Document:

Exhibit 10.12

 

SATIXFY COMMUNICATIONS LTD.

2020 SHARE AWARD PLAN (AS AMENDED AND RESTATED)

 

	1.	Purposes of the Plan.

 

	 	The purpose of this 2020 Share Award Plan (as Amended and Restated), including any subsequent
                                                    amendments and restatements thereto, as may be made from time to time (the “Plan”), is to advance the interests
                                                    of SatixFy Communications Ltd. (the “Company”) and its shareholders by attracting and retaining the best
                                                    available personnel for positions of substantial responsibility, providing additional incentive to employees, officers, directors,
                                                    advisors and consultants and promoting a close identity of interests between those individuals and the Company and/or its
                                                    Affiliates.

 

	2.	Definitions.

 

	 	As used herein, the following definitions shall apply:

 

		2.1.	“Administrator” means the Board or any of its Committees as shall be administrating
the Plan, in accordance with Section ‎3 hereof.

 

		2.2.	“Affiliate” means any entity controlling, controlled by or under common control with
the Company. For the purpose of this definition of Affiliate, control shall mean the ability, to direct the activities of the relevant
entity and/or shall include the holding of more than 50% of the capital or the voting of such entity and any “employing company”
within the meaning of Section 102(a) of the Ordinance.

 

		2.3.	“Applicable Law” means including but not limited to the requirements under Israeli
tax laws, Israeli social security laws, Israel security laws, Israel companies laws, any stock exchange or quotation system
on which the shares are listed or quoted and the applicable law of any country or jurisdiction where Awards are granted under the Plan.

 

		2.4.	“Award” means a grant of Option and/or Share under the Plan or any Sub Plan, including,
restricted shares and/or restricted share units and/or stock appreciation rights and/or performance units, performance shares and other
stock or cash awards as the Administrator may determine.

 

		2.5.	“Award Agreement” means the written or electronic agreement setting forth the terms
and provisions applicable to each Award granted under the Plan. The Award Agreement is subject to the terms and conditions of the Plan.

 

		2.6.	“Board” means the Board of Directors of the Company.

 

		2.7.	“Committee” means a compensation committee, if any, of the Board, designated from time
to time by the resolution of the Board, which shall consist of members of the Board.

 

		2.8.	“Consultant” means any person or entity who is engaged by the Company or any Affiliate
to render consulting or advisory services to such entity.

 

		2.9.	“Controlling Shareholder” for purposes of Section 102 shall have the meaning ascribed
to it in Section 32(9) of the Ordinance.

 

		2.10.	“Director” means a member of the Board.

 

		2.11.	“Employee” means any person who is employed by the Company or its Affiliates, including
an individual who is serving as a director or “Nosei Misra”, as such term is defined in the Israeli Companies Law,
5759-1999 (the “Companies Law”), but excluding Controlling Shareholder as defined in section 32(9) of the Ordinance.

 

		2.12.	“Fair Market Value” means, as of any date, the value of a Share determined as follows:
(i) if the Shares are listed on any established stock exchange or a national market system, including without limitation the Nasdaq
National Market or The Nasdaq SmallCap Market of The Nasdaq Stock Market, their Fair Market Value shall be the closing sales price for
such Shares (or the closing bid, if no sales were reported) as quoted on such exchange or system for the last market trading day prior
to the time of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable or
(ii) If the Shares are regularly quoted by a recognized securities dealer but selling prices are not reported, their Fair Market
Value shall be the mean between the high bid and low asked prices for the Shares on the last market trading day prior to the day of determination,
or; (iii) in the absence of an established market for the Shares, the Fair Market Value thereof shall be determined in good faith
by the Administrator; Without derogating from the above and solely for the purpose of determining the tax liability pursuant to Section 102(b)(3),
if at the date of grant the Company’s Shares are listed on any established stock exchange or a national market system or if the
Company’s Shares will be registered for trading within ninety (90) days following the date of grant under Section 102 Capital
Gain Track, the fair market value of the Share at the date of grant shall be determined in accordance with the average value of the Company’s
Shares on the thirty (30) trading days preceding the date of grant or on the thirty (30) trading days following the date of registration
for trading, as the case may be.

 

     

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		2.13.	“ITA” means the Israeli Tax Authority

 

		2.14.	“Option” means an option to purchase Share pursuant to the Plan or any Sub Plan.

 

		2.15.	“Ordinance” means the Israeli Income Tax Ordinance [New Version], 5721-1961 and any
regulation, rules, orders or other procedures promulgated thereunder as now in effect or as hereafter amended.

 

		2.16.	“Participant” means the holder of an Award granted under the Plan or any Sub Plan.

 

		2.17.	“Section 102” means Section 102 of the Ordinance.

 

		2.18.	“Section 3(i)” means Section 3(i) of the Ordinance.

 

		2.19.	“Section 102 Capital Gain Track” means grant of Award with a Trustee under the
capital gain track as defined in Section 102(b)(2) of the Ordinance.

 

		2.20.	“Section 102 Employment Income Track” means grant of Award with a Trustee under
the employment income track as defined in Section 102(b)(1) of the Ordinance.

 

		2.21.	“Section 102 Non-Trustee Track” means grant of Award without a trustee as defined
in Section 102(c) of the Ordinance.

 

		2.22.	“Share” means ordinary share par value NIS 0.0001 of the Company.

 

		2.23.	“Sub Plan” means any sub plan adopted by the Board.

 

	3.	Administration of the Plan.

 

		3.1.	Procedure.

 

		3.1.1.	The Plan shall be administered by the Board or a Committee appointed by the Board.

 

		3.1.2.	In administering the Plan, the Board and/or the Committee (subject to the provisions under the Companies
Law) shall comply with all Applicable Laws.

 

		3.2.	Powers of the Administrator. Subject to the provisions of the Plan, Applicable Law
and the approval of any relevant authorities, the Administrator shall have the authority, in its discretion:

 

		3.2.1.	to grant Award under the Plan;

 

		3.2.2.	to construe and interpret the terms of the Plan and any Award granted pursuant to the Plan;

 

		3.2.3.	to determine the number of Shares to be covered by each such Award granted hereunder;

 

		3.2.4.	to determine the exercise price of the Shares covered by each Option;

 

		3.2.5.	to determine the Participant to whom, and the time or times at which Award shall be granted;

 

		3.2.6.	to prescribe forms of agreement for use under the Plan;

 

		3.2.7.	to determine the terms and conditions of any Award granted hereunder;

 

     

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		3.2.8.	to determine the Fair Market Value of the Shares;

 

		3.2.9.	to prescribe, amend and rescind rules and regulations relating to the Plan;

 

		3.2.10.	subject to Applicable Law, to make an Election (as defined below);

 

		3.2.11.	to appoint a Trustee (as defined below);

 

		3.2.12.	to amend the Plan and/or the terms and conditions under which Award has been granted under the Plan;

 

		3.2.13.	to accelerate the vesting periods of Award Agreement;

 

		3.2.14.	to take all other actions and make all other determinations necessary for the administration of the Plan.

 

		3.3.	Effect of Administrator’s Decision. All decisions, determinations and interpretations
of the Administrator shall be final and binding on all Participants. No member of the Administrator shall be liable for any action or
determination with respect to the Plan or any Award granted thereunder.

 

		3.4.	Grants to Administrator Members. A member of the Administrator shall be eligible to receive Award
under the Plan while serving on the Administrator, in accordance with the provisions of any Applicable Law.

 

		3.5.	Certain Award Grants. All grants of Award to Participants pursuant to this Plan shall be authorized
and implemented in accordance with the provisions of the Companies Law and the Ordinance.

 

		4.	Eligibility.

 

		4.1.	Subject to the provisions of the Plan, the Administrator may at any time, and from time to time, grant
Award to Participants under the Plan.

 

		4.2.	Award granted under this Plan to Employees shall be granted pursuant to the provisions of Section 102
Capital Gain Track, Section 102 Employment Income Track and/or Section 102 Non-Trustee Track (together: “Section 102
Tracks”). All Section 102 Tracks shall be subject to the provisions of Section 102 and the Ordinance and any pre-ruling
related thereto including the Income Tax Rules (Tax Benefits in Share Issuance to Employees), 5763-2003 (the “Rules”).
The Board shall make an election with respect to either Section 102 Capital Gain Track or Section 102 Employment Income Track
in accordance with the provisions of Section 102(g) of the Ordinance (the: “Election”).

 

		4.3.	For avoidance of doubt, the grant of Award under Section 102 Capital Gain Track and Section 102
Employment Income Track, is subject to approval and filing the Company’s Election with the ITA at least thirty (30) days prior to
the date of first grant of Awards, all in accordance with Section 102 and the regulations promulgated thereunder.

 

		4.4.	Award under Section 102 Capital Gain Track and Section 102 Employment Income Track shall be
held in trust pursuant to Section ‎5 of the Plan.

 

		4.5.	Award granted under this Plan to Consultant and/or to Controlling Shareholders shall be granted pursuant
to the provisions of Section 3(i). Administrator may determine, in its sole discretion, that any such Awards shall be held in trust
pursuant to the provisions of the Plan.

 

		4.6.	Award pursuant to Section 102 of the Ordinance shall be granted only to Employees of the Company
who are not Controlling Shareholders of the Company.

 

		4.7.	For the avoidance of any doubt, the designation of Section 102 Capital Gain Track, Section 102
Employment Income Track and Section 102 Non-Trustee Track shall be subject to the terms and conditions of Section 102.

