Document:

Document

Exhibit 10.10

AMENDMENT NO. 1 TO VS TO L BRANDS TRANSITION SERVICES AGREEMENT

This AMENDMENT NO. 1 TO VS TO L BRANDS TRANSITION SERVICES AGREEMENT (this “Amendment”) is dated as of July 20, 2022 and effective as of January 31, 2022 (the “Effective Date”), by and between Bath & Body Works, Inc. (formerly known as L Brands, Inc.), a Delaware corporation (“BBW”), and Victoria’s Secret & Co., a Delaware corporation (“Service Provider,” and together with BBW, the “Parties”). 

WHEREAS, BBW and Service Provider entered into that certain VS to L Brands Transition Services Agreement, dated as of August 2, 2021 (the “Agreement”); and

WHEREAS, pursuant to Section 9.02 of the Agreement, BBW and Service Provider desire to amend the Agreement. 

NOW, THEREFORE, in consideration of the covenants and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby mutually acknowledged, the Parties agree to supplement, modify and amend the Agreement as set forth below.  

1.     Amendment.  The Schedules to the Agreement are amended as outlined in the attached Exhibit A.

2.    Miscellaneous.  

(a)    Except as expressly amended by this Amendment, all provisions of the Agreement shall remain in full force and effect.

(b)    Unless otherwise defined herein, capitalized terms in this Amendment shall have the meanings given to them in the Agreement.

(c)    This Amendment shall be governed by and construed in accordance with the law of the State of Delaware, without regard to the conflicts of law rules of such state.

(d)    This Amendment may be executed in two or more counterparts (delivery of which may occur via facsimile), each of which shall be binding as of the date first written above, and, when delivered, all of which shall constitute one and the same instrument.  A facsimile signature or electronically scanned copy of a signature shall constitute and shall be deemed to be sufficient evidence of a Party’s execution of this Amendment, without necessity of further proof.  Each such copy (or facsimile) shall be deemed an original, and it shall not be necessary in making proof of this Amendment to produce or account for more than one such counterpart.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, this Amendment No. 1 to VS to L Brands Transition Services Agreement has been executed by the Parties effective as of the date first written above.
						
		
		

BATH & BODY WORKS, INC.

By:    /s/ Wendy C. Arlin            
Name:  Wendy C. Arlin
Title:    Executive Vice President and Chief
             Financial Officer

		

VICTORIA’S SECRET & CO.

By:_    /s/ Timothy Johnson            
Name: Timothy Johnson
Title: Chief Financial Officer

[Signature Page to Amendment No. 1 to VS to L Brands Transition Services Agreement]

Exhibit A

[Intentionally Omitted]Exhibit 10.1

 

STANDBY EQUITY PURCHASE AGREEMENT

 

THIS STANDBY EQUITY PURCHASE
AGREEMENT (this “Agreement”) dated as of September 1, 2022 is made by and between YA II PN, LTD.,
a Cayman Islands exempt limited partnership (the “Investor”), and IDEANOMICS, INC., a company incorporated
under the laws of the State of Nevada (the “Company”).

 

WHEREAS, the
parties desire that, upon the terms and subject to the conditions contained herein, the Company shall have the right to issue and
sell to the Investor, from time to time as provided herein, and the Investor shall purchase from the Company, up to sixty million of
the Company’s shares of common stock, par value $0.001 per share (the “Common Shares”); and

 

WHEREAS, the Common
Shares are listed for trading on the Nasdaq Stock Market under the symbol “IDEX;” and

 

WHEREAS, the offer
and sale of the Common Shares issuable hereunder will be made in reliance upon Section 4(a)(2) under the Securities Act of 1933,
as amended, and the rules and regulations promulgated thereunder (the “Securities Act”), or upon such other exemption
from the registration requirements of the Securities Act as may be available with respect to any or all of the transactions to be made
hereunder.

 

NOW, THEREFORE, the parties hereto agree as
follows:

 

Article I. Certain Definitions

 

Section 1.01 “Additional Shares” shall have
the meaning set forth in Section 2.01(d)(ii).

 

Section 1.02 “Adjusted Advance Amount” shall
have the meaning set forth in Section 2.01(d)(i).

 

Section 1.03
 “Advance Date” shall mean the 1st Trading
Day after expiration of the applicable Pricing Period for each Advance.

 

Section 1.04 “Advance Notice”
shall mean a written notice in the form of Exhibit A attached hereto to the Investor executed by an officer of the Company and setting
forth the amount of an Advance that the Company desires to issue and sell to the Investor.

 

Section 1.05 “Advance Notice Date”
shall mean each date the Company delivers (in accordance with Section 2.01(b) of this Agreement) to the Investor an Advance
Notice, subject to the terms of this Agreement.

 

Section 1.06 “Advance Shares”
shall mean the number of Common Shares that the Company desires to issue and sell to the Investor as requested by the Company in an Advance
Notice.

 

Section 1.07 “Advances”
shall mean any issuance and sale from the Company to the Investor pursuant to Article II hereof.

 

Section 1.08 “Agreement” shall have the meaning
set forth in the preamble of this Agreement.

 

    

     

    

 

Section 1.09 “Applicable Laws”
shall mean all applicable laws, statutes, rules, regulations, orders, executive orders, directives, policies, guidelines and codes having
the force of law, whether local, national, or international, as amended from time to time, including without limitation (i) all applicable
laws that relate to money laundering, terrorist financing, financial record keeping and reporting, (ii) all applicable laws that
relate to anti-bribery, anti-corruption, books and records and internal controls, including the United States Foreign Corrupt Practices
Act of 1977, and (iii) any Sanctions laws.

 

Section 1.10 “Black Out Period” shall have
the meaning set forth in Section 6.02.

 

Section 1.11 “Closing” shall have the meaning
set forth in Section 2.02.

 

Section 1.12 “Commitment Amount”
shall mean sixty million Common Shares, provided that, the Company shall not effect any sales under this Agreement and the Investor
shall not have the obligation to purchase Common Shares under this Agreement to the extent (but only to the extent) that after giving
effect to such purchase and sale the aggregate number of Common Shares issued under this Agreement would exceed 19.9% of the outstanding
Common Shares as of the date of this Agreement (the “Exchange Cap”) provided further that, the Exchange Cap
will not apply (a) if the Company’s stockholders have approved issuances in excess of the Exchange Cap in accordance with
the rules of the Principal Market or (b) as to any Advance, if the Purchase Price of Shares in respect of such Advance equals
or exceeds $0.591 per share (which represents
the lower of (i) the Nasdaq Official Closing Price on the Trading Day immediately preceding the date of this Agreement; or (ii) the
average Nasdaq Official Closing Price for the five Trading Days immediately preceding the date of this Agreement).

 

Section 1.13 “Commitment Shares” shall have
the meaning set forth in Section 12.04

 

Section 1.14 “Commitment Period”
shall mean the period commencing on the date hereof and expiring upon the date of termination of this Agreement in accordance with Section 10.01.

 

Section 1.15 “Common Shares”
shall have the meaning set forth in the recitals of this Agreement.

 

Section 1.16 “Company” shall have the meaning
set forth in the preamble of this Agreement.

 

Section 1.17 “Company Indemnitees” shall have
the meaning set forth in Section 5.02.

 

Section 1.18 “Condition Satisfaction Date”
shall have the meaning set forth in Section 7.01.

 

Section 1.19 “Environmental Laws” shall have
the meaning set forth in Section 4.13.

 

Section 1.20 “Exchange Act”
shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

 

		1	NTD: Reference price as determined by Nasdaq Rules.

 

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Section 1.21 “Exchange Cap” shall have the
meaning set forth in Section 1.12

 

Section 1.22 “Excluded Day” shall have the
meaning set forth in Section 2.01(d)(i).

 

Section 1.23 “Hazardous Materials” shall have
the meaning set forth in Section 4.13.

 

Section 1.24 “Indemnified Liabilities” shall
have the meaning set forth in Section 5.01.

 

Section 1.25 “Investor” shall have the meaning
set forth in the preamble of this Agreement.

 

Section 1.26 “Investor Indemnitees” shall have
the meaning set forth in Section 5.01.

 

Section 1.27 “Market Price”
shall mean the lowest daily VWAP of the Common Shares during the Pricing Period, other than the daily VWAP on any Excluded Days.

 

Section 1.28 “Material Adverse Effect”
shall mean any event, occurrence or condition that has had or would reasonably be expected to have (i) a material adverse effect
on the legality, validity or enforceability of this Agreement or the transactions contemplated herein, (ii) a material adverse effect
on the results of operations, assets, business or condition (financial or otherwise) of the Company and its Subsidiaries, taken as a whole,
or (iii) a material adverse effect on the Company’s ability to perform in any material respect on a timely basis its obligations
under this Agreement.

 

Section 1.29 “Material Outside Event” shall
have the meaning set forth in Section 6.08.

 

Section 1.30 “Maximum Advance Shares”
in respect of each Advance Notice means [5,000,000] Common Shares.

 

Section 1.31 “Minimum Acceptable
Price” or “MAP” shall mean the minimum price notified by the Company to the Investor in each Advance Notice,
if applicable.

 

Section 1.32 “OFAC” shall have the meaning
set forth in Section 4.28.

 

Section 1.33 “Ownership Limitation” shall have
the meaning set forth in Section 2.01(c)(i).

 

Section 1.34 “Person”
shall mean an individual, a corporation, a partnership, a limited liability company, a trust or other entity or organization, including
a government or political subdivision or an agency or instrumentality thereof.

 

Section 1.35 “Plan of Distribution”
shall mean the section of a Registration Statement disclosing the plan of distribution of the Shares.

 

Section 1.36 “Pricing Period”
shall mean the three (3) consecutive Trading Days commencing on the Advance Notice Date.

 

Section 1.37 “Principal
Market” shall mean the Nasdaq Global Select Market; provided however, that in the event the Company’s Common Shares
are ever listed or traded on the New York Stock Exchange, the NYSE American, the Nasdaq Global Market, or the Nasdaq Capital Market,
then the “Principal Market” shall mean such other market or exchange on which the Company’s Common Shares are then
listed or traded.

 

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Section 1.38 “Prospectus”
means any prospectus (including, without limitation, all amendments and supplements thereto) used in connection with a Registration Statement.

 

Section 1.39 “Prospectus Supplement”
shall mean any prospectus supplement to a Prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act, including,
without limitation, any Prospectus Supplement to be filed in accordance with 0 hereof.

 

Section 1.40 “Purchase Price”
shall mean the price per Share obtained by multiplying the Market Price by 95%.

 

Section 1.41 “Registrable Securities”
shall mean (i) the Shares, and (ii) any securities issued or issuable with respect to any of the foregoing by way of exchange,
stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization
or otherwise.

 

Section 1.42 “Registration Limitation” shall
have the meaning set forth in Section 2.01(c)(ii).

