 ] directors to the board of directors of the Target Company. As a shareholder
                                         of the Target Company the Buyer shall vote in favor of the appointment of the candidate
                                         nominated by the Shareholder as the director of the Target Company.

 

    	 	4	 

     

    

 

		6	Representations and
                                         Warranties of the Target Company

 

The
Target Company, the Shareholder and Mr. Chan Hau Kong pledged jointly and severally on the Signing Day and the Closing Day:

 

		6.1	The Target
                                         Company is a company established and in existence under the laws of Malaysia, and has
                                         provided to the Buyer a true and complete copy of its Articles of Association and Company
                                         Registration files.

 

		6.2	All the shares
                                         of the Target Company have been legally registered and all the issued shares have been
                                         paid in full. There are no collateral, pledge or other rights restrictions on the entire
                                         shares of the Target Company and there is no preferential transfer right or similar rights.

 

		6.3	The Target
                                         Company legally holds all licenses, filings, and qualifications required to operate the
                                         business as shown in Exhibit III, and such licenses, filings, and qualifications shall
                                         remain valid on the Signing Day and the Closing Day.

 

		6.4	The business
                                         of the Target Company complies with the provisions of all respective laws, there is no
                                         major violations.

 

		6.5	The Target
                                         Company has submitted to the Buyer its true audited financial statements (as shown in
                                         Exhibit IV), which are true, accurate and complete, without material omissions nor misleading
                                         statements.

 

		6.6	The Target
                                         Company does not have any undisclosed investment or financial activities.

 

		6.7	The
                                         Target Company does not have the following circumstances:

 

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		6.7.1	The existent
                                         or potential existent risk of dissolution or inability to operate normally under any
                                         applicable laws;

 

		6.7.2	Due to any
                                         applicable laws, court judgments, government orders, national policies, and the Articles
                                         of Association of the Target Company, the shares of the Target Company may not be transferred
                                         to the Buyer;

 

		6.7.3	Have been
                                         or may be liable to any person(s) for any payment obligations, potential obligation to
                                         pay, compensate, or similar liabilities which has not been disclosed to the Buyer;

 

		6.7.4	Any guarantee
                                         or warranty for others that have not been disclosed to the Buyer;

 

		6.7.5	Risk that
                                         any property that has not been disclosed to the Buyer will be frozen, preserved, or restricted
                                         by the government, courts, or regulatory authorities, or by the rights of a third Party;

 

		6.7.6	Any injunctions,
                                         punishments or fines that have been or will be subject to orders, decrees, judgments
                                         made by any government, court, or regulatory authority that have not been disclosed to
                                         the Buyer

 

		6.7.7	Claims or
                                         demands that have been or will be brought by a relevant authority or any third party
                                         against the Target Company that have not been disclosed to the Buyer.

 

		6.8	In
                                         addition to the conditions set forth in this Agreement, the Shareholder can transfer
                                         to the Buyer the Underlying shares, sign, submit any relevant documents, and fulfill
                                         its obligations under this Agreement, without the consent of any other relevant authority
                                         or third Party, order, record, license, notice, statement or registration.

 

    	 	6	 

     

    

 

		6.9	The signature
                                         and execution of this Agreement by the Target Company will not contravene or violate
                                         any of the following provisions, nor will it constitute a breach of contract or breach
                                         of any of the following: The company's Articles of Association, Certificate of Registration
                                         or other similar organizational documents; any documents, agreements thereof that are
                                         binding on them as a Party; or any law, or judgments, orders, rulings or decrees issued
                                         by any government agency that has jurisdiction over the Target Company or any Target
                                         Company shares or its shareholder or any assets owned its shareholder.

 

		6.10	The Target
                                         Company has fully disclosed to the Buyer all documents, information and data of the Target
                                         Company, including but not limited to assets, liabilities, history, related warrants,
                                         business conditions, related parties, personnel, etc. All documents, data and information
                                         provided in connection with this agreement are true, accurate and valid, and there is
                                         no factual or legal obstacles known or supposed to disclose to the Buyer that affect
                                         the signing of this Agreement.

 

		6.11	The Target
                                         Company has signed an exclusive sales agreement with the Shareholder and has obtained
                                         the exclusive right to sell all the electric vehicles and electric motorcycles produced
                                         by the Shareholder, the exclusive sales agreement is listed in Exhibit V of this Agreement.

 

		7	Representations and
                                         Warranties of the Shareholder

 

Shareholder
and Mr. Chan Hau Kong jointly and severally undertake on the date of signature and Closing Date:

 

    	 	7	 

     

    

 

		7.1	The
                                         Shareholder is a company legally established and legally existing under the laws of Malaysia
                                         and has the full capacity to sign, submit and perform this Agreement.

 

		7.2	The
                                         Shareholder legitimately owns the Target shares, and the equity interests of the Target
                                         Company they hold have been paid in full. The Shareholder has the right to sell the Target
                                         shares

 

		7.3	The signing,
                                         submission and execution of this Agreement by the Shareholder will not contravene or
                                         contradict any of the following provisions, nor will it constitute a breach or contravene
                                         any of the following: Their respective Articles of Association, business license or other
                                         similar organizational documents; any documents, agreements that are binding on them
                                         as a party; Or any law, or any judgment, order, ruling or decree issued by any government
                                         department having jurisdiction over the Shareholder or any assets owned by them.

 

		7.4	The Shareholder
                                         has obtained all the necessary approvals and authorizations to sign, submit and fulfill
                                         this Agreement.

 

		7.5	The
                                         Shareholder (Tree Manufacturing) will obtain and owned a land use right for a
                                         period of not less than 90 years to manufacture all electric powered vehicles and the
                                         land is located at Kawasan Perindustrian Gebeng, Mukim Sungai Karang, Daerah Kuantan
                                         in Malaysia with an area of 99.9521 Hectre. The Shareholder promises that there is no
                                         obstacle to obtaining the aforementioned land use rights. There is no collateral, pledge,
                                         guarantee, warrantee, priority, or any other rights or responsibilities to restrict land
                                         use rights. The relevant documents on the right to use the land are listed in Exhibit
                                         VI to this Agreement.

 

    	 	8	 

     

    

 

		7.6	Tree Movement
                                         Malaysia Sdn. Bhd. has granted Shareholder exclusive license to produce electric vehicle
                                         products. Tree Movement Malaysia Sdn. Bhd. is currently the sole holder of the Malaysian
                                         electric vehicle manufacturing license. A copy of said manufacturing license and exclusive
                                         license are listed in Exhibit VII of this Agreement.

 

		7.7	The Shareholder
                                         have signed and will sign various contracts with governments, main bus locomotive factories, motorcycle factories, electric motorcycle factories, financial leasing companies, banks,
                                         financial institutions and travel agencies, including but not limited to, the following
                                         resources that have been or are being negotiated: 1. Shareholder and relevant Malaysian
                                         departments' resources for the use of new energy vehicle service for the police; 2.
                                         Shareholder and relevant Malaysian and ASEAN government departments' including private
                                         companies resources to use no less than 60,000 new energy buses and relevant services
                                         for all the individual countries local usage; 3. Shareholder will reach strategy cooperation
                                         with relevant government departments in Malaysia and ASEAN countries (including but not
                                         limited to Ministry of Environmental Protection, Ministry of Science and Technology,
                                         Ministry of Industry) 4. Shareholder and China Hi-Tech New Energy Auto Co. Ltd. reached
                                         corresponding resources cooperation 5. Other resources. A complete copy of the aforementioned
                                         cooperation and resources has been submitted to the Buyer, i.e. Exhibit VIII.

 

		8	Commitment of Key
                                         Person(s)

 

Mr.
Chan Hau Kong, Mr. Michael Yap, Ms. Michelle Khoo, Mr. Lee Ching Seng, Mr. Kevin Tham Vun Kiat, Mr. Dato' Steven Thor commit(s):

 

		8.1	To be employed
                                         in the Target Company for at least 48 months after the Closing Date;

 

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		8.2	During the
                                         period of office in the Target Company's and within one year after leaving the Company,
                                         no matter what the circumstances, shall he be employed or carried on in any manner whatsoever
                                         worldwide in any business which is in direct competition with or in conflict of interest
                                         with the business of the Target Company, i.e., it is impossible to work part-time or
                                         full-time with other employer(s) who operate(s) the same kind of products or provide
                                         similar services or have a competitive relationship with the target company; Nor shall
                                         he establish, invest or hold on its own or in the name of any third party to engage in
                                         any similar enterprise or business unit having any competitive relationship or conflict
                                         of interest with the business of the Target Company, or to engage in a business which
                                         is competitive with the business of the Target Company; And promise to strictly abide
                                         by the trade secrets of the Target Company, do not divulge the Know-How of the Target
                                         Company that he knows or masters.

 

		8.3	Shall not be
                                         caused to leave the target company for any reason or by any means (including, but not
                                         limited to, persuasion, solicitation, employment) during and within one year after the
                                         expiration of the term of office in the Target Company. At the same time, the Key Person
                                         shall not cooperate in any name or form with any Key person(s) of the Target Company
                                         who leave(s) the Target company during his or her term of office and within one year
                                         after the expiration of his or her term of office or invest in a business that is the
                                         same or competitive with the business, nor an employee(s) of the Target Company who leave(s)
                                         the company during his or her term of office or within one year after the expiration
                                         of his term of office be employed in the same or competitive business as or to the Target
                                         Company.