 

		4.8.	The receipt of an Award under the Plan shall not confer upon any Participant any right with respect to
continuing the Participant’s relationship with the Company or an Affiliate as an Employee, Consultant or service provider nor shall
it interfere in any way with his or her right or the Company’s right, or the right of the Company’s Affiliate, to terminate
such relationship at any time, with or without Cause (as defined below), as defined herein.

 

     

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		4.9.	Section 102 Non-Trustee Track. With respect to the grant of Section 102 Non Trustee Track,
the Participant will be obligated to provide the Company with any form of collateral or guarantee, which shall satisfy the demands of
the Committee in its sole discretion, in order to secure payment by the Participant of any applicable income tax and/or social charges
due in the event that the Participant is no longer employed by the Company when the Shares are sold and the related taxes become due and
payable. The Award pursuant to Section 102 Non-Trustee Track to Participant shall be granted in accordance with the provisions of
Section 102(c) of the Ordinance.

 

	5.	Appointment of a Trustee.

 

		5.1.	In case of Election of either Section 102 Capital Gain Track or Section 102 Employment Income
Track, the Board shall elect and appoint a Trustee (the “Trustee”). Upon such an appointment, a trust agreement, which
complies with the relevant and Applicable Law, will be signed between the Trustee and the Company.

 

		5.2.	In case of Election of either Section 102 Capital Gain Track or Section 102 Employment Income
Track, all Awards granted (and Shares issued upon exercising of Options) shall be held by the Trustee and registered in the Trustee’s
name for the benefit of Employee. Awards or any Shares allocated or issued upon exercise of Options and/or other shares and/or rights
received subsequently following any realization of rights, including without limitation bonus shares and dividends, shall be registered
and held by the Trustee for the benefit of the Employee at least until the end of the restricted period as defined in Section 102
(the “Restricted Period”).

 

		5.3.	In the event the requirements under Section 102 Capital Gain Track or Section 102 Employment
Income Track are not met, then such Award shall be treated in accordance with the provisions of Section 102 and will result in adverse
tax consequences pursuant to Section 102.

 

		5.4.	Notwithstanding anything to the contrary, the Trustee shall not release any Award (Shares and/or Options
or Shares allocated or issued upon exercise of Options including any dividends and/or bonus shares), granted under Section 102 Capital
Gain Track and Section 102 Employment Income Track prior to the full payment of the Participant’s tax liabilities arising from
such Awards.

 

		5.5.	As long as the applicable tax has not been paid, neither the Option nor the Shares subject to the Award,
as the case may be, may be sold, transferred, assigned, pledged or attorney for mortgaged (other than through a transfer by will or by
operation of law), nor may be subject of an attachment, power of attorney or transfer deed (other than a power of the purpose of participation
in shareholders meetings or voting such Shares) unless Section 102 and/or the regulations, rules, orders or procedures promulgated
thereunder allow otherwise.

 

		5.6.	With respect to any Award granted under Section 102 Capital Gain Track and Section 102 Employment
Income Track, subject to the provisions of Section 102 and any rules or regulation or orders or procedures promulgated thereunder,
a Participant shall not be entitled to sell and/or release from trust any Shares or Options and/or Share received upon the exercise of
an Option and/or any other asset received, including without limitation any dividends and/or bonus shares, until the lapse of the Restricted
Period and/or in accordance with tax ruling obtained.

 

		5.7.	The Trustee shall be exempt from any liability in respect of any action or decision duly taken in its
capacity as a Trustee, provided, however, that the Trustee acted at all times in good faith.

 

	6.	Shares Subject to the Plan.

 

		6.1.	Subject to the provisions of Section ‎12 below, the maximum aggregate number of Shares shall
be determined by the Board from time to time. Shares distributed pursuant to the Plan may consist of authorized but unissued Shares. Until
termination of the Plan, the Company shall at all times reserve a sufficient number of Shares to meet the requirements of the Plan.

 

     

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		6.2.	If an Award expires or becomes non-exercisable without having been exercised in full, the non-purchased
Shares which were subject thereto shall become available for grant or sale under the Plan.

 

	7.	Exercise Price and Method of Payment.

 

		7.1.	The exercise price of an Award shall be determined by the Administrator on the date of grant in accordance
with Applicable Law and subject to guidelines as shall be suggested by the Board from time to time.

 

		7.2.	The consideration for the exercise of Option shall be payable in a form satisfactory to the Administrator,
including without limitation, by cash or check. The Administrator shall have the authority to postpone the date of payment on such terms
as it may determine. In addition, the Administrator in his full discretion and subject to Applicable Law and/or tax ruling issued by the
ITA may adopt a cashless and/or net exercise method in accordance with the ITA ruling (if required) or the ITA’s guidelines.

 

		7.3.	The proceeds received by the Company from the issuance of Shares subject to the Options will be added
to the general funds of the Company and used for its corporate purposes.

 

	8.	Exercise of Option

 

		8.1.	Any Option granted hereunder shall be exercisable according to the terms of the Plan and at such times
and under such conditions as determined by the Administrator and set forth in the Award Agreement. An Option may not be exercised for
a fraction of a Share.

 

		8.2.	An Option shall be deemed exercised when the Company receives: (i) a written or electronic notice
of exercise (in accordance with the Award Agreement) from the person entitled to exercise the Option, and (ii) full payment of the
exercise price for such Shares with respect to which the Option is exercised. Full payment may consist of any consideration and method
of payment authorized by the Administrator and permitted by Applicable Law, the Award Agreement and the Plan. Shares issued upon exercise
of an Option shall be issued in the name of the Participant, provided that Shares issued upon exercise of any Option which was granted
under Section 102 Capital Gain Track or under Section 102 Employment Income Track shall be held, issued and registered in the
name of the Trustee for the benefit of the Participant until the end of the Restricted Period.

 

		8.3.	If any law or regulation requires the Company to take any action with respect to the Shares specified
in such notice of exercise before the issuance thereof, then the date of their issuance shall be extended for the period necessary to
take such action.

 

		8.4.	Subject to Applicable Law, an Option may not be exercised unless, at the time the Participant gives notice
of exercise to the Company, the Participant includes with such notice also payment in cash or by bank check (or payment through sale of
shares) of all withholding taxes due, if any, on account of his or her acquired Shares under the Option or gives other assurance satisfactory
to the Administrator of the payment of those withholding taxes.

 

		8.5.	Exercise of an Option in any manner shall result in a decrease in the number of Shares thereafter available,
both for purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised.

 

	9.	Term of Award.

 

	 	The term of Award shall expire on such date or dates as the Administrator shall determine at the
                                                                                time of the grant; provided, however, that the term of an Award shall not exceed ten (10) years from the
                                                                                date of grant thereof and subject to Section ‎11 below.

 

	10.	Non-Transferability of Award.

 

	 	Award and the rights and privileges thereof shall not be sold, pledged, assigned, hypothecated,
                                                       transferred, mortgaged, seizure or given as collateral or disposed of in any manner other than by will or by the laws of descent or
                                                       distribution and may be exercised during the lifetime of the Participant, only by the Participant and subject to the provisions of
                                                       Section 102 and/or any Applicable Law, and shall not be subject to sale under execution, attachment, levy or similar
                                                       process.

 

     

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	11.	Termination.

 

		11.1.	In the event of termination of Participant’s employment with the Company or any of its Affiliates,
or if applicable, the termination of services given to the Company or any of its Affiliates by the Participant, (i) all Options granted
to Participant, which are vested and exercisable at the time of such termination, may, unless earlier terminated in accordance with the
Award Agreement, be exercised within three (3) months after the date of such termination (or such different period as the Administrator
shall prescribe) but in no event later than the expiration of the term of such Option or Shares as set forth in the Award Agreement. On
the date of termination, all unvested Options and/or all unvested Shares shall expire and the Shares covered by the unvested portion of
the Option or Shares shall revert to the Plan. If vested Option upon termination is not so exercised within the time specified above,
the Option shall expire, and the Shares covered by such Option shall revert to the Plan (ii) with respect to Awards other than Options,
all Awards granted to Participant, which are unvested and/or the restrictions have not lapsed, at the time of such termination, shall
terminate, expire and revert to the Plan.

 

		11.2.	In the event of termination of Participant’s employment with the Company or any of its Affiliates,
or if applicable, the termination of services given to the Company or any of its Affiliates by the Participant, by reason of death or
total and permanent disability, (i) all Options granted to Participant, which are vested and exercisable at the time of such termination
may be exercised by the Participant, the Participant’s legal guardian, the Participant’s estate or a person who acquires the
right to exercise the Option upon bequest or inheritance, as the case may be, within twelve (12) months after termination to the extent
the Option is vested on the date of termination (but in no event later than the expiration of the term of such Option and/or Shares as
set forth in the Award Agreement). If, on the date of termination, a portion of the shares covered by the Participant’s Option is
not vested in full, the unvested Shares shall revert to the Plan. If vested Shares covered by the Option is not so exercised within the
period specified above, the Option and/or Shares shall expire, and the Shares covered by such Option shall revert to the Plan (ii) with
respect to Awards other than Options, all Awards granted to Participant, which are unvested and/or the restrictions have not lapsed at
the time of such termination, shall terminate, expire and revert to the Plan.