 

Section 1.43 “Registration Statement”
shall mean a registration statement on Form S-1 or Form S-3 or on such other form promulgated by the SEC for which the Company
then qualifies and which counsel for the Company shall deem appropriate, and which form shall be available for the registration of the
resale by the Investor of the Registrable Securities under the Securities Act.

 

Section 1.44 “Regulation D”
shall mean the provisions of Regulation D promulgated under the Securities Act.

 

Section 1.45 “Sanctions” shall have the meaning
set forth in Section 4.28.

 

Section 1.46 “Sanctioned Countries” shall have
the meaning set forth in Section 4.28.

 

Section 1.47 “SEC” shall mean the U.S. Securities
and Exchange Commission.

 

Section 1.48 “SEC Documents” shall have the
meaning set forth in Section 4.05.

 

Section 1.49 “Securities Act” shall have the
meaning set forth in the recitals of this Agreement.

 

Section 1.50 “Settlement Document” shall have
the meaning set forth in Section 2.02(a).

 

Section 1.51 “Shares”
shall mean the Commitment Shares and the Common Shares to be issued from time to time hereunder pursuant to an Advance.

 

Section 1.52 “Subsidiaries” shall have the
meaning set forth in Section 4.01.

 

Section 1.53 “Trading Day”
shall mean any day during which the Principal Market shall be open for business.

 

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Section 1.54 “Transaction Documents” shall
have the meaning set forth in Section 4.02.

 

Section 1.55 “Variable Rate Transaction”
shall mean a transaction in which the Company (i) issues or sells any equity or debt securities that are convertible into, exchangeable
or exercisable for, or include the right to receive additional Common Shares either (A) at a conversion price, exercise price, exchange
rate or other price that is based upon and/or varies with the trading prices of or quotations for the Common Shares at any time after
the initial issuance of such equity or debt securities, or (B) with a conversion, exercise or exchange price that is subject to being
reset at some future date after the initial issuance of such equity or debt security or upon the occurrence of specified or contingent
events directly or indirectly related to the business of the Company or the market for the Common Shares (including, without limitation,
any “full ratchet” or “weighted average” anti-dilution provisions, but not including any standard anti-dilution
protection for any reorganization, recapitalization, non-cash dividend, stock split or other similar transaction), (ii) issues or
sells any equity or debt securities either (A) at a price that is subject to being reset at some future date after the initial issuance
of such debt or equity security or upon the occurrence of specified or contingent events directly or indirectly related to the business
of the Company or the market for the Common Shares (other than standard anti-dilution protection for any reorganization, recapitalization,
non-cash dividend, stock split or other similar transaction), or (B) that are subject to or contain any put, call, redemption, buy-back,
price-reset or other similar provision or mechanism (including, without limitation, a “Black-Scholes” put or call right, other
than in connection with a “fundamental transaction”) that provides for the issuance of additional equity securities of the
Company or the payment of cash by the Company, or (iii) enters into any agreement, including, but not limited to, an “equity
line of credit” or “at the market offering” or other continuous offering or similar offering of Common Shares, whereby
the Company may sell Common Shares at a future determined price.

 

Section 1.56 “VWAP” means,
for any Trading Day, the daily volume weighted average price of the Common Shares for such Trading Day on the Principal Market during
regular trading hours as reported by Bloomberg L.P.

 

Article II. Advances

 

Section 2.01 Advances; Mechanics.
Upon the terms and subject to the conditions of this Agreement, during the Commitment Period, the Company, at its sole discretion, shall
have the right, but not the obligation, to issue and sell to the Investor, and the Investor shall purchase from the Company, Common Shares
by the delivery to the Investor of Advance Notices as provided herein.

 

		(a)	Advance Notice. At any time during the Commitment Period the Company may require the Investor to
purchase Shares by delivering an Advance Notice to the Investor, subject to the satisfaction of all the conditions set forth in Section 7.01,
and in accordance with the following provisions:

 

		(i)	The Company shall, in its sole discretion, select the Advance Shares, not to exceed the Maximum Advance
Amount, it desires to issue and sell to the Investor in each Advance Notice and the time it desires
to deliver each Advance Notice.

 

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		(ii)	There shall be no mandatory minimum Advances and no non-usages fee for not utilizing the Commitment Amount
or any part thereof.

 

		(b)	Date of Delivery of Advance Notice. Advance Notices shall be delivered in accordance with the instructions
set forth on the bottom of Exhibit A. An Advance Notice shall be deemed delivered on (i) the day it is received by the
Investor if such notice is received by email on or before 8:30 a.m. Eastern Time (or later if waived by the Investor in its sole
discretion), or (ii) the immediately succeeding day if it is received by email after 8:30 a.m. Eastern Time, in each case in
accordance with the instructions set forth on the bottom of Exhibit A.

 

		(c)	Advance Limitations. Regardless of the number of Advance Shares requested by the Company in the
Advance Notice, the final number of Shares to be issued and sold pursuant to an Advance Notice shall be reduced (if at all) in accordance
with each of the following limitations:

 

		(i)	Ownership Limitation; Commitment Amount. At the request of the Company, the Investor will inform
the Company of the amount of shares the Investor currently beneficially owns. Notwithstanding anything to the contrary contained in this
Agreement, the Investor shall not be obligated to purchase or acquire, and shall not purchase or acquire, any Common Shares under this
Agreement which, when aggregated with all other Common Shares beneficially owned by the Investor and its affiliates (as calculated pursuant
to Section 13(d) of the Exchange Act and Rule 13d-3 promulgated thereunder), would result in the beneficial ownership by
the Investor and its affiliates (on an aggregated basis) to exceed 4.99% of the then outstanding voting power or number of Common Shares
(the “Ownership Limitation”). Upon the written request of the Investor, the Company shall promptly (but no later than
the next business day on which the transfer agent for the Common Shares is open for business) confirm orally or in writing to the Investor
the number of Common Shares then outstanding. In connection with each Advance Notice delivered by the Company, any portion of the Advance
that would (i) cause the Investor to exceed the Ownership Limitation or (ii) cause the aggregate number of Shares issued and
sold to the Investor hereunder to exceed the Commitment Amount shall automatically be withdrawn with no further action required by the
Company, and such Advance Notice shall be deemed automatically modified to reduce the number of Advance Shares requested by an amount
equal to such withdrawn portion; provided that in the event of any such automatic withdrawal and automatic modification, the Investor
will promptly notify the Company of such event.

 

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		(ii)	Registration Limitation. In no event shall an Advance exceed the amount registered under the Registration
Statement then in effect (the “Registration Limitation”) or the Exchange Cap, to the extent applicable. In connection
with each Advance Notice, any portion of an Advance that would exceed the Registration Limitation or the Exchange Cap shall automatically
be withdrawn with no further action required by the Company and such Advance Notice shall be deemed automatically modified to reduce the
aggregate number of Advance Shares requested Advance by an amount equal to such withdrawn portion in respect of each Advance Notice; provided
that in the event of any such automatic withdrawal and automatic modification, the Investor will promptly notify the Company of such event.

 

		(d)	Minimum Acceptable Price.

 

		(i)	With respect to each Advance Notice, the Company may notify the Investor of the MAP with respect to such
Advance by indicating a MAP on such Advance Notice. If no MAP is specified in an Advance Notice, then no MAP shall be in effect in connection
with such Advance. Each Trading Day during a Pricing Period for which (A) with respect to each Advance Notice with a MAP, the VWAP
of the Common Shares is below the MAP in effect with respect to such Advance Notice, or (B) there is no VWAP (each such day, an “Excluded
Day”), shall result in an automatic reduction to the number of the Advance Shares set forth in such Advance Notice by one-third
(the resulting amount of each Advance being the “Adjusted Advance Amount”), and each Excluded Day shall be excluded
from the Pricing Period for purposes of determining
the Market Price.

 

		(ii)	The total Shares in respect of each Advance (after reductions have been made to arrive at the Adjusted
Advance Amount, if any) shall be automatically increased by such number of Common Shares (the “Additional Shares”)
equal to the number of Common Shares sold by the Investor on such Excluded Day, if any, and the price paid per share for each Additional
Share shall be equal to the MAP in effect with respect to such Advance Notice (without any further discount), provided that this increase
shall not cause the total Advance to exceed the amount set forth in the original Advance Notice or any limitations set forth in Section 2.01(c).

 

		(e)	Notwithstanding any other provision in this Agreement, the Company and the Investor acknowledge and agree
that upon the Investor’s receipt of a valid Advance Notice the parties shall be deemed to have entered into an unconditional contract
binding on both parties for the purchase and sale of Shares pursuant to such Advance Notice in accordance with the terms of this Agreement
and (i) subject to Applicable Laws and (ii) subject to Section 3.08 (Trading Activities), the Investor may sell Common
Shares during the Pricing Period.

 

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Section 2.02 Closings. The closing
of each Advance and each sale and purchase of Advance Shares (each, a “Closing”) shall take place as soon as practicable
on or after each Advance Date in accordance with the procedures set forth below. The parties acknowledge that the Purchase Price will
not be known at the time the Advance Notice is delivered (at which time the Investor is irrevocably bound) but shall be determined on
each Closing based on the daily prices of the Common Shares that are the inputs to the determination of the Purchase Price as set forth
further below. In connection with each Closing, the Company and the Investor shall fulfill each of its obligations as set forth below:

 

		(a)	On each Advance Date, the Investor shall deliver to the Company a written document, in the form attached
hereto as Exhibit B (each a “Settlement Document”), setting forth the final number of Shares to be purchased by
the Investor (taking into account any adjustments pursuant to Section 2.01), the Market Price, the Purchase Price, the aggregate
proceeds to be paid by the Investor to the Company, and a report by Bloomberg, L.P. indicating the VWAP for each of the Trading Days during
the Pricing Period (or, if not reported on Bloomberg, L.P., another reporting service reasonably agreed to by the parties), in each case
in accordance with the terms and conditions of this Agreement. The final number of Shares to be purchased by the Investor at the Closing
for such Advance shall equal the sum of (i) the Adjusted Advance Amount which shall be purchased at the Purchase Price, plus (ii) the
aggregate number of Additional Shares elected to be purchased by the Investor on Excluded Days during such Pricing Period (as contemplated
by Section 2.01(d)(ii)) which shall be purchased at the applicable MAP.

