Document:

Exhibit 10.2

 

Execution Version

 

NEITHER THIS DEBENTURE NOR THE SECURITIES
INTO WHICH THIS DEBENTURE IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE. THESE SECURITIES HAVE BEEN SOLD IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

 

IDEANOMICS, INC.

 

Secured
Convertible Debenture

 

	Principal Amount:	$6,500,000
	 	 
	Issuance Date:	October 25, 2022
	 	 
	Debenture Number:	IDEX-102522

 

FOR VALUE RECEIVED, IDEANOMICS, INC.,
a Nevada corporation (the “Company”), hereby promises to pay to the order of YA II PN, LTD., or its registered
assigns (the “Holder”), the amount set out above as the Principal Amount (as reduced pursuant to the terms hereof
pursuant to redemption, conversion or otherwise, the “Principal”) when due, whether upon the Maturity Date, acceleration,
redemption or otherwise (in each case in accordance with the terms hereof) and to pay interest (“Interest”) on any
outstanding Principal at the applicable Interest Rate from the date set out above as of the Issuance Date (the “Issuance Date”)
until the same becomes due and payable, whether upon the Maturity Date or acceleration, conversion, redemption or otherwise (in each
case in accordance with the terms hereof). Certain capitalized terms used herein and not otherwise defined are defined in Section 17.
This Debenture is being issued pursuant to that certain Secured Debenture Purchase Agreement (as amended, restated, supplemented or otherwise
modified from time to time, the “SDPA”), dated as of October 25, 2022 (the “First Closing Date”)
between the Company and the Holder. All obligations owed by the Company to the Holder under this Debenture and each other Transaction
Document are guaranteed by the Guarantors pursuant to the Guaranty and secured by the Company and the Guarantors pursuant to the Security
Documents.

 

(1)            GENERAL
TERMS

 

(a)            Maturity
Date. On the Maturity Date, the Company shall pay to the Holder an amount in cash representing all outstanding Principal, accrued
and unpaid Interest, and any other amounts outstanding pursuant to the terms of this Debenture. The “Maturity Date”
shall be February 24, 2023.

 

(b)            Interest
Rate and Payment of Interest. Interest shall accrue on the outstanding Principal Amount hereof at an annual rate equal to 8% (“Interest
Rate”); provided that such Interest Rate shall be increased to 18% upon an Event of Default. Interest shall be calculated
on the basis of a 365-day year and the actual number of days elapsed, to the extent permitted by applicable law.

 

     

     

    

 

(c)            Triggering
Event. If, at any time after the Issuance Date, and from time to time thereafter, the daily VWAP is less than the Floor Price then
in effect for 5 of any 7 consecutive Trading Days (the first day of each such day of each such occurrence, a “Triggering Date”),
then the Company shall make monthly payments beginning on the date which is 10 calendar days after the Triggering Date. Each monthly
payment shall be in an amount equal to the sum of (i) the Principal Amount of $2.0 million, (ii) the Redemption Premium in
respect of such Principal Amount, and (iii) accrued and unpaid interest hereunder as of each payment date. The obligation of the
Company to make monthly payments hereunder shall cease if, any time after the applicable Triggering Date, (i) the Company provides
a reset notice (each, a “Reset Notice”) setting forth a reduced Floor Price equal to no more than 85% of the VWAP
on the Trading Day immediately prior to the Reset Notice, or (ii) the daily VWAP is greater than the Floor Price for a period of
5 consecutive Trading Days, unless a subsequent Triggering Date occurs. Whenever any payment or other obligation hereunder shall be due
on a day other than a Business Day, such payment shall be made on the next succeeding Business Day.

 

(d)            Early
Repayment. The Company at its option shall have the right, but not the obligation, to redeem (“Optional Redemption”)
early a portion or all amounts outstanding under this Debenture as described in this Section; provided that the Company provides
the Holder with at least ten (10) Business Days’ prior written notice (each, a “Redemption Notice”) of
its desire to exercise an Optional Redemption. Each Redemption Notice shall be irrevocable and shall specify the outstanding balance
of the Debenture to be redeemed and the applicable Redemption Premium.

 

(e)            On
each Wednesday commencing on the first Wednesday that is six weeks after the Issuance Date, until all outstanding Obligations have been
repaid, the Company shall make a payment to Holder in an amount equal to $1,500,000, which amount shall be applied, first, to
pay fees and expenses due hereunder, second, to accrued and unpaid Interest, third, outstanding Principal, and fourth,
any other outstanding Obligation.

 

(2)            EVENTS
OF DEFAULT.

 

(a)            An
 “Event of Default”, wherever used herein, means any one of the following events (whatever the reason and whether it
shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court, or any order,
rule or regulation of any Governmental Authority):

 

(i)            the
Company’s or any Guarantor’s failure to pay to the Holder any amount of Principal (including pursuant to Section 1(e)),
Redemption Premium, Interest, or other amounts when and as due under this Debenture or other Transaction Document;

 

(ii)           the
occurrence of any Bankruptcy Event of Default with respect to the Company or any Subsidiary of the Company;

 

(iii)          the
Company or any Subsidiary of the Company shall default beyond applicable grace and cured periods (if any) in any of its obligations under
any other debenture or any mortgage, credit agreement or other facility, indenture agreement, factoring agreement or other instrument
under which there may be issued, or by which there may be secured or evidenced any indebtedness for borrowed money or money due under
any long term leasing or factoring arrangement of the Company or any Subsidiary of the Company in an amount exceeding $5,000,000, whether
such indebtedness now exists or shall hereafter be created and such default shall result in such indebtedness becoming or being declared
due and payable and such default is not thereafter cured within fifteen (15) Business Days;

 

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(iv)          the
Common Stock shall cease to be quoted or listed for trading, fail to have a bid price or VWAP, or fail to maintain a trading market on
any Primary Market, for a period of 10 consecutive Trading Days;

 

(v)           the
Company or any Subsidiary of the Company shall be a party to any Change of Control Transaction unless in connection with such Change
of Control Transaction this Debenture is retired;

 

(vi)          the
Company’s (A) failure to cure a Conversion Failure by delivery of (I) the required number of shares of Common Stock,
(II) if applicable, the Buy-In Price or (III) if applicable, the required number of shares of Common Stock and cash set forth
in clause (ii) of Section 3(b)(ii), in each case within five (5) Business Days after the applicable Conversion Failure
or (B) notice, written or oral, to any holder of the Debenture, including by way of public announcement, at any time, of its intention
not to comply with a request for conversion of any Debenture into shares of Common Stock that is tendered in accordance with the provisions
of the Debenture, other than pursuant to Section 3(c);

 

(vii)         the
Company’s failure to file with the Commission any Periodic Report on or before the due date of such filing as established by the
Commission. For purposes hereof, “Periodic Reports” means the Company’s (i) Quarterly Report on Form 10-Q
for the fiscal quarter ending September 30, 2022, (ii) Annual Report on Form 10-K for the fiscal year ending December 31,
2022, (iii) Quarterly Report on Form 10-Q for the fiscal quarter ending March 31, 2023 and each fiscal quarter thereafter,
and (iv) all other reports required to be filed by the Company with the Commission under applicable laws and regulations (including,
without limitation, Regulation S-K) for so long as any amounts are outstanding under this Debenture or any Other Debenture; provided
that all such Periodic Reports shall include, when filed, all information, financial statements, audit reports (when applicable)
and other information required to be included in such Periodic Reports in compliance with all applicable laws and regulations;

 

(viii)        the
Company or any Guarantor shall fail to observe or perform any other material covenant, agreement or warranty contained in, or otherwise
commit any material breach or default of any provision of this Debenture (except as may be covered by Section 2(a)(i) through
2(a)(vii) hereof) or any other Transaction Document which is not cured within the time prescribed (if any);

 

(ix)          any
Event of Default (as defined in the Other Debentures or in any Transaction Document other than this Debenture) occurs with respect to
any Other Debentures or any breach of any material term of any other debenture, note, or instrument held by the Holder in the Company
or any agreement between or among the Company and the Holder;

 

(x)           the
Company does not, within forty-five (45) days after the First Closing Date, prepare and file, or caused to be prepared and filed, an
amended and restated certificate of incorporation with the Secretary of State of the State of Delaware for each of the Spin-Off Entities
that, in each case, creates and authorizes the New Common Stock (as defined in the SDPA) that shall be issuable to the Holder on the
terms and conditions set forth in the Option Agreement;

 

(xi)          any
representation or warranty made or deemed made by or on behalf of the Company or any Guarantor in or in connection with any Transaction
Document, or any waiver hereunder or thereunder, or in any report, certificate, financial statement or other document furnished pursuant
to or in connection with any Transaction Document, or any waiver thereunder, shall prove to have been incorrect in any material respect
(or, in the case of any such representation or warranty already qualified by materiality, such representation or warranty shall prove
to have been incorrect) when made or deemed made;

 

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(xii)          the
Company or any of its Subsidiaries shall become unable, admit in writing its inability or fail generally to pay its debts as they become
due;

 

(xiii)        any
material provision of any Transaction Document, at any time after its execution and delivery and for any reason other than as expressly
permitted hereunder or thereunder or satisfaction in full of all Obligations, ceases to be in full force and effect; or the Company or
any other Person contests in writing the validity or enforceability of any provision of any Transaction Document; or the Company or any
Guarantor denies in writing that it has any or further liability or obligation under any Transaction Document, or purports in writing
to revoke, terminate or rescind any Transaction Document;

 

(xiv)        the
Company uses the proceeds of the issuance of this Debenture, whether directly or indirectly, and whether immediately, incidentally or
ultimately, to purchase or carry margin stock (within the meaning of Regulations T, U and X the Federal Reserve Board,
as in effect from time to time and all official rulings and interpretations thereunder or thereof), or to extend credit to others for
the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose; or

 

(xv)         any
Security Document covering a material portion of the Collateral shall cease to create a valid and perfected lien, with the priority required
by the Security Documents on and security interest in any material portion of the Collateral covered thereby.

 

(b)            During
the time that any portion of this Debenture is outstanding, if any Event of Default has occurred (other than an event with respect to
the Company described in Section 2(a)(ii)), the full unpaid Principal amount of this Debenture, together with interest and other
amounts owing in respect thereof and other Obligations accrued hereunder and under the other Transaction Documents, to the date of acceleration
shall become at the Holder’s election given by notice pursuant to Section 7, immediately due and payable in cash; provided
that, in case of any event with respect to the Company described in Section 2(a)(ii), the full unpaid Principal amount of this
Debenture, together with interest and other amounts owing in respect thereof and other Obligations accrued hereunder and under the other
Transaction Documents, to the date of acceleration, shall automatically become due and payable, in each case without presentment, demand,
protest or other notice of any kind, all of which are hereby waived by the Company. Furthermore, in addition to any other remedies, the
Holder shall have the right (but not the obligation) to convert this Debenture (subject to the limitations set out in Section 3)
at any time after the Maturity Date at the Conversion Price. The Holder need not provide, and the Company hereby waives, any presentment,
demand, protest or other notice of any kind, (other than the required notice of conversion) and the Holder may immediately enforce any
and all of its rights and remedies hereunder and all other remedies available to it under applicable law. Such declaration may be rescinded
and annulled by Holder at any time prior to payment hereunder. No such rescission or annulment shall affect any subsequent Event of Default
or impair any right consequent thereon.

 

(3)            CONVERSION
OF DEBENTURE. This Debenture shall be convertible into shares of the Company’s
Common Stock, on the terms and conditions set forth in this Section 3.

 

(a)            Conversion
Right. Subject to the provisions of this Section 3(c), upon an Event of Default, the Holder shall be entitled to convert any
portion of the outstanding and unpaid Conversion Amount into fully paid and nonassessable shares of Common Stock, at the Conversion Rate.
The number of shares of Common Stock issuable upon conversion of any Conversion Amount pursuant to this Section 3(a) shall
be determined by dividing (x) such Conversion Amount by (y) the Conversion Price (the “Conversion Rate”).
The Company shall not issue any fraction of a share of Common Stock upon any conversion. If the issuance would result in the issuance
of a fraction of a share of Common Stock, the Company shall round such fraction of a share of Common Stock up or down to the nearest
whole share. The Company shall pay any and all transfer, stamp and similar taxes that may be payable with respect to the issuance and
delivery of Common Stock upon conversion of any Conversion Amount.

 

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(i)            “Conversion
Amount” means the portion of the Principal and accrued Interest to be converted or otherwise with respect to which this determination
is being made.

 

(ii)           “Conversion
Price” means, as of any Conversion Date or other date of determination 95% of the lowest daily VWAP during the five (5) consecutive
Trading Days immediately preceding the Conversion Date or other date of determination (the “Variable Measurement Period”),
but not lower than the Floor Price. The Conversion Price shall be adjusted from time to time pursuant to the other terms and conditions
of this Debenture.

 

(b)            Mechanics
of Conversion.

 

(i)            Optional
Conversion. To convert any Conversion Amount into shares of Common Stock on any date (a “Conversion Date”), the
Holder shall (A) transmit by email or facsimile with confirmation of delivery (or otherwise deliver by method set forth in Section 7),
for receipt on or prior to 11:59 p.m., New York Time, on such date, a copy of an executed notice of conversion in the form attached hereto
as Exhibit A (the “Conversion Notice”) to the Company and (B) if required by Section 3(b)(iii),
surrender this Debenture to a nationally recognized overnight delivery service for delivery to the Company (or an indemnification undertaking
reasonably satisfactory to the Company with respect to this Debenture in the case of its loss, theft or destruction). On or before the
third (3rd) Business Day following the date of receipt of a Conversion Notice (the “Share Delivery Date”),
the Company shall (X) provided that the Transfer Agent is participating in the Depository Trust Company’s (“DTC”)
Fast Automated Securities Transfer Program, (I) if legends are not required to be placed on certificates of Common Stock credit
such aggregate number of shares of Common Stock to which the Holder shall be entitled to the Holder’s or its designee’s balance
account with DTC through its Deposit Withdrawal Agent Commission system, or (II) if legends are required to be placed on certificates
of Common Stock, credit such aggregate number of shares of Common Stock to which the Holder shall be entitled to the Holder’s or
its designee’s balance account on the Company’s stock ledger as maintained by the Transfer Agent or (Y) if the Transfer
Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and deliver to the address as specified in the
Conversion Notice, a certificate, registered in the name of the Holder or its designee, for the number of shares of Common Stock to which
the Holder shall be entitled which certificates shall not bear any restrictive legends unless required pursuant to rules and regulations
of the Commission. If this Debenture is physically surrendered for conversion and the outstanding Principal of this Debenture is greater
than the Principal portion of the Conversion Amount being converted, then the Company shall as soon as practicable and in no event later
than three (3) Business Days after receipt of this Debenture and at its own expense, issue and deliver to the Holder a new Debenture
representing the outstanding Principal not converted. The Person or Persons entitled to receive the shares of Common Stock issuable upon
a conversion of this Debenture shall be treated for all purposes as the record holder or holders of such shares of Common Stock upon
the transmission of a Conversion Notice.

 

(ii)           Company’s
Failure to Timely Convert. If within three (3) Trading Days after the Company’s receipt of a copy of a Conversion Notice
the Company shall fail to issue and deliver a certificate to the Holder or credit the Holder’s balance account with DTC or the
Transfer Agent, as applicable, for the number of shares of Common Stock to which the Holder is entitled upon such holder’s conversion
of any Conversion Amount (a “Conversion Failure”), and if on or after such Trading Day the Holder purchases (in an
open market transaction or otherwise) Common Stock to deliver in satisfaction of a sale by the Holder of Common Stock issuable upon such
conversion that the Holder anticipated receiving from the Company (a “Buy-In”), then the Company shall, within three
(3) Business Days after the Holder’s request and in the Holder’s discretion, either (i) pay cash to the Holder
in an amount equal to the Holder’s total purchase price (including brokerage commissions and other out of pocket expenses, if any)
for the shares of Common Stock so purchased (the “Buy-In Price”), at which point the Company’s obligation to
deliver such certificate (and to issue such Common Stock) shall terminate, or (ii) promptly honor its obligation to deliver to the
Holder a certificate or certificates representing such Common Stock and pay cash to the Holder in an amount equal to the excess (if any)
of the Buy-In Price over the product of (A) such number of shares of Common Stock, times (B) the Closing Bid Price on the Conversion
Date.