 

		11.3.	Notwithstanding Sections 11.1 and ‎11.2 above, in the event of termination of Participant’s
employment with the Company or any of its Affiliates, or if applicable, the termination of services given to the Company or any of its
Affiliates by the Participant for Cause, all outstanding Awards granted to such Participant (whether vested or not) shall, to the extent
not exercised, terminate on the date of such termination, unless otherwise determined by the Administrator, and the Shares covered by
such Award shall revert to the Plan.

 

		11.4.	For purposes of this Section, termination for “Cause” shall mean any of the following:
(i) Participant has committed a dishonorable criminal offense; (ii) Participant is in breach of Participant’s duties of
trust or loyalty to Company and/or Affiliate; (iii) Participant deliberately causes harm to Company’s and/or Affiliate’s
business affairs, and/or any action by the Participant which has a detrimental effect on the Company and/or its Affiliate’s reputation
or business; (iv) Participant breaches the confidentiality and/or non-competition and/or non-solicitation and/or assignment of inventions
provisions of any agreement between the Company and/or Affiliate and the Participant and/or the provisions relating to confidentiality
of the terms and conditions of any agreement signed between the Company and/or Affiliate and the Participant; (v) the Participant’s
failure or inability to perform any reasonable assigned duties after written notice from the Company and/or its Affiliate of, and a reasonable
opportunity to cure, such failure or inability; and/or (vi) circumstances that do not entitle Participant to severance payments under
any applicable law and/or under any judicial decision of a competent tribunal.

 

		11.5.	In the event that the Participant does not comply in full with any of non-compete, non solicitation, confidentiality
or any other requirements of any agreement between the Company and/or Affiliate and the Participant (whether before or after termination
of Participants employment or engagement, as applicable, by the Company and/or its Affiliate), the Administrator may, in its sole discretion,
refuse to allow the exercise of the Options and all outstanding Options, shall be terminated, and the Shares covered by such Option shall
revert to the Plan.

 

     

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	12.	Adjustments upon Changes in Capitalization.

 

	 	In the event of a shares split, reverse shares split, shares dividend, recapitalization, combination
                                                                               or reclassification of the Shares, rights issuance or any other increase or decrease in the number of issued Shares effected without
                                                                               receipt of consideration by the Company (but not the conversion of any convertible securities of the Company), the Administrator in
                                                                               its sole discretion may make an appropriate adjustment in the number of Shares related to each outstanding Award, the number of
                                                                               Shares reserved for issuance under the Plan, as well as the exercise price per Share of each outstanding Option, provided, however,
                                                                               that any fractional shares resulting from such adjustment shall be rounded down to the nearest whole share unless otherwise
                                                                               determined by the Administrator. Except as expressly provided herein, no issuance by the Company of shares of any class, or
                                                                               securities convertible into shares of any class, shall affect an Award granted to a Participant, and no adjustment by reason thereof
                                                                               shall be made with respect to the number or price of Shares subject to an Award.

 

		12.1.	Distribution of Bonus Shares. Notwithstanding anything to the contrary, in the event that the Company
distributes bonus shares, the exercise price of Options granted under this Plan that are outstanding as of the record date of such distribution
(hereinafter in this Section 12.1, the “Record Date”) shall not be adjusted; however, the number of Shares covered
by each Outstanding Option and the number of Shares which have been authorized for issuance under the Plan but as to which no Options
or other Award have yet been granted or which have been returned to the Plan upon cancellation or expiration of an Option or other Award,
shall be proportionately adjusted to the increase in the number of issued Shares, such that the number of Shares underlying the relevant
Outstanding Option shall increase by the proportionate number of bonus shares (of the same class which was distributed to the other shareholders
in the applicable distribution of bonus shares) to which the Option holder would have otherwise been entitled had the exercise of the
Outstanding Option taken place immediately prior to the distribution of the bonus shares. Bonus shares distributed pursuant to this Section 7.1
shall be subject to and in accordance with the terms of any applicable ruling issued by the ITA with respect to Section 102 Capital
Gain Track grants, to the extent required, all prior Awards as well as future Awards (whether under Section 102 or otherwise) must
be adjusted by the same mechanism and the bonus shares shall be subject to any legend or restriction applicable to the holders of bonus
shares for which this adjustment was applied.
	 	 	 
	 	 	For purposes of this Section 12.1,
the term “Outstanding Options” shall mean Options granted prior to the Record Date, which have not been exercised into
Shares prior to or on the Record Date.

 

		12.2.	Rights Issue. Notwithstanding anything to the contrary, in the case of a rights issue made by the
Company to its securities holders, the number of Shares covered Options granted under this Appendix as of the record date of such distribution
(hereinafter in this Section ‎‎12.2, the “Record Date”) shall be proportionately and equitably adjusted
so as to maintain through such an event the proportionate equity portion represented by the rights issue, such that the number of Shares
underlying the relevant Outstanding Option shall be proportionately adjusted to the benefit component underlying the rights issuance as
represented by the difference between the closing price of the Company's shares on the stock exchange on the last trading day prior to
the “ex-rights” day and the base price of the Company's shares on the stock exchange following the “ex-rights”
day. This adjustment shall be subject to and in accordance with the terms of any applicable ruling issued by the ITA with respect to 102
Capital Gains Track Grants, to the extent required, and all prior Awards as well as future Awards (whether under Section 102 or otherwise)
must be adjusted by the same mechanism.
	 	 	 
	 	 	For purposes of this Section ‎12.2,
the term “Outstanding Options” shall mean Options granted prior to the Record Date, which have not been exercised into
Shares prior to or on the Record Date.

 

     

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		12.3.	Dividends. Notwithstanding anything to the contrary, in the event of a distribution of cash dividend
or in kind dividend to the Company’s shareholders (including by way of court approved distribution pursuant to an applicable statute),
the exercise price of Options granted under this Appendix that are outstanding as of the record date of such distribution of a dividend
in cash or in kind (hereinafter in this Section ‎12.3, the “Record Date”), shall be adjusted, such that the
exercise price of the Outstanding Options shall be decreased by the gross dividend amount per Share (or its monetary value in the event
of a dividend in kind). This adjustment shall be subject to and in accordance with the terms of any applicable ruling issued by the ITA
with respect to 102 Capital Gains Track Grants, to the extent required, and all prior Awards as well as future Awards (whether under Section 102
or otherwise) must be adjusted by the same mechanism. In no event will the exercise price of the Options outstanding as of the Record
Date be adjusted to a price lower than the minimum exercise price set forth in applicable law. Except as expressly provided herein, no
distribution of a dividend in cash or in kind shall affect, and no adjustment thereof shall be made, with respect to the number of Shares
subject to an Option.
	 	 	 
	 	 	For purposes of this Section 12.3,
the term “Outstanding Options” shall mean Options granted prior to the Record Date, which have not been exercised into
Shares prior to or on the Record Date.

 

	13.	Dissolution or Liquidation.
	 	 
	 	In the event of dissolution or liquidation
of the Company, the Administrator shall notify each Participant as soon as practicable prior to the effective date of such transaction.
The Administrator in its discretion will determine the period of time of which Option (which is vested and exercisable) may be exercised,
which in no event is less than fifteen (15) days prior to such transaction. To the extent the Option has not been previously exercised,
the Option will expire immediately prior to the consummation of such proposed action.

 

	14.	Merger/Sale.

 

		14.1.	In the event of a single transaction and/or a series of transactions in connection with any of the following
events: (i) the sale, transfer or other disposition of all or substantially all of the assets of the Company for cash, securities
or any other asset, (ii) a sale (including an exchange) of all or substantially all of the shares of the Company (iii) a merger,
acquisition, consolidation, amalgamation or like transaction of the Company with or into another corporation whereas the Company is not
the surviving Company (iv) a scheme of arrangement for the purpose of effecting such sale, merger, acquisition, consolidation or
amalgamation, or (v) such other transaction that is determined by the Board to be a transaction having a similar effect (all such
transactions being herein referred to as a “Merger/Sale”), then, without the Participant’s consent or action:

 

		(i)	Any surviving corporation or acquiring corporation or any parent or affiliate thereof, all as determined
by the Board in its discretion, may assume or continue any Awards outstanding under the Plan in all or in part or shall substitute to
similar awards in all or in part.

 

		(ii)	In the event that the Awards are not assumed or substituted (in all or in part), then the Board may (but
shall not be obligated to), in lieu of such assumption or substitution of the Award and in its sole discretion: (a) provide the Participant
with the right to exercise the vested Award and/or cancel all of the unvested Awards and/or (b) provide for the cancellation of each
outstanding Award at the closing of such Merger/Sale, and payment (by cash and/or securities) to the Participant for any vested Award,
as determined by the Board, all subject to such terms and conditions as determined by the Board.

 

		(iii)	The Board shall have the right (but not the obligation) to accelerate of the vesting of an Award, as to
all or part of the Shares covered by the Award which would not otherwise be exercisable or vested, and all under such terms and conditions
as the Board shall determine on a case-by-case basis.

 

     

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		14.2.	Notwithstanding the above, in the event of a Merger/Sale in which all or substantially all of the Shares
of the Company are to be sold and/or exchanged for securities of another company, each Participant shall be obliged to sell or exchange,
as the case may be, any Shares issued to the Participant under the Plan, in accordance with the instructions issued by the Board, whose
determination shall be final.