 

		(b)	Promptly after receipt of the Settlement Document with respect to each Advance (and, in any event, not
later than one Trading Day after such receipt), the Company will, or will cause its transfer agent to, electronically transfer such number
of Shares to be purchased by the Investor (as set forth in the Settlement Document) by crediting the Investor’s account or its designee’s
account at The Depository Trust Company through its Deposit Withdrawal at Custodian System or by such other means of delivery as may be
mutually agreed upon by the parties hereto, and transmit notification to the Investor that such share transfer has been requested. Promptly
upon receipt of such notification, the Investor shall pay to the Company the aggregate purchase price of the Shares (as set forth in the
Settlement Document) in cash in immediately available funds to an account designated by the Company in writing and transmit notification
to the Company that such funds transfer has been requested. No fractional shares shall be issued, and any fractional amounts shall be
rounded to the next higher whole number of shares. To facilitate the transfer of the Common Shares by the Investor, the Common Shares
will not bear any restrictive legends so long as there is an effective Registration Statement covering such Common Shares (it being understood
and agreed by the Investor that notwithstanding the lack of restrictive legends, the Investor may only sell such Common Shares pursuant
to the Plan of Distribution set forth in the prospectus included in the Registration Statement and otherwise in compliance with the requirements
of the Securities Act (including any applicable prospectus delivery requirements) or pursuant to an available exemption).

 

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		(c)	On or prior to the Advance Date, each of the Company and the Investor shall deliver to the other all documents,
instruments and writings expressly required to be delivered by either of them pursuant to this Agreement in order to implement and effect
the transactions contemplated herein.

 

		(d)	Notwithstanding anything to the contrary in this Agreement, if on any day during the Pricing Period (i) the
Company notifies Investor that a Material Outside Event has occurred, or (ii) the Company notifies the Investor of a Black Out Period,
the parties agree that the pending Advance shall end and the final number of Shares to be purchased by the Investor at the Closing for
such Advance shall be equal to the number of Common Shares sold by the Investor during the applicable Pricing Period prior to the notification
from the Company of a Material Outside Event or Black Out Period.

 

Section 2.03 Hardship.

 

		(a)	In the event the Investor sells Common Shares of the Company after receipt of an Advance Notice and the
Company fails to perform its obligations as mandated in Section 2.02, the Company agrees that in addition to and in no way limiting
the rights and obligations set forth in Article V hereto and in addition to any other remedy to which the Investor is entitled at
law or in equity, including, without limitation, specific performance, it will hold the Investor harmless against any loss, claim, damage,
or expense (including reasonable legal fees and expenses), as incurred, arising out of or in connection with such default by the Company
and acknowledges that irreparable damage may occur in the event of any such default. It is accordingly agreed that the Investor shall
be entitled to an injunction or injunctions to prevent such breaches of this Agreement and to specifically enforce (subject to the Securities
Act and other rules of the Principal Market), without the posting of a bond or other security, the terms and provisions of this Agreement.

 

		(b)	In the event the Company provides an Advance Notice and the Investor fails to perform its obligations
as mandated in Section 2.02, the Investor agrees that in addition to and in no way limiting the rights and obligations set forth
in Article V hereto and in addition to any other remedy to which the Company is entitled at law or in equity, including, without
limitation, specific performance, it will hold the Company harmless against any loss, claim, damage, or expense (including reasonable
legal fees and expenses), as incurred, arising out of or in connection with such default by the Investor and acknowledges that irreparable
damage may occur in the event of any such default. It is accordingly agreed that the Company shall be entitled to an injunction or injunctions
to prevent such breaches of this Agreement and to specifically enforce (subject to the Securities Act and other rules of the Principal
Market), without the posting of a bond or other security, the terms and provisions of this Agreement.

 

Section 2.04 Completion of Resale Pursuant
to the Registration Statement. After the Investor has purchased the full Commitment Amount and has completed the subsequent resale
of the full Commitment Amount pursuant to the Registration Statement, Investor will notify the Company that all subsequent resales
are completed, and the Company will be under no further obligation to maintain the effectiveness of the Registration Statement. The Company
also shall have no further obligation to maintain the effectiveness of the Registration Statement after the 180th
day following the earlier to occur of the latest Closing that has occurred or the termination
of this Agreement in accordance with its terms.

 

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Article III. Representations and Warranties of Investor

 

The Investor hereby makes
the following representations, warranties and covenants to the Company:

 

Section 3.01 Organization and Authorization.
The Investor is duly organized, validly existing and in good standing under the laws of the Cayman Islands and has the requisite corporate
power and authority to enter into and perform its obligations under this Agreement, including all transactions contemplated, and to purchase
or acquire Shares in accordance with the terms hereof. The decision to invest and the execution and delivery of this Agreement by the
Investor, the performance by the Investor of its obligations hereunder and the consummation by the Investor of the transactions contemplated
hereby have been duly authorized and require no other proceedings on the part of the Investor. The undersigned has the right, power and
authority to execute and deliver this Agreement and all other instruments on behalf of the Investor or its shareholders. This Agreement
has been duly executed and delivered by the Investor and, assuming the execution and delivery hereof and acceptance thereof by the Company,
will constitute the legal, valid and binding obligations of the Investor, enforceable against the Investor in accordance with its terms.

 

Section 3.02 Evaluation of Risks.
The Investor has such knowledge and experience in financial, tax and business matters as to be capable of evaluating the merits and risks
of, and bearing the economic risks entailed by, an investment in the Common Shares of the Company and of protecting its interests in connection
with the transactions contemplated hereby. The Investor acknowledges and agrees that its investment in the Company involves a high degree
of risk, and that the Investor may lose all or a part of its investment.

 

Section 3.03 No Legal, Investment
or Tax Advice from the Company. The Investor acknowledges that it had the opportunity to review this Agreement and the transactions
contemplated by this Agreement with its own legal counsel and investment and tax advisors. The Investor is relying solely on such counsel
and advisors and not on any statements or representations of the Company or any of the Company’s representatives or agents for legal,
tax, investment or other advice with respect to the Investor’s acquisition of Common Shares hereunder, the transactions contemplated
by this Agreement or the laws of any jurisdiction, and the Investor acknowledges that the Investor may lose all or a part of its investment.

 

Section 3.04 Investment Purpose.
The Investor is acquiring the Common Shares for its own account, for investment purposes and not with a view towards, or for resale
in connection with, the public sale or distribution thereof, in violation of the Securities Act or any applicable state securities
laws; provided, however, that by making the representations herein, the Investor does not agree, or make any representation or
warranty, to hold any of the Shares for any minimum or other specific term and reserves the right to dispose of the Shares at any
time in accordance with, or pursuant to, a registration statement filed pursuant to this Agreement or an applicable exemption under
the Securities Act. The Investor does not presently have any agreement or understanding, directly or indirectly, with any Person to
sell or distribute any of the Shares. The Investor is acquiring the Shares hereunder in the ordinary course of its business. The
Investor acknowledges that it will be disclosed as an “underwriter” and a “selling stockholder” in each
Registration Statement and in any prospectus contained therein to the extent required by applicable law and to the extent the
prospectus is related to the resale of Registrable Securities.

 

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Section 3.05 Accredited Investor.
The Investor is an “accredited investor” as that term is defined in Rule 501(a)(3) of Regulation D.

 

Section 3.06 Information. The
Investor and its advisors (and its counsel), if any, have been furnished with all materials relating to the business, finances and
operations of the Company and information the Investor deemed material to making an informed investment decision. The Investor and
its advisors (and its counsel), if any, have been afforded the opportunity to ask questions of the Company and its management and
have received answers to such questions. Neither such inquiries nor any other due diligence investigations conducted by such
Investor or its advisors (and its counsel), if any, or its representatives shall modify, amend or affect the Investor’s right
to rely on the Company’s representations and warranties contained in this Agreement. The Investor acknowledges and agrees that
the Company has not made to the Investor, and the Investor acknowledges and agrees it has not relied upon, any representations and
warranties of the Company, its employees or any third party other than the representations and warranties of the Company contained
in this Agreement. The Investor understands that its investment involves a high degree of risk. The Investor has sought such
accounting, legal and tax advice, as it has considered necessary to make an informed investment decision with respect to the
transactions contemplated hereby.

 

Section 3.07 Not an Affiliate. The
Investor is not an officer, director or a person that directly, or indirectly through one or more intermediaries, controls or is controlled
by, or is under common control with the Company or any “affiliate” of the Company (as that term is defined in Rule 405
promulgated under the Securities Act).

 

Section 3.08 No Prior Short Sales.
At no time prior to the date of this Agreement has the Investor, its sole member, any of their respective officers, or any entity managed
or controlled by the Investor or its sole member, engaged in or effected, in any manner whatsoever, directly or indirectly, for its own
principal account, any (i) “short sale” (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act)
of the Common Shares or (ii) hedging transaction, which establishes a net short position with respect to the Common Shares that remains
in effect as of the date of this Agreement.

 

Section 3.09 Resale of Shares. The
Investor represents, warrants and covenants that it will resell the Shares only pursuant to the Registration Statement in which the resale
of such Shares is registered under the Securities Act, in a manner described under the caption “Plan of Distribution” in such
Registration Statement, and in a manner in compliance with all applicable federal and state securities laws, rules and regulations,
or pursuant to an exception for the registration provisions of the Securities Act, if applicable.

 

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Section 3.10 General Solicitation.
The Investor is not purchasing or acquiring the Shares as a result of any form of general solicitation or general advertising (within
the meaning of Regulation D) in connection with the offer or sale of the Shares.

 

Article IV. Representations and Warranties of the Company

 

Except as set forth in the
SEC Documents, or in the Disclosure Schedules, which Disclosure Schedules shall be deemed a part hereof and shall qualify any representation
or warranty otherwise made herein to the extent of the disclosure contained in the corresponding section of the Disclosure Schedules or
in another Section of the Disclosure Schedules, to the extent that it is reasonably apparent on the face of such disclosure that
such disclosure is applicable to such Section, the Company represents and warrants to the Investor that, as of the date hereof, each Advance
Notice Date and each Advance Date (other than representations and warranties which address matters only as of a certain date, which shall
be true and correct as written as of such certain date), that:

 

Section 4.01 Organization and
Qualification. Each of the Company and its Subsidiaries (as defined below) is an entity duly organized and validly existing
under the laws of their respective jurisdiction of organization, and has the requisite power and authority to own its properties and
to carry on its business as now being conducted. Each of the Company and its Subsidiaries is duly qualified to do business and is in
good standing (to the extent applicable) in every jurisdiction in which the nature of the business conducted by it makes such
qualification necessary, except to the extent that the failure to be so qualified or be in good standing would not have a Material
Adverse Effect. “Subsidiaries” means any Person (as defined below) in which the Company, directly or indirectly,
(x) owns a majority of the outstanding capital stock or holds a majority equity or similar interest of such Person or
(y) controls or operates all or substantially all of the business, operations or administration of such Person, and each of the
foregoing, is individually referred to herein as a “Subsidiary.”