 

		8.4	During the
                                         term of office in the Target Company, may not harm or infringe the interests of the Target
                                         Company by any illegal means and means (including but not limited to encroachment, bribery,
                                         fraud, theft, misappropriation, etc.)

 

    	 	10	 

     

    

 

		8.5	Agree(s) to
                                         sign the non-competition commitments listed in Exhibit V.

 

		9	Equity Incentive
                                         Scheme

 

		9.1	The parties
                                         agree that [3]% of all Consideration Shares obtained by the Shareholder shall be used
                                         for the equity incentive plan.

 

		10	Transitional Period
                                         Arrangements

 

Shareholder
and Mr. Chan Hau Kong jointly and severally undertake on the Signing Date and the Closing Date:

 

		10.1	The Shareholder
                                         shall make the Target Company to continue to operate normally in accordance with its
                                         status before the Signing Date.

 

		10.2	The Shareholder
                                         and its affiliates will continue to perform all of the contracts listed in Exhibit VIII
                                         during the Transition Period and thereafter in accordance with their usual practices
                                         and will actively reclaim the sums associated with such contracts without prejudice to
                                         the interests of the Target Company.

 

		10.3	During the
                                         Transition Period, the Target Company shall not set or agree to any others to set up
                                         collateral, pledge, guarantee, warranty, priority, or any other right or responsibility
                                         to restrict Land Use Rights on the land; nor may it be allowed to sign or submit any
                                         documents to waive or transfer Land Use Rights, or to sign or submit any documents to
                                         shorten the period of Land Use Rights or reduce the area of Land Use Rights.

 

		10.4	During the
                                         Transition Period, by the except with the written consent of Parties, the Shareholder
                                         shall not, nor shall it cause the Target Company to:

 

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		10.4.1	Agree, sign,
                                         submit or modify any documents so that the business of the Target Company cannot operate
                                         normally in accordance with its status before the Signing Date;

 

		10.4.2	Terminate,
                                         dismiss, or modify the business contract already signed by the Target Company, or cease
                                         the normal performance of the foregoing contract in accordance with its past status.

 

		10.4.3	Give up and
                                         waive claims, accounts receivable or any rights the Target Company from more than $100,000.

 

		10.4.4	Engage in
                                         or agree to any act that results in, or will result in, a change in the number of shares
                                         or the amount of share capital of the Target Company.

 

		10.4.5	Conduct
                                         or agree to a merger or consolidated statement of entities other than the Target Company
                                         and the Buyer.

 

		10.4.6	Conduct or
                                         agree to the liquidation, dissolution, reorganization, and bankrupt of the Target Company

 

		10.5	During the
                                         Transition Period, the Target Company can borrow funds, provide guarantees, provide loans
                                         in any single amount of more than $ 500,000 or in a cumulative amount of more than $
                                         1,000,000, with the written consent of the Parties.

 

		10.6	During the
                                         Transition Period, the Target Company shall obtain prior written consent of the Parties
                                         for hiring an employee or consultant whose annual salary (including compensation) exceeds
                                         US $ 100,000.

 

    	 	12	 

     

    

 

		11	Fees and Taxes

 

		11.1	Each Party
                                         shall be responsible for its respective tax liabilities and fees in relation to the signing,
                                         submission, execution of this Agreement and their respective obligations under this Agreement
                                         (including but not limited to all transaction taxes, stamp duty, income tax), and fees
                                         (including but not limited to attorney fees, consultant fees, registration fees). Each
                                         party shall be responsible for the completion of their respective tax declarations relating
                                         to this Agreement.

 

		11.2	The parties
                                         shall be obliged to cooperate with the other party in its tax declaration relating to
                                         this Agreement, to receive inquiries from the relevant authorities, and to provide reasonable
                                         personnel information, records or books of account when requested by the competent authorities.

 

		12	Termination and Release

 

		12.1	This Agreement
                                         may be terminated or rescinded by written consent of Parties.

 

		12.2	Within 60
                                         working days after the effective date of this Agreement, the Shareholder fails to complete
                                         the closing as stipulated in Article 5.1 of this Agreement, the Buyer may terminate this
                                         Agreement by written notice to the Shareholder.

 

		12.3	If the closing
                                         of the Target Shares is suspended for reasons under Article 5.3 of this Agreement and,
                                         within 120 days from the date of the suspension, the parties are unable to reach agreement
                                         through consultation, the buyer may terminate this Agreement by written notice to the
                                         Shareholder.

 

		12.4	If any competent
                                         court or government agency makes a final, non-appealable injunction prohibiting the transaction
                                         agreed upon in this Agreement, the party receiving the injunction may terminate this
                                         Agreement by written notice to the other party.

 

		12.5	The effect
                                         of termination. In the event of termination of this Agreement, in addition to the obligations
                                         set forth in Article 134 of this Agreement, each Party shall use commercially reasonable
                                         efforts to restore itself and other parties to the original state (with the exception
                                         of Article 15 in this Agreement). All documents, materials and other materials relating
                                         to the transactions agreed upon in this Agreement shall be returned to the other Party
                                         either before or after the signing of this Agreement.

 

    	 	13	 

     

    

 

		13	Default

 

		13.1	Any breach
                                         of this Agreement constitutes the default of contract and the defaulting Party shall
                                         be liable in full for losses incurred by the defaulting Party in breach of this Agreement
                                         (including attorneys' fees).

 

		13.2	If this Agreement
                                         is terminated in accordance with Article 12.2 due to the reason of the Shareholder, the
                                         Shareholder shall pay compensation of $100,000 US Dollars to the Buyer.

 

		13.3	If this Agreement
                                         is terminated in accordance with Article 12.3 due to the reason of the Shareholder, the
                                         Shareholder shall pay compensation of $100,000 US Dollars compensation to the Buyer.

 

		13.4	From the Date
                                         of Closing and thereafter, due to any breach of its representations or warranties under
                                         this Agreement, whereby the Shareholder causes any losses to the Buyer and the shareholder,
                                         directors, employees, agents, heirs and assigns of the Buyer, and the Shareholder shall
                                         be fully liable for any damages (including attorneys' fees).

 

		13.5	From the Date
                                         of Closing and thereafter, due to any breach of any representations or warranties under
                                         this Agreement by the Key Personnel, causing any losses to the Buyer and the shareholder,
                                         directors, employees, agents, successors and assignee of the Buyer, the Shareholder and
                                         Key person should be fully liable for any damages (including attorneys' fees).

 

		13.6	From the Date
                                         of Closing and thereafter, the Buyer shall be fully liable (including attorneys' fees)
                                         for any losses incurred by the Buyer as a result of any breach by the Buyer of any representations
                                         or warranties made under this Agreement by the Buyer and the shareholder, directors,
                                         employees, agents, successors and assignee of the Buyer.

 

    	 	14	 

     

    

 

		14	Force Majeure

 

		14.1	Force majeure.
                                         Events that cannot be foreseen, avoided, and overcome, Including, but not limited to,
                                         natural disasters, strikes, riots, wars and applicable laws and policies (including the
                                         respective countries or regions of the parties) and changes in their application. The
                                         parties agree that it is also force majeure if the applicable laws and policies are subject
                                         to retroactive adjustment.

 

		14.2	If, due to
                                         Force Majeure, any Party is unable to perform or is unable to fully perform according
                                         this Agreement, such Party shall immediately inform the other Party of such circumstance
                                         in written notice, and within 7 working days from the date of the occurrence of such
                                         circumstance or within 7 working days from the date of the resumption of communication
                                         (whichever is later); and provide detailed written facts and valid proof that the Agreement
                                         cannot be performed or partially failed, or the reasons for the extension are required.
                                         In accordance with the extent of the impact of the event on the performance of this agreement,
                                         the parties shall decide whether to terminate this Agreement, or partially waive the
                                         responsibility of performing this Agreement, or postpone the performance of this Agreement.

 

		15	Confidentiality

 

		15.1	The following
                                         information received by the parties as a result of the signing and performance of this
                                         Agreement shall constitute confidential information and shall be strictly confidential:
                                         (1) the terms and conditions constituting the integrity of this Agreement; (2) negotiations
                                         on this Agreement; (3) the subject matter and consideration of this Agreement; (4) the
                                         know-hows of the parties.

 

    	 	15	 

     

    

 

		15.2	The parties
                                         may disclose confidential information only in the following circumstances. Otherwise,
                                         neither Party may disclose the confidential information in any way under any conditions:

 

		15.2.1	Disclosure
                                         to its own employees, directors, and professional advisors with equal confidentiality
                                         obligations to the Party involved in the entrustment;

 

		15.2.2	Information
                                         that is already known to the public for reasons other than those of the disclosure Party;

 

		15.2.3	There is
                                         documentary evidence of information that was in the possession of the other Party at
                                         the time of disclosure;

 

		15.2.4	There is
                                         documentary evidence that a third Party has disclosed the information to the receiving
                                         Party and that the third Party is not under a duty of confidentiality and has the right
                                         to make the disclosure

 

		15.2.5	Disclosures
                                         to be made in accordance with the laws in force at the time, or as required by the exchange
                                         or government regulatory authorities

 

		15.3	Article 15
                                         of this Agreement shall not be terminated after the termination or release of this Agreement,
                                         and the parties shall continue to perform their promised obligation of confidentiality
                                         until the other parties agree in writing to their discharge of this obligation, or in
                                         fact does not cause any form of damage to other parties as a result of a violation of
                                         this provision.

 

		16	Change, Release

 

		16.1	Unless otherwise
                                         agreed in this Agreement, any modification, addition or deletion of the contents of this
                                         Agreement shall be made by the parties in writing.