 

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(iii)          Book-Entry.
Notwithstanding anything to the contrary set forth herein, upon conversion of any portion of this Debenture in accordance with the terms
hereof, the Holder shall not be required to physically surrender this Debenture to the Company unless (A) the full Conversion Amount
represented by this Debenture is being converted or (B) the Holder has provided the Company with prior written notice (which notice
may be included in a Conversion Notice) requesting reissuance of this Debenture upon physical surrender of this Debenture. The Holder
and the Company shall maintain records showing the Principal and Interest converted and the dates of such conversions or shall use such
other method, reasonably satisfactory to the Holder and the Company, so as not to require physical surrender of this Debenture upon conversion.

 

(c)            Limitations
on Conversions.

 

(i)            Beneficial
Ownership. The Holder shall not have the right to convert any portion of this Debenture or receive shares of Common Stock as payment
of Interest hereunder to the extent that after giving effect to such conversion or receipt of such Interest payment, the Holder, together
with any affiliate thereof, would beneficially own (as determined in accordance with Section 13(d) of the Exchange Act and
the rules promulgated thereunder) in excess of 4.99% of the number of shares of Common Stock outstanding immediately after giving
effect to such conversion or receipt of shares as payment of interest. Since the Holder will not be obligated to report to the Company
the number of shares of Common Stock it may hold at the time of a conversion hereunder, unless the conversion at issue would result in
the issuance of shares of Common Stock in excess of 4.99% of the then outstanding shares of Common Stock without regard to any other
shares which may be beneficially owned by the Holder or an affiliate thereof, the Holder shall have the authority, responsibility and
obligation to determine whether the restriction contained in this Section will limit any particular conversion hereunder and to
the extent that the Holder determines that the limitation contained in this Section applies, the determination of which portion
of the Principal amount of this Debenture is convertible shall be the responsibility and obligation of the Holder. The provisions of
this Section may be waived by a Holder (but only as to itself and not to any other Holder) upon not less than 65 days prior notice
to the Company. Other Holders shall be unaffected by any such waiver.

 

(d)            Other
Provisions.

 

(i)            The
Company shall at all times reserve and keep available out of its authorized Common Stock the full number of shares of Common Stock issuable
upon conversion of all outstanding amounts under this Debenture; and within three (3) Business Days following the receipt by the
Company of a Holder’s notice that such minimum number of Underlying Shares is not so reserved, the Company shall promptly reserve
a sufficient number of shares of Common Stock to comply with such requirement.

 

(ii)           All
calculations under this Section 3 shall be rounded to the nearest $0.0001 or whole share.

 

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(iii)          The
Company covenants that it will at all times reserve and keep available out of its authorized and unissued shares of Common Stock solely
for the purpose of issuance upon conversion of this Debenture and payment of Interest on this Debenture, each as herein provided, free
from preemptive rights or any other actual contingent purchase rights of Persons other than the Holder, not less than such number of
shares of the Common Stock as shall be issuable (taking into account the adjustments and restrictions set forth herein) upon the conversion
of the outstanding Principal of this Debenture and payment of Interest hereunder. The Company covenants that all shares of Common Stock
that shall be so issuable shall, upon issue, be duly and validly authorized, issued and fully paid, nonassessable.

 

(iv)          Nothing
herein shall limit a Holder’s right to pursue actual damages or declare an Event of Default pursuant to Section 2 herein for
the Company’s failure to deliver certificates representing shares of Common Stock upon conversion within the period specified herein
and such Holder shall have the right to pursue all remedies available to it at law or in equity including, without limitation, a decree
of specific performance and/or injunctive relief, in each case without the need to post a bond or provide other security. The exercise
of any such rights shall not prohibit the Holder from seeking to enforce damages pursuant to any other Section hereof or under applicable
law.

 

(v)           Legal
Opinions. The Company is obligated to cause its legal counsel to deliver legal opinions to the Company’s Transfer Agent in
connection with any legend removal upon the expiration of any holding period or other requirement for which the Underlying Shares may
bear legends restricting the transfer thereof. To the extent that are not provided (either timely or at all), then, in addition to being
an Event of Default hereunder, the Company agrees to reimburse the Holder for all reasonable costs incurred by the Holder in connection
with any legal opinions paid for by the Holder in connection with sale or transfer of Underlying Shares of Common Stock. The Holder shall
notify the Company of any such costs and expenses it incurs that are referred to in this section from time to time and all amounts owed
hereunder shall be paid by the Company with reasonable promptness.

 

(e)            Adjustments
to Conversion Price upon Subdivision or Combination of Common Stock. If the Company at any time after the Issuance Date subdivides
(by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding shares of Common Stock into
a greater number of shares, to the extent any day within a an applicable Variable Measurement Period are on or prior to the ex-date of
applicable Adjustment Effective Time, the daily WVAP for such day will be proportionately reduced such that the number of shares of Common
Stock obtainable upon conversion of this Debenture if the VWAP on such day was lowest during the Variable Measurement Period will be
proportionately increased. If the Company at any time after the Issuance Date combines (by combination, reverse stock split or otherwise)
one or more classes of its outstanding shares of Common Stock into a smaller number of shares, (i) any Conversion Price in effect
immediately prior to such combination will be proportionately increased and the number of shares of Common Stock issuable upon conversion
of this Debenture will be proportionately decreased and (ii) to the extent any day within a an applicable Variable Measurement Period
are on or prior to the ex-date of the applicable Adjustment Effective Time, the daily WVAP for such day will be proportionately increased
such that the number of shares of Common Stock obtainable upon conversion of this Debenture if the VWAP on such day was lowest during
the Variable Measurement Period will be proportionately reduced. Any adjustment under this Section 3(e) shall become effective
at the close of business on the date the subdivision or combination becomes effective (the “Adjustment Effective Time”).

 

(f)            Notification
of Adjustment. Whenever the Conversion Price is adjusted pursuant to Section 3 hereof, the Company shall promptly send the Holder
a notice setting forth the Conversion Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment.

 

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(4)            INDEMNIFICATION.

 

With respect to the Company’s
obligations under this Debenture and the other Transaction Documents:

 

To the fullest extent permitted
by law, the Company shall, and hereby does, indemnify, hold harmless and defend the Holder, its investment manager and their respective
directors, officers, partners, employees, agents, representatives, and successors and assigns of, and each Person, if any, who controls
Holder within the meaning of the Securities Act or the Exchange Act (each, an “Indemnified Person”), against any losses,
claims, damages, liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys’ fees, amounts paid in settlement
or expenses, joint or several (collectively, “Claims”) incurred in investigating, preparing or defending any action,
claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative
or other regulatory agency, body or the Commission, whether pending or threatened, whether or not an Indemnified Person is or may be
a party thereto (“Indemnified Damages”), to which any of them may become subject insofar as such Claims (or actions
or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any untrue statement or
alleged untrue statement of a material fact in any filing made in any public filing (including, without limitation, any Periodic Reports)
made by the Company with the Commission, or the omission or alleged omission to state a material fact required to be stated therein or
necessary to make the statements therein not misleading; or (ii) any violation or alleged violation by the Company of the Securities
Act, the Exchange Act, any other law, including, without limitation, any state securities law (the matters in the foregoing clauses (i) through
(iii) being, collectively, “Violations”). The Company shall reimburse the Indemnified Persons and each such controlling
person promptly as such expenses are incurred and are due and payable, for any legal fees or disbursements or other reasonable expenses
incurred by them in connection with investigating or defending any such Claim.

 

Promptly after receipt by an
Indemnified Person under this Section 4 of notice of the commencement of any action or proceeding (including any governmental action
or proceeding) involving a Claim, such Indemnified Person shall, if a Claim in respect thereof is to be made against any indemnifying
party under this Section 4, deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying
party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying
party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and the
Indemnified Person; provided, however, that an Indemnified Person shall have the right to retain its own counsel with the fees and expenses
of not more than one (1) counsel for such Indemnified Person to be paid by the indemnifying party, if, in the reasonable opinion
of counsel retained by the indemnifying party, the representation by such counsel of the Indemnified Person and the indemnifying party
would be inappropriate due to actual or potential differing interests between such Indemnified Person and any other party represented
by such counsel in such proceeding. The Indemnified Person shall cooperate fully with the indemnifying party in connection with any negotiation
or defense of any such action or claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably
available to the Indemnified Person which relates to such action or claim. The indemnifying party shall keep the Indemnified Person fully
apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall
be liable for any settlement of any action, claim or proceeding effected without its prior written consent; provided, however, that the
indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written
consent of the Indemnified Person, consent to entry of any judgment or enter into any settlement or other compromise which does not include
as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Person of a release from all liability in
respect to such claim or litigation. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated
to all rights of the Indemnified Person with respect to all third parties, firms or corporations relating to the matter for which indemnification
has been made. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such
action shall not relieve such indemnifying party of any liability to the Indemnified Person under this Section 4, except to the
extent that the indemnifying party is prejudiced in its ability to defend such action.

 

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The indemnification required
by this Section 4 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as
and when bills are received or Indemnified Damages are incurred.

 

The indemnity agreements contained
herein shall be in addition to (i) any cause of action or similar right of the Indemnified Person against the indemnifying party
or others, and (ii) any liabilities the indemnifying party may be subject to pursuant to the law.

 

(5)            CONTRIBUTION.
To the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the
maximum contribution with respect to any amounts for which it would otherwise be liable under Section 4 to the fullest extent permitted
by law.

 

(6)            REISSUANCE
OF THIS DEBENTURE.

 

(a)            Transfer.
If this Debenture is to be transferred, the Holder shall surrender this Debenture to the Company, whereupon the Company will forthwith
issue and deliver upon the order of the Holder a new Debenture (in accordance with Section 6(d)), registered in the name of the
registered transferee or assignee, representing the outstanding Principal being transferred by the Holder (along with any accrued and
unpaid interest thereof) and, if less than the entire outstanding Principal is being transferred, a new Debenture (in accordance with
Section 6(d)) to the Holder representing the outstanding Principal not being transferred. The Holder and any assignee, by acceptance
of this Debenture, acknowledge and agree that, by reason of the provisions of Section 3(c)(iii) following conversion of any
portion of this Debenture, the outstanding Principal represented by this Debenture may be less than the Principal stated on the Principal
Amount of this Debenture.

 

(b)            Lost,
Stolen or Mutilated Debenture. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Debenture, and, in the case of loss, theft or destruction, of any indemnification undertaking by the
Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of this Debenture, the Company
shall execute and deliver to the Holder a new Debenture (in accordance with Section 6(d)) representing the outstanding Principal.

 

(c)            Debenture
Exchangeable for Different Denominations. This Debenture is exchangeable, upon the surrender hereof by the Holder at the principal
office of the Company, for a new Debenture or Debentures (in accordance with Section 6(d)) representing in the aggregate the outstanding
Principal of this Debenture, and each such new Debenture will represent such portion of such outstanding Principal as is designated by
the Holder at the time of such surrender.

 

(d)            Issuance
of New Debentures. Whenever the Company is required to issue a new Debenture pursuant to the terms of this Debenture, such new Debenture
(i) shall be of like tenor with this Debenture, (ii) shall represent, as indicated on the Principal Amount of such new Debenture,
the Principal remaining outstanding (or in the case of a new Debenture being issued pursuant to Section 6(a) or Section 6(c),
the Principal designated by the Holder which, when added to the principal represented by the other new Debentures issued in connection
with such issuance, does not exceed the Principal remaining outstanding under this Debenture immediately prior to such issuance of new
Debentures), (iii) shall have an issuance date, as indicated on the Principal Amount of such new Debenture, which is the same as
the Issuance Date of this Debenture, (iv) shall have the same rights and conditions as this Debenture, and (v) shall represent
accrued and unpaid Interest from the Issuance Date.

 

    	 	9	 

     

    

 

(7)       NOTICES.  Any
notices, consents, waivers or other communications required or permitted to be given under the terms hereof must be in writing and will
be deemed to have been delivered: upon the later of (A) either (i) receipt, when delivered personally or (ii) one (1) Business
Day after deposit with an overnight courier service with next day delivery specified, in each case, properly addressed to the party to
receive the same and (B) receipt, when sent by e-mail. The addresses and e-mail addresses for such communications shall be:

 

	If to the Company,
    to:	Ideanomics, Inc.
	 	1441 Broadway, Suite #5116
	 	New York NY 10018
	 	Telephone: 212-206-1216
	 	Attention:  Chief Executive
    Officer
	 	E-Mail:  apoor@ideanomics.com
	 	 
	If to the Holder:	YA II PN, Ltd.
	 	c/o Yorkville Advisors Global,
    LLC
	 	1012 Springfield Avenue
	 	Mountainside, NJ 07092
	 	Attention: Mark Angelo
	 	Telephone: 201-985-8300
	 	Email: Legal@yorkvilleadvisors.com

 

or at such other address and/or e-mail address
and/or to the attention of such other person as the recipient party has specified by written notice given to each other party three (3) Business
Days prior to the effectiveness of such change. Written confirmation of receipt (i) given by the recipient of such notice, consent,
waiver or other communication, (ii) electronically generated upon sending the e-mail or (iii) provided by a nationally recognized
overnight delivery service, shall be rebuttable evidence of personal service, receipt by e-mail or receipt from a nationally recognized
overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

(8)            Except
as expressly provided herein, no provision of this Debenture shall alter or impair the obligations of the Company, which are absolute
and unconditional, to pay the Principal of, interest and other charges (if any) on, this Debenture at the time, place, and rate, and
in the coin or currency, herein prescribed. This Debenture is a direct obligation of the Company.

 

(9)            This
Debenture shall not entitle the Holder to any of the rights of a stockholder of the Company, including without limitation, the right
to vote, to receive dividends and other distributions, or to receive any notice of, or to attend, meetings of stockholders or any other
proceedings of the Company, unless and to the extent converted into shares of Common Stock in accordance with the terms hereof.

 

(10)            After
the Issuance Date, without the Holder’s consent, the Company will not and will not permit any of its Subsidiaries to, directly
or indirectly, enter into, create, incur, assume or suffer to exist any indebtedness or any security interests or liens of any kind,
on or with respect to any of its property or assets now owned or hereafter acquired or any interest therein or any income or profits
therefrom.

 

    	 	10	 

     

    

 

(11)            Choice
of Law; Venue.

 

(a)            Governing
Law. This Debenture and the rights and obligations of the Parties hereunder shall, in all respects, be governed by, and construed
in accordance with, the laws (excluding the principles of conflict of laws) of the State of New York (the “Governing Jurisdiction”)
(including Section 5-1401 and Section 5-1402 of the General Obligations Law of the State of New York), including all matters
of construction, validity and performance.

 

(b)            Jurisdiction;
Venue; Service.

 

(i)            The
Company hereby irrevocably consents to the non-exclusive personal jurisdiction of the state courts of the Governing Jurisdiction and,
if a basis for federal jurisdiction exists, the non-exclusive personal jurisdiction of any United States District Court for the Governing
Jurisdiction.

 

(ii)            The
Company agrees that venue shall be proper in any court of the Governing Jurisdiction selected by the Holder or, if a basis for federal
jurisdiction exists, in any United States District Court in the Governing Jurisdiction. The Company waives any right to object to the
maintenance of any suit, claim, action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract
or in tort or otherwise, in any of the state or federal courts of the Governing Jurisdiction on the basis of improper venue or inconvenience
of forum.

 

(iii)            Any
suit, claim, action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or tort or otherwise,
brought by the Company against the Holder arising out of or based upon this Debenture or any matter relating to this Debenture, or any
other Transaction Document, or any Obligations, or any contemplated transaction, shall be brought in a court only in the Governing Jurisdiction.
The Company shall not file any counterclaim against the Holder in any suit, claim, action, litigation or proceeding brought by the Holder
against the Company in a jurisdiction outside of the Governing Jurisdiction unless under the rules of the court in which the Holder
brought such suit, claim, action, litigation or proceeding the counterclaim is mandatory, and not permissive, and would be considered
waived unless filed as a counterclaim in the suit, claim, action, litigation or proceeding instituted by the Holder against the Company.
The Company agrees that any forum outside the Governing Jurisdiction is an inconvenient forum and that any suit, claim, action, litigation
or proceeding brought by the Company against the Holder in any court outside the Governing Jurisdiction should be dismissed or transferred
to a court located in the Governing Jurisdiction. Furthermore, the Company irrevocably and unconditionally agrees that it will not bring
or commence any suit, claim, action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract
or in tort or otherwise, against the Holder arising out of or based upon this Debenture or any matter relating to this Debenture, or
any other Transaction Document, or any Obligations, or any contemplated transaction, in any forum other than the courts of the State
of New York sitting in New York County, and the United States District Court of the Southern District of New York, and any appellate
court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such courts and
agrees that all claims in respect of any such suit, claim, action, litigation or proceeding may be heard and determined in such New York
State Court or, to the fullest extent permitted by applicable law, in such federal court. The Company and the Holder agree that a final
judgment in any such suit, claim, action, litigation or proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law.