 

Section 4.02 Authorization, Enforcement,
Compliance with Other Instruments. The Company has the requisite corporate power and authority to enter into and perform its obligations
under this Agreement and the other Transaction Documents and to issue the Shares in accordance with the terms hereof and thereof. The
execution and delivery by the Company of this Agreement and the other Transaction Documents, and the consummation by the Company of the
transactions contemplated hereby and thereby (including, without limitation, the issuance of the Common Shares) have been or (with respect
to consummation) will be duly authorized by the Company’s board of directors and no further consent or authorization will be required
by the Company, its board of directors or its shareholders. This Agreement and the other Transaction Documents to which it is a party
have been (or, when executed and delivered, will be) duly executed and delivered by the Company and, assuming the execution and delivery
thereof and acceptance by the Investor, constitute (or, when duly executed and delivered, will be) the legal, valid and binding obligations
of the Company, enforceable against the Company in accordance with their respective terms, except as such enforceability may be limited
by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or other laws relating to,
or affecting generally, the enforcement of applicable creditors’ rights and remedies and except as rights to indemnification and
to contribution may be limited by federal or state securities law.

 

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“Transaction Documents” means,
collectively, this Agreement and each of the other agreements and instruments entered into or delivered by any of the parties hereto in
connection with the transactions contemplated hereby and thereby, as may be amended from time to time.

 

Section 4.03 Authorization of the Shares.
The Shares to be issued under this Agreement have been, or with respect to Shares to be purchased by the Investor pursuant to an Advance
Notice, will be, when issued and delivered pursuant to the terms approved by the board of directors of the Company or a duly authorized
committee thereof, or a duly authorized executive committee, against payment therefor as provided herein, duly and validly authorized
and issued and fully paid and nonassessable, free and clear of any pledge, lien, encumbrance, security interest or other claim, including
any statutory or contractual preemptive rights, resale rights, rights of first refusal or other similar rights. The Shares, when issued,
will conform to the description thereof set forth in or incorporated into the Prospectus.

 

Section 4.04 No Conflict. The execution,
delivery and performance of the Transaction Documents by the Company and the consummation by the Company of the transactions contemplated
hereby and thereby (including, without limitation, the issuance of the Common Shares) will not (i) result in a violation of the articles
of incorporation or other organizational documents of the Company or its Subsidiaries (with respect to consummation, as the same may be
amended prior to the date on which any of the transactions contemplated hereby are consummated), (ii) conflict with, or constitute
a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination,
amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Company or its Subsidiaries is a party,
or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws
and regulations) applicable to the Company or its Subsidiaries or by which any property or asset of the Company or its Subsidiaries is
bound or affected except, in the case of clause (ii) or (iii) above, to the extent such violations that would not reasonably
be expected to have a Material Adverse Effect.

 

Section 4.05 SEC Documents;
Financial Statements. The Company has timely filed (giving effect to permissible extensions in accordance with Rule 12b-25
under the Exchange Act) all reports, schedules, forms, statements and other documents required to be filed by it with the SEC
pursuant to the Exchange Act for the 2 years preceding the date hereof (or such shorter period as the Company was required by law or
regulation to file such material) except for (i) the Form 10-Q for the quarter ended September 30, 2021;
(ii) the Form 10-K for the fiscal year ended December 31, 2021; (iii) the Form 10-Q for the quarter ended
March 31, 2022 and (iv) the Form 10-Q for the quarter ended June 30, 2022; all of the foregoing filed within two
years preceding the date hereof or amended after the date hereof, or filed after the date hereof, and all exhibits included therein
and financial statements and schedules thereto and documents incorporated by reference therein, and all registration statements
filed by the Company under the Securities Act (including any Registration Statements filed hereunder), being hereinafter referred to
as the “SEC Documents”). The Company has made available to the Investor through the SEC’s website at
http://www.sec.gov, true and complete copies of the SEC Documents. As of their respective dates (or, with respect to any filing that
has been amended or superseded, the date of such amendment or superseding filing), the SEC Documents complied in all material
respects with the requirements of the Exchange Act or the Securities Act, as applicable, and the rules and regulations of the
SEC promulgated thereunder applicable to the SEC Documents, and did not contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading.

 

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Section 4.06 Financial
Statements. The consolidated financial statements of the Company included or incorporated by reference in SEC Documents,
together with the related notes and schedules, present fairly, in all material respects, the consolidated financial position of the
Company and the Subsidiaries as of the dates indicated and the consolidated results of operations, cash flows and changes in
stockholders’ equity of the Company for the periods specified and have been prepared in compliance with the requirements of
the Securities Act and Exchange Act and in conformity with generally accepted accounting principles in the United States
(“GAAP”) applied on a consistent basis (except for (i) such adjustments to accounting standards and practices as
are noted therein, (ii) in the case of unaudited interim financial statements, to the extent such financial statements may not
include footnotes required by GAAP or may be condensed or summary statements and (iii) such adjustments which will not be
material, either individually or in the aggregate) during the periods involved; the other financial and statistical data with
respect to the Company and the Subsidiaries (as defined below) contained or incorporated by reference in the SEC Documents are
accurately and fairly presented and prepared on a basis consistent with the financial statements and books and records of the
Company; there are no financial statements (historical or pro forma) that are required to be included or incorporated by reference
in the SEC Documents that are not included or incorporated by reference as required; the Company and the Subsidiaries (as defined
below) do not have any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations), not
described in the SEC Documents (excluding the exhibits thereto); and all disclosures contained or incorporated by reference in the
SEC Documents regarding “non-GAAP financial measures” (as such term is defined by the rules and regulations of the
Commission) comply in all material respects with Regulation G of the Exchange Act and Item 10 of Regulation S-K under the Securities
Act, to the extent applicable. The interactive data in eXtensible Business Reporting Language included or incorporated by reference
in the SEC Documents fairly presents the information called for in all material respects and has been prepared in accordance with
the SEC’s rules and guidelines applicable thereto.

 

Section 4.07 Registration Statement
and Prospectus. Each Registration Statement and the offer and sale of Shares as contemplated hereby, if and when filed, will
meet the requirements of Rule 415 under the Securities Act and shall comply in all material respects with said Rule. Any
statutes, regulations, contracts or other documents that are required to be described in a Registration Statement or a Prospectus,
or to be filed as exhibits to a Registration Statement have been so described or filed. Copies of each Registration Statement, any
Prospectus, and any such amendments or supplements thereto and all documents incorporated by reference therein that were filed with
the Commission on or prior to the date of this Agreement have been delivered, or are available through EDGAR, to the Investor and
its counsel. The Company has not distributed and, prior to the later to occur of each Settlement Date and completion of the
distribution of the Shares, will not distribute any offering material in connection with the offering or sale of the Shares other
than a Registration Statement and the Prospectus and any Issuer Free Writing Prospectus (as defined below) to which the Investor has
consented.

 

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Section 4.08 No Material Misstatement
or Omission. Each Registration Statement, when it became or becomes effective, and any Prospectus, on the date of such Prospectus
or amendment or supplement, conformed and will conform in all material respects with the requirements of the Securities Act. At each Advance
Date, the Registration Statement, and the Prospectus, as of such date, will conform in all material respects with the requirements of
the Securities Act. Each Registration Statement, when it became or becomes effective, did not, and will not, contain an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading.
Each Prospectus did not, or will not, include an untrue statement of a material fact or omit to state a material fact necessary to make
the statements therein, in light of the circumstances under which they were made, not misleading. The documents incorporated by reference
in a Prospectus or any Prospectus Supplement did not, and any further documents filed and incorporated by reference therein will not,
when filed with the Commission, contain an untrue statement of a material fact or omit to state a material fact required to be stated
in such document or necessary to make the statements in such document, in light of the circumstances under which they were made, not misleading.
The foregoing shall not apply to statements in, or omissions from, any such document made in reliance upon, and in conformity with, information
furnished to the Company by the Investor specifically for use in the preparation thereof.

 

Section 4.09 Conformity with Securities
Act and Exchange Act. Each Registration Statement, each Prospectus or any amendment or supplement thereto, and the documents incorporated
by reference in each Registration Statement, Prospectus or any amendment or supplement thereto, when such documents were or are filed
with the SEC under the Securities Act or the Exchange Act or became or become effective under the Securities Act, as the case may be,
conformed or will conform in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable.

 

Section 4.10 Equity Capitalization.
As of the date hereof, the authorized capital of the Company consists of 1,500,000,000 shares of common stock, par value $0.001 per share,
and 50,000,000 shares are undesignated preferred stock. As of the date hereof, the Company had 491,849,892 shares of common stock outstanding
and no (0) shares of preferred stock outstanding.

 

The Common Shares are registered
pursuant to Section 12(b) of the Exchange Act and is currently listed on the Principal Market under the trading symbol “IDEX.”
The Company has taken no action designed to, or reasonably likely to have the effect of, terminating the registration of the Common Shares
under the Exchange Act, delisting the Common Shares from the Principal Market, nor has the Company received any notification that the
Commission or the Principal Market is contemplating terminating such registration or listing. To the Company’s knowledge, it is
in compliance with all applicable listing requirements of the Principal Market other than as publicly disclosed.

 

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Section 4.11 Intellectual Property
Rights. The Company and its Subsidiaries own or possess adequate rights or licenses to use all material trademarks, trade names,
service marks, service mark registrations, service names, patents, patent rights, copyrights, inventions, licenses, approvals,
governmental authorizations, trade secrets and rights, if any, necessary to conduct their respective businesses as now conducted,
except as would not cause a Material Adverse Effect. The Company and its Subsidiaries have not received written notice of any
infringement by the Company or its Subsidiaries of trademark, trade name rights, patents, patent rights, copyrights, inventions,
licenses, service names, service marks, service mark registrations, or trade secrets, except as would not cause a Material Adverse
Effect. To the knowledge of the Company, there is no material claim, action or proceeding being made or brought against, or to the
Company’s knowledge, being threatened against the Company or its Subsidiaries regarding trademark, trade name, patents, patent
rights, invention, copyright, license, service names, service marks, service mark registrations, trade secret or other infringement;
and, except as would not cause a Material Adverse Effect, the Company is not aware of any facts or circumstances which might give
rise to any of the foregoing.

 

Section 4.12 Employee Relations. Neither
the Company nor any of its Subsidiaries is involved in any labor dispute nor, to the knowledge of the Company or any of its Subsidiaries,
is any such dispute threatened, in each case which is reasonably likely to cause a Material Adverse Effect.

 

Section 4.13 Environmental Laws.
The Company and its Subsidiaries (i) have not received written notice alleging any failure to comply in all material respects
with all Environmental Laws (as defined below), (ii) have received all permits, licenses or other approvals required of them
under applicable Environmental Laws to conduct their respective businesses and (iii) have not received written notice alleging
any failure to comply with all terms and conditions of any such permit, license or approval where, in each of the foregoing clauses
(i), (ii) and (iii), the failure to so comply would be reasonably expected to have, individually or in the aggregate, a
Material Adverse Effect. The term “Environmental Laws” means all applicable federal, state and local laws
relating to pollution or protection of human health or the environment (including, without limitation, ambient air, surface water,
groundwater, land surface or subsurface strata), including, without limitation, laws relating to emissions, discharges, releases or
threatened releases of chemicals, pollutants, contaminants, or toxic or hazardous substances or wastes (collectively,
 “Hazardous Materials”) into the environment, or otherwise relating to the manufacture, processing, distribution,
use, treatment, storage, disposal, transport or handling of Hazardous Materials, as well as all authorizations, codes, decrees,
demands or demand letters, injunctions, judgments, licenses, notices or notice letters, orders, permits, plans or regulations
issued, entered, promulgated or approved thereunder.