 

    	 	16	 

     

    

 

		16.2	If the Agreement
                                         needs to be amended due to the requirements of the jurisdiction law of the buyer or the
                                         rules of the NASDAQ Exchange, the parties shall, in good faith, do their best to cooperate
                                         in the revision of this Agreement without affecting the true purpose of the contract.

 

		16.3	Unless otherwise
                                         agreed in this Agreement, the parties may, by consensus, terminate this Agreement.

 

		17	Notification and
                                         Delivery

 

		17.1	Unless otherwise
                                         provided in this Agreement, any notice or written communication from any Party in this
                                         Agreement shall be sent by personal delivery, registered mail or express mail (or by
                                         equivalent international mail). All notices and written communications shall be sent
                                         to the following addresses until written notice is given to the other party to this Agreement
                                         to change that address:

 

Buyer:

 

Contact:
Zhu Yun 

Address: No.4,Fenghuayuan Drive-ln-Theater, No.21
Liangmaqiao Road,

Chaoyang District, Beijing, P.R.China

Phone: +8610 64321880

Email:
avis.zhu@sunsevenstars.com

 

Shareholder:
Tree Manufacturing Sdn. Bhd.

 

Contact Dato' Steven Thor

Address:
No. 8, Jalan Taming Jaya 1, Taman Taming Jaya, Balakong, Cheras, 43300 Selangor, Malaysia

Phone:
+6012 306 2630

Email:
steventhor@yahoo.com

 

    	 	17	 

     

    

 

Contact: Chan Hau Kong

Address:
5a , 113 Tai hang road, Tai hang Hong Kong

Phone:
86-13261921834

Email:
renechan11@hotmail.com

 

		17.2	If any Party
                                         changes its address or other contact information, it shall give prior written notice
                                         to the other

 

		18	Applicable Law, Dispute
                                         Resolution

 

		18.1	This Agreement
                                         is entered into, construed and enforced in accordance with the internal laws of State
                                         of Nevada without regard to the principles of conflicts of laws thereunder.

 

		18.2	Any dispute
                                         arising out of or in connection with this Agreement shall be submitted to the Hong Kong
                                         International Arbitration Centre for arbitration in accordance with its arbitration rules
                                         in force at that time. The arbitral award is final and binding on all parties. Arbitration
                                         fees and reasonable attorney fees shall be borne by the losing Party unless otherwise
                                         specified.

 

		19	Others

 

		19.1	This Agreement
                                         constitutes the entire and exclusive agreement between the parties with respect to the
                                         Target Shares of the transaction. If any oral or written commitment, understanding, arrangement
                                         or agreement between the parties is inconsistent with this agreement, this Agreement
                                         shall prevail.

 

		19.2	This Agreement
                                         shall enter into force upon completion of the following conditions:

 

		19.2.1	Signed by
                                         the authorized representatives of the parties

 

    	 	18	 

     

    

 

		19.2.2	Sealed by
                                         the Shareholder

 

		19.2.3	Approval
                                         of the shareholder and directors of the Buyer in accordance with the procedures prescribed
                                         by the Nasdaq Exchange.

 

		19.3	Invalid or
                                         unenforceable of any provision of this Agreement does not affect other terms.

 

		19.4	This Agreement
                                         has 4 copies, each Party to execute 2 copies.

 

		19.5	This Agreement
                                         has been executed in both English and Chinese, and the Chinese shall prevail.

 

    	 	19	 

     

    

 

This
page has no text and is the signature page of the Acquisition Agreement

 

Buyer:
Ideanomics, Inc.

 

	Authorized
    Signatory:	 	 

 

    	 	20	 

     

    

 

This
page has no text and is the signature page of the Acquisition Agreement

 

Shareholder:

Tree
Manufacturing Sdn. Bhd. ( 1293827-P)

 

	Authorized
    Signatory:	/s/ Dato'
Majid Manjit Bin Abdullah	 

Dato'
Majid Manjit Bin Abdullah

 

Target
Company: Tree Motion Sdn. Bhd. (1293672-X)

 

	Authorized
    Signatory:	/s/ Dato’
Steven Thor Chin Keong	 

Dato’
Steven Thor Chin Keong

 

    	 	21	 

     

    

 

	Buyer	 	Means	 	Ideanomics,
    Inc.
	 	 	 	 	 
	Shareholder	 	Means	 	Tree
    Manufacturing Sdn. Bhd.
	 	 	 	 	 
	Target
    Company	 	Means	 	Tree
    Motion Sdn. Bhd., 1293672-X.
	 	 	 	 	 
	Target
    shares	 	Means	 	51%
    shares of the Target Company
	 	 	 	 	 
	Transaction
    Consideration	 	Means	 	Meaning
    as stated in Article 4.1 of this Agreement
	 	 	 	 	 
	Anniversary
    Day	 	Means	 	The
    same date each year after the Delivery Date
	 	 	 	 	 
	Closing
    Day	 	Means	 	Date
    of completion of registration of change of shareholder of the Target Company
	 	 	 	 	 
	Signing
    Date	 	Means	 	The
    date of signature of the parties set out at the beginning of this agreement
	 	 	 	 	 
	Consolidated
    Statements of Financial Statements	 	Means	 	The
    audited financial report of the Buyer in the fiscal year that includes the Target Company as a subsidiary of the consolidated
    statement
	 	 	 	 	 
	Escrow
    Account	 	Means	 	A
    stock account designated separately by the Shareholder for receiving the consideration for the transaction to be allotted
    by the Buyer.
	 	 	 	 	 
	2019
    annual public announcement day	 	Means	 	The
    date of the public announcement of the financial report of the 2019 annual consolidated statement of the Buyer
	 	 	 	 	 
	2020
    annual public announcement day	 	Means	 	The
    date of the public announcement of the financial report of the Buyer's 2020 consolidated statement
	 	 	 	 	 
	Nasdaq
    Exchange	 	Means	 	National
    Association of Securities Dealers Automated Quotation
	 	 	 	 	 
	Business	 	Means	 	The
    continuing business of the Target Company, included, but are not limited to, marketing and sales, co-ordination of government
    relations of electric vehicle products.

 

    	 	22	 

     

    

 

	Land
    Use Right	 	Means	 	The
    stockholder undertakes to acquire a land use right for a period of not less than 90 years in the Kuantan/Malaysia "Mazhong
    Industrial Park" with an area of 99.9521 Hectre.
	 	 	 	 	 
	Key
    Personnel	 	Means	 	Mr.
    Chan Hau Kong, Mr. Michael Yap, Ms. Michelle Khoo, Mr. Lee Ching Seng, Mr. Kevin Tham Vun Kiat, Mr. Dato' Steven Thor
	 	 	 	 	 
	Transition
    Period	 	Means	 	From
    the date of signing to the date of termination
	 	 	 	 	 
	Force
    Majeure	 	Means	 	Meaning
    as stated in Article14.1 of this Agreement
	 	 	 	 	 
	Confidential
    Information	 	Means	 	Meaning
    as stated in Article15.1 of this Agreement

 

    	 	23	 

     

    

  

The
shareholding structure of the Shareholder and the Target Company

 

 

    	 	24	 

     

    

 

License,
filing, and qualification of target companies

 

 

    	 	25	 

     

    

 

Target
company financial report

 

	 	
        TREE MOTION SDN BHD (1293672-X) 

        NO. 8. JALAN TAMING JAYA 1, TAMAN TAMING JAYA, BALAKONG,

        CHERAS, 43300 SELANGOR

        TEL: +603 8961 1881            FAX:
        +603 8961 1661

  

(Incorporated
In Malaysia)

 

Management
Accounts for the period 3rd September 2018 to 3rd March 2019

 

	Paid up Capital	 	 		 	 	 	100.00	 
	Loan from Directors	 	 	 	 	 	 	2,600.00	 
	 	 	 	 	 	 	 	2,700.00	 
	Incorporation Fees	 	 	1,200.00	 	 	 	 	 
	Capital Duty	 	 	1,000.00	 	 	 	 	 
	Secretarial set	 	 	300.00	 	 	 	 	 
	Printing & Stationery	 	 	40.00	 	 	 	 	 
	Telephone Charges	 	 	30.00	 	 	 	 	 
	Travelling Expenses	 	 	30.00	 	 	 	 	 
	Name Search	 	 	50.00	 	 	 	 	 
	Attestation Fees	 	 	50.00	 	 	 	 	 
	 	 	 	 	 	 	 	2,700.00	 

 

    	 	26	 

     

    

  

(Exclusive
Sales Agreement)

 

    	 	27	 

     

    

 

EXCLUSIVE
Sole Distributorship,

sales
and After-Sales Spare Parts

&
Components Agreement for

Treeletrik
®

 

 

The
Charge & Go €-V’s

 

Electric
Vehicles

 

MADE
FOR:

 

TREE
MANUFACTURING SDN. BHD.

 

(Co.
Reg. No. 1293827-P), as The Principal

 

and

 

TREE
MOTION SDN. BHD.,

(Co.
Reg. No. 1293672-X) as The Sole Distributor.