 

		14.3.	Notwithstanding the foregoing, in the event of a Merger/Sale, the Board may determine, in its sole discretion,
that upon or prior to completion of such Merger/Sale, the terms of the Plan shall be amended and/or modified and/or the terms of any Award
be otherwise amended, modified or terminated, as the Board shall deem to be appropriate, including but not limited to, that the Award
shall confer the right to purchase or receive any other security or asset, or any combination thereof, or that its terms be otherwise
amended, modified or terminated, as the Board shall deem to be appropriate.

 

		14.4.	Neither the authorities and powers of the Board under this section nor the exercise or implementation
thereof, shall (i) be restricted or limited in any way by any adverse consequences (tax or otherwise) that may result to any holder
of an Award, and (ii) be deemed to constitute a change or an amendment of the rights of such holder under this Plan, nor shall any
such adverse consequences (as well as any adverse tax consequences that may result from any tax ruling or other approval or determination
of any relevant tax authority) be deemed to constitute a change or an amendment of the rights of such holder under this Plan.

 

		14.5.	For avoidance of doubt, it is hereby clarified that any tax consequences arising from the above described,
shall be borne solely by the Participant.

 

		14.6.	Notwithstanding the above said, the Board may, in its sole discretion, decide other terms regarding the
treatment of the outstanding Awards, in case of Merger/Sale.

 

	15.	Articles of Association; Shareholders Agreement; Lock-Up.

 

		15.1.	Participant acknowledges the terms and provisions of the Article of Association of the Company, as
shall be amended from time to time.

 

		15.2.	Participant acknowledges and accepts the terms and provisions of any shareholders agreements as applicable
to other shareholders holding Shares of the Company, and hereby agrees to be bound by their terms as if he or she was an original party
thereof.

 

		15.3.	Participant acknowledges that Participant’s rights to sell the Shares may be subject to certain
limitations (including a lock-up period), as will be requested by the Company or its underwriters, and the Participant unconditionally
agrees and accepts any such limitation.

 

	16.	Date of Grant.

 

	 	Subject to Applicable Law, the date of grant of an Award shall, for all purposes, be the date on which the Administrator makes the determination granting such Participant.

 

	17.	Rights as a Shareholder; Voting and Dividends.

 

		17.1.	Prior to exercise of an Option and with respect to restricted shares during the period of restrictions,
a Participant shall have none of the rights of a shareholder of the Company. Upon exercise of an Option, a Participant shall have no shareholder
rights until the Shares are issued, as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer
agent of the Company.

 

		17.2.	Upon issuance of Shares as a result of exercise of Options, the Shares shall carry equal voting rights
on all matters where such vote is permitted by Applicable Law. The Company shall issue (or cause to be issued) such Shares promptly after
the Option is exercised. No adjustment will be made for a dividend or other shareholder right for which the record date precedes the date
of issuance of the Shares, unless otherwise determined by the Board.

 

	18.	Tax Consequences.

 

		18.1.	Any tax consequences arising from the grant of any Award and/or vesting of Award and/or exercise of any
Option and/or from sale of Shares and/or any disposition of Shares or Award and/or from any other event or act (whether of the Participant
or of the Company or its Affiliates or of the Trustee) hereunder, shall be borne solely by the Participant.

 

     

    10

    

 

		18.2.	The Company and/or the Trustee shall have the right to withhold taxes according to the requirements under
Applicable Laws, rules, and regulations, including withholding taxes at source and under Section 102 or Section 3(i).

 

		18.3.	Furthermore, a Participant shall indemnify the Company and/or Affiliate and/or the Company’s shareholders
and/or directors and/or officers, and hold them harmless against and from any and all liability for any such tax or interest or penalty
thereon, including without limitation, liabilities relating to the necessity to withhold tax.

 

		18.4.	Except as otherwise required by law, the Company shall not be obligated to honor the exercise of any Option
by or on behalf of an Participant until all tax consequences (if any) arising from the exercise of such Options and/or sale of Shares
and/or Award are resolved in a manner reasonably acceptable to the Company.

 

		18.5.	With respect to Awards granted under Section 102 Capital Gain Track and Section 102 Employment
Income Track, the Trustee and/or the Company will withhold any tax due to the ITA according to applicable trust agreement, the Plan and
any Applicable Law.

 

		18.6.	Without derogating the above, the Participant’s Award shall be subject to any tax ruling and/or
other arrangements between the Company and tax authorities.

 

	19.	No Rights to Employment.

 

		Nothing in the Plan or in any Award granted or agreement entered into force pursuant hereto shall
                                                                                    confer upon any Participant the right to continue an employment relationship, or to continue in a consultant, director, officer or
                                                                                    service provider relationship with the Company or Affiliate or to be entitled to any remuneration or benefits not set forth in the
                                                                                    Plan or such agreement or to interfere with or limit in any way the right of the Company or Affiliate to terminate such
                                                                                    Participant’s relationship.

 

	20.	Term, Termination and Amendment of the Plan.

 

		20.1.	The Plan shall become effective upon its adoption by the Board and shall continue in effect for a term
of ten (10) years from the date of adoption unless sooner terminated.

 

		20.2.	The Board may at any time amend, alter, suspend or terminate the Plan or the term and conditions of Award
granted under the Plan.

 

		20.3.	Termination of the Plan shall not affect the Administrator’s ability to exercise the powers granted
to it hereunder with respect to Awards granted under the Plan prior to the date of such termination.

 

	21.	Conditions Upon Issuance of Shares.

 

		21.1.	Legal Compliance. Shares shall not be issued pursuant to the exercise of an Option unless the exercise
of such Option, the method of payment and the issuance and delivery of such Shares shall comply with Applicable Law and shall be further
subject to the approval of counsel for the Company with respect to such compliance.

 

		21.2.	Investment Representations. As a condition to the exercise of an Option, or the grant of an Award,
the Administrator may require the Participant to represent and warrant at the time of such exercise that the Shares are being purchased
only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company,
such a representation is required.

 

		21.3.	Other Compliance. At the time of issuance, the Participant is not in default under any agreement
between the Company and any of its Affiliates and Participant.

 

	22.	Inability to Obtain Authority.

 

	 	The inability of the Company to obtain authority from any regulatory body having jurisdiction, which
                                                                                authority is deemed by the Company’s counsel to be necessary to the lawful issuance of any Shares hereunder, shall release the
                                                                                Company from any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall not
                                                                                have been obtained.

 

     

    11

    

 

	23.	Reservation of Shares.

 

	 	The Company, during the term of this Plan, shall at all time reserve and keep available such number
                                                                                of Shares as shall be sufficient to satisfy the requirements of the Plan.

 

	24.	Multiple Agreements.

 

	 	The terms of each Award may differ from other Awards granted under the Plan at the same time. The
                                                                                Administrator may also grant more than one Award to a given Participant during the term of the Plan in addition to one or more
                                                                                Awards previously granted to that Participant.

 

	25.	Governing Law.

 

	 	This Plan shall be governed by and construed and enforced in accordance with the laws of the State
                                                                                 of Israel, without giving effect to the principles of conflict of laws. The competent courts of Tel-Aviv, Israel shall have
                                                                                 sole jurisdiction in any matters pertaining to the Plan.

 

******

 

     

    12

    

 

 

 

SATIXFY
COMMUNICATIONS LTD.

 

U.S.
ADDENDUM (AS AMENDED AND RESTATED)

 

TO
THE 2020 SHARE AWARD PLAN (AS AMENDED AND RESTATED)

 

ADOPTED
BY ITS BOARD OF DIRECTORS

 

ON
_____ ___, ____

 

ADOPTED
BY ITS SHAREHOLDERS

 

ON
_____ ___, ____

 

 

 

     

    13

    

 

SATIXFY COMMUNICATIONS LTD.

 

U.S.
ADDENDUM (AS AMENDED AND RESTATED)

 

TO THE 2020 SHARE AWARD PLAN (AS AMENDED
AND RESTATED)

 

(a)   This
Addendum (as Amended and Restated), including any subsequent amendments and restatements thereto, as may be made from time to time (this
 “US Addendum”), is part of the “2020 Share Award Plan” (as Amended and Restated) including any subsequent
amendments and restatements thereto, as may be made from time to time (the “Plan”), adopted by SatixFy Communications
Ltd. (the “Company”), and is effective as of _____ ___, ____ (the “Effective Date”).

 

(b)   This
US Addendum governs grants of Options (as such term is defined below) by the Company to Participants who are United States citizens or
who are resident aliens of the United States of America for United States federal income tax purposes.

 

(c)   This
US Addendum applies with respect to an award of an Option granted under the Plan. The purpose of this US Addendum is to establish certain
rules and limitations applicable to an award of Options that may be granted to Participants from time to time, in compliance with
Applicable Law (including securities laws). Except as otherwise provided by this US Addendum, all Options granted pursuant to this US
Addendum shall be governed by the terms of the Plan.

 

(d)   The
provisions of this US Addendum shall supersede and govern in the case of any inconsistency between the provisions of this US Addendum
and the provisions of the Plan, provided, however, that this US Addendum shall not be construed to grant any rights not
consistent with the terms of the Plan, unless specifically provided herein.

 

(e)   Titles
and headings of the sections in this US Addendum are for convenience of reference only, and in the event of any conflict, the text of
this US Addendum, rather than such titles or headings, shall prevail.