 

(iv)            The
Company and the Holder irrevocably consent to the service of process out of any of the aforementioned courts in any such suit, claim,
action, litigation or proceeding by the mailing of copies thereof by registered or certified mail postage prepaid, to it at the address
provided for notices in this Debenture, such service to become effective thirty (30) days after the date of mailing.

 

    	 	11	 

     

    

 

(v)            Nothing
herein shall affect the right of the Holder to serve process in any other manner permitted by law or to commence legal proceedings or
to otherwise proceed against the Company or any other Person in the Governing Jurisdiction or in any other jurisdiction.

 

(12)            If
the Company fails to strictly comply with the terms of this Debenture and/or any other Transaction Document, then the Company shall reimburse
the Holder promptly for all fees, costs and expenses, including, without limitation, attorneys’ fees and expenses incurred by the
Holder in any action in connection with this Debenture and/or any other Transaction Document, including, without limitation, those incurred:
(i) during any workout, attempted workout, and/or in connection with the rendering of legal advice as to the Holder’s rights,
remedies and obligations, (ii) collecting any sums which become due to the Holder, (iii) defending or prosecuting any proceeding
or any counterclaim to any proceeding or appeal; or (iv) the protection, preservation or enforcement of any rights or remedies of
the Holder.

 

(13)            Any
waiver by the Holder of a breach of any provision of this Debenture shall not operate as or be construed to be a waiver of any other
breach of such provision or of any breach of any other provision of this Debenture. The failure of the Holder to insist upon strict adherence
to any term of this Debenture on one or more occasions shall not be considered a waiver or deprive that party of the right thereafter
to insist upon strict adherence to that term or any other term of this Debenture. Any waiver must be in writing.

 

(14)            If
any provision of this Debenture is invalid, illegal or unenforceable, the balance of this Debenture shall remain in effect, and if any
provision is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other persons and circumstances.
If it shall be found that any interest or other amount deemed interest due hereunder shall violate applicable laws governing usury, the
applicable rate of interest due hereunder shall automatically be lowered to equal the maximum permitted rate of interest. The Company
covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim
or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive the Company from paying
all or any portion of the Principal of or interest on this Debenture as contemplated herein, wherever enacted, now or at any time hereafter
in force, or which may affect the covenants or the performance of this indenture, and the Company (to the extent it may lawfully do so)
hereby expressly waives all benefits or advantage of any such law, and covenants that it will not, by resort to any such law, hinder,
delay or impeded the execution of any power herein granted to the Holder, but will suffer and permit the execution of every such as though
no such law has been enacted.

 

(15)            Whenever
any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall be made on the next succeeding
Business Day.

 

(16)            THE
PARTIES MUTUALLY WAIVE ALL RIGHT TO TRIAL BY JURY OF ALL CLAIMS OF ANY KIND ARISING OUT OF OR BASED UPON THIS DEBENTURE OR ANY MATTER
RELATING TO THIS DEBENTURE, OR ANY OTHER TRANSACTION DOCUMENT, OR ANY OBLIGATIONS, OR ANY CONTEMPLATED TRANSACTION. THE PARTIES ACKNOWLEDGE
THAT THIS IS A WAIVER OF A LEGAL RIGHT AND THAT THE PARTIES EACH MAKE THIS WAIVER VOLUNTARILY AND KNOWINGLY AFTER CONSULTATION WITH COUNSEL
OF THEIR RESPECTIVE CHOICE. THE PARTIES AGREE THAT ALL SUCH CLAIMS SHALL BE TRIED BEFORE A JUDGE OF A COURT HAVING JURISDICTION, WITHOUT
A JURY.

 

    	 	12	 

     

    

 

(17)       CERTAIN
DEFINITIONS.       For purposes of this Debenture, the following terms shall have the following
meanings:

 

(a)            “Bankruptcy
Event of Default” means, with respect to any Person, any of the following events or circumstances: (a) such Person shall
(i) commence a voluntary case or other proceeding seeking (A) liquidation, reorganization, or other relief with respect to
itself or its debts under any bankruptcy, insolvency, or similar law now or hereafter in effect or (B) the appointment of a trustee,
receiver, liquidator, custodian, or other similar official of it or any substantial part of its assets, or shall consent to any such
relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against
it, (ii) make a general assignment for the benefit of creditors, (iii) fail generally to pay its debts as they become due,
or (iv) take any action to authorize any of the foregoing; or (b) if (i) an involuntary case or other proceeding shall
be commenced against such Person seeking (A) liquidation, reorganization or other relief with respect to it or its debts under any
bankruptcy, insolvency or similar law now or hereafter in effect or (B) the appointment of a trustee, receiver, liquidator, custodian
or other similar official of it or any substantial part of its assets, and such involuntary case or other proceeding shall remain undismissed
and unstayed for a period of sixty (60) days, or (ii) an order for relief shall be entered against such Person under the federal
bankruptcy laws as now or hereafter in effect.

 

(b)            “Bloomberg”
means Bloomberg Financial Markets.

 

(c)            “Business
Day” means any day except Saturday, Sunday and any day which shall be a federal legal holiday in the United States or a day
on which banking institutions are authorized or required by law or other government action to close.

 

(d)            “Change
of Control Transaction” means the occurrence of (a) an acquisition after the Issuance Date by an individual or legal entity
or “group” (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of effective control (whether
through legal or beneficial ownership of capital stock of the Company, by contract or otherwise) of in excess of fifty percent (50%)
of the voting securities of the Company (except that the acquisition of voting securities by the Holder or any other current holder of
convertible securities of the Company shall not constitute a Change of Control Transaction for purposes hereof), (b) a replacement
at one time or over time of more than one-half of the members of the board of directors of the Company (other than as due to the death
or disability of a member of the board of directors) which is not approved by a majority of those individuals who are members of the
board of directors on the Issuance Date (or by those individuals who are serving as members of the board of directors on any date whose
nomination to the board of directors was approved by a majority of the members of the board of directors who are members on the Issuance
Date), (c) the merger, consolidation or sale of fifty percent (50%) or more of the assets of the Company or any Subsidiary of the
Company in one or a series of related transactions with or into another entity, or (d) the execution by the Company of an agreement
to which the Company is a party or by which it is bound, providing for any of the events set forth above in (a), (b) or (c); provided,
that a “spin-off” of the Spin-Off Entities and their respective direct and indirect Subsidiaries, or a holding company
formed for the sole and exclusive purpose to hold the outstanding Equity Interests of the Spin-Off Entities, shall not be a Change of
Control Transaction.

 

(e)            “Closing
Bid Price” means the price per share in the last reported trade of the Common Stock on a Primary Market or on the exchange
which the Common Stock is then listed as quoted by Bloomberg.

 

(f)            “Collateral”
has the meaning given to such term in the Security Agreement and the Pledge Agreement.

 

    	 	13	 

     

    

 

(g)            “Commission”
means the U.S. Securities and Exchange Commission.

 

(h)            “Common
Stock” means the common stock, par value $0.001, of the Company and stock of any other class into which such shares may hereafter
be changed or reclassified.

 

(i)            “Convertible
Securities” means any stock or securities (other than Options) directly or indirectly convertible into or exercisable or exchangeable
for Common Stock.

 

(j)            “Debenture”
means this Secured Convertible Debenture.

 

(k)            “Equity
Interests” means, as to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such
Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or
other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock
of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person
of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member
or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests
are outstanding on any date of determination.

 

(l)            “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

(m)            “Floor
Price” means $0.05 per share.

 

(n)            “Governmental
Authority” means the government of the United States of America or any other nation, or of any political subdivision thereof,
whether state, district, territory, county, municipal, local or otherwise, and any agency, authority, instrumentality, regulatory body,
court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions
of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank), and including
the Persons holding or exercising the powers, privileges, discretions, titles, offices or authorities of any of the foregoing.

 

(o)            “Guarantors”
means each of US Hybrid Corporation, a Delaware corporation, Solectrac, Inc., a California corporation, Justly Holdings Inc., a
Delaware corporation, Justly Markets LLC, a Delaware limited liability company, Timios Holdings Corp., a Delaware corporation, Fiducia
Real Estate Solutions, Inc., a Delaware corporation, Timios, Inc., a Delaware corporation, Timios Appraisal Management, Inc.,
a Delaware corporation, Crestview Asset Management Services LLC, a Utah limited liability company, Timios Title, a California Corporation,
a California corporation, Timios Agency of Alabama Inc., an Alabama corporation, Timios Agency of Nevada Inc., a Nevada corporation,
Timios Agency of Utah Inc., a Utah corporation, Timios Agency of Arkansas, Inc., an Arkansas corporation, Timios Hawaii, Inc.,
a Hawaii corporation, Celer Escrow Company, a California corporation, Celer Settlements, LLC, a Delaware limited liability company, and
Wireless Advanced Vehicle Electrification, LLC, a Delaware limited liability company.

 

(p)            “Guaranty”
means that certain Guaranty Agreement, dated on or about the First Closing Date, made by each of the Guarantors party thereto from time
to time in favor of the Holder, as may be amended, restated, supplemented or otherwise modified from time to time.

 

    	 	14	 

     

    

 

(q)            “Obligations”
means all of the Company’s and each Guarantor’s now existing and hereafter created or arising obligations, indebtedness and
liabilities of any kind (whether primary or secondary, conditional or unconditional, contingent or noncontingent, joint or several) owed
to the Holder, whether existing, created, incurred or arising in the Company’s or such Guarantor’s capacity as a borrower,
guarantor, indemnitor, customer, purchaser, lessee, licensee, applicant, counterparty, debtor or other obligor, including (a) any
loan amount, principal, interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other
similar proceeding, regardless of whether allowed or allowable in such proceeding), fee, charge, indemnification obligation, reimbursement
obligation, royalty, premium, cost, expense, price, rent or other amount owed by the Company or such Guarantor to the Holder at any time,
including future advances, protective advances and other financial accommodations, (b) any obligations, indebtedness or liabilities
of the Company and the Guarantors to the Holder under any Transaction Document at any time, and (c) any of the foregoing that may
have been, or that may be, acquired by the Holder from any third party, the Company or any Guarantor at any time.

 

(r)            “Option
Agreement” means that certain Option Agreement, dated as of the First Closing Date, by the Company and the Spin-Off Entities
in favor of the Holder, as may be amended, restated, supplemented or otherwise modified from time to time.

 

(s)            “Options”
means any warrants or other rights or options to subscribe for or purchase Common Stock or Convertible Securities.

 

(t)            “Other
Debentures” means the Amended and Restated Convertible Debenture (No. Idex-102421/A) given by the Company to the Holder
with a Reissuance Date of August 29, 2022 with an amended principal amount of $16,717,808.55 and any other future debentures, notes,
or other instruments that may be held by the Holder in the Company, including, without limitation, any Other SDPA Debenture, and any
other debentures, notes, or other instruments issued in exchange, replacement, or modification of the foregoing, each as may be amended,
restated, supplemented or otherwise modified from time to time.

 

(u)            “Other
SDPA Debenture” means any debenture, note, or other instrument that may be issued under the SDPA other than this Debenture,
each as may be amended, restated, supplemented or otherwise modified from time to time.

 

(v)            “Person”
means a corporation, an association, a limited liability company, a partnership, a joint venture, an organization, a business, an individual,
a joint-stock company, a trust, an unincorporated organization, a Governmental Authority or any other entity, including any receiver,
debtor-in-possession, trustee, custodian, conservator, liquidator or similar official.

 

(w)            “Pledge
Agreement” means that certain Pledge Agreement, dated as of the First Closing Date, by the Company and the Guarantors from
time to time party thereto in favor of the Holder, as may be amended, restated, supplemented or otherwise modified from time to time.

 

(x)            “Primary
Market” means any of the New York Stock Exchange, the NYSE MKT, the Nasdaq Global Market, the Nasdaq Global Select Market,
the Nasdaq Capital Market, or the OTC QB, and any successor to any of the foregoing markets or exchanges.

 

(y)            “Redemption
Premium” means 10% of the Principal amount being Redeemed.

 

(z)            “Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

    	 	15	 

     

    

 

(aa)       “Security
Agreement” means that certain Security Agreement, dated as of the First Closing Date, by the Company and the Guarantors from
time to time party thereto in favor of the Holder, as may be amended, restated, supplemented or otherwise modified from time to time.

 

(bb)       “Security
Documents” means, collectively, the Security Agreement, the Pledge Agreement, the Perfection Certificate, and any other security
agreements, pledge agreements or other similar agreements delivered to the Holder, the Guaranty and each of the other agreements, instruments
or documents that creates a lien or guaranty in favor of the Holder.

 

(cc)       “Spin-Off
Entities” means Timios Holdings Corp. and Justly Holdings, Inc.

 

(dd)       “Subsidiary”
of a Person means a corporation, partnership, limited liability company, association or joint venture or other business entity of which
a majority of the Equity Interests having ordinary voting power for the election of directors or other governing body (other than securities
or interests having such power only by reason of the happening of a contingency) are at the time owned or the management of which is
controlled, directly, or indirectly through one or more intermediaries, by such Person. Unless otherwise specified, all references herein
to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Company.

 

(ee)       “Trading
Day” means a day on which the shares of Common Stock are quoted or traded on a Primary Market on which the shares of Common
Stock are then quoted or listed; provided, that in the event that the shares of Common Stock are not listed or quoted, then Trading Day
shall mean a Business Day.

 

(ff)       “Transaction
Documents” means, collectively, this Debenture, the Other SDPA Debentures, the SDPA, the Security Documents, the Option Agreement
and any and all documents, agreements, instruments or other items executed or delivered in connection with any of the foregoing, including,
without limitation, any future Secured Convertible Debentures that may be issued by the Company to the Holder pursuant to the terms of
the SDPA.

 

(gg)       “Transfer
Agent” means the Company’s transfer agent.

 

(hh)       “Underlying
Shares” means the shares of Common Stock issuable upon conversion of this Debenture or as payment of interest in accordance
with the terms hereof.

 

(ii)            “VWAP”
means, for any security as of any date, the daily dollar volume-weighted average price for such security on the Primary Market during
regular trading hours as reported by Bloomberg LP through its “Historical Prices – Px Table with Average Daily Volume”
functions, or, if no dollar volume-weighted average price is reported for such security by Bloomberg.

 

    	 	16	 

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Secured Convertible Debenture to be duly executed by a duly authorized officer as of the date set forth above.

 

	 	COMPANY:
	 	IDEANOMICS, INC.
	 	 
	 	By:	                    
	 	Name:     Alfred
    P. Poor
	 	Title:        Chief
    Executive Officer

 

     

     

    

 

EXHIBIT
A

CONVERSION
NOTICE

 

(To
be executed by the Holder in order to Convert the Debenture)

 

TO:

 

The
undersigned hereby irrevocably elects to convert $______________________________ of the outstanding balance of Debenture No. IDEX-102522
into shares of Common Stock of IDEANOMICS, INC., according to the conditions stated therein, as of the Conversion Date written
below.

 

	Conversion
    Date:	 

 

	Conversion
    Amount to be converted: 	$	 

 

	Conversion
    Price: 	$	 

 

	Number
    of shares of Common Stock to be issued:	 

 

Please
issue the shares of Common Stock in the following name and to the following address:

 

Issue
to:

 

	Authorized Signature:	 
	 	 

	Name:	 
	 	 

	Title:	 

 

Broker
DTC Participant Code:

 

Account
Number:Exhibit 10.3

 

Execution Version

 

Pledge
agreement

 

THIS PLEDGE AGREEMENT (this
 “Agreement”) is made as of October 25, 2022, by and among Ideanomics, Inc., a Nevada corporation (the “Company”)
and the other guarantors party hereto from time to time (collectively, the “Guarantors” and, together with the Company,
each a “Pledgor,” and collectively, the “Pledgors,” which terms shall include their successors and
assigns), each having the mailing address set forth on Annex I, with and for the benefit and security of YA II PN, Ltd.
(the “Secured Party,” which term shall include its successors and assigns), having a mailing address at 1012 Springfield
Avenue, Mountainside, NJ 07092. The Pledgors and the Secured Party are sometimes referred to herein individually as a “Party”
and collectively as the “Parties.”