 

18th
January 2019

 

Exclusive
Sole Distribution, Sales and After Sales Spare Parts & Component Agreement

Tree
Manufacturing Sdn. Bhd. (1293827-P)

Tree
Motion Sdn. Bhd. (1293672-X)

 

    	 	1

     

    

  

THIS
AGREEMENT is made and entered into by and between

 

TREE
MANUFACTURING SDN. BHD (1293827-P). 8, Jalan Taming Jaya 1, Taman Taming Jaya, Balakong, Cheras. 43300 Selangor. Malaysia, as
The Principal

 

and

 

TTREE
MOTION SDN. BHD.(1293672-X) 24C, Jalan 2/127B, Resource Industrial Center, Jalan Kelang Lama 68200 Kuala Lumpur. Malaysia, as
The Exclusive Sole Distributor.

 

between
on May 28th, 2019 in Kuala Lumpur, Malaysia

 

Whereas:

 

1.       The
Principal is a limited liability company based in the Malaysia and valid existing, principally engaged in the manufacturing &
assembler of Electric Vehicles and components, parts, power train, power pack and Electronic Control Unit (ECU) domestically and
internationally;

 

2.       The
Exclusive Sole Distributor is a limited liability company registered in Malaysia, principally engaged in New Energy (Electric
Vehicle {BEV}) Automotive & Transportation businesses including distribution, wholesale, direct & in-direct sales,
after-sales service, components, spare parts, repair and others automotive related businesses & industry and promoting New
Energy Vehicles Electric Vehicle {BEV} in Malaysia and South East Asia (ASEAN);

 

3.       For
the purpose of business OPERATION, The Principal empower and appoint The Exclusive Sole Distributor as its exclusive distributor
and sales of all its products and services, and The Exclusive Sole Distributor agrees to act as the exclusive distributor of The
Principal.

 

4.       For
the purpose of business COLLABORATION, The Principal commit to only appoint 1(one) Sole Distributor only (Tree Motion Sdn.
Bhd.) and not appoint any other Distributor, meaning all Principal products, services and accessories to be sold via The Sole
Distributor sales channel only and The Sole Distributor agrees to act as the sole and only distributor for The Principal.

 

5.       The
purpose of business PARTNERSHIP, The Principal and The Sole Distributor hereby agrees to share sales amount on the basis
of;

 

		a)	80%(The Principal) - 20%(The Sole Distributor) sharing
for 2/3 Wheel Electric Motorcycle

		b)	85%(The Principal) - 15%(The Sole Distributor) sharing
for 4 & up Wheel Electric Vehicles

 

The
Principal will sell product at Ex-Factory Price to the Sole Distributor and the Sole Distributor will sell the product
not higher that the Malaysia Government Approved Retail Price or Harga Pasaran Terbuka Eksais (HPTE) which applies to Malaysia
only or at a price deem fit or at a price fit the best interest of it's company.

 

NOW,
THEREFORE, the parties, through friendly consultation, hereby agree as follows in respect of the specific issues concerning the
sales agency service provided by The Principal and The Agent:

 

Article
1 – Interpretation

 

1.          The
objective of this Agreement is to specify the rights and obligations of the parties over the distribution agreement.

 

Exclusive
Sole Distribution, Sales and After Sales Spare Parts & Component Agreement

Tree
Manufacturing Sdn. Bhd. (1293827-P)

Tree
Motion Sdn. Bhd. (1293672-X)

 

    	 	2

     

    

 

2.          The
owner of the products, hereinafter the Principal, is the party who has full authority over the rights of the products and its
ownership which is born the irrefutable rights over the sale and the market of the products which become the object of this agreement.

 

3.          The
delegated marketer, hereinafter the Distributor, is the party who has the rights to market the product and act on behalf of the
principal over the product which become the object of this agreement; whom the rights is born after the signature of this agreement
by the principal and the Distributor.

 

4.          By
the intention of goodwill, this agreement shall;

 

		a.	set the market area of the Distributor,

		b.	propose the rights and the obligation of the Distributor,
and

		c.	delegate the rights to market the product to the Distributor.

 

5.          The
ownership over the object ofthis agreement remains fully under the ownership of the principal, whereas there is no transfer
of ownership over the object as the result of this agreement.

 

6.          Market
Area is the place where the products is being marketed by the agent.

 

7.          By
the signature of this agreement, principal and agent are considered to agree and shall comply with all of rights and obligations
that contained under this agreement.

 

Article
2 - Assignment of Rights

 

1.          The
Principal has the rights to:

 

		a.	determine the market area or location for the agent
to market the product;

		b.	increase, decrease or change the quality of the products
that become the object of this agreement;

		c.	maintain Intellectual Property rights that enacted
to the products, including trademark, patent, and design.

 

2.          The
Distributor has the rights to:

 

		a.	market the products on a designed area that have been
determined by the principal;

		b.	set the price on the designed areas,

		c.	control the quantity of the products on the market
area of the designed area,

		d.	enhance the products advertisement in order to support
the market area of the designed area.

		e.	use the same intellectual property rights on behalf
of the principal as long as it is reasonable for the use of products marketing.

 

Article
3 - Territoriality and Market Area

 

1.          Distributor
has the rights to market the products by the means of selling the product in Malaysia and ASEAN which is determined by the principal
as their market territory.

 

2.          Market
area is determined by the principal during the establishment of this agreement and only available to be changed by the authority
of the principal.

 

3.          Distributor
is not allowed to market the products beyond the area which is not determined by the principal as the Distributor market area.

 

4.          Regarding
the change, expand, narrowing, or market the products outside the determined market area, agent should submit a request on a written
form to the principal on a reasonable period of time within 7 (seven) days before the requested time of market areas change.

 

5.          Any
action to market the products outside the determined market area without the authorization from the principal will take result
to administrative penalty for the agent.

 

Exclusive
Sole Distribution, Sales and After Sales Spare Parts & Component Agreement

Tree
Manufacturing Sdn. Bhd. (1293827-P)

Tree
Motion Sdn. Bhd. (1293672-X)

 

    	 	3

     

    

 

Article
4 - Exclusivity

 

1.          The
Distributor is prohibited to enter into any Distributorship or Sales agreement with another principal in similar business field
with the place of business inside and outside neither country nor work for such company during the effective time of this agreement.

 

2.          The
Principal is prohibited to enter into any Distributorship or Sales agreement with another distributor in similar business field
with the place of business inside and outside neither country nor work for such company during the effective time of this agreement

 

3.          The
Distributor is not allowed to enter into an agency agreement with another principal for the period of 12 months after the
termination of this agreement.

 

4.          The
Distributor is not allowed to own a business in a similar field for the period of 12 months after the termination of this agreement.

 

Article
5 - Trademarks Right

 

1.          The
Distributor is entitled the right to use the trademarks of the product reasonably. The utilization of the trademarks should be
done with respect to the principal as the holder of the Intellectual Property Right.

 

2.          The
Distributor will no longer have the right to use the trademarks of the product on the day of the termination of this agreement.

 

3.          Improper
use of trademarks will be considered as a violation towards the Intellectual Property Right.

 

Article
6 - Principal Responsibilities

 

1a.          The
Principal agrees on a

 

a)
80% (The Principal) - 20%(The Sole Distributor) sharing for 2/3 Wheel Electric Motorcycle

b)
85% (The Principal) - 15%(The Sole Distributor) sharing for 4 & up Wheel Electric Vehicles sales amount sharing
with The Sole Distributor and

 

1b.          The Sole Distributor agrees on

 

a)
20%(The Sole Distributor) - 80%(The Sole Principal) sharing for 2/3 Wheel Electric Motorcycle

b)
15%(The Sole Distributor) - 85%(The Sole Principal) sharing for 4 & up Wheel Electric Vehicles sales amount sharing
principles.

 

2.          The
Principal is obliged to indemnify and protect the Distributor against claims, liabilities, and expenses incurred in discharging
the duties assigned by the principal.

 

3.          The
Principal is not allowed to unjustifiably enrich themselves with any improper behavior that may result to the termination of the
agreement.

 

4.          The
Principal shall maintain its good faith in implementing this agreement.

 

Article
7 - Distributor Responsibilities

 

1.          The
Distributor shall follow the Operational Procedure Standard and Product Quality Standard made by the principal.

 

Exclusive
Sole Distribution, Sales and After Sales Spare Parts & Component Agreement

Tree
Manufacturing Sdn. Bhd. (1293827-P)

Tree
Motion Sdn. Bhd. (1293672-X)

 

    	 	4

     

    

 

2.          The
Distributor shall protect the reputation of the principal and act in the best interest of the principal inconducting any
transaction as an agent.

 

3.          The
Distributor is prohibited to take profit beyond the permitted number as regulated under the principal Operational Procedure Standard.

 

4.          The
Distributor is obliged to separate his/her personal assets with the principal property.

 

5.          The
Distributor may conduct any adjustment to the product in order to improve the products suitableness with the surroundings with
the written approval from the principal.

 

6.          The
Distributor is responsible to guard the principal trade secret, which has been trusted to him/her.

 

7.          Violations
toward the Operational Procedure Standard and Product Quality Standard will be considered as a breach of this agreement.

 

8.          The
Distributor shall maintain its good faith in implementing this agreement.

 

Article
8 - Confidentiality

 

1.          Distributor
shall not disclose any information regarding the Principal business information, not limited to

 

		a.	trade secret, customer information, and business strategy.

		b.	any Confidential information which is used other than
for the benefit of the principal.

 

2.          Any
distribution of physical duplication of principal business confidential information must obtain the principal permission.

 

3.          Immediately
upon the termination of the contract, Distributor must return all business confidential information in written or non written
form.

 

Article
9 - Terms and Termination

 

1.          This
agreement is permanent with no time-line set, expiration date or duration.

 

2.          Either
party may terminate this agreement if one party is proven has breached any essential terms in this agreement by giving them a
written notice.