 

Section 4.14 Title. Except as would
not cause a Material Adverse Effect, the Company (or its Subsidiaries) have indefeasible fee simple or leasehold title to its properties
and material assets owned by it, free and clear of any pledge, lien, security interest, encumbrance, claim or equitable interest other
than such as are not material to the business of the Company. Any real property and facilities held under lease by the Company and its
Subsidiaries are held by them under valid, subsisting and enforceable leases with such exceptions as are not material and do not interfere
with the use made and proposed to be made of such property and buildings by the Company and its Subsidiaries.

 

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Section 4.15 Insurance. The Company
and each of its Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such
amounts as management of the Company believes to be prudent and customary in the businesses in which the Company and its Subsidiaries
are engaged. The Company has no reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage
expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have
a Material Adverse Effect.

 

Section 4.16 Regulatory Permits. Except
as would not cause a Material Adverse Effect, the Company and its Subsidiaries possess all material certificates, authorizations and permits
issued by the appropriate federal, state or foreign regulatory authorities necessary to own their respective businesses, and neither the
Company nor any such Subsidiary has received any written notice of proceedings relating to the revocation or modification of any such
certificate, authorization or permits.

 

Section 4.17 Internal Accounting Controls.
The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are
executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to
permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset accountability,
(iii) access to assets is permitted only in accordance with management’s general or specific authorization and (iv) the
recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect
to any differences, and management is not aware of any material weaknesses that are not disclosed in the SEC Documents as and when required.

 

Section 4.18 Absence of Litigation.
Except as disclosed in the SEC Documents, there is no action, suit, proceeding, inquiry or investigation before or by any court, public
board, government agency, self-regulatory organization or body pending against or affecting the Company, the Common Shares or any of the
Company’s Subsidiaries, wherein an unfavorable decision, ruling or finding would have a Material Adverse Effect.

 

Section 4.19 Tax Status. Except as
would not have a Material Adverse Effect, each of the Company and its Subsidiaries (i) has timely made or filed all foreign, federal
and state income and all other tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has
timely paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such
returns, reports and declarations, except those being contested in good faith and (iii) has set aside on its books provision reasonably
adequate for the payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply. Except
as would not have a Material Adverse Effect, the Company has not received written notification any unpaid taxes in any material amount
claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company and its Subsidiaries know of no basis for
any such claim where failure to pay would cause a Material Adverse Effect.

 

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Section 4.20 Certain
Transactions. Except as disclosed in the SEC Documents or as not required to be disclosed pursuant to Applicable Laws, none of
the officers or directors of the Company is presently a party to any transaction with the Company (other than for services as
employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services
to or by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any officer or
director, or to the knowledge of the Company, any corporation, partnership, trust or other entity in which any officer or director
has a substantial interest or is an officer, director, trustee or partner.

 

Section 4.21 Rights of First Refusal.
The Company is not obligated to offer the Common Shares offered hereunder on a right of first refusal basis to any third parties including,
but not limited to, current or former shareholders of the Company, underwriters, brokers, agents or other third parties.

 

Section 4.22 Dilution. The Company
is aware and acknowledges that issuance of Common Shares hereunder could cause dilution to existing shareholders and could significantly
increase the outstanding number of Common Shares.

 

Section 4.23 Acknowledgment Regarding
Investor’s Purchase of Shares. The Company acknowledges and agrees that the Investor is acting solely in the capacity of an
arm’s length investor with respect to this Agreement and the transactions contemplated hereunder. The Company further acknowledges
that the Investor is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to this Agreement
and the transactions contemplated hereunder and any advice given by the Investor or any of its representatives or agents in connection
with this Agreement and the transactions contemplated hereunder is merely incidental to the Investor’s purchase of the Shares hereunder.
The Company is aware and acknowledges that it shall not be able to request Advances under this Agreement if the Registration Statement
is not effective or if any issuances of Common Shares pursuant to any Advances would violate any rules of the Principal Market. The
Company acknowledged and agrees that it is capable of evaluating and understanding, and understands and accepts, the terms, risks and
conditions of the transactions contemplated by this Agreement.

 

Section 4.24 Finder’s Fees.
Neither the Company nor any of the Subsidiaries has incurred any liability for any finder’s fees, brokerage commissions or similar
payments in connection with the transactions herein contemplated.

 

Section 4.25 Relationship of the Parties.
Neither the Company, nor any of its subsidiaries, affiliates, nor any person acting on its or their behalf is a client or customer of
the Investor or any of its affiliates and neither the Investor nor any of its affiliates has provided, or will provide, any services
to the Company or any of its affiliates, its subsidiaries, or any person acting on its or their behalf. The Investor’s relationship
to Company is solely as investor as provided for in the Transaction Documents.

 

Section 4.26 Forward-Looking Statements.
No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained
in the Registration Statement or a Prospectus will be made or reaffirmed without a reasonable basis or will be disclosed other than in
good faith.

 

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Section 4.27 Compliance with
Laws. The Company and each of its Subsidiaries are in compliance with Applicable Laws; the Company has not received a notice of
non-compliance, nor knows of, nor has reasonable grounds to know of, any facts that any director, officer, or employee of the
Company or any Subsidiary nor, to the Company’s knowledge, any agent, affiliate or other person acting on behalf of the
Company or any Subsidiary, has not complied with Applicable Laws, or could give rise to a notice of non-compliance with Applicable
Laws, and is not aware of any pending change or contemplated change to any applicable law or regulation or governmental position; in
each case that would have a Material Adverse Effect on the business of the Company or the business or legal environment under which
the Company operates.

 

Section 4.28 Sanctions Matters.
Neither the Company nor any of its Subsidiaries (collectively, the “Entity”), nor any director, officer of the
Company nor, to the knowledge of the Company, any employee, agent, affiliate or representative of the Company or any director or
officer of any Subsidiary, is a Person that is, or is owned or controlled by a Person that is (i) the subject of any sanctions
administered or enforced by the U.S. Department of Treasury’s Office of Foreign Asset Control (“OFAC”), the
United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authorities,
including, without limitation, designation on OFAC’s Specially Designated Nationals and Blocked Persons List or OFAC’s
Foreign Sanctions Evaders List or other relevant sanctions authority (collectively, “Sanctions”), nor
(ii) located, organized or resident in a country or territory that is the subject of Sanctions that broadly prohibit dealings
with that country or territory (including, without limitation, the Crimea region of the Ukraine, Cuba, Iran, North Korea, Sudan
and Syria (the “Sanctioned Countries”)). The Entity will not, directly or, to its knowledge, indirectly, use the
proceeds from the sale of Shares, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture
partner or other Person (a) to fund or facilitate any activities or business of or with any Person or in any country or
territory that, at the time of such funding or facilitation, is the subject of Sanctions or is a Sanctioned Country, or (b) in
any other manner that will result in a violation of Sanctions or Applicable Laws by any Person (including any Person participating
in the transactions contemplated by this agreement, whether as underwriter, advisor, investor or otherwise). For the past five
years, the Entity has not engaged in, and is now not engaged in, any dealings or transactions with any Person, or in any country or
territory, that at the time of the dealing or transaction is or was the subject of Sanctions or was a Sanctioned Country.

 

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Article V. Indemnification

 

The Investor and the Company represent to the other the following
with respect to itself:

 

Section 5.01 Indemnification by the
Company. In consideration of the Investor’s execution and delivery of this Agreement and acquiring the Shares hereunder,
and in addition to all of the Company’s other obligations under this Agreement, the Company shall defend, protect, indemnify
and hold harmless the Investor and its investment manager, Yorkville Advisors Global, LP, and each of their respective officers,
directors, managers, members, partners, employees and agents (including, without limitation, those retained in connection with the
transactions contemplated by this Agreement) and each person who controls the Investor within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act (collectively, the “Investor Indemnitees”) from and against
any and all actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages, and reasonable and
documented expenses in connection therewith (irrespective of whether any such Investor Indemnitee is a party to the action for which
indemnification hereunder is sought), and including reasonable attorneys’ fees and disbursements (the “Indemnified
Liabilities”), incurred by the Investor Indemnitees or any of them as a result of, or arising out of, or relating to
(a) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement for the
registration of the Shares as originally filed or in any amendment thereof, or in any related prospectus, or in any amendment
thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not misleading; provided, however, that the
Company will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based
upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in
conformity with written information furnished to the Company by or on behalf of the Investor expressly for use in connection with
the preparation of the Registration Statement; (b) any material misrepresentation or breach of any material representation or
material warranty made by the Company in this Agreement or any other certificate, instrument or document contemplated hereby or
thereby; or (c) any material breach of any material covenant, material agreement or material obligation of the Company
contained in this Agreement or any other certificate, instrument or document contemplated hereby or thereby. To the extent that the
foregoing undertaking by the Company may be unenforceable under Applicable Law, the Company shall make the maximum contribution to
the payment and satisfaction of each of the Indemnified Liabilities, which is permissible under Applicable Law.

 

Section 5.02 Indemnification by the
Investor. In consideration of the Company’s execution and delivery of this Agreement, and in addition to all of the
Investor’s other obligations under this Agreement, the Investor shall defend, protect, indemnify and hold harmless the Company
and all of its officers, directors, shareholders, employees and agents (including, without limitation, those retained in connection
with the transactions contemplated by this Agreement) and each person who controls the Investor within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the “Company
Indemnitees”) from and against any and all Indemnified Liabilities incurred by the Company Indemnitees or any of them as a
result of, or arising out of, or relating to (a) any untrue statement or alleged untrue statement of a material fact contained
in the Registration Statement for the registration of the Shares as originally filed or in any amendment thereof, or in any related
prospectus, or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however,
that the Investor will only be liable for written information relating to the Investor furnished to the Company by or on behalf of
the Investor specifically for inclusion in the documents referred to in the foregoing indemnity, and will not be liable in any such
case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or
alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information
furnished to the Investor by or on behalf of the Company specifically for inclusion therein; (b) any misrepresentation or
breach of any representation or warranty made by the Investor in this Agreement or any instrument or document contemplated hereby or
thereby executed by the Investor; or (c) any breach of any covenant, agreement or obligation of the Investor contained in this
Agreement or any other certificate, instrument or document contemplated hereby or thereby executed by the Investor. To the extent
that the foregoing undertaking by the Investor may be unenforceable under Applicable Laws, the Investor shall make the maximum
contribution to the payment and satisfaction of each of the Indemnified Liabilities, which is permissible under Applicable Laws.