 

1.          Definitions.
Capitalized terms not otherwise defined herein shall have the meaning assigned to them in the Plan. The following additional definitions
will apply to awards of Options made pursuant to this US Addendum:

 

“Affiliate”
means any entity controlling, controlled by or under common control with the Company. For the purpose of this definition of Affiliate,
control shall mean the ability, to direct the activities of the relevant entity and/or shall include the holding of more than 50% of the
capital or the voting of such entity. The Board shall have the authority to determine: (i) the time or times at which the ownership
requirements set forth above are applied, and (ii) whether “Affiliate” includes entities other than corporations within
the foregoing definition.

 

“Applicable
Law” means the laws, statutes or regulation of any govermental authority of the State of Israel and the United States, or any
stock exchange or quotation system on which the shares are listed or quoted, as are in effect from time to time.

 

“Award
Agreement” means the written or electronic agreement setting forth the terms and provisions applicable to each Award granted
under the Plan. The Award Agreement is subject to the terms and conditions of the Plan. Each Award Agreement shall be subject to the terms
and conditions of the Plan and this US Addendum.

 

“Code”
means the U.S. Internal Revenue Code of 1986, as amended from time to time.

 

“Director”
means a member of the Board.

 

“Employee”
means any person employed by the Company or an Affiliate. However, the provision of services solely as a Director, or payment of a fee
for such service, shall not cause the Director to be considered an “Employee” for purposes of this US Addendum.

 

“Exercise
Price” means the price per share at which a Participant holding an award of Options may purchase Shares issuable with respect
to such award of Options, which price shall be no less than the Fair Market Value of a Share on the Grant Date.

 

“Fair Market Value”
means, as of any date, the value of a Share determined as follows: (i) if the Shares are listed on any established stock exchange
or a national market system, including without limitation the Nasdaq National Market or The Nasdaq SmallCap Market of The Nasdaq Stock
Market, their Fair Market Value shall be the closing sales price for such Shares (or the closing bid, if no sales were reported) as quoted
on such exchange or system for the last market trading day prior to the time of determination, as reported in The Wall Street Journal
or such other source as the Administrator deems reliable or (ii) If the Shares are regularly quoted by a recognized securities dealer
but selling prices are not reported, their Fair Market Value shall be the mean between the high bid and low asked prices for the Shares
on the last market trading day prior to the day of determination.; or (iii) in the absence of an established market for the Company's
shares, the Fair Market Value shall be determined in good faith by the Administrator (including in accordance with an independent third
party valuation of the Company which may be obtained by the Administrator). Without derogating from the above, the Fair Market Value shall
be in compliance with Section 409A of the Code, or in the case of an Incentive Stock Option, in compliance with Section 422
of the Code.

 

     

    14

    

 

“Grant
Date” means the date an Option grant becomes effective pursuant to the Company's corporate governance provisions, the language
of the Plan and this US Addendum and other Applicable Laws that specify the actions required in order to affect the grant of an Option
under the Plan and this US Addendum.

 

“Incentive
Stock Option” means an Option intended to qualify as an incentive stock option within the meaning of Section 422(b) of
the Code.

 

“Nonqualified
Stock Option” means an Option not intended to qualify as an Incentive Stock Option.

 

“Option”
means an Incentive Stock Option or a Nonqualified Stock Option to purchase Shares granted pursuant to the Plan.

 

“Optionee”
means a Participant holding an Option who is subject to taxation in the United States.

 

“Participants”
means Employees, Directors and other individuals and entities who are United States citizens or who are resident aliens of the United
States for United States federal income tax purposes.

 

“Ten Percent
Shareholder” means a person who owns (or is deemed to own pursuant to Section 424(d) of the Code) shares constituting
more than ten percent (10%) of the total combined voting power of all classes of shares of the Company or of any Affiliate.

 

“Underlying
Shares” means Shares issued or to be issued upon exercise of Options in accordance with the Plan and this US Addendum.

 

2.            Grant
of Options

 

(a)   Every
Option granted to a Participant shall be evidenced by an Award Agreement in such form as the Administrator shall approve from time to
time, specifying the date in which the Options have been granted, number of Shares that may be purchased pursuant to the award of Options,
the time or times at which the Option shall become exercisable in whole or in part, the resrictions on exercise (if any), the Exercise
Price of such Options, the term of the Options and such other terms and conditions as the Administrator shall approve.

 

(b)   The
awards of Options granted pursuant to the Plan and this US Addendum shall be treated as either Nonqualified Stock Options or Incentive
Stock Options. Incentive Stock Options may only be granted to Employees of the Company or of an Affiliate. To the extent that any Option
is not designated as an Incentive Stock Option under the provisions of the Plan, this US Addendum and the Code, it shall be treated as
a Nonqualified Stock Option.

 

(c)   Options
may be granted at any time after the Plan and this US Addendum have been approved by the necessary corpororate bodies of the Company,
and all others approvals, consents or requirements necessary by the Applicable Law have been received or met.

 

3.            Maximum
Number of Incentive Stock Options. Subject to the provisions of Section 6 of the Plan relating to the number of Shares
reserved under the Plan, and Section 12 of the Plan relating to capitalization adjustments, the maximum number of Shares that
may be awarded specifically in the form of Incentive Stock Options only, under the Plan and this US Addendum, is 1,000,000. To the extent
that an outstanding Incentive Stock Option expires or terminates or is cancelled or forfeited, the Shares subject to such Incentive
Stock Option shall again be available for re-issuance under the Plan.

 

4.            Limit
on Grant of Incentive Stock Options. To the extent that the aggregate Fair Market Value (as determined as of the Grant Date) of
Shares with respect to which Incentive Stock Options are exercisable for the first time during any calender year (under the Plan and this
US Addendum and all other similar types of plans of the Company and/or any Affiliate in which the Optionee participates) exceeds US $100,000,
such portion in excess of US $100,000 shall be treated as a Nonqualified Stock Option. In the event that the Optionee holds two or more
such Options that become exercisable for the first time in the same calender year, such limitation shall be applied on the basis of the
order in which such Options are granted.

 

     

    15

    

 

5.            Option
Exercise Price. On the Grant Date, the Exercise Price for each Underlying Share subject to a Nonqualified Stock Option or an Incentive
Stock Option shall not be less than 100% of the Fair Market Value per share of such Shares on the Grant Date. Notwithstanding the foregoing,
an Incentive Stock Option may be granted with an Exercise Price lower than as set forth in the preceding sentence if such Option is granted
pursuant to an assumption or substitution for another option in a manner consistent with the provisions of Sections 409A and 424 of the
Code. Notwithstanding the above, in the event that the Incentive Stock Option is granted to a Ten Percent Shareholder, then the Exercise
Price for each Share subject to the Incentive Stock Option shall be no less than 110% of the Fair Market Value of the Shares on the Grant
Date.

 

6.            Term
of this US Addendum. The Administrator may suspend or terminate this US Addendum at any time. Unless terminated earlier, this
US Addendum shall terminate on the day before the Tenth (10th) anniversary of the earlier of the date the Plan was amended
to include this US Addendum, or the date this US Addendum was approved by the Company's shareholders.

 

7.            Term
of Incentive Stock Option. An Incentive Stock Option must be exercised by an Optionee within ten (10) years from the Grant
Date.

 

8.            Term
of Incentive Stock Option to a Ten Percent Shareholder. A Ten Percent Shareholder shall not be granted an Incentive Stock Option
unless the Option is not exercisable after the expiration of five (5) years from the Grant Date.

 

9.            Term
of Options which Are Not Incentive Stock Option. These Options must be exercised by an Optionee within ten (10) years from
the Grant Date.

 

10.            Exercise
of Incentive Stock Option following Termination of Continuous Service. In the event that in accordance with Section 11 of
the Plan, an Incentive Stock Option is exercised more than three (3) months after an Employee's termination of service, or is exercised
more than one (1) year after termination of service because of death or disability, the Incentive Stock Option shall be treated as
a Nonqualified Stock Option and may continue to be exercised during the remaining term (if any) of the Option.

 

11.            Tax
Consequences. Any tax consequences arising from the grant or exercise of any Option, from the issuance of the Underlying Shares
by the Company, from the sale of the Underlying Shares by the Participant or from any other event or act (of the Company, and/or its Affiliates,
and the Participant), hereunder, shall be borne solely by the Participant. The Company and/or its Affiliates or any other person on their
behalf, shall be entitled to withhold taxes according to the requirements under the Code or any Applicable Law including withholding taxes
at source. Furthermore, the Participant shall agree to indemnify the Company and/or its Affiliates or any other person on their behalf
and hold them harmless against and from any and all liability for any such tax or interest or penalty thereon, including without limitation,
liabilities relating to the necessity to withhold, or to have withheld, any such tax from any payment made to the Participant. The Company
or any of its Affiliates or any other person on their behalf may make such provisions and take such steps as it may deem necessary or
appropriate for the withholding of all taxes required by the Applicable Law to be withheld with respect to Options granted under the Plan
and this US Addendum and the exercise or vesting or sale thereof, including, but not limited, to (i) deducting the amount so required
to be withheld from any other amount then or thereafter payable to a Participant, and/or (ii) requiring a Participant to pay to the
Company or any of its Affiliates or any other person on their behalf the amount so required to be withheld as a condition of the issuance,
delivery, distribution or release of any Underlying Shares, and/or (iii) by causing the exercise of Options and/or the sale of Underlying
Shares held by or on behalf of a Participant to cover such liability, up to the amount required to satisfy minimum statuary withholding
requirements. In addition, the Participant will be required to pay any amount that exceeds the tax to be withheld and remitted to the
tax authorities, pursuant to the Applicable Law.