 

RECITALS

 

A.            The
Company and the Secured Party have entered into that certain Secured Debenture Purchase Agreement, dated as of the date hereof (as amended,
restated, supplemented or otherwise modified from time to time, the “SDPA”), pursuant to which the Company has agreed
to issue to the Secured Party certain Convertible Debentures (as defined therein) (collectively, the “Debentures”).

 

B.            It
is a condition to the Secured Party’s purchase of each Debenture that the Pledgors enter into this Agreement, and each Pledgor has
agreed to make this Agreement, for the benefit of the Secured Party, to secure each Pledgor’s obligations, indebtedness and liabilities
to the Secured Party, whether now existing or hereafter created, arising or acquired.

 

NOW, THEREFORE, in consideration
of the foregoing, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Pledgors
hereby make the following covenants, agreements, representations and warranties with and for the benefit and security of the Secured Party:

 

Article I

CONSTRUCTION AND DEFINED TERMS

 

Section 1.01.         Recitals.
The recitals to this Agreement are a material and substantive part of this Agreement. The recitals are incorporated herein and made part
of this Agreement.

 

Section 1.02.          Defined
Terms. Capitalized terms used in this Agreement that are not defined in this Agreement but are defined in Article 8 of the UCC
or Article 9 of the UCC, shall have the meanings given to such terms in Article 8 of the UCC or Article 9 of the UCC,
as the case may be. Capitalized terms used in this Agreement that are not defined in this Agreement but are defined in the SDPA, the
Debentures, the Guaranty or the Security Agreement, shall have the meanings given to such terms in the SDPA, the Debentures, the Guaranty
or the Security Agreement, as the case may be. As used in this Agreement, the following terms have the following meanings:

 

“Account”
As defined in Article 9.

 

“Account Debtor”
As defined in Article 9.

 

“Applicable Jurisdiction”
For any Organization, the State or other jurisdiction under the laws of which such Organization is formed, organized, created or incorporated,
as the case may be.

 

     

     

    

 

“Article 8”
Article 8 (or Chapter 8, Division 8 or Title 8, as the case may be) of the UCC, also known and cited as Uniform Commercial Code –
Investment Securities, as adopted and in effect in the Governing Jurisdiction, or in any Applicable Jurisdiction, from time to time.

 

“Article 8 Matter”
Any proposal, action, decision, determination, resolution, consideration, debate, election or other matter by an Issuer or its equity
holders to cause, or that causes or results in, its limited liability company, partnership or other equity interests, as applicable, or
any of them, be, or cease to be, a “security” as defined in and governed by Article 8 in the Issuer’s Applicable
Jurisdiction, and all other matters related to any such proposal, action, decision, determination, resolution, consideration, debate,
election or other matter, or the contemplation of any thereof.

 

“Article 8 Opt-In
Security” An interest in a partnership or a limited liability company the terms of which expressly provide that it is a security
governed by Article 8 (or Chapter 8, Division 8 or Title 8, as the case may be) of the Uniform Commercial Code of the Applicable
Jurisdiction of such partnership or limited liability company.

 

“Article 9”
Article 9 (or Chapter 9, Division 9 or Title 9, as the case may be) of the UCC, also known and cited as Uniform Commercial Code –
Secured Transactions, as adopted and in effect in the Governing Jurisdiction from time to time.

 

“Bank”
As defined in Article 9.

 

“Certificated Ownership
Documentation” As to any Issuer, any certificate (including any security certificate, stock certificate or unit certificate),
instrument, note (including any promissory note, bond, debenture or other instrument), warrant, document, or other tangible record that
represents or evidences any Ownership Interest (or that is convertible into any Ownership Interest) in or with respect to such Issuer.

 

“Collateral”
Any Property in which the Secured Party has a security interest or other lien that secures any of the Obligations, including the Pledged
Collateral and any other Property that constitutes collateral under any other Transaction Document.

 

“Collateral Account”
A Deposit Account that is either (a) maintained with the Secured Party, if the Secured Party is a Bank, (b) subject to a written
deposit account control agreement by and among a Pledgor, the Secured Party and the Bank with which the Deposit Account is maintained,
which deposit account control agreement shall contain such provisions as the Secured Party may deem necessary or appropriate for the perfection
of the Secured Party’s first priority security interest in the Collateral Account by control and for the protection of the Secured
Party’s rights to the Collateral, or (c) a Deposit Account with respect to which the Secured Party is the Bank’s customer.

 

“Collateral Records”
Books and records relating to the Pledged Collateral or any portion of the Pledged Collateral.

 

“Control”
As defined in the definition of Affiliate.

 

“Default”
An event, occurrence, circumstance, act or failure to act which (a) constitutes an Event of Default or (b) with the giving of
notice and/or the passage of time would become an Event of Default.

 

“Dividends”
Any monies or other Property paid (in the form of a dividend, distribution or otherwise), distributed or loaned by an Issuer to any Person
in respect of any Ownership Interest that such Person holds in such Issuer.

 

    	 	- 2 -	 

     

    

 

“Event of Default”
As defined in Section 7.01 of this Agreement.

 

“General Intangible”
As defined in Article 9.

 

“Governing Jurisdiction”
As defined in Section 10.20 of this Agreement.

 

“Instrument”
As defined in Article 9.

 

“Investment Property”
As defined in Article 9.

 

“Issuer”
Each Organization that is identified as an Issuer on Schedule 1.

 

“Lien Proceedings”
Any action taken (including self-help) or proceeding (judicial or otherwise) commenced by any Person other than the Secured Party for
the purpose of enforcing or protecting any actual or alleged security interest in, or other lien on, any of the Pledged Collateral, and
including any foreclosure, repossession, attachment, execution or other process regarding any of the Pledged Collateral.

 

“Material Adverse
Effect” A material adverse effect on (a) any Pledgor’s, or any other Obligor’s, or any Issuer’s, Property,
(b) any Pledgor’s, or any other Obligor’s, or any Issuer’s, business, operations, financial condition, prospects,
liabilities or capitalization, (c) any Pledgor’s ability to pay or perform its obligations under this Agreement, or any Pledgor’s
or any other Obligor’s ability to pay or perform its obligations under any other Transaction Document, (d) the validity or
enforceability of this Agreement or any other Transaction Document, or (e) any rights or remedies of the Secured Party under this
Agreement or any other Transaction Document.

 

“Obligor”
Each Pledgor and each other Person that is obligated for any of the Obligations, whether as a borrower, guarantor, customer, purchaser,
lessee, licensee, applicant, counterparty, debtor or other obligor.

 

“Other Lien Law”
Any statute or other law of any jurisdiction, whether federal, state, local or foreign, other than the UCC, that may govern or apply to
the creation, existence, perfection, priority, preservation, registration, filing, recording, publication or enforcement of a security
interest or lien in or on any of the Pledged Collateral or to the assignment or payment of any monies due thereunder or other proceeds
thereof.

 

“Ownership Documentation”
As applicable to any Pledgor’s Ownership Interests in any Issuer, any Certificated Ownership Documentation or Uncertificated Ownership
Documentation.

 

“Ownership Interest”
Any of the following rights, benefits and interests in, to, or issued by, any Issuer at any time:

 

(a)            any
Equity Interest;

 

(b)            any
 “equity security” (as such term is defined in Rule 3a11-1 of the General Rules and Regulations promulgated by the
Securities and Exchange Commission under the Securities Exchange Act of 1934);

 

(c)            any
stockholder interests, shareholder interests, shares of common stock, shares of preferred stock, shares of special stock, general partner
partnership interests, limited partner partnership interests, limited liability company interests, membership interests, economic interests,
transferable interests, distributional interests, unit interests, percentage interests, profits interests or beneficial interests, and
any rights and benefits associated with or related to any of the foregoing;

 

    	 	- 3 -	 

     

    

 

(d)            any
(i) rights to share in the profits and losses of any Issuer, (ii) rights to any payments, distributions and/or dividends by
any Issuer of its income or assets from whatever source, (iii) rights to receive allocations of income, gain, loss, deduction, credit
or other items, (iv) rights to manage or control or participate in the management or control of any Issuer, and any other rights
with respect to any Issuer that are held or may be held, by agreement or operation of law, by the owners of such Issuer, including without
limitation the right to exercise any or all voting, consensual and other powers of ownership pertaining thereto, (v) redemption rights,
and (vi) conversion rights;

 

(e)            any
governance rights, inspection rights, rights to receive or demand access to information concerning any Issuer or its books and records,
rights to receive notice of, vote on, or consent to matters involving the internal affairs of any Issuer, rights to receive notice of
and participate in meetings, and other noneconomic rights, benefits and interests;

 

(f)            any
Account, General Intangible, Instrument, Investment Property or other Property that may be convertible into or exchangeable
for any Ownership Interests described in preceding clauses (a), (b), (c), (d) and (e); and

 

(g)            with
respect to the Ownership Interests described in preceding clauses (a), (b), (c), (d), (e) and (f), including, without limitation,
any and all thereof whether voting or nonvoting, certificated or uncertificated, tangible or intangible, of any class or series, or evidenced
by any certificate, instrument, agreement, document or other record, and whether constituting Accounts, General Intangibles, Instruments
or Investment Property or any other type of Property.

 

“Pledged Collateral”
As defined in Section 2.01.

 

“Pledged Ownership
Interests” As defined in Section 2.01.

 

“Proceeds”
As defined in Article 9.

 

“Promissory Note”
As defined in Article 9.

 

“Property”
Any property of any kind whatsoever, whether real, personal, or mixed, and whether tangible or intangible, and any right, title or interest
in or to property of any kind whatsoever, whether real, personal, or mixed, and whether tangible or intangible.

 

“Registered Organization”
As defined in Article 9.

 

“State”
Any of the following: (a) a state of the United States of America, or (b) the District of Columbia.

 

“Succeeding Person”
With respect to any Person, any other Person that is a successor to such Person at any time, whether by (or pursuant to or in accordance
with) any merger, combination, consolidation, amalgamation, reincorporation, reorganization, divestiture, spin-off, agreement, operation
of law, order of any governmental authority, or otherwise.

 

“Supporting Obligations”
As defined in Article 9.

 

    	 	- 4 -	 

     

    

 

“UCC” The
Uniform Commercial Code, as adopted and in effect in the Governing Jurisdiction, as it may be revised from time to time; provided that
if, and to the extent that, the Uniform Commercial Code of another jurisdiction governs the perfection, the effect of perfection or non-perfection,
or the priority of a security interest created under this Agreement, then the term “UCC” shall refer to the Uniform Commercial
Code of such other jurisdiction to the extent applicable to the perfection, the effect of perfection or non-perfection, or the priority
of such security interest.

 

“Uncertificated Ownership
Documentation” As to any Issuer, any book entry or other record in any medium that represents or evidences any Ownership Interest
(or that is convertible into any Ownership Interest) in or with respect to such Issuer and does not constitute Certificated Ownership
Documentation.

 

Section 1.03.          Article and
Section Headings. Article and Section headings and captions in this Agreement are for convenience only and shall not
affect the construction or interpretation of this Agreement.

 

Section 1.04.          Schedules
and Exhibits. Unless a Schedule or Exhibit is referred to in this Agreement as being a Schedule or Exhibit to another Transaction
Document, the references in this Agreement to specific Schedules and Exhibits shall be read as references to such specific Schedules or
Exhibits attached, or intended to be attached, to this Agreement and any counterpart of this Agreement and regardless of whether they
are in fact attached to this Agreement, and including any amendments, supplements and replacements to such Schedules or Exhibits from
time to time.

 

Section 1.05.          Other
Terms. Terms used in this Agreement shall be applicable to the singular and plural, and references to gender shall include all genders.
The terms “herein,” “hereof,” “hereto,” and “hereunder” and
similar terms refer to this Agreement as a whole and not to any particular Article, Section, subsection or clause in this Agreement.
Unless otherwise expressly limited herein (and except where used in the conjunction of time periods or where used in the context of “does
not include,” “shall not include,” “not included” or “not including”), the terms “include”
and “including,” shall be read to mean “include, without limitation,” or “including, without limitation,”
as the case may be.

 

Article II

SECURITY INTEREST

 

Section 2.01.      Grant
of Security Interest. To secure the full and timely payment, performance and satisfaction of the Obligations, including the obligations,
indebtedness and liabilities of the Pledgors to the Secured Party under the Transaction Documents, each Pledgor hereby pledges to the
Secured Party, and grants to the Secured Party a security interest in, all of each Pledgor’s now owned and hereafter acquired, created
or arising Property described as follows (all of which Property being referred to herein as the “Pledged Collateral”):

 

(a)            all
of each Pledgor’s Ownership Interests in each Issuer and in each Succeeding Person thereto (the “Pledged Ownership Interests”),
including (A) the Ownership Interests listed on Schedule 1 (the “Scheduled Ownership Interests”)
and any other Ownership Interests in any Issuer or Succeeding Person that are acquired by any Pledgor in any manner at any time, (B) any
Investment Property that constitutes, represents or evidences the Pledged Ownership Interests at any time, (C) any Accounts, General
Intangibles or Instruments that constitute, represent or evidence the Pledged Ownership Interests at any time, and (D) any Supporting
Obligations for the Pledged Ownership Interests, and all agreements, instruments or other documents relating to such Supporting Obligations,
at any time;

 

    	 	- 5 -	 

     

    

 

(b)            all
of each Pledgor’s Ownership Documentation, including any thereof listed on any Schedule to this Agreement, that evidences, represents
or otherwise relates to the Pledged Ownership Interests at any time;

 

(c)            all
of each Pledgor’s rights, benefits and interests associated with or related to the Pledged Ownership Interests under each Issuer’s
Organizational Documents and the law under which each Issuer is incorporated, organized or formed;

 

(d)            all
Dividends, interest payments, cash and other Property from time to time received, receivable or otherwise distributed in respect of, or
in exchange for, or in respect of the conversion of, any or all of the forgoing Pledged Collateral at any time;

 

(e)            all
claims of any kind which the Pledgor now has or may in the future acquire against any Issuer or any Succeeding Person thereto in the Pledgor’s
capacity as a shareholder, member, partner, beneficiary or other equity holder in such Issuer or Succeeding Person;

 

(f)            all
Collateral Accounts;

 

(g)            all
Collateral Records; and

 

(h)            all
Proceeds and products of the foregoing Pledged Collateral.

 

Section 2.02.          Rights
as Secured Party. The Secured Party shall have all of the rights and remedies of a secured party under the UCC, under any Other
Lien Laws, and under other applicable law and in equity, with respect to the Pledged Collateral.

 

Section 2.03.          No
Assumption of Liability. The Secured Party has not assumed, and the Secured Party shall not have any liability to any Issuer
or any other Person for, any indebtedness or other obligation or liability that any Pledgor has or may have to any Issuer or any other
Person with respect to any of the Pledged Collateral, whether arising under Ownership Documentation, Organizational Documents, or otherwise.
Nothing in this Agreement shall relieve the Pledgor, nor shall the exercise of the Secured Party’s rights and remedies under this
Agreement relieve the Pledgor, from any of the Pledgor’s indebtedness or other obligations or liabilities, whether for payment or
performance, in respect of any of the Pledged Collateral.

 

Section 2.04.          Perfection
of Security Interests.

 

(a)            UCC
Financing Statements. The Secured Party is authorized and shall be entitled to prepare and file one or more UCC financing statements,
identifying the Secured Party as the secured party, and identifying the Pledgors as the debtors, in such place or places as the Secured
Party may deem necessary or advisable in order to perfect the Secured Party’s security interests in the Pledged Collateral. Any
UCC financing statement filed to perfect the Secured Party’s security interests in the Pledged Collateral may, at the Secured Party’s
option, describe or indicate the Pledged Collateral in the manner that the Pledged Collateral is described in this Agreement, or as “all
assets” of the Pledgors, or as “all personal property” of the Pledgors, or by any other description or indication of
the Pledged Collateral that may be sufficient for a financing statement under the UCC.