 

3.          Both
parties jointly may terminate this agreement after reaching to an agreement to the terms & conditions of such termination.

 

4.          In
the case of termination, each party shall return all property under their possession and any matter that is owned by the other
parties.

 

5.          No
modification of this agreement unless both parties have agreed upon the modification occurred.

 

Article
10 - Indemnification

 

1.          The
Distributor agrees to indemnify and protect the company from and against, any and all claim that may be imposed.

 

Exclusive
Sole Distribution, Sales and After Sales Spare Parts & Component Agreement

Tree
Manufacturing Sdn. Bhd. (1293827-P)

Tree
Motion Sdn. Bhd. (1293672-X)

 

    	 	5

     

    

 

2.          The
Distributor together with the Principle agree to protect each party from any financial consequences that might be suffered as
a direct or indirect from other party illegal or harmful conduct.

 

3.          This
Article does not prevent the damages for costs incurred by the Distributor during carrying duties.

 

Article
11 - Dispute Resolution and Applicable Law

 

1.          The
interpretation of this agreement shall be governed by and construed in accordance with the National Law of Malaysia.

 

2.          Any
dispute between the Parties in relation to the interpretation or performance under this agreement shall be resolved through amicable
settlement.

 

Article
12 - Miscellaneous

 

1.          This
Agreement shall be executed in two (2) counterparts with equal legal force and effect, with one (1) for each Party.

 

2.          Headings
herein are inserted for ease of reference only and shall not affect the interpretation of any provision herein.

 

3.          The
Parties may amend and supplement this Agreement by written agreements. Any amendment or supplement to this Agreement executed
by and between the Parties shall constitute an integral part hereof and shall have the equal legal force herewith.

 

4.          In
case any provision in this Agreement is or becomes invalid or unenforceable in whole or in part due to noncompliance with any
law or governmental regulation or otherwise, the part of such provision affected thereby shall be deemed to have been deleted
from this Agreement; provided, however, that such deletion shall not affect the legal force and effect of any other part of such
provision or any other provision in this Agreement. In such case, the Parties shall negotiate for a new provision to replace such
invalid or unenforceable provision.

 

5.          Unless
otherwise specified herein, any failure of either Party to exercise or any delay of either Party in the exercise of any of its
rights, powers or privileges hereunder shall not be deemed as a waiver of the exercise of such right, power or privilege. Any
single or partial exercise of any right, power or privilege shall not prejudice the exercise of any other right, power or privilege.

 

6.          This
Agreement shall constitute the entire agreement between the Parties in respect of the subject matter of the cooperation project,
and shall supersede any and all the prior or contemporaneous agreements, understandings and communications, oral or written, between
the Parties in respect of the subject matter of the cooperation project. Except as expressly provided herein, there does not exist
any express or implicit obligation or undertaking between the Parties.

 

7.          Any
matter not covered hereunder shall be subject to further negotiations between the Parties.

 

Exclusive
Sole Distribution, Sales and After Sales Spare Parts & Component Agreement

Tree
Manufacturing Sdn. Bhd. (1293827-P)

Tree
Motion Sdn. Bhd. (1293672-X)

 

    	 	6

     

    

 

IN
WITNESS WHEREOF,

 

The parties have caused
this Agreement to be duly executed and delivered as of the day and year first above written.

 

	 	Tree Manufacturing Sdn Bhd (1293827-P)	 
	 	 	 	 
	 	 	/s/ Dato' Majid Manjit Bin Abdullah	 
	 	 	Authorized Signatory:	 
	 	 	Dato' Majid Manjit Bin Abdullah	 
	 	 	 	 
	 	Tree Motion Sdn Bhd (1293672-X)	 
	 	 	 	 
	 	 	/s/ Dato' Steven Thor Chin Keong	 
	 	 	Authorized Signatory:	 
	 	 	Dato' Steven Thor Chin Keong	 

 

Exclusive
Sole Distribution, Sales and After Sales Spare Parts & Component Agreement

Tree
Manufacturing Sdn. Bhd. (1293827-P)

Tree
Motion Sdn. Bhd. (1293672-X)

  

    	 	7

     

    

 

Land
use right certificate, land plot

 

 

    	 	28	 

     

    

 

EV
license plate

 

 

    	 	29	 

     

    

 

 

    	 	30	 

     

    

 

 

    	 	31	 

     

    

 

 

    	 	32	 

     

    

 

 

 

    	 	33	 

     

    

 

Partnership
list and copy of contract, Group Sales Projection

 

		A)	Concluded
Sales

 

		1)	DHL Malaysia—Delivery Bikes Test Order 5 units (
Upon completion of testing, there will be another 500 units order)

		2)	Sarawak Energy Berhad—E- Bikes Test Order 14 units
( upon conclusion of testing, there will be another 200 units order)

		3)	Prolintas ( Urban Highway Toll Road Concession) - Patrol Bikes Test Order 18 units ( Upon
                                                                             conclusion of order, there will be another 200 units order)

		4)	Municipal Council Ampang - Test order 4 units (Upon Completion of testing, there will be 100
                                                                             units order)

		5)	IOI City Mall —Patrol Bikes Test Order 9 units (
Upon completion of testing, there will be another 200 units order)

		6)	E-Delivery Services—10,000 units E-Bikes

		7)	E-Hailing/ Electric Micro Car—6,000 units

		8)	Food Truck/E-Truck—3500 units

		9)	Distributors Sales—138 units

		10)	Zublin Precast—Patrol Bikes Test order 2 units (
upon completion of order, there will be another 50 units order)

 

		B)	Potential
Sales

 

		1)	Pos Malaysia ( Courier Company) —7500 units E-bikes,
500 units Electric Van

		2)	GdEx Express—Delivery Bike 500 units

		3)	Nationwide Courier Services—Delivery Bike 500 units

		4)	Citylink Courier Services—Delivery Bike 500 units

		5)	Malaysia National Co-Operative Society—Delivery Bikes
5,000 units ( MOU attached)

		6)	Asean Co-operative Organization—( MOU attached)

		7)	University Islamic Malaysia (HUM)—2000 units

		8)	Police Malaysia—Patrol Bikes 500 units

		9)	Malaysia Federal Ministry—E-Bikes 1000 units

		10)	State District Office—E-Bikes

		11)	Malaysia Municipal Council (total 39 )—Patrol Bikes
800 units

		12)	Malaysia City Council—Patrol Bikes 350 units

		13)	McDonalds—Delivery Bikes 500 units

		14)	Pizza Hut—Delivery Bikes 2,000 units

		15)	KFC—Delivery Bikes 3,000 units

		16)	Melaka Tourism Board—T-Commuter ( Electric Micro
Truck) --100 units

		17)	IKEA—Electric Micro Trucks 150 units

		18)	Food Panda—Delivery Bikes 2000 units

 

    	 	34	 

     

    

 

		19)	Honest Bee—Delivery Bikes 200 units

		20)	Ministry Of Agriculture -Electric Micro Truck (T-MV7) --50 units

		21)	Alarm Flora—Electric Micro Truck (T-MV7) 100 units

		22)	PLUS Highway Concession—400 units Patrol Bikes

		23)	Genting Highland—Ebikes 200 units, Electric Car 200
units

		24)	Sunway Resort—E-Bikes 500 units

		25)	Lazada—Electric Micro Truck 300 units

		26)	11th
Street—Delivery Bikes 500 units

		27)	MBE ( Mail Box Express)—Delivery Bikes 5000 units

		28)	Eco World ( Property Developer)—Patrol Bikes 1000
units

 

		C)	Public
Transportation/Public Transit 60000 units

 

		1)	City Transit Buses

		2)	Inter City Buses

		3)	Inter States Coaches (Long Haul)

		4)	City to Airport Buses

		5)	City to Federal Administration (Putrajaya & Cyberjaya)

 

* We will be making proposal to the government with regards
to the electric buses.

 

		D)	MOU

 

		1)	China High-tech MOU (MOU attached)

 

    	 	35Exhibit 10.9

 

ASSET PURCHASE AGREEMENT

 

This ASSET PURCHASE
AGREEMENT (this “Agreement”), dated as of March 14, 2019, is entered into by and between GT Dollar PTE LTD,
a Singapore based Information Technology Solution Company(“Buyer”), and Ideanomics, Inc., a Nevada corporation
(“Seller” or “Company”). Buyer and Company are each sometimes referred to herein as a “Party”
and collectively as the “Parties”.

 

RECITALS

 

WHEREAS, the Parties intend that
Seller sell and assign to Buyer, and Buyer purchase and assume from Seller, the Purchased Assets (as defined herein) of the Company,
subject to the terms and conditions set forth herein;

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows:

 

The
Asset purchase

 

Section 1.01 Purchase and Sale of Assets.
Subject to the terms and conditions set forth herein, at the Closing, Seller, in exchange for receipt of the Purchase Price,
provided however, that the Escrow Amount shall be delivered the Escrow Agent per the Escrow Agreement, hereby sells, assigns, transfers,
conveys and delivers to Buyer, and Buyer hereby purchases, accepts and assumes from the Seller, free and clear of all Encumbrances,
all of Seller's right, title and interest in, to and under the following assets, properties and rights of Seller, to the extent
that such assets, properties and rights exist as of the Closing Date (collectively, the "Purchased Assets"):

 

(a)          Payment
in GTDollar Coins equal to thirty million U.S. dollars ($30,000,000), representing; as agreed by both parties, GT Dollar Coins
will be fixed at USD24/Token, with a total equivalent to 1,250,000 GT Dollar Coins to be paid by Buyer.