 

12.            Options
not Constituting an Employment or Service Contract. Nothing in the Plan, this US Addendum, the Award Agreement or any Option granted
under the Plan and this US Addendum will be deemed to constitute an employment contract or confer or be deemed to confer any right for
you to continue in the employ of, or to continue any other engagement with the Company or any Affiliates, or limit in any way the right
of the Company or any Affiliate to terminate employment or other engagement with the Company or its Affiliates, as the case may be.

 

     

    16

    

 

13.            Rights
and Privileges as a Shareholder. Except as otherwise specifically provided in the Plan and this US Addendum, no Participant shall
be entitled to the rights and privileges of share ownership in respect of the Underlying Shares that are subject to the grant of Options
hereunder until such shares have been issued to that Participant.

 

14.            Data
Privacy Consent. In order to administer the Plan, this US Addendum, the Award Agreement and the award of Options, the Company
may process personal data regarding the Participant. Such data may include, but is not limited to, the information provided in the Award
Agreement and any changes thereto, other appropriate personal and financial data regarding the Participant, including without limitation,
the Participant’s home address and telephone number, date of birth, social security or other identification number, salary and other
payroll information, nationality, job title, directorships and/or Shares held by such Participant in the Company and any other information
that might be deemed appropriate by the Company to facilitate the administration of the Plan, this US Addendum, the Award Agreement and
the award of Options. By accepting the grant of any Option, the Participant thereby gives explicit consent to the Company (i) to
process any such personal data, and (ii) to transfer any such personal data outside the country in which the Participant works, or
is employed, to transferees who will include the Company and its Affiliates, and to other persons who are designated by the Company to
administer the Participant's participation in the Plan.

 

15.            Governing
Law and Jurisdiction. The Plan, this US Addendum and the Award Agreement shall be governed by and construed in accordance with
the internal laws of the State of Israel without reference to the principles or conflicts of laws thereof.

 

16.            Compliance
with Applicable Law. The obligation of the Company to deliver Underlying Shares upon exercise of any Option shall be subject to
Applicable Law and to such approvals by governmental agencies as may be required. The Administrator shall have the authority to suspend
the application of any provisions of the Plan which could, in its sole discretion, result in adverse tax consequences to any Participant
under Section 409A of the Code.

 

THE PARTICIPANT IS ADVISED TO CONSULT WITH A TAX
ADVISOR WITH RESPECT TO THE TAX CONSEQUENCES OF RECEIVING OR EXERCISING OPTIONS HEREUNDER. THE COMPANY DOES NOT ASSUME ANY RESPONSIBILITY
TO ADVISE THE PARTICIPANT ON SUCH MATTERS, WHICH SHALL REMAIN SOLELY THE RESPONSIBILITY OF THE PARTICIPANT.

 

17.            Securities
Law. Without derogation from any provisions of the Plan and this US Addendum, all grants pursuant to this US Addendum shall be
subject to, and in compliance with, the Securities Act of 1933, as amended from time to time, and any Applicable Law with respect to securities
and the rules and regulations promulgated thereunder.

 

18.            Effective
Date. This US Addendum regarding Incentive Stock Option shall be subject to approval of the Plan by the Company’s shareholders,
for the purposes of qualifying the Plan with respect to the issuance of Incentive Stock Option, and such approval to be provided 12 months
before or after the date of adoption of the Plan by the Board.

 

* * * * *

 

     

     

    

 

Satixfy
Communications Limited

 

Rules
(as Amended and Restated)

 

of

 

The
Satixfy 2020 EMI Share Option Plan (As Amended and Restated)

 

Established by resolution of the board of directors
of the Company on _____ ___, ____ and adopted as an addendum to the Satixfy 2020 Israeli Share Award Plan (as Amended and Restated)

 

     

     

    

 

Table
of Contents

 

	 	 	Page
	1.	Interpretation	2
	2.	Grant of Options	6
	3.	Exercise Condition	8
	4.	Overall grant limits	9
	5.	Individual grant limits	10
	6.	Circumstances in which malus and clawback can apply	10
	7.	Operation of malus and clawback	12
	8.	Exercise of Options	13
	9.	Manner of exercise of Options	14
	10.	Termination of employment	16
	11.	Lapse of Options	17
	12.	Tax liabilities	17
	13.	Relationship with employment contract	18
	14.	Takeovers and liquidations	19
	15.	Exchange of Options	22
	16.	Variation of share capital	24
	17.	Notices	24
	18.	Administration and amendment	25
	19.	Third party rights	26
	20.	Data protection	27
	21.	Governing law	27
	22.	Jurisdiction	27

 

    1 

     

    

 

Rules of the Satixfy 2020 EMI Share Option Plan (as Amended and
Restated)

 

		1.	Interpretation

 

		1.1	Unless otherwise defined herein, capitalised terms used in this Addendum shall have the meaning ascribed to them under the Satixfy
2020 Israeli Share Award Plan (as Amended and Restated) including any subsequent amendments and restatements thereto, as may be made from
time to time (the “Master Plan”).

 

		1.2	This Addendum (as Amended and Restated), including any subsequent amendments and restatements thereto, as may be made from time to
time, shall be deemed for all intents and purposes as an integral part of the Master Plan and shall apply only to Option Holders who are
Eligible Employees.

 

		1.3	This Addendum amends the Master Plan so that the Master Plan together with this Addendum complies with certain requirements under
applicable English law in general and, in particular with the provisions of ITEPA 2003 in relation to EMI options. In the case of contradiction
between the provisions of this Addendum and the Master Plan, the provisions set out in this Addendum shall prevail. For the avoidance
of doubt, it is clarified that, other than in the case of a contradiction, the provisions of this Addendum shall be in addition to, and
shall not derogate from, any provisions, rights, powers, authorities, restrictions or limitations pursuant to the Master Plan, which shall
apply to all options.

 

		1.4	All references to Section 102 in the Master Plan, including the rules and regulations promulgated thereunder, the provisions thereof,
and all restrictions required thereby, shall not be incorporated by reference into this Addendum and shall not apply to Eligible Employees
under this Addendum. For the avoidance of doubt, this Addendum does not add to, or modify, the Master Plan in respect of any Option Holder
who are not granted options pursuant to this Addendum.

 

		1.5	The following definitions and rules of interpretation apply in the Plan.

 

 51% Subsidiary: has the meaning given in section 989 of the Income Tax Act 2007.

 

 Acting in Concert: has the meaning given to it in the City Code on Takeovers and Mergers published by the Panel on Takeovers and Mergers.

 

 Adoption Date: the date of the adoption of the Plan by the Company.

 

 Associate: has the meaning given by paragraph 31, paragraph 32 and paragraph 33 of Schedule 5, with Chapter 11 of Part 7 of ITEPA 2003 being applied for the purposes of paragraph 32(2).

 

 Board: the board of directors of the Company or a committee of directors appointed by that board to carry out any of its functions under the Master Plan or the Plan.

 

 Business Day: a day other than a Saturday, Sunday or public holiday in England when banks in London are open for business.

 

 Change of Control: the sale of any of the Shares (in one transaction or a series of transactions) that will result in the Offeror of those Shares and persons Acting in Concert with them together acquiring Control of the Company, except where the Offeror is a company and the shareholders of that company and the proportion of shares in that company held by each of them following completion of the sale are substantially the same as the

shareholders and their shareholdings in the Company immediately before the sale.

 

    2 

     

    

 

 Clawback Amount: an amount of value determined in accordance with rule 7.

 

 Closed Period: has the same meaning as in the Market Abuse Regulation.

 

 Company: Satixfy Communications Limited incorporated and registered in Israel with number 516135035.

 

 Control: has the meaning given in section 719 of ITEPA 2003.

 

 CSOP Option: a share option granted under a Schedule 4 CSOP Scheme as defined in Schedule 4 to ITEPA 2003.

 

 Dilutive Shares: on any date, all shares of the Company that:

 

		a)	have been issued, or transferred out of treasury, on the exercise of options granted, or in satisfaction of any other awards made,
under any Employees’ Share Scheme (including the Plan); or

 

		b)	remain capable of issue, or transfer out of treasury, under any Existing Options that were granted;

 

 in either case during the shorter of the period of ten years ending on (and including) that date and the period since the Shares were first admitted to trading on a recognised stock exchange.

 

 Disqualifying Event: has the meaning given in sections 533 to 536 of ITEPA 2003.

 

 Eligible Employee: any Employee who:

 

		a)	must spend on average at least the Statutory Minimum Time on the business of one or more Group Members;

 

		b)	does not have a Material Interest (either on their own or together with one or more of their Associates); and

 

		c)	has no Associate or Associates who or which has or (taken together) have a Material Interest.

 

 EMI Option: a qualifying option as defined in paragraph 1(2) of Schedule 5.

 

 Employee: an individual who is an employee of the Company or a Qualifying Subsidiary.

 

 Employees’ Share Scheme: has the meaning given in section 1166 of the Companies Act 2006.

 

 Employer Company: the Option Holder’s employer or former employer as applicable.

 

 Exercise Condition: a condition that must be satisfied before an Option may be exercised, which complies with rule 3 and is specified in the Option Agreement under rule 2.6

 

 Exercise Condition Measurement Date: the earliest date on which it is possible for the Board to determine that an Exercise Condition has been satisfied.