 

(b)            Certificated
Securities. All of the Certificated Ownership Documentation representing or evidencing the Pledged Collateral shall promptly be delivered
by the Pledgors to the Secured Party (or the Pledgors shall cause such Certificated Ownership Documentation to be delivered to the Secured
Party) in suitable form for transfer by delivery, or accompanied by duly executed, but undated, stock powers or other instruments of transfer
or assignment, in blank, all in form and substance satisfactory to the Secured Party, to be held by the Secured Party under this Agreement.
Without limiting the generality of the preceding sentence, if any Pledgor receives or is entitled to receive any Certificated Ownership
Documentation issued by any Issuer at any time (including, for example, any thereof issued in connection with any interest in a limited
partnership or a limited liability company becoming an Article 8 Opt-In Security), the Pledgors shall promptly notify the Secured
Party thereof and deliver such Certificated Ownership Documentation to the Secured Party in suitable form for transfer by delivery, or
accompanied by duly executed, but undated, stock powers or other instruments of transfer or assignment, in blank, all in form and substance
satisfactory to the Secured Party, to be held by the Secured Party as part of the Pledged Collateral under this Agreement.

 

    	 	- 6 -	 

     

    

 

(c)            Uncertificated
Securities. Promptly upon the Secured Party’s request from time to time, the Pledgors shall execute and deliver to the Secured
Party, and shall cause any Issuer of an Uncertificated Security, and any other appropriate party, to execute and deliver to the Secured
Party, such control agreements as the Secured Party may request relating to any Pledged Collateral that is an Uncertificated Security
for purposes of perfecting the Secured Party’s security interest therein by control, which control agreements shall contain such
provisions as the Secured Party may deem necessary or appropriate for the protection of the Secured Party’s rights to such Pledged
Collateral. The Secured Party shall have the right to exercise exclusive control of each such Uncertificated Security and to notify the
Issuer thereof upon and after the occurrence of a Default or an Event of Default.

 

(d)            Notification
of Pledge and Right to Exchange. The Secured Party shall have the right, at any time in the Secured Party’s discretion and without
notice to any Pledgor, to notify any Person of the pledge of the Pledged Collateral to the Secured Party, and to transfer to or register
in the name of the Secured Party, or any of the Secured Party’s nominees, any or all of the Pledged Collateral, subject only to
the Pledgor’s revocable rights specified in Section 4.01(a). In addition, the Secured Party shall have the right at any time
to exchange certificates or instruments representing or evidencing Pledged Collateral for certificates or instruments of smaller or larger
denominations.

 

(e)            Certain
Payments. Upon the occurrence, and during the continuance, of any Event of Default, the Secured Party shall have the right to instruct
the Issuers to pay Dividends and make other distributions with respect to the Pledged Collateral directly to the Secured Party. Upon receipt
of any such Dividends or other distributions the Secured Party shall be entitled to hold and apply such amounts as part of the Pledged
Collateral under this Agreement.

 

Section 2.05.          Possession
of Collateral. The Secured Party’s sole duty with respect to the custody, safekeeping and preservation of any Pledged Collateral
in its possession shall be to deal with such Pledged Collateral in the same manner as the Secured Party deals with similar Property for
its own account. If the Secured Party has possession of any of the Pledged Collateral the Secured Party shall not be obligated ascertain
or take any action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to the Pledged Collateral
or to take any necessary steps to preserve rights against prior parties.

 

Section 2.06.          Power
of Attorney. Each Pledgor hereby appoints the Secured Party as such Pledgor’s attorney-in-fact, with power of substitution,
which appointment is irrevocable and coupled with an interest, to do each of the following in the name of such Pledgor or in the name
of the Secured Party or otherwise, for the use and benefit of the Secured Party, but at the cost and expense of the Pledgors, and without
notice to the Pledgors: (i) notify the Issuers and other Persons obligated to make payments in respect of any of the Pledged Collateral
to make payments of Dividends, distributions, principal, interest, or other amounts in respect of the Pledged Collateral directly to
the Secured Party; (ii) take control of the cash and non-cash Proceeds of any of the Pledged Collateral; (iii) renew, extend
or compromise any of the Pledged Collateral or deal with the same as the Secured Party may deem advisable; (iv) release, exchange,
convert, substitute, or surrender all or any part of the Pledged Collateral; (v) remove from any Pledgor’s places of business
any or all of such Pledgor’s books and records relating to the Pledged Collateral without cost or expense to the Secured Party;
(vi) make such use of any Pledgor’s places of business as may be reasonably necessary to administer, control and collect the
Pledged Collateral; (vii) demand, collect, give receipt for, and give renewals, extensions, discharges and releases of any of the
Pledged Collateral; (viii) institute and prosecute legal and equitable proceedings to enforce collection of, or realize upon, any
of the Pledged Collateral; (ix) settle, renew, extend, compromise, compound, exchange or adjust claims with respect to any of the
Pledged Collateral or any legal proceedings brought with respect thereto; (x) indorse the name of any Pledgor upon any bank check
or other item of payment relating to the Pledged Collateral or any Dividend, distribution, principal, interest, or other amount, or upon
any proof of claim in bankruptcy against any Account Debtor or any Person obligated to pay a Promissory Note or other Instrument; and
(xi) receive and open all mail addressed to any Pledgor and notify the postal authorities to change the address for the delivery
of mail to any Pledgor to such address as the Secured Party may designate. The Secured Party agrees that it shall not exercise any power
or authority granted under this power of attorney unless a Default has occurred. The power of attorney given to the Secured Party in
this Section is in addition to any other power of attorney that may be granted to the Secured Party under this Agreement or any
other Transaction Document. Neither the Secured Party nor any of the Secured Party’s affiliates, owners, directors, managers, officers,
employees, agents or representatives shall be responsible or liable to any Pledgor for any act or failure to act under any power of attorney
or otherwise, except in respect of damages attributable solely to its or their own gross negligence or willful misconduct as finally
determined by a court of competent jurisdiction, nor shall they be responsible or liable for any indirect, special, consequential, exemplary
or punitive damages of any kind.

 

    	 	- 7 -	 

     

    

 

Section 2.07.          Powers
for Secured Party’s Benefit. The powers conferred on the Secured Party under this Agreement are solely to protect the Secured
Party’s interest in the Pledged Collateral and shall not impose any duty upon the Secured Party to exercise such powers. The Secured
Party has no obligation to preserve rights to the Pledged Collateral against any other Persons.

 

Section 2.08.          Other
Lien Laws. Without limiting the legal operation and effect of any other provision of this Agreement or any other Transaction
Document, if (a) any of the Pledged Collateral is a type of Property as to which the creation, existence, perfection, priority, preservation,
registration, filing, recording, publication or enforcement of a security interest or other lien therein or thereon, or the Secured Party’s
right to receive monies or other proceeds thereof or therefrom, is or may be subject to or governed by any Other Lien Law, whether in
addition to the UCC or other than the UCC, or (b) any of the Pledged Collateral is or may be deemed to be subject to any Other Lien
Law based on (i) the location of such Pledged Collateral, (ii) the law governing the creation or existence of such Pledged Collateral,
(iii) the identity or location of any Pledgor or the jurisdiction where any Pledgor is incorporated, organized or formed, (iv) the
identity or location of any Issuer or the jurisdiction where any Issuer is incorporated, organized or formed, or (v) any other facts
or circumstances, then promptly upon the Secured Party’s request, and at the Pledgor’s cost and expense, the Pledgors shall
execute and deliver to the Secured Party such collateral documents, and other further assurances, and take such other further actions,
as the Secured Party may from time to time request to effect and confirm the creation, existence, perfection, priority, preservation,
registration, filing, recording and enforceability of the Secured Party’s security interest and lien in and on such Pledged Collateral,
and the Secured Party’s right to receive monies and other proceeds thereof or therefrom, in accordance with such Other Lien Law.

 

    	 	- 8 -	 

     

    

 

Article III

REPRESENTATIONS AND WARRANTIES

 

Each Pledgor makes the following
representations and warranties to the Secured Party as of the date of this Agreement:

 

Section 3.01.          Identity.
Each Pledgor (a) is (i) a corporation, limited liability company, limited partnership or statutory trust duly organized or
formed, and validly existing and in good standing under the Laws of the jurisdictions set forth on Annex I and (ii) a
Registered Organization and (b) has the corporate, limited liability company, limited partnership or trust power and authority to
execute, deliver, and perform its obligations under, this Agreement. Each Pledgor’s chief executive office is located at the addresses
set forth on Annex I.

 

Section 3.02.          Execution,
Delivery and Enforceability. The execution and delivery of this Agreement by the Pledgors have been duly authorized by all requisite
corporate, limited liability company, limited partnership or trust action, as applicable. This Agreement has been duly and validly executed
and delivered by each Pledgor. This Agreement constitutes each Pledgor’s legal, valid and binding obligation, enforceable against
each Pledgor in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other Laws affecting
the rights of creditors generally and the exercise of judicial discretion in accordance with general principles of equity.

 

Section 3.03.          Consents
and Approvals. The execution, delivery and performance of this Agreement by the Pledgors do not require the consent or approval of
any Issuer or any other Person and will not (a) contravene any provision of law, or any order of any court or other agency of government
binding upon any Pledgor or any Pledgor’s Property, (b) contravene, be in conflict with or result in the breach or default
of (with due notice or lapse of time or both) the charter, bylaws, operating agreement, partnership agreement or other Organizational
Documents of any Pledgor, (c) contravene, be in conflict with, result in the breach or default of (with due notice or lapse of time
or both) any indenture, agreement or other instrument binding upon the Pledgors or their Property, or (d) result in the creation
or imposition of any lien or security interest upon any Property of the Pledgors, other than any lien or security interest in favor of
the Secured Party under this Agreement.

 

Section 3.04.          Ownership
of Property; Priority of Security Interest. Each Pledgor is the sole and exclusive owner of, and has good and merchantable title to,
the entire and unencumbered right, title and interest in the Pledged Collateral pledged by such Pledgor under this Agreement, free from
any lien, security interest, adverse claim or encumbrance other than those created under this Agreement in favor of the Secured Party.
Each Pledgor has the right, power and authority to pledge and assign the Pledged Collateral, and grant a security interest in the Pledged
Collateral, to the Secured Party in the manner done under this Agreement. This Agreement creates for the Secured Party a valid and enforceable
security interest in the Pledged Collateral, securing the full and timely payment, performance and satisfaction of the Obligations, and
each Pledgor’s indebtedness, obligations and liabilities under the Transaction Documents, which security interest, when perfected,
shall constitute a first priority perfected security interest in favor of the Secured Party. Each Pledgor hereby warrants and shall defend
the title to the Pledged Collateral, whether now owned or hereafter acquired, unto and for the benefit of the Secured Party and the Secured
Party’s successors and assigns, against all liens, security interests, adverse claims, encumbrances and demands of any Person whatsoever.

 

Section 3.05.          Issuers.
The correct and complete legal name of each Issuer, and the Applicable Jurisdiction of each Issuer, is set forth on Schedule 1.
Except as otherwise stated on Schedule 1, each Issuer has issued to the Pledgors the Ownership Interests that are shown
on Schedule 1 with respect to such Issuer and each certificate or other instrument described on Schedule 1
as having been issued by such Issuer.

 

    	 	- 9 -	 

     

    

 

Section 3.06.          Ownership
Interests. Each Pledged Ownership Interest has been duly authorized and validly issued by the Issuer thereof and is fully paid and
nonassessable. With respect to each Pledged Ownership Interest as to which a Pledgor is the initial holder, such Pledgor has on or before
the date of this Agreement made all of the Pledgor’s required contributions to each Issuer, or otherwise fully paid each Issuer,
for the Pledgor’s Ownership Interests in such Issuer, which contributions or payments were made in cash or property or in services
performed on or before the date of this Agreement, excepting any of the Pledgor’s obligations that are outstanding on the date of
this Agreement in the form of promissory notes, or other commitments or obligations to contribute cash or property or to perform services,
that are specifically described on Schedule 2. With respect to any Pledged Ownership Interest as to which a Person
other than any Pledgor was the initial holder, neither the Pledgors nor any other Person is obligated to make any contribution or payment
in respect of such Pledged Ownership Interest to the Issuer of such Pledged Ownership Interest, excepting any obligations that are outstanding
on the date of this Agreement in the form of promissory notes, or other commitments or obligations to contribute cash or property or to
perform services, that are specifically described on Schedule 2.

 

Section 3.07.          Issuer
Organizational Documents. Attached hereto as Schedule 3 is a complete list of the Organizational Documents, including
any amendments thereto, of each Issuer. The Pledgors have delivered to the Secured Party true, accurate and complete copies of the Organizational
Documents listed on Schedule 3. The Organizational Documents for each Issuer are the valid and legally binding obligations
of the parties thereto and are enforceable in accordance with their terms. There is no agreement diminishing or impairing the obligation
of any party under the Organizational Documents of any Issuer to perform fully its obligations in strict accordance with the terms and
provisions of such Organizational Documents.

 

Section 3.08.          Investment
Company Securities and Traded Securities. With respect to any Issuers that are limited liability companies or partnerships, none
of the Pledged Ownership Interests in such Issuers are dealt in or traded on securities exchanges or in securities markets and none of
the Pledged Ownership Interests in such Issuers are investment company securities.

 

Article IV

VOTING; DIVIDENDS

 

Section 4.01.          Voting;
Dividends.

 

(a)           So
long as no Event of Default shall have occurred and be continuing, and except as may be otherwise provided in this Agreement or in any
other Transaction Document:

 

(i)            except
as provided in Section 4.01(e), the Pledgors shall be entitled to exercise any and all voting rights and other consensual rights
pertaining to the Pledged Collateral or any part thereof for any purpose not inconsistent with the terms of this Agreement and the other
Transaction Documents; provided that (A) the Pledgors shall give the Secured Party at least ten (10) days’ prior written
notice of the manner in which any Pledgor intends to exercise, or the reasons for refraining from exercising, any such voting right or
other consensual right and (B) the Pledgors shall not exercise or refrain from exercising any such voting right or other consensual
right if, in the Secured Party’s judgment, such action or inaction would have a material adverse effect on the value of the Pledged
Collateral or any part thereof and the Secured Party so notifies the Pledgors within ten (10) days after having received such written
notice from the Pledgors;

 

    	 	- 10 -	 

     

    

 

(ii)            the
Pledgors shall be entitled to receive and retain cash Dividends paid in respect of Pledged Collateral to the extent, and only to the extent,
that the Pledgor’s receipt and retention of such cash Dividends are expressly permitted by, and otherwise paid in accordance with,
the terms and conditions of the Transaction Documents, or are otherwise expressly consented to by the Secured Party in writing, provided,
however, that any and all (A) Dividends paid or payable other than in cash in respect of any Pledged Collateral, (B) instruments
and other property received, receivable or otherwise distributed in respect of, or in exchange for, any Pledged Collateral, (C) Dividends
paid or payable in cash in respect of any Pledged Collateral in connection with a partial or total liquidation or dissolution or in connection
with a reduction of capital, capital surplus or paid-in-surplus, (D) cash paid, payable or otherwise distributed in respect of principal
of, or in redemption of, or in exchange for, any Pledged Collateral, and (E) Dividends paid or payable in violation of any Pledgor’s
or any Issuer’s agreement with the Secured Party that such Dividends not be paid, shall forthwith be delivered to the Secured Party
to hold as Pledged Collateral and shall, if received by any Pledgor, be received in trust for the benefit of the Secured Party, be segregated
from the other property or funds of the Pledgors, and be forthwith delivered to the Secured Party as Pledged Collateral in the same form
as so received with any necessary indorsement; and

 

(iii)           the
Secured Party shall execute and deliver (or cause to be executed and delivered) to the Pledgors all such proxies and other instruments
as the Pledgors may reasonably request for the purpose of enabling the Pledgors to exercise the voting rights and other consensual rights
which they are entitled to exercise pursuant to clause (i) of this Section 4.01(a) and to receive any Dividend that they
are authorized to receive and retain pursuant to clause (ii) of this Section 4.01(a).

 

(b)           Upon
the occurrence, and during the continuance, of any Event of Default:

 

(i)             all
rights of the Pledgors to exercise the voting rights and other consensual rights which they would otherwise be entitled to exercise pursuant
to Section 4.01(a)(i) and to receive such Dividends as the Pledgors would otherwise be authorized to receive and retain pursuant
to Section 4.01(a)(ii) shall cease, and all such voting rights and other consensual rights shall thereupon become vested in
the Secured Party who shall thereupon have the sole right to exercise such voting rights and other consensual rights and to receive and
hold as Pledged Collateral such Dividends; and

 

(ii)            all
Dividends which are received by any Pledgor contrary to the provisions of clause (i) of this Section 4.01(b) or contrary
to any other agreement with the Secured Party shall be received in trust for the benefit of the Secured Party, shall be segregated from
other funds of the Pledgors, and shall be forthwith paid over to the Secured Party as Pledged Collateral in the same form as so received
with any necessary indorsement.