 

(b)          $25,000,000
in consideration of a copyright license for a total of no less than 1000 hours of film and television programs and animation assets,
a detailed list of film and television programs and corresponding rights are listed in Appendix 1 of this Agreement.

 

(c)          $5,000,000 in consideration
of the amount of RMB 21.9 million invested into Nanjing Shengyi Network Technology Co., Ltd. (known as “Topsgame”)
by the Company, which accounts for approximately 13% of the total registered capital of Topsgame and the shareholder rights. The
Buyer agrees to the acceptance of this transfer.

 

     

     

    

 

Section 1.02 Excluded Assets. The
Purchased Assets do not include, and Seller is not selling, assigning, transferring, conveying or delivering, and Buyer is not
purchasing, acquiring or accepting from Seller, any assets, properties or rights of Seller (the “Excluded Assets”)
not described above in Section 1.01 as included in the Purchased Assets.

 

Section 1.02 Liabilities. Buyer shall
not assume and shall not be responsible to pay, perform or discharge any liabilities or obligations of Seller, other than liabilities
(the “Assumed Liabilities”) directly related to the Purchased Assets being acquired hereunder by Buyer, but
only to the extent that such liabilities are required to be performed after the Closing Date and do not result from any failure
to perform, improper performance, warranty or other breach default or violation by the Seller on or prior to the Closing Date,
which Assumed Liabilities are hereby assumed by Buyer at Closing.

 

Section 1.03 Closing. Subject
to the terms and conditions of this Agreement, the closing (the “Closing”) shall take place in Singapore,
on the date of this Agreement, substantially contemporaneously with the execution and delivery of this Agreement and the
Transaction Documents, at a location mutually agreed to by the Parties (the day on which the Closing takes place being the
“Closing Date”).

 

Section 1.04 Closing Deliverables.

 

 (a)          Seller Deliveries. At or prior to the Closing, the Seller shall deliver to the Buyer the following:

 

(i)        Any
other Transaction Documents to which the Company is a party and such other documents or instruments as Buyer reasonably requests
and are reasonably necessary to consummate the transactions contemplated by this Agreement.

 

(b)        Buyer
Deliveries. At the Closing, Buyer shall deliver to the Company (or such other Person as may be specified herein) the following:

 

(i)          The
payment in Section 1.01 a) that constitutes the Purchase Price;

 

Representations
and warranties of the Company

 

The Company represents and warrants to Buyer
that the statements contained in this Agreement are true and correct as of the date hereof and as of the Closing Date.

 

    	 	2	 

     

    

 

Section 1.05 Authority; Board Approval.
The Company has all necessary corporate power and authority to enter into this Agreement and the other Transaction Documents
to which the Company is a party, to carry out its obligations hereunder and thereunder and to consummate the transactions contemplated
hereby and thereby. The execution and delivery by the Company of this Agreement and any other Transaction Document to which the
Company is a party, the performance by the Company of its obligations hereunder and thereunder and the consummation by the Company
of the transactions contemplated hereby and thereby have been duly authorized by all requisite corporate action on the part of
the Company. This Agreement has been duly executed and delivered by the Company, and (assuming due authorization, execution and
delivery by Buyer) this Agreement constitutes a legal, valid and binding obligation of the Company, enforceable against the Company
in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar Applicable Laws affecting creditors' rights generally and by general principles of equity (regardless of whether enforcement
is sought in a proceeding at law or in equity). When each other Transaction Document to which the Company is or will be a party
has been duly executed and delivered by the Company (assuming due authorization, execution and delivery by each other party thereto),
such Transaction Document will constitute a legal and binding obligation of Seller enforceable against it in accordance with its
terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar Applicable
Laws affecting creditors' rights generally and by general principles of equity (regardless of whether enforcement is sought in
a proceeding at law or in equity).

 

Section 1.06 No Conflicts; Consents.
The execution, delivery and performance by the Company of this Agreement and the Transaction Documents to which it is a party,
and the consummation of the transactions contemplated hereby and thereby, do not and will not: (i) subject to obtaining the Requisite
Company Vote, conflict with or result in a violation or breach of, or default under, any provision of the certificate of incorporation,
by-laws or other organizational documents of the Company (“Company Charter Documents”); (ii) subject to obtaining
the Requisite Company Vote, conflict with or result in a violation or breach of any provision of any Applicable Law or Governmental
Order applicable to the Company; (iii), require the consent, notice or other action by any Person under, conflict with, result
in a violation or breach of, constitute a default or an event that, with or without notice or lapse of time or both, would constitute
a default under, result in the acceleration of or create in any party the right to accelerate, terminate, modify or cancel any
Contract to which the Company is a party or by which the Company is bound or to which any of the properties and assets of the Company
are subject (including any Material Contract) or any Permit affecting the properties, assets or business of the Company; or (iv)
result in the creation or imposition of any Encumbrance other than Permitted Encumbrances on any properties or assets of the Company,
except in the cases of clauses (ii) (iii) and (iv), where the violation, breach, conflict, default, acceleration or failure to
give notice would not have a Material Adverse Effect. No consent, approval, Permit, Governmental Order, declaration or filing with,
or notice to, any Governmental Authority is required by or with respect to the Company in connection with the execution, delivery
and performance of this Agreement and the Transaction Documents and the consummation of the transactions contemplated hereby and
thereby, except for such filings and such consents, approvals, Permits, Governmental Orders, declarations, filings or notices which,
in the aggregate, would not have a Material Adverse Effect.

 

Section 1.07 Title to Assets. The
Company has good and valid title to all tangible property included in the Purchased Assets, free and clear of Encumbrances except
for Permitted Encumbrances.

 

    	 	3	 

     

    

 

Section 1.08 Condition and Sufficiency
of Assets. The Purchased Assets are sufficient for the continued conduct of the Company’s business after the Closing
in substantially the same manner as conducted prior to the Closing, and constitute all of the rights, property and assets necessary
to conduct the Company’s business as currently conducted.

 

Section 1.09 Legal Proceedings; Governmental Orders.

 

(a)          There
are no Actions pending or, to the Company’s Knowledge, threatened (a) against or by the Company affecting any of the Purchased
Assets; or (b) against or by the Company that challenges or seeks to prevent, enjoin or otherwise delay the transactions contemplated
by this Agreement.

 

(b)          There
are no outstanding Governmental Orders and no unsatisfied judgments, penalties or awards against or affecting the Company or any
of the Purchased Assets.

 

Section 1.10 Compliance With Laws; Permits.

 

(a)          The
Company has complied, and is now complying, with all Applicable Laws except where the failure to be in compliance would not have
a Material Adverse Effect.

 

(b)          All
Permits required for the Company to conduct its business have been obtained by it and are valid and in full force and effect except
where the failure to obtain such Permits would not have a Material Adverse Effect. All fees and charges with respect to such Permits
as of the date hereof have been paid in full except where the failure to pay such fees and charges would not have a Material Adverse
Effect.

 

Section 1.11 Taxes. Except as would
not have a Material Adverse Effect, the Company has duly and timely (a) filed, or caused to be filed, taking into account any extensions,
all Tax Returns required to have been filed by them, and such Tax Returns are true, correct and complete, and (b) paid all Taxes
(whether or not shown on any Tax Return) required to have been paid by them (including any Taxes required to be withheld from amounts
owing to any employee, creditor, stockholder or other third party), except in each case of clauses (a) and (b), with respect to
matters contested in good faith in appropriate proceedings and for which adequate reserves have been established in accordance
with GAAP in the Financial Statements.

 

Section 1.12 No Other Representations
and Warranties. Except for the representations and warranties contained in this Section 2 (including the related portions of
the Disclosure Schedules), neither the Company nor any other Person has made or makes any other express or implied representation
or warranty, either written or oral, on behalf of the Company, including any representation or warranty as to the accuracy or completeness
of any information regarding the business of the Company and the Purchased Assets furnished or made available to Buyer and its
Representatives (including any information, documents or material made available to Buyer in the data room, management presentations
or in any other form in expectation of the transactions contemplated hereby) or as to the future revenue, profitability or success
of the Company’s business, or any representation or warranty arising from statute or otherwise in law.

 

    	 	4	 

     

    

 

Representations
and warranties of Buyer

 

Except as set forth
in the correspondingly numbered Section of the Disclosure Schedules, Buyer represents and warrants to the Company that the statements
contained in this section are true and correct as of the date hereof and as of the Closing Date.

 

Section 1.13 Organization and Authority
of Buyer. The Buyer is a corporation duly organized, validly existing and in good standing under the Applicable Laws of the
jurisdiction of its incorporation. Buyer has full corporate power and authority to enter into and perform its obligations under
this Agreement and the Transaction Documents to which it is a party and to consummate the transactions contemplated hereby and
thereby. The execution, delivery and performance by Buyer of this Agreement and any Transaction Document to which they are a party
and the consummation by Buyer of the transactions contemplated hereby and thereby have been duly authorized by all requisite corporate
action on the part of Buyer and no other corporate proceedings on the part of Buyer are necessary to authorize the execution, delivery
and performance of this Agreement and the other transactions contemplated hereby and thereby. This Agreement has been duly executed
and delivered by Buyer, and (assuming due authorization, execution and delivery by each other Party) this Agreement constitutes
a legal, valid and binding obligation of Buyer enforceable against Buyer in accordance with its terms. When each Transaction Document
to which Buyer is or will be a party has been duly executed and delivered by Buyer (assuming due authorization, execution and delivery
by each other party thereto), such Transaction Document will constitute a legal and binding obligation of Buyer enforceable against
it in accordance with its terms.