 

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Section 5.03 Notice of Claim. Promptly
after receipt by an Investor Indemnitee or Company Indemnitee of notice of the commencement of any action or proceeding (including any
governmental action or proceeding) involving an Indemnified Liability, such Investor Indemnitee or Company Indemnitee, as applicable,
shall, if a claim for an Indemnified Liability in respect thereof is to be made against any indemnifying party under this Article V,
deliver to the indemnifying party a written notice of the commencement thereof; but the failure to so notify the indemnifying party will
not relieve it of liability under this Article V except to the extent the indemnifying party is prejudiced by such failure. 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 reasonably satisfactory to the indemnifying party
and the Investor Indemnitee or Company Indemnitee, as the case may be; provided, however, that an Investor Indemnitee or Company Indemnitee
shall have the right to retain its own counsel with the actual and reasonable third party fees and expenses of not more than one counsel
for such Investor Indemnitee or Company Indemnitee 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 Investor Indemnitee or Company Indemnitee and the indemnifying party
would be inappropriate due to actual or potential differing interests between such Investor Indemnitee or Company Indemnitee and any other
party represented by such counsel in such proceeding. The Investor Indemnitee or Company Indemnitee 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 Investor Indemnitee or Company Indemnitee which relates to such action or claim. The
indemnifying party shall keep the Investor Indemnitee or Company Indemnitee reasonably apprised 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 Investor Indemnitee or Company Indemnitee, 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 Investor Indemnitee or Company Indemnitee 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 Investor Indemnitee or Company Indemnitee with respect to all third parties, firms or corporations relating to the matter for which
indemnification has been made. The indemnification required by this Article V shall be made by periodic payments of the amount thereof
during the course of the investigation or defense, as and when bills are received and payment therefor is due.

 

Section 5.04 Remedies. The
remedies provided for in this Article V are not exclusive and shall not limit any right or remedy which may be available to any
indemnified person at law or equity. The obligations of the parties to indemnify or make contribution under this Article V
shall survive expiration or termination of this Agreement for a period of three years.

 

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Section 5.05 Limitation of liability.
Notwithstanding the foregoing, no party shall be entitled to recover from the other party for punitive, indirect, incidental or consequential
damages.

 

Article VI.

Additional Covenants

 

The Company covenants with the Investor, and the
Investor covenants with the Company, as follows, which covenants of one party are for the benefit of the other party, during the Commitment
Period (and with respect to the Company, for the period following the termination of this Agreement specified in Article X pursuant
to and in accordance with Article X:

 

Section 6.01 Registration Statement.

 

		(a)	Filing of a Registration Statement. The Company shall prepare and file with the SEC a Registration
Statement, or multiple Registration Statements for the resale by the Investor of the Registrable Securities. The Company in its sole discretion
may choose when to file such Registration Statements; provided, however, that the Company shall not have the ability to request any Advances
until the effectiveness of a Registration Statement.

 

		(b)	Maintaining a Registration Statement. The Company shall use commercially reasonable efforts to
maintain the effectiveness of any Registration Statement that has been declared effective at all times during the Commitment Period, provided,
however, that the Company shall be under no further obligation to maintain the effectiveness of the Registration Statement to the extent
permitted pursuant to Section 2.04. Notwithstanding anything to the contrary contained in this Agreement, the Company shall ensure
that, when filed, each Registration Statement (including, without limitation, all amendments and supplements thereto) and the prospectus
(including, without limitation, all amendments and supplements thereto) used in connection with such Registration Statement shall not
contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the
statements therein (in the case of prospectuses, in the light of the circumstances in which they were made) not misleading.

 

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		(c)	Filing Procedures. The Company shall (A) permit counsel to the Investor an opportunity to
review and comment upon (i) each Registration Statement at least three (3) calendar days prior to its filing with the SEC and
(ii) all amendments and supplements to each Registration Statement (including, without limitation, the Prospectus contained therein)
(except for Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any similar or
successor reports or Prospectus Supplements the contents of which is limited to that set forth in such reports) within a reasonable number
of days prior to their filing with the SEC, and (B) shall reasonably consider any comments of the Investor and its counsel on any
such Registration Statement or amendment or supplement thereto or to any Prospectus contained therein. The Company shall promptly furnish
to the Investor, without charge, to the extent permitted by Applicable Laws, (i) electronic copies of any correspondence
from the SEC or the Staff to the Company or its representatives relating to each Registration Statement (which correspondence shall be
redacted to exclude any material, non-public information regarding the Company, unless otherwise requested by the Investor), (ii) after
the same is prepared and filed with the SEC, one (1) electronic copy of each Registration Statement and any amendment(s) and
supplement(s) thereto, including, without limitation, financial statements and schedules, all documents incorporated therein by reference,
if requested by the Investor, and all exhibits and (iii) upon the effectiveness of each Registration Statement, one (1) electronic
copy of the Prospectus included in such Registration Statement and all amendments and supplements thereto; provided, however, the Company
shall not be required to furnish any document to the extent such document is available on EDGAR).

 

		(d)	Amendments and Other Filings. The Company shall (i) prepare and file with the SEC such amendments
(including post-effective amendments) and supplements to a Registration Statement and the related prospectus used in connection with such
Registration Statement, which prospectus is to be filed pursuant to Rule 424 promulgated under the Securities Act, as may be necessary
to keep such Registration Statement effective at all times during the Commitment Period, and prepare and file with the SEC such additional
Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities; (ii) cause the
related prospectus to be amended or supplemented by any required prospectus supplement (subject to the terms of this Agreement), and as
so supplemented or amended to be filed pursuant to Rule 424 promulgated under the Securities Act; (iii) provide the Investor
copies of all correspondence from and to the SEC relating to a Registration Statement (provided that the Company may excise any information
contained therein which would constitute material non-public information unless otherwise requested by the Investor), and (iv) comply
with the provisions of the Securities Act with respect to the disposition of all Common Shares of the Company covered by such Registration
Statement until such time as all of such Common Shares shall have been disposed of in accordance with the intended methods of disposition
by the seller or sellers thereof as set forth in such Registration Statement. In the case of amendments and supplements to a Registration
Statement which are required to be filed pursuant to this Agreement (including pursuant to this Section 6.01(d) by reason of
the Company’s filing a report on Form 10-K, Form 10-Q, or Form 8-K or any analogous report under the Exchange Act,
provided that such report is not automatically incorporated by reference into the applicable Registration Statement), the Company shall
file such report in a prospectus supplement filed pursuant to Rule 424 promulgated under the Securities Act to incorporate such filing
into the Registration Statement, if applicable, or shall file such amendments or supplements with the SEC either on the day on which the
Exchange Act report is filed which created the requirement for the Company to amend or supplement the Registration Statement, if feasible,
or otherwise promptly thereafter.

 

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		(e)	Blue-Sky. The Company shall use its commercially reasonable efforts to, if required by Applicable
Laws, (i) register and qualify the Common Shares covered by a Registration Statement under such other securities
or “blue sky” laws of such jurisdictions in the United States as the Investor reasonably requests,
(ii) prepare and file in those jurisdictions, such amendments (including post-effective
amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof during
the Commitment Period, (iii) take such other actions as may be necessary to maintain such registrations and qualifications in effect
at all times during the Commitment Period, and (iv) take all other actions reasonably necessary or advisable to qualify the Common
Shares for sale in such jurisdictions; provided, however, that the Company shall not be required in connection therewith or as a condition
thereto to (w) make any change to its Articles of Incorporation or Bylaws or any other organizational documents of the Company or
any of its Subsidiaries, (x) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for
this, (y) subject itself to general taxation in any such jurisdiction, or (z) file a general consent to service of process in
any such jurisdiction. The Company shall promptly notify the Investor of the receipt by the Company of any notification with respect to
the suspension of the registration or qualification of any of the Common Shares for sale under the securities or “blue sky”
laws of any jurisdiction in the United States or its receipt of actual
notice of the initiation or threat of any proceeding for such purpose.

 

Section 6.02 Suspension of Registration Statement.

 

		(a)	Establishment of a Black Out Period. During the Commitment Period, the Company from time to time
may suspend the use of the Registration Statement by written notice to the Investor in the event that the Company determines in its sole
discretion in good faith that such suspension is necessary to (A) delay the disclosure of material nonpublic information concerning
the Company, the disclosure of which at the time is not, in the good faith opinion of the Company, in the best interests of the Company
or (B) amend or supplement the Registration Statement or Prospectus so that such Registration Statement or Prospectus shall not include
an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading (a “Black Out Period”).

 

		(b)	No Sales by Investor During the Black Out Period. During such Black Out Period, the Investor agrees
not to sell any Common Shares of the Company.

 

		(c)	Limitations on the Black Out Period. The Company shall not impose any Black Out Period that is
longer than 45 days or in a manner that is more restrictive (including, without limitation, as to duration) than the comparable restrictions
that the Company may impose on transfers of the Company’s equity securities by its directors and senior executive officers. In addition,
the Company shall not deliver any Advance Notice during any Black Out Period. If the public announcement of such material, nonpublic information
is made during a Black Out Period, the Black Out Period shall terminate immediately after such announcement, and the Company shall immediately
notify the Investor of the termination of the Black Out Period.

 

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Section 6.03 Listing of Common Shares. As of each
Advance Date, the Shares to be sold by the Company from time to time hereunder will have been registered under
Section 12(b) of the Exchange Act and approved for listing on the Principal Market, subject to official notice of
issuance.

 

Section 6.04 Opinion of Counsel. Prior
to the date of the delivery by the Company of the first Advance Notice, the Investor shall have received an opinion letter from counsel
to the Company in form and substance reasonably satisfactory to the Investor.

 

Section 6.05 Exchange Act Registration.
The Company will use commercially reasonable efforts to file in a timely manner all reports and other documents required of it as a reporting
company under the Exchange Act and will not take any action or file any document (whether or not permitted by Exchange Act or the rules thereunder)
to terminate or suspend its reporting and filing obligations under the Exchange Act.

 

Section 6.06 Transfer Agent Instructions.
For any time while there is a Registration Statement in effect for this transaction, the Company shall (if required by the transfer agent
for the Common Shares) cause legal counsel for the Company to deliver to the transfer agent for the Common Shares (with a copy to the
Investor) instructions to issue Common Shares to the Investor free of restrictive legends upon each Advance if the delivery of such instructions
are consistent with Applicable Law.

 

Section 6.07 Corporate Existence.
The Company will use commercially reasonable efforts to preserve and continue the corporate existence of the Company during the Commitment
Period.