 

(c)           The
Secured Party shall be entitled to deposit any Dividends and other payments received by the Secured Party pursuant to this Agreement into
any Collateral Account, and upon the occurrence, and during the continuance, of any Event of Default, the Secured Party shall be entitled
to apply the collected balances in each Collateral Account, or any portion thereof, at any time and from time to time, against the outstanding
balance of any Obligations or other indebtedness, liabilities or obligations secured by this Agreement in such order as the Secured Party
may determine in the Secured Party’s discretion.

 

(d)           In
the event that any Dividend, distribution, principal, interest, or other amount is paid to any Pledgor in respect of any Pledged Collateral,
the Pledgors shall give the Secured Party written notice of the payment of such Dividend, distribution, principal, interest, or other
amount within one (1) Business Day after the payment thereof to any Pledgor.

 

    	 	- 11 -	 

     

    

 

(e)           The
Pledgors shall not exercise any voting right or other consensual right with respect to any Article 8 Matter at any time without the
Secured Party’s prior written consent. If a vote or any other action on any Article 8 Matter is proposed or requested by an
Issuer or any other Person, the Pledgors shall give the Secured Party prompt written notice of such proposal or request. Furthermore,
if the Secured Party shall request any Pledgor to exercise any voting right or other consensual right with respect to any Article 8
Matter, such Pledgor shall exercise such voting right or such other consensual right with respect to such Article 8 Matter in accordance
with the Secured Party’s instructions.

 

Article V

AFFIRMATIVE COVENANTS

 

Section 5.01.          Existence;
Qualification. Each Pledgor shall do all things necessary to maintain its legal existence in its Applicable Jurisdiction. Each Pledgor
shall maintain its legal status and qualification to do business in each jurisdiction where it is required to register or qualify to do
business, except where the failure to do so would not, individually or in the aggregate, have a Material Adverse Effect.

 

Section 5.02.          Compliance
with Laws. The Pledgors shall comply with all applicable Laws and other legal requirements applicable to the Pledgors, except where
the failure to comply would not, individually or in the aggregate, have a Material Adverse Effect.

 

Section 5.03.          Taxes,
Assessments, Charges and Other Impositions. The Pledgors shall pay and discharge promptly, on or before the due date thereof, all
taxes, assessments, charges, and other impositions imposed by any governmental authority on the Pledgors, or on the Pledged Collateral,
including any thereof relating to the creation, ownership or use of the Pledged Collateral, or relating to any security interest in or
lien on any Pledged Collateral, or relating to any sale, assignment, transfer or other disposition of the Pledged Collateral.

 

Section 5.04.          Collateral
Records. Each Pledgor, at the cost and expense of the Pledgors, shall keep and maintain at its chief executive office current, complete
and accurate books and records concerning all of the Pledged Collateral. The Secured Party shall have unrestricted access to each Pledgor’s
places of business during normal business hours and after notice to such Pledgors, or at any time and without notice to any Pledgor after
the occurrence of a Default, for the purpose of inspecting, copying, verifying and auditing any Pledgor’s books and records concerning
the Pledged Collateral.

 

Section 5.05.          Collateral
Reports. Within ten (10) days after the Secured Party’s written request from time to time, the Pledgors shall furnish to
the Secured Party, and cause any Issuer to furnish to the Secured Party, in writing such information regarding the Pledged Collateral
as the Secured Party may request, including such information, financial statements and other reports regarding the Issuers as may be in
the possession of, or otherwise available to, the Pledgors.

 

Section 5.06.          Costs
and Expenses. Within ten (10) days after the Secured Party’s request from time to time, the Pledgors shall pay (or provide
the Secured Party with sufficient funds for the payment of), or reimburse the Secured Party for payment of, the Secured Party’s
costs and expenses, including the Secured Party’s attorney’s fees, paralegal fees and other legal expenses, incurred for (a) the
negotiation and preparation of this Agreement, other Transaction Documents and other related documents, and diligence related thereto,
(b) review and negotiation of opinion letters, reliance letters and the like, (c) public record searches and search reports
and the review thereof and review of documents of record, (d) the closing of loans and other transactions under the Transaction Documents
or otherwise related to the Obligations, (e) the perfection of the Secured Party’s security interests in the Collateral, (f) the
establishment, maintenance and defense of the first priority of the Secured Party’s security interests in the Collateral, (g) the
enforcement of the Secured Party’s security interests in the Collateral, and (h) the enforcement of the Secured Party’s
rights and remedies under this Agreement and the other Transaction Documents, including collecting the Obligations and collecting, possessing,
storing, marketing and selling Collateral.

 

    	 	- 12 -	 

     

    

 

Section 5.07.          Notice
of Default. The Pledgors shall give the Secured Party written notice of any Default or Event of Default within five (5) Business
Days after the occurrence of such Default or Event of Default.

 

Section 5.08.          Notice
of Lien Proceedings. The Pledgors shall give the Secured Party immediate written notice of any Lien Proceeding relating to the Collateral
or any thereof. If any Lien Proceeding is commenced relating to the Collateral, the Pledgors shall promptly give the Secured Party such
information, and copies of any documentation, relating to such Lien Proceeding as the Secured Party may request from time to time.

 

Section 5.09.          Applications,
Approvals and Consents. The Pledgors shall, at their sole cost and expense, promptly execute and deliver, or cause the execution
and delivery of, all certificates, instruments, and other documents and papers that the Secured Party may request in connection with
the obtaining of any consent, approval, registration, qualification, or authorization of any governmental authority or of any other Person
necessary or appropriate for the effective exercise of any rights or remedies under this Agreement and the other Transaction Documents.
Without limiting the generality of the foregoing, the Pledgors agree that in the event the Secured Party shall exercise the Secured Party’s
rights to sell, transfer, or otherwise dispose of or take any other action in connection with any of the Pledged Collateral pursuant
to this Agreement or any other Transaction Document, the Pledgors shall execute and deliver all applications, certificates, and other
documents that the Secured Party may request, and, if requested by the Secured Party, the Pledgors shall otherwise promptly, fully and
diligently cooperate with the Secured Party and any other necessary Persons, in making any application for the prior consent or approval
of any governmental authority or any other Person in connection with the exercise by the Secured Party of any of such rights relating
to all or any part of the Pledged Collateral. The Pledgors agree that the Secured Party’s remedy at law for failure of the Pledgors
to comply with the provisions of this Section would not be adequately compensable in damages, and the Pledgors agree that the covenants
of this Section may be specifically enforced.

 

Section 5.10.          Issuers.

 

(a)           The
Pledgors shall cause each Issuer to do the following:

 

(i)             maintain
its legal existence in its Applicable Jurisdiction;

 

(ii)            maintain
its legal status and qualification to do business in each jurisdiction where it is required to register or qualify to do business, except
where the failure to do so would not, individually or in the aggregate, have a Material Adverse Effect;

 

(iii)           comply
with all applicable Laws and other legal requirements applicable to the Issuer, except where the failure to comply would not, individually
or in the aggregate, have a Material Adverse Effect;

 

    	 	- 13 -	 

     

    

 

(iv)           pay
and perform when due all of the terms, covenants and conditions on the Issuer’s part to be performed under its Organizational Documents;
and

 

(v)            to
the extent that covenants or other provisions of any other Transaction Document apply to the Issuer, comply with such covenants and provisions
even if the Issuer is not a party to such other Transaction Document and is not specifically named or referred to in such covenants or
provisions, and even though such covenants or provisions are not set forth in this Agreement.

 

(b)           Promptly,
when requested by the Secured Party, and at the sole cost and expense of the Pledgors, the Pledgors shall take all such actions as may
be requested by the Secured Party to enforce or secure the performance of any term, covenant or condition of the Organizational Documents
of any Issuer and to exercise any rights of the Pledgors under such Organizational Documents.

 

(c)           Promptly,
when requested by the Secured Party, and at the sole cost and expense of the Pledgors, the Pledgors shall execute and deliver to the Secured
Party, and cause any Issuers to exercise and deliver to the Secured Party, an acknowledgment and consent agreement in form and substance
satisfactory to the Secured Party, pursuant to which such Issuers shall, among other things, acknowledge that they consent to the terms
of this Agreement and agree to comply with the terms of this Agreement that relate to Issuers.

 

Article VI

NEGATIVE COVENANTS

 

Section 6.01.          Pledgor
Matters. None of the Pledgors shall, without the Secured Party’s prior written consent, do any of the following: (a) change
its name; (b) change its Applicable Jurisdiction; (c) change or amend its Organizational Documents if such change or amendment
could have an adverse effect on the Secured Party’s rights or remedies under this Agreement or any other Transaction Document or
the Secured Party’s rights or remedies with respect to the Pledged Collateral, or the existence, perfection or priority of the
Secured Party’s security interest in the Pledged Collateral, or the Secured Party’s rights or remedies with respect to the
Pledged Collateral; (d) convert from one form of entity to another (or, if a limited liability company, create or form any series),
or adopt or approve a plan of division, file a certificate of division, or effect a division; (e) merge, combine or consolidate
with any Person; (f) liquidate, dissolve, wind up, terminate, or cease to exist; or (g) change the location of its chief executive
office or principal place of business.

 

Section 6.02.          Liens
and Dispositions. The Pledgors shall not, without the Secured Party’s prior written consent, do any of the following: (a) create,
incur, assume, or suffer to exist any security interest or other lien upon any Pledged Collateral other than any security interest or
other lien in favor of the Secured Party; (b) authorize, prepare or execute, or file or permit to be on file in any public office,
or suffer to exist, any UCC financing statement or other lien notice applicable to any Pledged Collateral, or fail to have any such UCC
financing statement or other lien notice terminated of record and in fact, other than UCC financing statements or other lien notices
that are solely in favor of the Secured Party; (c) cause or permit any of the Pledged Collateral to be in the possession or control
of any Person other than the Secured Party or the Pledgor that is the owner of such Pledged Collateral; (d) grant or agree to any
reduction, discount, rebate, refund or adjustment that would reduce the amount that any Issuer or other Person that is obligated for
the payment or performance of any Pledged Collateral is obligated to pay to any Pledgor; (e) grant to any Person an option or right
to purchase or otherwise acquire any Pledged Collateral; (f) make any agreement for the sale, assignment, transfer, exchange, conversion
or other disposition of any Pledged Collateral; or (g) make or engage in any sale, assignment, transfer, exchange, conversion or
other disposition of any Pledged Collateral.

 

    	 	- 14 -	 

     

    

 

Section 6.03.          Issuer
Matters. The Pledgors shall not, without the Secured Party’s prior written consent, do any of the following:

 

(a)           with
respect to any Pledgor’s Ownership Interests in any Issuer, make or consent to any amendment or other change to any Ownership Documentation
or waive any Pledgor’s rights thereunder;

 

(b)           make
or consent to any amendment or other change to the Organizational Documents of any Issuer, or waive any of any Pledgor’s rights
thereunder, if such amendment or other change or waiver could have an adverse effect on (i) any Pledgor’s rights or remedies
under such Organizational Documents, (ii) the Secured Party’s rights or remedies under this Agreement or any other Transaction
Document, (iii) the existence, perfection or priority of the Secured Party’s security interest in the Pledged Collateral, or
(iv) the existence or value of the Pledged Collateral;

 

(c)           cause
or permit any Issuer to pay any Dividend on, or make any distribution of assets on account of, or redeem, purchase or otherwise acquire
for value, any Ownership Interest in such Issuer held by any Person unless, if permitted by the terms of the Transaction Documents, each
Pledgor that has an Ownership Interest in the Issuer receives a pro rata Dividend on such Pledgor’s Ownership Interest in
the Issuer, or receives pro rata value in respect of a distribution made in respect of such Pledgor’s Ownership Interest
in such Issuer or in respect of the redemption, purchase or acquisition for value of any Ownership Interest in such Issuer from such Pledgor,
which Dividend or value each such Pledgor shall have received and applied in accordance with Section 4.01;

 

(d)           cause
or permit any Issuer to change its Applicable Jurisdiction;

 

(e)           cause
or permit any Issuer to change its name or capital structure;

 

(f)            cause
or permit any Issuer to convert from one form of entity to another (or, if the Issuer is a limited liability company, create or form any
series), or adopt or approve a plan of division, file a certificate of division, or effect a division;

 

(g)           cause
or permit any Issuer to merge or consolidate with any other Person, acquire all or substantially all of the assets of any Person, or form
or acquire any subsidiary;

 

(h)           cause
or permit any Issuer to sell, assign, transfer, convey, exchange, gift or otherwise dispose of all or substantially all of such Issuer’s
assets in one transaction or a series of transactions;

 

(i)            cause
or permit any Issuer to liquidate, dissolve, wind up, terminate, or cease to exist;

 

(j)            with
respect to any Pledged Collateral that is an interest in a limited liability company or a partnership and is not an Article 8 Opt-In
Security, cause or permit any Issuer to take any action to cause such interest to become an Article 8 Opt-In Security; or

 

(k)            with
respect to any Pledged Collateral that is an Article 8 Opt-In Security, cause or permit any Issuer to take any action to cause such
Pledged Collateral to cease to be an Article 8 Opt-In Security.

 

    	 	- 15 -	 

     

    

 

Article VII

EVENTS OF DEFAULT

 

Section 7.01.          Events
of Default. Each of the following events, occurrences or circumstances shall be an “Event of Default” under this
Agreement:

 

(a)           if
any payment of principal or interest of the Obligations, or any payment of any fee, charge, royalty, premium, cost, expense, price, rent
or other amount of the Obligations, is not made when due; provided that (i) if a Transaction Document expressly provides for the
Secured Party to give any Pledgor or any other Obligor notice of such nonpayment, such notice shall have been given and (ii) if a
Transaction Document expressly provides for a grace or cure period for such nonpayment, such nonpayment shall have continued uncured beyond
the grace or cure period expressly provided in such Transaction Document;

 

(b)           the
occurrence of a breach, default or event of default, or other failure to perform, by any Pledgor or any other Obligor, not within the
scope of preceding clause (a), under any Transaction Document; provided that (i) if such Transaction Document expressly provides
for the Secured Party to give any Pledgor or any other Obligor a notice of such breach, default, event of default or failure, such notice
shall have been given, and (ii) if such Transaction Document expressly provides for a grace or cure period for such breach, default,
event of default or failure, such breach, default, event of default or failure shall have continued uncured beyond the grace or cure period
expressly provided in such Transaction Document;

 

(c)           if
any confirmation, representation or warranty made by any Pledgor in this Agreement, or made by any Pledgor or any other Obligor in any
other Transaction Document, is breached in any material respect or is false or misleading;

 

(d)           if
any written statement (including any financial statement or tax return) of any Pledgor or any other Obligor, or any other report, certificate,
or information, provided to the Secured Party by or on behalf of any Pledgor or any other Obligor (i) as a part of any request or
application for a loan or other credit, (ii) as a condition or requirement of or under any Transaction Document or any Obligations,
or (iii) to induce the Secured Party to take or refrain from taking any action, is incomplete in any material respect or is false
or misleading;

 

(e)           if
any Pledgor shall breach, default under, or fail to comply with, any covenant, agreement or other provision of this Agreement;

 

(f)            the
occurrence of any Bankruptcy Event of Default with respect to any Peldgor;

 

(g)           the
occurrence or commencement of any Lien Proceedings, or any other event, circumstance or proceeding that impairs, or may impair, the value
of the Collateral, or the Secured Party’s security interest in the Collateral, or the perfection of the Secured Party’s security
interest in the Collateral, or the first priority of the Secured Party’s security interest in the Collateral, or the enforceability
of this Agreement or any other Transaction Document against any Pledgor or any other Obligor or any other Person, as determined by the
Secured Party in the Secured Party’s discretion; or

 

(h)           the
occurrence of a material adverse change in the financial or operating condition of any Pledgor or any other Obligor after the date of
this Agreement, as determined by the Secured Party in the Secured Party’s discretion; or

 

    	 	- 16 -	 

     

    

 

(i)            the
occurrence of an Event of Default (as defined in any Transaction Document other than this Agreement).