 

Section 1.15 No Conflicts; Consents.
The execution, delivery and performance by Buyer of this Agreement and the Transaction Documents to which they are a party,
and the consummation of the transactions contemplated hereby and thereby, do not and will not: (a) conflict with or result in a
violation or breach of, or default under, any provision of the certificate of incorporation, by-laws or other organizational documents
of Buyer; (b) conflict with or result in a violation or breach of any provision of any Applicable Law or Governmental Order applicable
to Buyer; or (c) require the consent, notice or other action by any Person under any Contract to which Buyer is a party. No consent,
approval, Permit, Governmental Order, declaration or filing with, or notice to, any Governmental Authority is required by or with
respect to Buyer in connection with the execution, delivery and performance of this Agreement and the Transaction Documents and
the consummation of the transactions contemplated hereby and thereby.

 

Section 1.16 Conditions to Obligations
of All Parties. The obligations of each Party to consummate the transactions contemplated by this Agreement shall be subject
to the fulfillment, at or prior to the Closing, of each of the condition that no Governmental Authority shall have enacted, issued,
promulgated, enforced or entered any Governmental Order which is in effect and has the effect of making the transactions contemplated
by this Agreement illegal, otherwise restraining or prohibiting consummation of such transactions
or causing any of the transactions contemplated hereunder to be rescinded following completion thereof.

 

    	 	5	 

     

    

 

Section 1.17 Conditions to Obligations
of Buyer. The obligations of Buyer to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment
or Buyer’s waiver in writing, at or prior to the Closing, of each of the following conditions:

 

(a)          The
representations and warranties of the Company contained in this Agreement, the Transaction Documents and any certificate or other
writing delivered pursuant hereto shall be true and correct in all respects as of the Closing Date with the same effect as though
made at and as of such date (except those representations and warranties that address matters only as of a specified date, which
shall be true and correct in all respects as of that specified date), except where the failure of such representations and warranties
to be true and correct would not have a Material Adverse Effect.

 

(b)          The
Company shall have duly performed and complied in all material respects with all agreements, covenants and conditions required
by this Agreement and each of the Transaction Documents to be performed or complied with by it prior to or on the Closing Date.

 

(c)          No
Action shall have been commenced against Buyer or the Company, which would prevent the Closing. No injunction or restraining order
shall have been issued by any Governmental Authority, and be in effect, which restrains or prohibits any transaction contemplated
hereby.

 

(d)          All
approvals, consents and waivers, if any, shall have been received, and executed counterparts thereof shall have been delivered
to Buyer at or prior to the Closing.

 

(e)          The
Company shall have delivered each of the closing deliverables set forth in this Agreement.

 

Section 1.18 Conditions
to Obligations of the Company. The obligations of the Company to consummate the transactions contemplated by this Agreement
shall be subject to the fulfillment or the Company’s waiver in writing, at or prior to the Closing, of each of the following
conditions:

 

(a)          The
representations and warranties of Buyer contained in this Agreement, the Transaction Documents and any certificate or other writing
delivered pursuant hereto shall be true and correct in all respects as of the Closing Date with the same effect as though made
at and as of such date (except those representations and warranties that address matters only as of a specified date, which shall
be true and correct in all respects as of that specified date), except where the failure of such representations and warranties
to be true and correct would not have a Material Adverse Effect.

 

(b)          Buyer
shall have duly performed and complied in all material respects with all agreements, covenants and conditions required by this
Agreement and each of the Transaction Documents to be performed or complied with by them prior to or on the Closing Date.

 

(c)          No
injunction or restraining order shall have been issued by any Governmental Authority, and be in effect, which restrains or prohibits
any material transaction contemplated hereby.

 

(d)          Buyer
shall have delivered each of the closing deliverables set forth in this section.

 

    	 	6	 

     

    

 

Indemnification

 

Section 1.19 Survival. Subject to
the limitations and other provisions of this Agreement, the representations and warranties contained herein shall survive the Closing
and shall remain in full force and effect until the close of business on first Business Day after the date that is twelve (12)
months from the Closing Date; provided, that the representations and warranties in Error! Reference source not found.,
Section 3.02, Section 1.13 and Section 4.02 shall survive indefinitely. All covenants and agreements of the
Parties contained herein shall survive the Closing indefinitely or for the period explicitly specified therein. Notwithstanding
the foregoing, any claims asserted in good faith with reasonable specificity (to the extent known at such time) and in writing
by notice from the Indemnified Party to the Indemnifying Party prior to the expiration date of the applicable survival period shall
not thereafter be barred by the expiration of the relevant representation or warranty and such claims shall survive until finally
resolved.

 

Section 1.20 Indemnification by Seller.
Subject to the other terms and conditions of this 0, the Seller shall indemnify and defend each of Buyer and its Affiliates
and their respective Representatives (collectively, the “Buyer Indemnitees”) against, and shall hold each of
them harmless from and against, and shall pay and reimburse each of them for, any and all Losses incurred or sustained by, or imposed
upon, the Buyer Indemnitees based upon, arising out of, with respect to or by reason of:

 

(a)          any
inaccuracy in or breach of any of the representations or warranties of the Seller contained in this Agreement; or

 

(b)          any
breach or non-fulfillment of any covenant, agreement or obligation to be performed by the Company pursuant to this Agreement.

 

Section 1.21 Indemnification By Buyer.
Subject to the other terms and conditions of this 0, Buyer shall indemnify and defend the Company its Affiliates and
their respective Representatives (collectively, the “Seller Indemnitees”) against, and shall hold each of them
harmless from and against, and shall pay and reimburse each of them for, any and all Losses incurred or sustained by, or imposed
upon, the Seller Indemnitees based upon, arising out of, with respect to or by reason of:

 

(a)          any
inaccuracy in or breach of any of the representations or warranties of Buyer contained in this Agreement; or

 

(b)          any
breach or non-fulfillment of any covenant, agreement or obligation to be performed by Buyer pursuant to this Agreement.

 

Section 1.22 Certain Limitations. The
indemnification provided for in this Agreement shall be subject to the following limitations:

 

(a)          Seller shall not
be liable to the Buyer Indemnitees for indemnification until the aggregate amount of all Losses in respect of indemnification exceeds
USD $20,000 (the “Basket”), in which event Seller shall be required to pay or be liable for all such Losses
in excess of the Basket.

 

    	 	7	 

     

    

 

(b)          Buyer
shall not be liable to the Seller for indemnification until the aggregate amount of all Losses in respect of indemnification exceeds
the Basket, in which event Buyer shall be required to pay or be liable for all such Losses in excess of the Basket.

 

(c)          Payments
by the Company in respect of any Loss shall be limited to the amount of any liability or damage that remains after deducting therefrom
any insurance proceeds and any indemnity, contribution or other similar payment received or reasonably expected to be received
by the Buyer in respect of any such claim. The Buyer shall use its commercially reasonable efforts to recover under insurance policies
or indemnity, contribution or other similar agreements for any Losses prior to seeking indemnification under this Agreement.

 

(d)          Payments
by the Company in respect of any Loss shall be reduced by an amount equal to any Tax benefit realized or reasonably expected to
be realized as a result of such Loss by the Buyer.

 

(e)          In
no event shall the Company be liable to the Buyer for any punitive, incidental, consequential, special or indirect damages, including
loss of future revenue or income, loss of business reputation or opportunity relating to the breach or alleged breach of this Agreement,
or diminution of value or any damages based on any type of multiple.

 

(f)          The
Buyer shall take, and cause its Affiliates to take, all reasonable steps to mitigate any Loss upon becoming aware of any event
or circumstance that would be reasonably expected to, or does, give rise thereto, including incurring costs only to the minimum
extent necessary to remedy the breach that gives rise to such Loss.

 

(g)          The
Company shall not be liable under this 0 for any Losses based upon or arising out
of any inaccuracy in or breach of any of the representations or warranties of the Company contained in this Agreement if Buyer
had knowledge of such inaccuracy or breach prior to the Closing.