 

Section 6.08 Notice of Certain
Events Affecting Registration; Suspension of Right to Make an Advance. The Company will promptly notify the Investor, and
confirm in writing, upon its becoming aware of the occurrence of any of the following events in respect of a Registration Statement
or related Prospectus (in each of which cases the information provided to Investor will be kept strictly confidential):
(i) except for requests made in connection with SEC investigations disclosed in the SEC Documents, receipt of any request for
additional information by the SEC or any other Federal or state governmental authority during the period of effectiveness of the
Registration Statement or any request for amendments or supplements to the Registration Statement or related Prospectus;
(ii) the issuance by the SEC or any other Federal governmental authority of any stop order suspending the effectiveness of the
Registration Statement or the initiation of any proceedings for that purpose; (iii) receipt of any notification with respect to
the suspension of the qualification or exemption from qualification of any of the Common Shares for sale in any jurisdiction or the
initiation or written threat of any proceeding for such purpose; (iv) the happening of any event that makes any statement made
in the Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by reference
untrue in any material respect or that requires the making of any changes in the Registration Statement, related Prospectus or
documents so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that in the
case of the related Prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading, or of the necessity to amend the Registration Statement or supplement a related Prospectus to comply with the
Securities Act or any other law; (v) the Company’s reasonable determination that a post-effective amendment to the
Registration Statement would be appropriate and the Company will promptly make available to the Investor any such supplement or
amendment to the related Prospectus; (vi) the Common Shares shall cease to be authorized for listing on the Principal Market;
or (vii) the Company fails to file in a timely manner all reports and other documents required of it as a reporting company
under the Exchange Act. The Company shall not deliver to the Investor any Advance Notice, and the Company shall not sell any Shares
pursuant to any pending Advance Notice (other than as required pursuant to Section 2.02(d)), during the continuation of any of
the foregoing events (each of the events described in the immediately preceding clauses (i) through (vii), inclusive, a
 “Material Outside Event”).

 

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Section 6.09 Consolidation. If an
Advance Notice has been delivered to the Investor, then the Company shall not effect any consolidation of the Company with or into, or
a transfer of all or substantially all the assets of the Company to another entity before the transaction contemplated in such Advance
Notice has been closed in accordance with Section 2.02 hereof, and all Shares in connection with such Advance have been received
by the Investor.

 

Section 6.10 Issuance of the Company’s
Common Shares. The issuance and sale of the Common Shares hereunder shall be made in accordance with the provisions and requirements
of Section 4(a)(2) of the Securities Act and any applicable state securities law.

 

Section 6.11 Market Activities. The
Company will not, directly or indirectly, take any action designed to cause or result in, or that constitutes or might reasonably be expected
to constitute, the stabilization or manipulation of the price of any security of the Company under Regulation M of the Exchange Act.

 

Section 6.12 Expenses. The
Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, will pay all
expenses incident to the performance of its obligations hereunder, including but not limited to (i) the preparation, printing
and filing of the Registration Statement and each amendment and supplement thereto, of each prospectus and of each amendment and
supplement thereto; (ii) the preparation, issuance and delivery of any Shares issued pursuant to this Agreement, (iii) all
fees and disbursements of the Company’s counsel, accountants and other advisors (but not, for the avoidance doubt, the fees
and disbursements of Investor’s counsel, accountants and other advisors), (iv) the qualification of the Shares under
securities laws in accordance with the provisions of this Agreement, including filing fees in connection therewith, (v) the
printing and delivery of copies of any prospectus and any amendments or supplements thereto, (vi) the fees and expenses
incurred in connection with the listing or qualification of the Shares for trading on the Principal Market, or (vii) filing
fees of the SEC and the Principal Market.

 

Section 6.13 Current Report. The
Company shall, not later than 9:00 a.m., New York City time, on the fourth business day after the date of this Agreement, file with
the SEC a Current Report on Form 8-K disclosing the execution of this Agreement by the Company and the Investor (including any
exhibits thereto, the “Current Report”). The Company shall provide the Investor and its legal counsel a
reasonable opportunity to comment on a draft of the Current Report prior to filing the Current Report with the SEC and shall give
due consideration to all such comments. From and after the filing of the Current Report with the SEC, the Company shall have
publicly disclosed all material, nonpublic information delivered to the Investor (or the Investor’s representatives or agents)
by the Company or any of its Subsidiaries, or any of their respective officers, directors, employees, agents or representatives (if
any) in connection with the transactions contemplated by the Transaction Documents. The Company understands and confirms that the
Investor will rely on the foregoing representations in effecting resales of Shares under the Registration Statement.

 

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Section 6.14 Advance Notice Limitation.
The Company shall not deliver an Advance Notice if a shareholder meeting or corporate action date, or the record date for any shareholder
meeting or any corporate action, would fall during the period beginning two Trading Days prior to the date of delivery of such Advance
Notice and ending two Trading Days following the Closing of such Advance.

 

Section 6.15 Use of Proceeds. The
proceeds from the sale of the Shares by the Company to Investor shall be used by the Company in the manner as will be set forth in the
Prospectus included in any Registration Statement (and any post-effective amendment thereto) and any Prospectus Supplement thereto filed
pursuant to this Agreement.

 

Section 6.16 Compliance with Laws.
The Company shall comply in all material respects with all Applicable Laws.

 

Section 6.17 Market Activities. Neither
the Company, nor any Subsidiary, nor any of their respective officers, directors or controlling persons will, directly or indirectly,
(i) take any action designed to cause or result in, or that constitutes or might reasonably be expected to constitute or result,
in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of Common Shares or
(ii) sell, bid for, or purchase Common Shares in violation of Regulation M, or pay anyone any compensation for soliciting purchases
of the Shares.

 

Section 6.18 Selling
Restrictions. (i) Except as expressly set forth below, the Investor covenants that from and after the date hereof through
and including the Trading Day next following the expiration or termination of this Agreement as provided in Section 10.01 (the
 “Restricted Period”), none of the Investor any of its officers, or any entity managed or controlled by the
Investor (collectively, the “Restricted Persons” and each of the foregoing is referred to herein as a
 “Restricted Person”) shall, directly or indirectly, (i) engage in any “short sale” (as such term
is defined in Rule 200 of Regulation SHO of the Exchange Act) of the Common Shares or (ii) engage in any hedging
transaction, which establishes a net short position with respect to the Common Shares, with respect to each of clauses (i) and
(ii) hereof, either for its own principal account or for the principal account of any other Restricted Person. Notwithstanding
the foregoing, it is expressly understood and agreed that nothing contained herein shall (without implication that the contrary
would otherwise be true) prohibit any Restricted Person during the Restricted Period from: (1) selling “long” (as
defined under Rule 200 promulgated under Regulation SHO) the Shares; or (2) selling a number of Common Shares equal to the
number of Shares that such Restricted Person is unconditionally obligated to purchase under a pending Advance Notice but has not yet
received from the Company or the Transfer Agent pursuant to this Agreement.

 

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Section 6.19 Assignment. Neither this
Agreement nor any rights or obligations of the parties hereto may be assigned to any other Person.

 

Section 6.20 Material Non-Public Information.
The Company covenants and agrees that, other than as expressly required by Section 6.08 hereof, or, with the Investor’s consent
pursuant to

 

Section 6.13, it shall refrain from disclosing,
and shall cause its officers, directors, employees and agents to refrain from disclosing, any material non-public information (as determined
under the Securities Act, the Exchange Act, or the rules and regulations of the SEC) to the Investor without also disseminating such
information to the public within a reasonable time period thereafter, unless prior to disclosure of such information the Company identifies
such information as being material non-public information and provides the Investor with the opportunity to accept or refuse to accept
such material non-public information for review. Unless specifically agreed to in writing, in no event shall the Investor have a duty
of confidentiality or be deemed to have agreed to maintain information in confidence, with respect to the delivery of any Advance Notices.

 

Article VII.

Conditions for Delivery of Advance Notice

 

Section 7.01 Conditions Precedent to
the Right of the Company to Deliver an Advance Notice. The right of the Company to deliver an Advance Notice and the obligations
of the Investor hereunder with respect to an Advance is subject to the satisfaction by the Company, on each Advance Notice Date (a
 “Condition Satisfaction Date”), of each of the following conditions:

 

		(a)	Accuracy of the Company’s Representations and Warranties. The representations and warranties
of the Company in this Agreement shall be true and correct in all material respects.

 

		(b)	Registration of the Common Shares with the SEC. There is an effective Registration Statement pursuant
to which the Investor is permitted to utilize the prospectus thereunder to resell all of the Common Shares issuable pursuant to such Advance
Notice. The Company shall have filed with the SEC in a timely manner all reports, notices and other documents required under the Exchange
Act and applicable SEC regulations during the twelve-month period immediately preceding the applicable Condition Satisfaction Date.

 

		(c)	Authority. The Company shall have obtained all permits and qualifications required by any applicable
state for the offer and sale of all the Common Shares issuable pursuant to such Advance Notice, or shall have the availability of exemptions
therefrom. The sale and issuance of such Common Shares shall be legally permitted by all laws and regulations to which the Company is
subject.

 

		(d)	No Material Outside Event. No Material Outside Event shall have occurred and be continuing.

 

		(e)	Performance by the Company. The Company shall have performed, satisfied and complied in all material
respects with all covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by
the Company at or prior the applicable Condition Satisfaction Date.

 

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		(f)	No Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall
have been enacted, entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction that prohibits or
directly, materially and adversely affects any of the transactions contemplated by this Agreement.

 

		(g)	No Suspension of Trading in or Delisting of Common Shares. The Common Shares are quoted for trading
on the Principal Market and all of the Shares issuable pursuant to such Advance Notice will be listed or quoted for trading on the Principal
Market. The issuance of Common Shares with respect to the applicable Advance Notice will not violate the shareholder approval requirements
of the Principal Market. The Company shall not have received any written notice that is then still pending threatening the continued quotation
of the Common Shares on the Principal Market.

 

		(h)	Authorized. There shall be a sufficient number of authorized but unissued and otherwise unreserved
Common Shares for the issuance of all of the Shares issuable pursuant to such Advance Notice.

 

		(i)	Executed Advance Notice. The representations contained in the applicable Advance Notice shall be
true and correct in all material respects as of the applicable Condition Satisfaction Date.

 

		(j)	Consecutive Advance Notices. Except with respect to the first Advance Notice, the Company shall
have delivered all Shares relating to all prior Advances.

 

Section 7.02 Conditions

 

Article VIII.

Non-Exclusive Agreement

 

Notwithstanding anything contained
herein, this Agreement and the rights awarded to the Investor hereunder are non-exclusive, and, subject to the provisions in Section 7.15,
the Company may, at any time throughout the term of this Agreement and thereafter, issue and allot, or undertake to issue and allot, any
shares and/or securities and/or convertible notes, bonds, debentures, options to acquire shares or other securities and/or other facilities
which may be converted into or replaced by Common Shares or other securities of the Company, and to extend, renew and/or recycle any bonds
and/or debentures, and/or grant any rights with respect to its existing and/or future share capital.