 

Article VIII

ACCELERATION OF OBLIGATIONS

 

Section 8.01.          Acceleration.
Upon the occurrence of any Event of Default, the Secured Party may, at the Secured Party’s option and in the Secured Party’s
discretion, and without prior notice to or demand upon any Pledgor, accelerate some or all of the Obligations, and upon such acceleration,
all such Obligations as shall have been accelerated shall be immediately due and payable by the Pledgors to the Secured Party. Notwithstanding
the foregoing, immediately upon any Bankruptcy Event of Default, and without notice to or demand upon any Pledgor or any action by the
Secured Party, the Obligations shall be accelerated and all Obligations shall be immediately due and payable by the Pledgors to the Secured
Party. Nothing in this Agreement shall be construed as modifying or limiting, or as prohibiting or restricting the Secured Party from
exercising, any right to demand immediate payment of any Obligations then due and payable or payable on demand.

 

Article IX

REMEDIES

 

Section 9.01.          General
Remedies. Upon and after the occurrence of any Event of Default, the Secured Party shall have all of the rights, powers and remedies
available under this Agreement and the other Transaction Documents, all of the rights, powers and remedies available to a secured party
under the UCC and under any Other Lien Law, and such other rights, powers and remedies as may be available to the Secured Party at law
and in equity. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for deficiency, shall not
affect the Secured Party’s interest in the Pledged Collateral until the Obligations have been fully paid and satisfied and this
Agreement has been terminated.

 

Section 9.02.          Remedies
Cumulative. The Secured Party’s rights, powers and remedies are cumulative and may be exercised simultaneously. No failure or
delay on the part of the Secured Party in exercising any right, power or remedy under this Agreement or under any other Transaction Document,
and no course of dealing between any Pledgor or any other Person and the Secured Party, shall operate as a waiver of any of the Secured
Party’s rights, powers or remedies under this Agreement or under any other Transaction Document; nor shall any single or partial
exercise of any right, power or remedy under this Agreement or under any other Transaction Document preclude any other or further exercise
thereof or the exercise of any other right, power or remedy hereunder or thereunder. No notice to or demand on any Pledgor in any circumstance
shall entitle any Pledgor or any other Person to any other or further notice or demand in similar or other circumstances or constitute
a waiver of the rights of the Secured Party to any other or further action in any circumstances without notice or demand.

 

Section 9.03.          Sale
of Collateral. (a)  Without limiting the Secured Party’s right to pursue other remedies, if any Pledgor defaults in any
provision of this Agreement, or any other Event of Default shall have occurred and be continuing, the Secured Party may sell the Pledged
Collateral, or any part thereof, at public or private sale or at any broker’s board or on any securities exchange, for cash, on
credit, or for future delivery, as the Secured Party shall deem appropriate. The Secured Party shall be authorized at any such sale (if
the Secured Party deems it advisable to do so with respect to any Pledged Collateral) to restrict the prospective bidders or purchasers
to Persons who will represent and agree that they are purchasing the Pledged Collateral for their own account for investment and not
with a view to the distribution or sale thereof, and upon consummation of any such sale the Secured Party shall have the right to assign,
transfer and deliver to the purchaser or purchasers thereof the Pledged Collateral so sold. Each such purchaser at any such sale shall
hold the property sold absolutely, free from any claim or right on the part of the Pledgors, and each Pledgor hereby waives (to the extent
permitted by law) all rights of redemption, stay and appraisal which any Pledgor now has or may at any time in the future have under
any rule of law or statute now existing or hereafter enacted.

 

    	 	- 17 -	 

     

    

 

(b)           Prior
to a sale or other disposition of Pledged Collateral, the Secured Party shall give the Pledgors, and any other party required under Article 9,
notification as required under Article 9. Any such public sale shall be held at such time or times within ordinary business hours
and at such place or places as the Secured Party may fix and state in the notice of such sale.

 

(c)           The
Secured Party shall not be obligated to make any sale of any Pledged Collateral if the Secured Party shall determine not to do so, regardless
of the fact that notice of sale of such Pledged Collateral shall have been given. The Secured Party may, without notice or publication,
adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for
sale, and such sale may, without further notice, be made at the time and place to which the same was so adjourned.

 

(d)           At
any such sale, the Pledged Collateral, or any portion thereof, to be sold may be sold in one lot as an entirety or in separate parcels,
as the Secured Party may, in the Secured Party’s discretion, determine.

 

(e)           In
case any sale of all or any part of the Pledged Collateral is made on credit or for future delivery, the Pledged Collateral so sold may
be retained by the Secured Party until the sale price is paid by the purchaser or purchasers thereof, but the Secured Party shall not
incur any liability in case any such purchaser or purchasers shall fail to take up and pay for Pledged Collateral so sold and, in case
of any such failure, such Pledged Collateral may be sold again upon notification to the Pledgors as set forth in this Section. At any
public sale made pursuant to this Section, the Secured Party may bid for or purchase, free (to the extent permitted by law) from any right
of redemption, stay or appraisal on the part of any Pledgor (all said rights being also hereby waived and released to the extent permitted
by law), the Pledged Collateral or any part thereof offered for sale and may make payment on account thereof by using any claim then due
and payable to the Secured Party from any Pledgor or any other Obligor in respect of any of the Obligations as a credit against the purchase
price, and the Secured Party may, upon compliance with the terms of sale, hold, retain and dispose of such property without further accountability
to any Pledgor therefor. For purposes of any sale of Pledged Collateral under this Agreement, a written agreement to purchase the Pledged
Collateral or any portion thereof shall be treated as a sale thereof. The Secured Party shall be free to carry out such sale pursuant
to such agreement, and the Pledgors shall not be entitled to the return of the Pledged Collateral or any portion thereof subject thereto,
notwithstanding the fact that after the Secured Party shall have entered into such an agreement all Events of Default shall have been
remedied and the Obligations paid in full.

 

(f)            Upon
any sale of Pledged Collateral by the Secured Party (including, without limitation, a sale pursuant to a power of sale granted by statute
or under a judicial proceeding), the receipt of the Secured Party or of the officer making the sale shall be a sufficient discharge to
the purchaser or purchasers of Pledged Collateral being sold, and such purchaser or purchasers shall not be obligated to see to the application
of any part of the purchase money paid over to the Secured Party or such officer or be answerable in any way for the misapplication thereof.

 

(g)           The
cash Proceeds of a sale or other disposition of Pledged Collateral by the Secured Party shall be applied in the following order: (i) first,
to the costs and expenses of preparing for and conducting the sale or other disposition, including the Secured Party’s attorneys’
fees and other legal expenses, (ii) second, the remaining amount, if any, to the payment (in whatever order the Secured Party elects)
of the Obligations until all of the Obligations have been paid in full, and (iii) third, after the Obligations have been paid in
full, the remaining amount of such Proceeds, if any, to the satisfaction of obligations secured by any subordinate security interest in
or other subordinate lien on the Pledged Collateral if the Secured Party receives from the holder of the subordinate security interest
or other lien an authenticated demand for Proceeds before distribution of the Proceeds is completed. To the extent permitted by applicable
law, the Secured Party shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance
with this Agreement. The Secured Party shall account to the Pledgors for any surplus. The Obligors are liable for any deficiency.

 

    	 	- 18 -	 

     

    

 

(h)           As
an alternative to exercising the power of sale herein conferred upon the Secured Party, the Secured Party may proceed by a suit or suits
at law or in equity to foreclose this Agreement and to sell Pledged Collateral or any portion thereof pursuant to a judgment or decree
of a court or courts having competent jurisdiction or pursuant to a proceeding by a court-appointed receiver.

 

Section 9.04.          Securities
Act, etc. In view of the position of the Pledgors in relation to Pledged Collateral owned by the Pledgors, or because of other
present or future circumstances, a question may arise under the Securities Act of 1933, as now or hereafter in effect, or any similar
statute hereafter enacted analogous in purpose or effect (such Act and all such similar statutes as from time to time in effect being
called the “Federal Securities Laws”) with respect to any disposition of the Pledged Collateral permitted under this
Agreement. Each Pledgor understands that compliance with the Federal Securities Laws might very strictly limit the course of conduct of
the Secured Party if the Secured Party were to attempt to dispose of all or any part of Pledged Collateral and might also limit the extent
to which or the manner in which any subsequent transferee of any Pledged Collateral could dispose of the same. Similarly, there may be
other legal restrictions or limitations affecting the Secured Party in any attempt to dispose of all or part of Pledged Collateral under
applicable Blue Sky or other state securities laws or similar laws analogous in purpose or effect. Under applicable law, in the absence
of an agreement to the contrary, the Secured Party might be held to have certain general duties and obligations to the Pledgors, as pledgors,
to make some effort toward obtaining a fair price even though the obligations of the Pledgors may be discharged or reduced by the proceeds
of a sale at a lesser price. Each Pledgor clearly understand that the Secured Party is not to have any such general duty or obligation
to any Pledgor, and the Pledgors will not attempt to hold the Secured Party responsible for selling all or any part of Pledged Collateral
at an inadequate price even if the Secured Party shall accept the first offer received or does not approach more than one possible purchaser.
Without limiting the generality of the foregoing, the provisions of this Section would apply if, for example, the Secured Party were
to place all or any part of the Pledged Collateral for private placement by an investment banking firm, or if such investment banking
firm purchased all or any part of the Pledged Collateral for its own account, or if the Secured Party placed all or any part of Pledged
Collateral privately with a purchaser or purchasers. The provisions of this Section will apply notwithstanding the existence of a
public or private market upon which the quotations or sales prices may exceed substantially the price at which the Secured Party sells
all or any part of Pledged Collateral.

 

Section 9.05.          Registration.
Each Pledgor agrees that, upon the occurrence of a default by the Pledgor under this Agreement, or any Event of Default, if for any reason
the Secured Party desires to sell any of Pledged Collateral at a public sale, the Pledgors shall, at any time and from time to time, upon
the written request of the Secured Party, use each Pledgor’s best efforts to take or to cause the issuer of such Pledged Collateral
to take such action and prepare, distribute and/or file such documents, as are required or advisable in the opinion of counsel for the
Secured Party to permit the public sale of such Pledged Collateral. Each Pledgor further agrees to indemnify, defend and hold harmless
the Secured Party and any underwriter from and against any and all loss, liability, expenses, costs, fees and disbursements of counsel
(including, without limitation, a reasonable estimate of the cost to the Secured Party of legal counsel), and any and all claims (including
the costs of investigation) which they may incur insofar as such loss, liability, expense or claim arises out of or is based upon any
alleged untrue statement of a material fact contained in any prospectus (or any amendment or supplement thereto) or in any notification
or offering circular, or arises out of or is based upon any alleged omission to state a material fact required to be stated therein or
necessary to make the statements in any respect thereof not misleading, except insofar as the same may have been caused by any untrue
statement or omission based upon information furnished in writing to the Pledgors or any issuer of such Pledged Collateral by the Secured
Party or the underwriter expressly for use therein. Each Pledgor further agrees to use its best efforts to qualify, file or register,
or cause the issuer of such Pledged Collateral to qualify, file or register, any of Pledged Collateral under the Blue Sky or other securities
laws of such states as the Secured Party may specify and to keep effective, or cause to be kept effective, all such qualifications, filings
or registrations. The Pledgors will bear all costs and expenses of carrying out the obligations of the Pledgors obligations under this
Section. The Pledgors acknowledge that there is no adequate remedy at law for failure by any Pledgor to comply with the provisions of
this Section and that such failure would not be adequately compensable in damages, and therefore agree that each Pledgor’s
agreements contained in this Section may be specifically enforced.

 

    	 	- 19 -	 

     

    

 

Article X

GENERAL PROVISIONS

 

Section 10.01.        Notices.
Any notices, consents, waivers or other communications required or permitted to be given under the terms hereof must be in writing
and will be deemed to have been delivered: upon the later of (A) either (i) receipt, when delivered personally or (ii) one
(1) Business Day after deposit with an overnight courier service with next day delivery specified, in each case, properly addressed
to the party to receive the same and (B) receipt, when sent by e-mail. The addresses and email addresses for such communications
shall be:

 

	If to any Pledgor, to:	
    c/o Ideanomics, Inc.

    1441 Broadway, Suite #5116

    New York NY 10018

    Attention:  Chief Executive Officer

    Telephone: 212-206-1216

    E-Mail: apoor@ideanomics.com

     

	If to the Secured Party:	
    YA II PN, Ltd.

    c/o Yorkville Advisors Global, LLC

    1012 Springfield Avenue

    Mountainside, NJ 07092

    Attention: Mark Angelo

    Telephone: 201-985-8300

    Email: Legal@yorkvilleadvisors.com

 

or at such other address and/or e-mail address
and/or to the attention of such other person as the recipient party has specified by written notice given to each other party three (3) Business
Days prior to the effectiveness of such change. Written confirmation of receipt (i) given by the recipient of such notice, consent,
waiver or other communication, (ii) electronically generated upon sending the e-mail or (iii) provided by a nationally recognized
overnight delivery service, shall be rebuttable evidence of personal service, receipt by e-mail or receipt from a nationally recognized
overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively. Notwithstanding the aforesaid procedures,
any notice, request or demand upon any Pledgor in fact received by such Pledgor shall be sufficient notice or demand as to the Pledgors.

 

    	 	- 20 -	 

     

    

 

Section 10.02.        Term.
This Agreement shall commence with the date of this Agreement and shall continue in full force and effect and be binding upon the Pledgors
until all Obligations secured by this Agreement shall have been fully paid and satisfied (such that there is no outstanding secured obligation),
there is no commitment on the part of the Secured Party to make advances, incur obligations or otherwise give value, and the Secured Party
shall have given the Pledgors written notice of the termination of this Agreement (excluding provisions that by their terms survive termination
of this Agreement). The Secured Party shall not be obligated to give the Pledgors written notice of the termination of this Agreement,
or to terminate any UCC financing statements or other lien filings, until all of the Obligations have been fully paid and satisfied (such
that there is no outstanding secured obligation), there is no commitment on the part of the Secured Party to make an advance, incur an
obligation or otherwise give value, and the Pledgors shall have given the Secured Party a written demand requesting termination of this
Agreement and any UCC financing statements or other lien filings.

 

Section 10.03.        Reinstatement.
Notwithstanding anything to the contrary in this Agreement or any other Transaction Document, if at any time any amount received by the
Secured Party from any Obligor or other Person and applied to the Obligations, or applied to any indebtedness, obligations or liabilities
of any Obligor under the Transaction Documents, is annulled, avoided, set aside, rescinded, invalidated, declared to be fraudulent or
preferential or otherwise required to be refunded or repaid, or Proceeds of any Pledged Collateral or of any other Collateral are required
to be returned by the Secured Party to any Obligor, its estate, trustee, receiver, or any other party, under any bankruptcy law, state
or federal law, common law or at equity, then to the extent of such payment, repayment, refund, or return, all security interests and
liens and Collateral securing the Obligations shall remain in full force and effect, as fully as if such payment had never been made or,
if prior to such payment, repayment, refund or return any security interest or lien granted under this Agreement, or any Collateral for
the Obligations shall have been released or terminated, such security interest, lien or Collateral securing the Obligations shall be reinstated
in full force and effect, and such prior release or termination shall not diminish, release, discharge, impair or otherwise affect any
security interest, lien or Collateral securing the Obligations in respect of the amount of such payment, repayment, refund or return.

 

Section 10.04.        Secured
Party’s Right to Release Obligors. The Secured Party from time to time may take or release other security, may release any party
primarily or secondarily liable for any Obligations or other indebtedness to the Secured Party, may grant extensions, renewals or indulgences
with respect to such Obligations or other indebtedness and may apply any other security therefor held by the Secured Party to the satisfaction
of such Obligations or other indebtedness, all without any obligation to give the Pledgors notice of any thereof, and all without prejudice
to any of the Secured Party’s rights under this Agreement. Furthermore, the Secured Party from time to time may enter into amendments
of Transaction Documents with any party or parties primarily or secondarily liable for the Obligations, without any obligation to give
the Pledgors notice thereof, and without prejudice to any of the Secured Party’s rights under this Agreement regardless of whether
any Pledgor is a party to or consents to such amendments.

 

Section 10.05.        Marshaling.
The Secured Party shall not be required to marshal any present or future collateral security for, or other assurances of payment of, the
Obligations or any of them or to resort to such collateral security or other assurances of payment in any particular order. To the extent
that it lawfully may, each Pledgor hereby agrees that the Pledgors will not invoke any Law relating to the marshaling of collateral which
might cause delay in or impede the enforcement of the Secured Party’s rights under this Agreement or under any other Transaction
Document, and, to the extent that it lawfully may, each Pledgor hereby waives the benefit of all such Laws.