 

    	 	8	 

     

    

 

(h)          Third
Party Claims. If any Indemnified Party receives notice of the assertion or commencement of any Action made or brought by any Person
who is not a party to this Agreement or an Affiliate of a party to this Agreement or a Representative of the foregoing (a “Third
Party Claim”) against such Indemnified Party with respect to which the Indemnifying Party is obligated to provide indemnification
under this Agreement, the Indemnified Party shall give the Indemnifying Party reasonably prompt written notice thereof, but in
any event not later than thirty (30) calendar days after receipt of such notice of such Third Party Claim. The failure to give
such prompt written notice shall not, however, relieve the Indemnifying Party of its indemnification obligations, except and only
to the extent that the Indemnifying Party forfeits rights or defenses by reason of such failure. Such notice by the Indemnified
Party shall describe the Third Party Claim in reasonable detail, shall include copies of all material written evidence thereof
and shall indicate the estimated amount, if reasonably practicable, of the Loss that has been or may be sustained by the Indemnified
Party. The Indemnifying Party shall have the right to participate in, or by giving written notice to the Indemnified Party, to
assume the defense of any Third Party Claim at the Indemnifying Party’s expense and by the Indemnifying Party’s own
counsel, and the Indemnified Party shall cooperate in good faith in such defense. In the event that the Indemnifying Party assumes
the defense of any Third Party Claim, it shall have the right to take such action as it deems necessary to avoid, dispute, defend,
appeal or make counterclaims pertaining to any such Third Party Claim in the name and on behalf of the Indemnified Party. The Indemnified
Party shall have the right to participate in the defense of any Third Party Claim with counsel selected by it subject to
the Indemnifying Party’s right to control the defense thereof. The fees and disbursements of such counsel shall be at the
expense of the Indemnified Party, provided, that if in the reasonable opinion of counsel to the Indemnified Party, (A) there
are legal defenses available to an Indemnified Party that are different from or additional to those available to the Indemnifying
Party; or (B) there exists a conflict of interest between the Indemnifying Party and the Indemnified Party that cannot be waived,
the Indemnifying Party shall be liable for the reasonable fees and expenses of counsel to the Indemnified Party in each jurisdiction
for which the Indemnified Party determines counsel is required. If the Indemnifying Party elects not to compromise or defend such
Third Party Claim, fails to promptly notify the Indemnified Party in writing of its election to defend as provided in this Agreement,
or fails to diligently prosecute the defense of such Third Party Claim, the Indemnified Party may, subject to Section 1.22(i),
pay, compromise, defend such Third Party Claim and seek indemnification for any and all Losses based upon, arising from
or relating to such Third Party Claim. Seller and Buyer shall cooperate with each other in all reasonable respects in connection
with the defense of any Third Party Claim, including making available records relating to such Third Party Claim and furnishing,
without expense (other than reimbursement of actual out-of-pocket expenses) to the defending party, management employees of the
non-defending party as may be reasonably necessary for the preparation of the defense of such Third Party Claim.

 

(i)          Settlement
of Third Party Claims. Notwithstanding any other provision of this Agreement, the Indemnifying Party shall not enter into settlement
of any Third Party Claim without the prior written consent of the Indemnified Party, except as provided in this Section 1.22(i).
If a firm offer is made to settle a Third Party Claim without leading to liability or the creation of a financial or other obligation
on the part of the Indemnified Party and provides, in customary form, for the unconditional release of each Indemnified Party from
all liabilities and obligations in connection with such Third Party Claim and the Indemnifying Party desires to accept and agree
to such offer, the Indemnifying Party shall give written notice to that effect to the Indemnified Party. If the Indemnified Party
fails to consent to such firm offer within ten (10) days after its receipt of such notice, the Indemnified Party may continue to
contest or defend such Third Party Claim and in such event, the maximum liability of the Indemnifying Party as to such Third Party
Claim shall not exceed the amount of such settlement offer. If the Indemnified Party fails to consent to such firm offer and also
fails to assume defense of such Third Party Claim, the Indemnifying Party may settle the Third Party Claim upon the terms set forth
in such firm offer to settle such Third Party Claim. If the Indemnified Party has assumed the defense pursuant to Section 1.22(h),
it shall not agree to any settlement without the written consent of the Indemnifying Party (which consent shall not be unreasonably
withheld or delayed).

 

    	 	9	 

     

    

 

(j)           Direct
Claims. Any Action by an Indemnified Party on account of a Loss which does not result from a Third Party Claim (a “Direct
Claim”) shall be asserted by the Indemnified Party giving the Indemnifying Party reasonably prompt written notice thereof,
but in any event not later than thirty (30) days after the Indemnified Party becomes aware of such Direct Claim. The failure to
give such prompt written notice shall not, however, relieve the Indemnifying Party of its indemnification obligations, except and
only to the extent that the Indemnifying Party forfeits rights or defenses by reason of such failure. Such notice by the Indemnified
Party shall describe the Direct Claim in reasonable detail, shall include copies of all material written evidence thereof and shall
indicate the estimated amount, if reasonably practicable, of the Loss that has been or may be sustained
by the Indemnified Party. The Indemnifying Party shall have thirty (30) days after its receipt of such notice to respond in writing
to such Direct Claim. The Indemnified Party shall allow the Indemnifying Party and its professional advisors to investigate the
matter or circumstance alleged to give rise to the Direct Claim, and whether and to what extent any amount is payable in respect
of the Direct Claim and the Indemnified Party shall assist the Indemnifying Party’s investigation by giving such information
and assistance (including access to the Company’s premises and personnel and the right to examine and copy any accounts,
documents or records) as the Indemnifying Party or any of its professional advisors may reasonably request. If the Indemnifying
Party does not so respond within such thirty (30) day period, the Indemnifying Party shall be deemed to have rejected such claim,
in which case the Indemnified Party shall be free to pursue such remedies as may be available to the Indemnified Party on the terms
and subject to the provisions of this Agreement.

 

Section 1.23 Exclusive Remedies. The
Parties acknowledge and agree that their sole and exclusive remedy with respect to any and all claims (other than claims arising
from intentional fraud or criminal activity on the part of a Party in connection with the transactions contemplated by this Agreement)
for any breach of any representation, warranty, covenant, agreement or obligation set forth herein or otherwise relating to the
subject matter of this Agreement, shall be pursuant to the indemnification provisions set forth in this section. In furtherance
of the foregoing, each Party hereby waives, to the fullest extent permitted under Applicable Law, any and all rights, claims and
causes of action for any breach of any representation, warranty, covenant, agreement or obligation set forth herein or otherwise
relating to the subject matter of this Agreement it may have against the other Parties and their Affiliates and each of their respective
Representatives arising under or based upon any Applicable Law, except pursuant to the indemnification provisions set forth in
this 0. Nothing shall limit any Person’s right to seek and obtain any equitable relief to which any Person shall be
entitled or to seek any remedy on account of any party’s intentional fraud or criminal activity.

 

Section 1.24 Notices. All notices,
requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have
been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally
recognized overnight courier (receipt requested); (c) on the date sent by e-mail of a PDF document (with confirmation of transmission)
if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the
recipient or (d) on the third (3rd) day after the date mailed, by certified or
registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective Parties at the following
addresses (or at such other address for a party as shall be specified in a notice given in accordance with this section.

 

	If to the Seller:	Ideanomics, Inc.
	 	c/o Avis Zhu
	 	Sun Seven Stars Investment Group, #21
	 	Liangmaqiao road, Chaoyang
	 	district, Beijing, PRC
	 	 avis.zhu@sunsevenstars.com
	 	Tel. 86-138011119910

 

    	 	10	 

     

    

 

	If to the Buyer	GT Dollar PTE LTD
	 	David Xing, 10 Kallang Avenue, Aperia Tower 2, #13-
	 	18 Singapore, 339510

 

Section 1.25 Severability. If any
term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in
any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the Parties
shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible
in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to
the greatest extent possible.

 

Section 1.26 Entire Agreement. This
Agreement and the Transaction Documents constitute the sole and entire agreement of the Parties to this Agreement with respect
to the subject matter contained herein and therein, and supersede all prior and contemporaneous understandings and agreements,
both written and oral, with respect to such subject matter. In the event of any inconsistency between the statements in the body
of this Agreement and those in the Transaction Documents, the Exhibits and Disclosure Schedules (other than an exception expressly
set forth as such in the Disclosure Schedules), the statements in the body of this Agreement will control.

 

Section 1.27 Successors and Assigns.
This Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective successors and permitted
assigns. Neither party may assign its rights or obligations hereunder without the prior written consent of the other party, which
consent shall not be unreasonably withheld or delayed. No assignment shall relieve the assigning party of any of its obligations
hereunder.

 

Section 1.28 No Third-party Beneficiaries.
This Agreement is for the sole benefit of the Parties and their respective successors and permitted assigns and nothing herein,
express or implied, is intended to or shall confer upon any other Person or entity any legal or equitable right, benefit or remedy
of any nature whatsoever under or by reason of this Agreement.

 

Section 1.29 Amendment and Modification;
Waiver. This Agreement may only be amended, modified or supplemented by an agreement in writing signed by Buyer and the Company
at any time prior to the Closing; provided, however, that after the Requisite Company Vote is obtained, there shall be no
amendment or waiver that, pursuant to Applicable Law, requires further approval of the Company’s stockholders, without the
receipt of such further approvals. Any failure of Buyer, on the one hand, or the Company, on the other hand, to comply with any
obligation, covenant, agreement or condition herein may be waived by the Company (with respect to any failure by Buyer) or by Buyer
(with respect to any failure by the Company), respectively, only by a written instrument signed by the party granting such waiver,
but such waiver or failure to insist upon strict compliance with such obligation, covenant, agreement
or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure.

 

    	 	11	 

     

    

 

Section 1.30 Governing Law; Submission to Jurisdiction;
Waiver of Jury Trial.

 

This Agreement shall be governed by and construed
in accordance with the internal laws of the Singapore without giving effect to any choice or conflict of law provision or rule
whether of Singapore or any other jurisdiction.

 

Section 1.31 Counterparts. This Agreement
may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one
and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission
shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	12	 

     

    

 

IN WITNESS WHEREOF, the Parties have caused this Agreement to
be executed as of the date first written above by their respective officers thereunto duly authorized.

 

	Company:	Ideanomics,
    inc.
	 	 	 
	 	 	 
	 	By	/s/ Alfred P. Poor
	 	Name: Alfred P. Poor
	 	Title: Chief Executive Officer
	 	 	 
	Buyer:	GT Dollar
    PTE LTD
	 	 	 
	 	By	
	 	Name: David Xing
	 	Title: Vice President and Chief Risk Officer

 

    	 	13	 

     

    

 

Appendix 1

[List of movie titles]

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