 

 Exercisable Number: has the meaning given in rule 13.5.

 

    3 

     

    

 

 Exercise Price: the price at which each Share subject to an Option may be acquired on the exercise of that Option, which (subject to rule 14 (b)):

 

		a)	may not be less than the nominal value of a Share, if Shares are to be newly issued to satisfy the Option; and

 

		b)	while the Shares are quoted on AIM, may not be less than the closing price of a Share on the Business Day immediately before the Grant
Date.

 

 Existing Option: an option or any other right to acquire or receive Shares granted under any Employees’ Share Scheme (including the Plan), that remains capable of satisfaction.

 

 Grant Date: the date on which an Option is granted under the Plan.

 

 Grant Period: any period during which Options may be granted, as specified in rule 2.

 

 Group: the Company and its 51% Subsidiaries (references to Group Member shall be construed accordingly).

 

 HMRC: HM Revenue & Customs.

 

 ITEPA 2003: the Income Tax (Earnings and Pensions) Act 2003.

 

 Market Abuse Regulation: Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse.

 

 Market Value: the market value of a Share determined to the satisfaction of the Board in accordance with the applicable provisions of Part VIII of the Taxation of Chargeable Gains Act 1992. If Shares are subject to Relevant Restrictions, the Market Value shall be determined as if they were not.

 

 Master Plan: means the Satixfy 2020 Israeli Share Award Plan (as Amended and Restated), including any subsequent amendments and restatements thereto, as may be made from time to time.

 

 Material Interest: has the meaning given in paragraph 28 of Schedule 5.

 

 NICs: National Insurance contributions.

 

 Offeror: the person who acquires control of the Company on a Change of Control.

 

 Option: a right to acquire Shares granted under the Plan.

 

 Option Agreement: a written agreement constituting an Option, entered into under rule 2.6.

 

 Option Holder: an individual who holds an Option or, where applicable, the personal representatives of a deceased Option Holder.

 

 Personal Data: any personal information that could identify an Option Holder.

 

Plan: means this
Addendum (as Amended and Restated), including any subsequent amendments and restatements thereto, as may be made from time to time,
to the Satixfy 2020 Israeli Share Award Plan (as Amended and Restated), including any subsequent amendments and restatements
thereto, as may be made from time to time, being the Employees’ Share Scheme constituted and governed by the Master Plan and
the Addendum, as amended from time to time.

 

    4 

     

    

 

 Qualifying Exchange of Shares: an event falling within paragraph 40 of Schedule 5.

 

 Qualifying Subsidiary: has the meaning given by paragraph 11 of Schedule 5.

 

 Redundancy: has the meaning given by the Employment Rights Act 1996.

 

 Relevant Restriction: a provision included in any contract, agreement, arrangement or condition (including the articles of association of the Company) to which any of section 423(2), section 423(3) and section 423(4) of ITEPA 2003 would apply if references in them to employment-related securities were references to Shares.

 

 Rollover Period: any period during which Options may be exchanged for options over shares in another company (under paragraph 42 of Schedule 5, rule 15.1 and rule 15.5).

 

 Schedule 5: Schedule 5 to ITEPA 2003, which specifies the requirements that must be met for a share option to be an EMI Option.

 

 Shares: 0.0001 NIS ordinary shares in the Company (subject to rule 15.2 (b) and rule 16).

 

 Statutory Minimum Time: committed time (as defined in paragraph 26 of Schedule 5), equal to the statutory threshold (as defined in that paragraph).

 

 Sufficient Shares: the smallest number of Shares that, when sold, produce an amount at least equal to the relevant Tax Liability (after deduction of brokerage and any other charges or taxes on the sale).

 

 Taxable Event: any event or circumstance that gives rise to a liability for the Option Holder to pay income tax, NICs or both (or their equivalents in any jurisdiction) in respect of:

 

		a)	the Option, including its exercise, assignment or surrender for consideration, or the receipt of any benefit in connection with it;

 

		b)	any Shares (or other securities or assets):

 

		i.	earmarked or held to satisfy the Option;

 

		ii.	acquired on exercise of the Option;

 

		iii.	acquired as a result of holding the Option; or

 

		iv.	acquired in consideration of the assignment or surrender of the Option;

 

		c)	any securities (or other assets) acquired or earmarked as a result of holding Shares (or other securities or assets) mentioned in
(b) above; or

 

		d)	any amount due under pay as you earn (PAYE) in respect of securities or assets in (a) to (c) above, including any failure by the Option
Holder to make good such an amount in the time limit specified in section 222 of ITEPA 2003.

 

    5 

     

    

 

 Tax Liability: the total of any income tax and primary class 1 (employee) NICs (or their equivalents in any jurisdiction) for which any Employer Company is or may be liable to account (or reasonably believes it is or may be liable to account) as a result of any Taxable Event.

 

 Vest: an Option Holder becoming entitled to exercise an Option and “Vested” and “Unvested” shall be construed accordingly

 

		1.6	Rule headings shall not affect the interpretation of the Plan.

 

		1.7	Unless the context otherwise requires, words in the singular shall include the plural and in the plural shall include the singular.

 

		1.8	Unless the context otherwise requires, a reference to one gender shall include a reference to other genders.

 

		1.9	A reference to a statute or statutory provision is a reference to it as amended, extended or re-enacted from time to time.

 

		1.10	A reference to a statute or statutory provision shall include all subordinate legislation made from time to time under that statute
or statutory provision.

 

		1.11	A reference to writing or written includes fax and email.

 

		1.12	Any obligation on a party not to do something includes an obligation not to allow that thing to be done.

 

		1.13	References to rules are to the rules of the Plan.

 

		1.14	Any words following the terms including, include, in particular, for example or any similar expression
shall be construed as illustrative and shall not limit the sense of the words, description, definition, phrase or term preceding those
terms.

 

		2.	Grant of Options

 

		2.1	The Company (acting through the Board) may grant EMI Options for commercial reasons in order to recruit or retain an Eligible Employee.
The Company may not grant EMI Options as part of any scheme or arrangement for which the main purpose (or one of its main purposes) is
tax avoidance.

 

		2.2	Subject to the rules, the Company (acting through the Board) may grant an Option:

 

		(a)	intended to be an EMI Option, to any Eligible Employee it chooses;

 

		(b)	not intended to be an EMI Option, to any Employee it chooses.

 

		2.3	Subject to rule 2.4, while any Shares are traded on a recognised stock exchange, the Company may only grant an Option during:

 

		(a)	any period of 42 days immediately following the end of a Closed Period; and

 

		(b)	any other period that the Board has decided should be a Grant Period due to exceptional circumstances.

 

    6 

     

    

 

		2.4	The Company may not grant Options:

 

		(a)	at any time when that grant would be prohibited by, or in breach of, the Market Abuse Regulation or any other law, regulation with
the force of law or the rules of any stock exchange on which the Shares are listed (in addition, any previously granted Options must adhere
to the law, regulation with the force of law or the rules of any stock exchange on which the Shares are listed); or

 

		(b)	after the tenth anniversary of the Adoption Date.

 

		2.5	The Company may grant Options intended to be EMI Options only when the Company is a qualifying company as defined in paragraph 8 of
Schedule 5.

 

		2.6	The Company shall enter into an Option Agreement as a deed in a form approved by the Board. Each Option Agreement shall (without limitation):

 

		(a)	specify the Grant Date of the Option, which shall not be earlier than the date on which the relevant Option Agreement is executed
by the Company;

 

		(b)	at the discretion of the Board, specify either:

 

		(i)	that the Option is granted under the provisions of Schedule 5; or

 

		(ii)	that the Option is not intended to be an EMI Option.

 

		(c)	specify the number and class of the Shares over which the Option is granted;

 

		(d)	specify the Exercise Price;

 

		(e)	specify the Exercise Condition(s);

 

		(f)	specify any other condition to which the Option is subject;

 

		(g)	specify the how and when the Option Vests and may be exercised;

 

		(h)	specify the date when the Option will lapse, assuming that the Option is not exercised earlier and no event occurs to cause the Option
to lapse earlier. This date may not be later than the tenth anniversary of the Grant Date;

 

		(i)	if the Shares are subject to any Relevant Restriction, include details of that Relevant Restriction;

 

		(j)	include a statement that the Option is subject to these rules (which shall be incorporated in the Option Agreement by reference);

 

		(k)	include the terms required by rule 12.1, rule 12.2 and rule 12.4;

 

		(l)	include the power of attorney required by rule 12.5;

 

		(m)	include a term giving effect to rule 2.7;

 

		(n)	include a summary of rule 11.1 and rule 11.2 (i); and

 

		(o)	if the Option is intended to be an EMI Option, include a declaration by the Option Holder of compliance with the Statutory Minimum
Time requirement.

 

    7 

     

    

 

		2.7	If an Option Holder granted an EMI Option does not correctly complete and sign the Option Agreement and return it to the Group Member
that employs the Option Holder by the date, if any, specified in the Option Agreement, the relevant Option shall automatically lapse on
the day after that date.

 

		2.8	The Group Member that employs the relevant Option Holder shall, in respect of any Option intended to be an EMI Option, comply with
its obligations under paragraph 44 of Schedule 5.