 

Article IX.

Choice of Law/Jurisdiction

 

This Agreement shall be
governed by and interpreted in accordance with the laws of the State of New York without regard to the principles of conflict of
laws. The parties further agree that any action between them shall be heard in New York County, New York, and expressly consent to
the jurisdiction and venue of the Supreme Court of New York, sitting in New York County, New York and the United States District
Court of the Southern District of New York, sitting in New York, New York, for the adjudication of any civil action asserted
pursuant to this Agreement.

 

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Article X. Termination

 

Section 10.01 Termination.

 

		(a)	Unless
earlier terminated as provided hereunder, this Agreement shall terminate automatically on the earliest of (i) the first day of the
month next following the 36-month anniversary of the date hereof or (ii) the date on which the Investor shall have made payment
of Advances pursuant to this Agreement for Common Shares equal to the Commitment Amount.

 

		(b)	The Company may terminate this Agreement effective upon five
Trading Days’ prior written notice to the Investor; provided that (i) there are no outstanding Advance Notices, the Common
Shares under which have yet to be issued, and (ii) the Company has paid all amounts owed to the Investor pursuant to this Agreement.
This Agreement may be terminated at any time by the mutual written consent of the parties, effective as of the date of such mutual written
consent unless otherwise provided in such written consent.

 

		(c)	Nothing in this Section 10.01 shall be deemed to release
the Company or the Investor from any liability for any breach under this Agreement, or to impair the rights of the Company and the Investor
to compel specific performance by the other party of its obligations under this Agreement. The indemnification provisions contained in
Article V shall survive termination hereunder.

 

Article XI. Notices

 

Other than with respect to
Advance Notices, which must be in writing and will be deemed delivered on the day set forth in Section 2.01(b), any notices, consents,
waivers, or other communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed
to have been delivered (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile or e-mail if sent
on a Trading Day, or, if not sent on a Trading Day, on the immediately following Trading Day; (iii) 5 days after being sent by U.S.
certified mail, return receipt requested, (iv) 1 day after deposit with a nationally recognized overnight delivery service, in each
case properly addressed to the party to receive the same. The addresses and facsimile numbers for such communications (except for Advance
Notices which shall be delivered in accordance with Exhibit A hereof) shall be:

 

	If to the Company, to:	Ideanomics, Inc.
	 	1441 Broadway, Suite #5116
	 	New York, NY 10018
	 	Attention: General Counsel
	 	Email: pwhittendoolin@ideanomics.com

 

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	With a copy to (which shall not constitute notice or delivery of process) to:	 	Venable LLP
	 	1270 Avenue of the Americas
	 	New York, New York
	 	 	Attention: William N. Haddad, Esq. Telephone: (212) 307-5500
	 	 	Email: wnhaddad@venable.com
	 	 	 
	If to the Investor(s):	 	YA II PN, Ltd.
	 	 	1012 Springfield Avenue
	 	 	Mountainside, 	NJ 07092
	 	 	Attention:	Mark Angelo
	 	 	 	Portfolio Manager
	 	 	Telephone:	(201) 985-8300
	 	 	Email: mangelo@yorkvilleadvisors.com
	 	 	 
	With a Copy (which shall not constitute notice or delivery of process) to:	 	David Fine, Esq.
	 	1012 Springfield Avenue
	 	Mountainside, 	NJ 07092
	 	 	Telephone:	(201) 985-8300
	 	 	Email:	legal@yorkvilleadvisors.com

 

Either may change its information contained in
this Article XII by delivering notice to the other party as set forth herein.

 

Article XII. Miscellaneous

 

Section 12.01 Counterparts. This Agreement
may be executed in identical counterparts, both which shall be considered one and the same agreement and shall become effective when counterparts
have been signed by each party and delivered to the other party. Facsimile or other electronically scanned and delivered signatures, including
by e-mail attachment, shall be deemed originals for all purposes of this Agreement.

 

Section 12.02 Entire Agreement; Amendments.
This Agreement supersedes all other prior oral or written agreements between the Investor, the Company, their respective affiliates and
persons acting on their behalf with respect to the matters discussed herein, and this Agreement contains the entire understanding of the
parties with respect to the matters covered herein and, except as specifically set forth herein, neither the Company nor the Investor
makes any representation, warranty, covenant or undertaking with respect to such matters. No provision of this Agreement may be waived
or amended other than by an instrument in writing signed by the parties to this Agreement.

 

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Section 12.03 Reporting Entity for the
Common Shares. The reporting entity relied upon for the determination of the trading price or trading volume of the Common Shares
on any given Trading Day for the purposes of this Agreement shall be Bloomberg, L.P. or any successor thereto. The written mutual consent
of the Investor and the Company shall be required to employ any other reporting entity.

 

Section 12.04 Commitment and Structuring
Fee. Each of the parties shall pay its own fees and expenses (including the fees of any attorneys, accountants, appraisers or others
engaged by such party) in connection with this Agreement and the transactions contemplated hereby, except that the Company has paid YA
Global II SPV, LLC, a subsidiary of the Investor, a structuring fee in the amount of $10,000, and, on the date hereof, the Company will
issue to the Investor an aggregate of six hundred thousand Common Shares (the “Commitment Shares”) as a commitment
fee.

 

Section 12.05 Brokerage. Each of the
parties hereto represents that it has had no dealings in connection with this transaction with any finder or broker who will demand payment
of any fee or commission from the other party. The Company on the one hand, and the Investor, on the other hand, agree to indemnify the
other against and hold the other harmless from any and all liabilities to any person claiming brokerage commissions or finder’s
fees on account of services purported to have been rendered on behalf of the indemnifying party in connection with this Agreement or the
transactions contemplated hereby.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    - 32 -

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Standby Equity Purchase Agreement to be executed by the undersigned, thereunto duly authorized, as
of the date first set forth above.

 

	 	COMPANY:
	 	Ideanomics
    Inc.
	 	 	 
	 	 	 
	 	By:	/s/ Alf Poor
	 	Name:	Alf Poor
	 	Title:	Chief Executive Officer
	 	 	 
	 	 	 
	 	INVESTOR:
	 	YA II PN, Ltd.
	 	 	 
	 	By:	Yorkville Advisors Global, LP
	 	Its:	Investment Manager
	 	 	 
	 	 	By:	Yorkville Advisors Global II, LLC
	 	 	Its:	General Partner
	 	 	 
	 	 	By:	/s/ Matthew Beckman
	 	 	Name:	Matthew Beckman
	 	 	Title:	Member

 

    - 33 -

     

    

 

EXHIBIT A

ADVANCE NOTICE IDEANOMICS, INC.

 

	Dated: ______________	Advance Notice Number: ____

 

The undersigned,
_______________________, hereby certifies, with respect to the sale of Common Shares of IDEANOMICS, INC. (the
 “Company”) issuable in connection with this Advance Notice, delivered pursuant to that certain Standby Equity
Distribution Agreement, dated as of September [ • ], 2022 (the “Agreement”), as follows:

 

		1.	The undersigned is the duly elected ______________ of the Company.

 

2.              There
are no fundamental changes to the information set forth in the Registration Statement which would require the Company to file a post-effective
amendment to the Registration Statement.

 

3.              The
Company has performed in all material respects all covenants and agreements to be performed by the Company and has complied in all material
respects with all obligations and conditions contained in this Agreement on or prior to the Advance Notice Date, and shall continue to
perform in all material respects all covenants and agreements to be performed by the Company through the applicable Advance Date. All
conditions to the delivery of this Advance Notice are satisfied as of the date hereof. The Company is not subject to black-out periods
and the Company is not, and cannot be deemed to be, in possession of material non-public information. The Company acknowledges and agrees
that any information given by the Company to the Investor is non-material or has been disclosed publicly. Notwithstanding the foregoing,
any information given by the Company to the Investor is not subject to an expectation or duty of confidentiality (it being understood
that the Company would not be submitting any Advance Notice to the Investor if this paragraph were inaccurate in any respect).

 

		4.	The number of Advance Shares the Company is requesting is [ ].

 

		5.	The Preliminary Purchase Price is _____________.

 

		6.	The Preliminary Proceeds are ________________.

 

7.             The Minimum Acceptable Price with respect to this Advance Notice is _________ (if left blank then no Minimum Acceptable Price will
be applicable to this Advance).

 

		8.	The number of Common Shares of the
Company outstanding as of the date hereof is ___________.

 

The undersigned has executed this Advance Notice as of the
date first set forth above.

 

	 	IDEANOMICS, INC.
	 	 
	 	By:	                                       

 

Please deliver this Advance Notice by email to:

Email: Trading@yorkvilleadvisors.com

Attention: Trading Department and Compliance Officer

Confirmation Telephone Number: (201) 985-8300.

 

     

     

    

 

EXHIBIT B

FORM OF SETTLEMENT DOCUMENT

 

VIA EMAIL

 

IDEANOMICS, INC.

Attn:

Email:

 

	 	Below
  please find the settlement information with respect to the Advance Notice Date of:	 
	1.	Number of Advance Shares requested in the Advance Notice	 
	2.	Minimum Acceptable Price for this Advance (if any)	 
	3.	Number of Excluded Days (if any)	 
	4.	Adjusted Advance Amount (after taking into account any adjustments pursuant to Section 2.01):	 
	5.	Market Price	 
	6.	Purchase Price (Market Price x 95%) per share	 
	7.	Number of Shares due to Investor	 

 

If there were any Excluded Days then add the following (see Section 2.01(d)):

 

	8.	Number of Additional Shares to be issued to Investor	 
	9.	Additional
  amount to be paid to the Company by the Investor (Additional Shares in number 8 x Minimum Acceptable Price)	 
	10.	Total Amount to be paid to Company (Purchase Price in number 6 + Additional amount in number 9):	 
	11.	Total Shares to be issued to Investor (Shares due to Investor in number 7 + Additional Shares in number 8):	 

 

Please issue the number of Shares due to the Investor to the account
of the Investor as follows:

 

INVESTOR’S DTC PARTICIPANT #:

 

ACCOUNT NAME:

ACCOUNT NUMBER:

ADDRESS:

CITY:

COUNTRY:

CONTACT PERSON:

NUMBER AND/OR EMAIL:

 

     

     

    

 

Please issue the Amount to be paid to the Company to the account
of the Company as follows:

 

WIRE INSTRUCTIONS:

BANK NAME:

ABA:

SWIFT:

FEDWIRE NUMBER:

FOR CREDIT TO:

ACCOUNT #:

 

	 	Sincerely,
	 	 
	 	 	 
	 	By:	                          
	 	 	 
	 	Name:
	 	 
	 	Title:
	 	 
	 	YA II PN, LTD.

 

 

	Agreed and approved By IDEANOMICS, INC.:	 
	 	 
	 	 	 
	By:	                          	 
	Name:	 	 
	Title:

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