 

Section 10.06.        Amendments.
Neither this Agreement nor any other Transaction Document nor any of the terms hereof or thereof may be amended, modified, changed, waived,
discharged or terminated, nor shall any consent be given, unless such amendment, modification, change, waiver, discharge, termination
or consent is in writing and signed by the Secured Party.

 

    	 	- 21 -	 

     

    

 

Section 10.07.        Successors
and Assigns. This Agreement shall be binding upon each Pledgor and its successors and assigns, and shall inure, together with the
rights and remedies of the Secured Party hereunder, to the benefit of the Secured Party and the Secured Party’s successors, transferees
and assigns. This Agreement may not be assigned by any Pledgor without the prior written consent of the Secured Party.

 

Section 10.08.        Additional
Pledgors. It is understood and agreed that any Guarantor that desires to become a pledgor hereunder, or is required to execute a counterpart
of this Agreement after the date hereof pursuant to the respective Transaction Documents, shall become a pledgor hereunder by executing
a counterpart hereof and delivering same to the Secured Party, or by executing a joinder to this Agreement, (y) delivering supplements
to the schedules attached hereto as are necessary to cause such schedules to be complete and accurate with respect to such additional
pledgor on such date, and (z) taking all actions as specified in this Agreement as would have been taken by such pledgor had it been
an original party to this Agreement, in each case with all documents required above to be delivered to the Secured Party and with all
documents and actions required above to be taken to the reasonable satisfaction of the Secured Party.

 

Section 10.09.        Severability.
Any provision of this Agreement, or of any other Transaction Document, that is prohibited by, or unenforceable under, the laws of any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability, without invalidating
the remaining provisions of this Agreement, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. To the extent permitted by law, each Pledgor hereby waives any provision of law
which renders any provision of this Agreement or any other Transaction Document prohibited or unenforceable in any respect.

 

Section 10.10.        Counterparts.
This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature
page of this Agreement by facsimile or in electronic (for example, “.pdf” or “tif”) format by email or other
electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement. Signature pages may
be detached from separate counterparts and attached to a single counterpart so that all signature pages are attached to the same
document. In making proof of this Agreement, it shall not be necessary to produce more than one counterpart of this executed Agreement.

 

Section 10.11.        Electronic
Signatures. The words “execution,” “signed,” “signature,” and words of like import in this Agreement
shall be deemed to include electronic signatures or electronic records, each of which shall be of the same legal effect, validity or enforceability
as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for
in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic
Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

 

Section 10.12.        Filing
and Recording. In addition to the Secured Party’s right to file UCC financing statements, the Secured Party is authorized and
entitled to file, record or register this Agreement (or a photocopy of this Agreement) and other security interest or lien notices with
any governmental authority to give notice of, and to further the legal operation and effect of, and perfect the interests of the Secured
Party under, this Agreement. Within ten (10) days after the Secured Party’s request from time to time, the Pledgors shall pay
all of the Secured Party’s costs and expenses (including attorney’s fees, paralegal fees and other legal expenses) of preparing,
filing, recording or registering this Agreement or any UCC financing statements or other security interest or lien notices related to
this Agreement or the Pledged Collateral and any amendments to or continuations of any thereof.

 

    	 	- 22 -	 

     

    

 

Section 10.13.        Entire
Agreement. This Agreement and any Transaction Documents executed and delivered with this Agreement are a complete and exclusive expression
of all the terms of the matters expressed therein, and all prior agreements, statements, and representations, whether written or oral,
which relate thereto in any way are hereby superseded and shall be given no force and effect. No promise, inducement, or representation
has been made to any Pledgor which relates in any way to the matters expressed in this Agreement or in any other Transaction Document
executed and delivered with this Agreement, other than what is expressly stated herein and in such other Transaction Document.

 

Section 10.14.        No
Third-Party Benefit. The terms and provisions of this Agreement are for the benefit of the Secured Party and its successors and assigns,
and no third party shall have any right or cause of action on account hereof.

 

Section 10.15.        Waiver
of Special and Punitive Damages. Each Pledgor hereby waives to the fullest extent permitted by law all claims to special, indirect,
consequential, exemplary and punitive damages in any lawsuit or other legal action brought by any Pledgor against the Secured Party, or
any of its shareholders, members, partners, directors, managers, trustees, officers, employees, agents or advisors, in respect of any
claim arising under this Agreement, the other Transaction Documents, or any other agreement between the Secured Party and the Pledgors
at any time, including any such agreements, whether written or oral, made or alleged to have been made at any time prior to the date hereof,
and all agreements made hereafter or otherwise, or in respect of any claims arising under common law or under any statute of any state
or the United States, whether any such claims be now existing or hereafter arising, now known or unknown. In making this waiver, each
Pledgor acknowledge and agree that they shall not make any claim for special, indirect, consequential, exemplary or punitive damages against
the Secured Party or any of its shareholders, members, partners, directors, managers, trustees, officers, employees, agents or advisors.

 

Section 10.16.        No
Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event
of any ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties
hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions
of this Agreement.

 

Section 10.17.        No
Conditions Precedent. Each Pledgor acknowledges that no unsatisfied conditions precedent to the effectiveness and enforceability of
this Agreement exist as of the date of the execution of this Agreement, and that the effectiveness and enforceability of this Agreement
is not in any way conditioned or contingent upon any event, occurrence, or happening, or upon any condition existing or coming into existence
either before or after the execution of this Agreement.

 

Section 10.18.        Security
Interest Absolute. Each Pledgor hereby waives demand, notice, protest, notice of acceptance of this Agreement, notice of loans made,
credit extended, Collateral received or delivered, or other action taken in reliance on this Agreement, and all other demands and notices
of any description. All rights of the Secured Party and liens and security interests under this Agreement, and all obligations of the
Pledgors under this Agreement, shall be absolute and unconditional irrespective of: (a) any illegality or lack of validity or enforceability
of any Obligations or Transaction Documents; (b) any change in the time, place or manner of payment of, or in any other term of,
the Obligations, or any recission, waiver, amendment or modification of any Transaction Document or any provisions thereof, including
any increase in the Obligations resulting from future advances or protective advances or any extension of additional credit or otherwise;
(c) any taking, exchange, substitution, release, impairment or non-perfection of any Collateral or any other collateral, or any taking,
release, impairment, amendment, waiver or other modification of any guaranty, for all or any of the Obligations; (d) any manner of
sale, disposition or application of proceeds of any Collateral or any other collateral or other assets to any of the Obligations; (e) any
default, failure or delay, willful or otherwise, in the performance of the Obligations; (f) any defense, set-off or counterclaim
(other than a defense of payment or performance) that may at any time be available to, or be asserted by any Pledgor against the Secured
Party; or (g) any other circumstance (including, without limitation, any statute of limitations) or manner of administering any loans
or other Obligations or any existence of or reliance on any representation by the Secured Party that might vary the risk of any Pledgors
or otherwise operate as a defense available to, or a legal or equitable discharge of, any Pledgor or any other grantor, pledgor, guarantor
or surety.

 

    	 	- 23 -	 

     

    

 

Section 10.19.       Waiver
of Subrogation. Each Pledgor agrees that the Pledgors shall have no right of subrogation, reimbursement or indemnity whatsoever, nor
any right of recourse to security, if any, for the Obligations, so long as any amounts payable to the Secured Party in respect of the
Obligations shall remain outstanding. Each Pledgor further agrees that the Pledgors shall have no right of contribution nor any other
recourse against any other Obligor so long as any amount payable to the Secured Party in respect of the Obligations shall remain outstanding.

 

Section 10.20.        Further
Assurances. The Pledgors shall execute and deliver to the Secured Party such further assurances and take such other further actions
as the Secured Party may from time to time request to further the intent and purpose of this Agreement and the other Transaction Documents
and to maintain and protect the rights and remedies intended to be created in favor of the Secured Party under this Agreement and the
other Transaction Documents.

 

Section 10.21.        Choice
of Law, Venue, Jury Trial Waiver and Judicial Reference.

 

(a)           Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall, in all respects, be governed by, and construed
in accordance with, the laws (excluding the principles of conflict of laws) of the State of New York (the “Governing Jurisdiction”)
(including Section 5-1401 and Section 5-1402 of the General Obligations Law of the State of New York), including all matters
of construction, validity and performance.

 

(b)           Jurisdiction;
Venue; Service.

 

(i)             Each
Pledgor hereby irrevocably consents to the non-exclusive personal jurisdiction of the state courts of the Governing Jurisdiction and,
if a basis for federal jurisdiction exists, the non-exclusive personal jurisdiction of any United States District Court for the Governing
Jurisdiction.

 

(ii)            Each
Pledgor agrees that venue shall be proper in any court of the Governing Jurisdiction selected by the Secured Party or, if a basis for
federal jurisdiction exists, in any United States District Court in the Governing Jurisdiction. Each Pledgor waives any right to object
to the maintenance of any suit, claim, action, litigation or proceeding of any kind or description, whether in law or equity, whether
in contract or in tort or otherwise, in any of the state or federal courts of the Governing Jurisdiction on the basis of improper venue
or inconvenience of forum.

 

(iii)           Any
suit, claim, action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or tort or otherwise,
brought by any Pledgor against the Secured Party arising out of or based upon this Agreement or any matter relating to this Agreement,
or any other Transaction Document, or any Obligations, or any contemplated transaction, shall be brought in a court only in the Governing
Jurisdiction. The Pledgors shall not file any counterclaim against the Secured Party in any suit, claim, action, litigation or proceeding
brought by the Secured Party against any Pledgor in a jurisdiction outside of the Governing Jurisdiction unless under the rules of
the court in which the Secured Party brought such suit, claim, action, litigation or proceeding the counterclaim is mandatory, and not
permissive, and would be considered waived unless filed as a counterclaim in the suit, claim, action, litigation or proceeding instituted
by the Secured Party against the Pledgor. Each Pledgor agrees that any forum outside the Governing Jurisdiction is an inconvenient forum
and that any suit, claim, action, litigation or proceeding brought by any Pledgor against the Secured Party in any court outside the Governing
Jurisdiction should be dismissed or transferred to a court located in the Governing Jurisdiction. Furthermore, each Pledgor irrevocably
and unconditionally agrees that it will not bring or commence any suit, claim, action, litigation or proceeding of any kind or description,
whether in law or equity, whether in contract or in tort or otherwise, against the Secured Party arising out of or based upon this Agreement
or any matter relating to this Agreement, or any other Transaction Document, or any Obligations, or any contemplated transaction, in any
forum other than the courts of the State of New York sitting in New York County, and the United States District Court of the Southern
District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits
to the jurisdiction of such courts and agrees that all claims in respect of any such suit, claim, action, litigation or proceeding may
be heard and determined in such New York State Court or, to the fullest extent permitted by applicable law, in such federal court. The
Pledgors and the Secured Party agree that a final judgment in any such suit, claim, action, litigation or proceeding shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

 

    	 	- 24 -	 

     

    

 

(iv)            The
Pledgors and the Secured Party irrevocably consent to the service of process out of any of the aforementioned courts in any such suit,
claim, action, litigation or proceeding by the mailing of copies thereof by registered or certified mail postage prepaid, to it at the
address provided for notices in this Agreement, such service to become effective thirty (30) days after the date of mailing.

 

(v)            Nothing
herein shall affect the right of the Secured Party to serve process in any other manner permitted by law or to commence legal proceedings
or to otherwise proceed against any Pledgor or any other Person in the Governing Jurisdiction or in any other jurisdiction.

 

(c)           Waiver
of Jury Trial. The Pledgors and the Secured Party mutually waive all right to trial by jury of all claims of any kind arising out
of or based upon this Agreement or any matter relating to this Agreement, or any other Transaction Document, or any Obligations, or any
contemplated transaction. The Pledgors and the Secured Party acknowledge that this is a waiver of a legal right and that the Pledgors
and the Secured Party each make this waiver voluntarily and knowingly after consultation with counsel of its choice. The Pledgors and
the Secured Party agree that all such claims shall be tried before a judge of a court having jurisdiction, without a jury.

 

[The signature page follows. The remainder
of this page is blank.]

 

    	 	- 25 -	 

     

    

 

IN WITNESS WHEREOF, and intending
to be legally bound hereby, the Pledgors and the Secured Party execute this Pledge Agreement as of the date first above written.

 

	 	Pledgor:

 

	 	IDEANOMICS, INC.

 

	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

[Signature
Page to Pledge Agreement (Ideanomics)]

 

     

     

    

 

	 	Secured Party:
	 	 
	 	YA II PN, LTD.
	 	 
	 	By: Yorkville Advisors Global, LP
	 	Its: Investment Manger
	 	 
	 	By: Yorkville Advisory Global II, LLC
	 	Its: General Partner

 

	 	By: 	 

	 	Name: Troy Rillo, Esq.
	 	Title:   Partner

 

[Signature
Page to Pledge Agreement (Ideanomics)]

 

     

     

    

 

ANNEX I

 

TO PLEDGE AGREEMENT

 

	Pledgor	Type of Entity	Jurisdiction of 

Organization	Principal Place of Business
	Ideanomics, Inc.	Corporation	Nevada	1441 Broadway, Suite #5116, New York, NY 10018

 

     

     

    

 

SCHEDULE
1 TO PLEDGE AGREEMENT1

 

(Scheduled Ownership Interests)

 

Part 1:
Ownership Interests in corporations

 

	Pledgors	Issuers	Issuer’s

Applicable 

Jurisdiction	Number and

type of shares	Description of share 

certificates or 

uncertificated interests	Percentage 

Ownership 

Interest
	 	 	 	 	 	_______%
	 	 	 	 	 	_______%

 

Part 2:
Ownership Interests in limited liability companies

 

	Pledgors	Issuers	Issuer’s

Applicable 

Jurisdiction	Number and

type of interests	Description of interest 

certificates or 

uncertificated interests	Percentage 

Ownership 

Interest
	 	 	 	 	 	_______%
	 	 	 	 	 	_______%

 

Part 3:
Ownership Interests in partnerships

 

	Pledgors	Issuers	Issuer’s

Applicable 

Jurisdiction	Number and 

type of interests	Description of partnership 

interest certificates or 

uncertificated interests	Percentage 

Ownership 

Interest
	 	 	 	 	 	_______%
	 	 	 	 	 	_______%

 

Part 4:
Ownership Interests in trusts

 

	Pledgors	Issuers	Issuer’s

Applicable 

Jurisdiction	Number and

type of interests	Description of beneficial 

interest certificates or 

uncertificated interests	Percentage 

Ownership 

Interest
	 	 	 	 	 	_______%
	 	 	 	 	 	_______%

 

 

1 To be provided post-closing

 

     

     

    

 

SCHEDULE
2 TO PLEDGE AGREEMENT2

 

(Pledgor obligations to Issuers)

 

Part 1:
Pledgor obligations to corporate Issuers

 

	Pledgors	Issuers	Pledgor’s obligation, if any, to contribute cash, property, or services to the Issuer, or make loans or advances to the Issuer
	 	 	 
	 	 	 

 

Part 2:
Pledgor obligations to limited liability company Issuers

 

	Pledgors	Issuers	Pledgor’s obligation, if any, to contribute cash, property, or services to the Issuer, or make loans or advances to the Issuer
	 	 	 
	 	 	 

 

Part 3:
Pledgor obligations to partnership Issuers

 

	Pledgors	Issuers	Pledgor’s obligation, if any, to contribute cash, property, or services to the Issuer, or to make loans or advances to the Issuer
	 	 	 
	 	 	 

 

Part 4:
Pledgor obligations to trust Issuers

 

	Pledgors	Issuers	Pledgor’s obligation, if any, to contribute cash, property, or services to the Issuer, or to make loans or advances to the Issuer
	 	 	 
	 	 	 

 

 

2 To be provided post-closing

 

     

     

    

 

SCHEDULE
3 TO PLEDGE AGREEMENT3

 

(Issuer Organizational Documents)

 

Part 1:
Organizational Documents of corporate Issuers

 

	Issuers	Issuer’s Organizational Documents
	 	 
	 	 

 

Part 2:
Organizational Documents of limited liability company Issuers

 

	Issuers	Issuer’s Organizational Documents
	 	 
	 	 

 

Part 3:
Organizational Documents of partnership Issuers

 

	Issuers	Issuer’s Organizational Documents
	 	 
	 	 

 

Part 4:
Organizational Documents of trust Issuers

 

	Issuers	Issuer’s Organizational Documents
	 	 
	 	 

 

 

3 To be provided post-closing

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