 

		2.9	No amount shall be paid by an Employee for the grant of an Option.

 

		3.	Exercise Condition

 

		3.1	On the Grant Date of any Option, the Board shall specify one or more appropriate Exercise Conditions for the Option. An Exercise Condition
must be capable of being met within ten years after the relevant Grant Date.

 

		3.2	The Board may vary or waive any Exercise Condition, provided that any varied Exercise Condition shall be (in the reasonable opinion
of the Board):

 

		(a)	a fairer measure of performance than the original Exercise Condition, as judged at the time of the variation;

 

		(b)	no more difficult to satisfy than the original Exercise Condition was at the Grant Date; and

 

		(c)	not materially easier to satisfy than the original Exercise Condition was at the Grant Date, unless the variation of the Exercise
Condition has been approved in advance by the Company in general meeting.

 

		3.3	Rule 3.2 shall not permit the general waiver by the Board of Exercise Conditions on:

 

		(a)	cessation of employment;

 

		(b)	the occurrence of any event permitting the exercise of Options under rule 13.5; or

 

		(c)	the release of Options in exchange for New Options under rule 15.

 

		3.4	The Board shall determine whether, and to what extent, the Exercise Condition has been satisfied on, or as soon as reasonably possible:

 

		(a)	after the Exercise Condition Measurement Date;

 

		(b)	following the death of an Option Holder in order to apply the reduction required by rule 8.3(b) 1.1; or

 

		(c)	in order to determine the Exercisable Number in accordance with rule 14.

 

    8 

     

    

 

		3.5	The Board shall notify the Option Holder within a reasonable time after the Board becomes aware of the relevant information:

 

		(a)	whether (and, if relevant, to what extent) the Exercise Condition has been satisfied;

 

		(b)	of any subsequent change in whether, or the extent to which, the Exercise Condition has been satisfied;

 

		(c)	when that Exercise Condition has become incapable of being satisfied, in whole or in part; and

 

		(d)	of any waiver or variation of that Exercise Condition under rule 3.2.

 

		3.6	Subject to rule 3.7 and rule 3.8, if the Board considers that a Exercise Condition has become incapable of being satisfied, in whole
or in part, that Option, or the appropriate part of it, shall lapse immediately.

 

		3.7	If:

 

		(a)	the Option is an EMI Option;

 

		(b)	the Option Holder also holds an option over Shares (the Non-qualifying Option) that has the same exercise price for a Share
as the EMI Option; and

 

		(c)	if the Non-qualifying Option was granted under a different Employees’ Share Scheme, it is subject to a rule of similar effect
to this rule 3.7,

 

then the Board shall aggregate the number of Shares subject
to the EMI Option and the Non-qualifying Option as if they were one Option for the purposes of rule 3.6 and shall cause the Non-qualifying
Option to lapse first so that the EMI Option shall not lapse unless the Non-qualifying Option lapses completely.

 

		3.8	If the Option is an EMI Option only in part, due to the application of rule 4.2, rule 4.3 or rule 5.3 on the grant of that Option,
then the part that is not an EMI Option shall lapse first. Therefore, the part that is an EMI Option shall not lapse until the other part
has lapsed completely.

 

		4.	Overall grant limits

 

		4.1	At any time, the total Market Value (at the relevant dates of grant) of the Shares (and any other shares in the Company) that can
be acquired on the exercise of all EMI Options over the shares must not exceed £3 million (or any other amount as may be specified
by paragraph 7 of Schedule 5 at the relevant time). No Option shall be an EMI Option if, immediately before it is granted, the total Market
Value (at the relevant dates of grant) of the Shares (and any other shares of the Company) that can be acquired on the exercise of all
EMI Options over these shares already equals £3 million (or any other amount as may be specified by paragraph 7 of Schedule 5 at
the relevant time).

 

		4.2	If the grant of any Option that is:

 

		(a)	intended to be an EMI Option; and

 

		(b)	not granted at the same time as any other Option(s),

 

would cause the limit in rule 4.1 to be exceeded, that Option
shall not be an EMI Option so far as it relates to the excess.

 

		4.3	If several Options are:

 

		(a)	intended to be EMI Options; and

 

		(b)	granted at the same time as each other,

 

and this would cause the limit in rule 4.1 to be exceeded,
the Options shall not be EMI Options so far as they relate to the excess. Paragraph 7(5) of Schedule 5 applies for the purpose of determining
which part of each of these Options relates to the excess.

 

    9 

     

    

 

		4.4	The Company may not grant an Option if that grant would result in the total number of Dilutive Shares exceeding ten percent (10%)
of the issued share capital of the Company.

 

		5.	Individual grant limits

 

		5.1	At any time, the total Market Value (at the relevant dates of grant) of the shares (which may include Shares) that an Eligible Employee
can acquire on the exercise of EMI Options granted to them by reason of their employment with:

 

		(a)	any Group Member; or

 

		(b)	any two or more Group Members,

 

may not exceed £249,999 (or any other amount as may
be specified by paragraph 5 of Schedule 5 at the relevant time, minus £1). No Option shall be an EMI Option if, immediately before
it is granted, the total Market Value (at the relevant dates of grant) of the shares that can be acquired on the exercise of all EMI Options
held by the relevant Eligible Employee and falling within this rule 5.1 equals £250,000 (or any other amount as may be specified
by paragraph 5 of Schedule 5 at the relevant time).

 

		5.2	Any CSOP Options granted to the relevant Eligible Employee by reason of his employment with any Group Member shall be treated as EMI
Options to be counted against the limit set out in rule 5.1.

 

		5.3	If the grant of any Option that is intended to be an EMI Option would cause the limit in rule 5.1 to be exceeded, that Option shall
not be an EMI Option so far as it relates to the excess.

 

		5.4	If an Eligible Employee has been granted EMI Options over shares (which may include Shares) with a total Market Value of £250,000
(or any other amount as may be specified by paragraph 6 of Schedule 5 at the relevant time) by reason of their employment with:

 

		(a)	any Group Member; or

 

		(b)	any two or more Group Members,

 

whether or not those EMI Options have been exercised or released,
any Option granted to that Eligible Employee shall not be an EMI Option if the Grant Date of that Option falls within the period of three
years after the Grant Date of the last EMI Option to be granted to them that falls within this rule 5.4.

 

		6.	Circumstances in which malus and clawback can apply

 

		6.1	Rule 6 applies in relation to an Option if:

 

		(a)	either or both rule 6.2 and rule 6.3 apply; and

 

		(b)	rule 6.4 applies.

 

    10 

     

    

 

		6.2	This rule 6.2 applies in relation to an Option if the Board, at its discretion, determines that any of the following circumstances
exist:

 

		(a)	the Option Holder has participated in or was responsible for conduct which resulted in significant losses to a Group Member;

 

		(b)	the Option Holder has failed to meet appropriate standards of fitness and propriety;

 

		(c)	the Company has reasonable evidence of fraud or material dishonesty by the Option Holder;

 

		(d)	the Company has become aware of any material wrongdoing on the part of the Option Holder;

 

		(e)	the Option Holder has acted in any manner which in the opinion of the Board has brought or is likely to bring any Group Member into
material disrepute or is materially adverse to the interests of any Group Member;

 

		(f)	there is a breach of the Option Holder’s employment contract that is a potentially fair reason for dismissal;

 

		(g)	the Option Holder is in breach of a fiduciary duty owed to any Group Member;

 

		(h)	an Option Holder who has ceased to be an Employee was in breach of their employment contract or fiduciary duties in a manner that
would have prevented the grant or exercise of the Option had the Company been aware (or fully aware) of that breach, and of which the
Company was not aware (or not fully aware) until after both:

 

		(i)	the Option Holder’s ceasing to be an Employee; and

 

		(ii)	the time (if any) when the Board decided to permit the exercise of the Option; or

 

		(i)	there was a material error in:

 

		(i)	determining whether the Option should be made;

 

		(ii)	determining the size and nature of the Option; or

 

		(iii)	assessing the extent to which any Exercise Condition was satisfied on the Exercise Condition Measurement Date.

 

		6.3	This rule 6.3 applies in relation to an Option if the Board, at its discretion, determines that either of the following circumstances
exist:

 

		(a)	a Group Member misstated any financial information (whether or not audited) for any part of any financial year that was taken into
account in:

 

		(i)	determining whether the Option should be made;

 

		(ii)	determining the size and nature of the Option; or

 

		(iii)	assessing the extent to which any Exercise Condition was satisfied on the Exercise Condition Measurement Date; or

 

    11 

     

    

 

		(b)	a Group Member or business unit that employs or employed the Option Holder, or for which the Option Holder is responsible, has suffered
a material failure of risk management.

 

		6.4	This rule 6.4 applies in relation to an Option if the Board, at its discretion, determines that, if the circumstances mentioned in
rule 6.2 or rule 6.3 had existed, and the Board had been fully aware that they existed:

 

		(a)	at the Grant Date, or

 

		(b)	in the case of an Option that has already been exercised, at the exercise date,

 

then:

 

		(c)	the Board would not have granted the Option;

 

		(d)	the Board would have granted the Option in relation to a smaller number of Shares; or

 

		(e)	in the case of an Option that has already been exercised:

 

		(i)	it would not have been exercised at all, or

 

		(ii)	it would have been exercised in relation to a smaller number of Shares.

 

		6.5	If the Board makes a determination in relation to an Option under rule 6, it must do so within three years of its becoming aware of
the circumstances mentioned in rule 6.2 or rule 6.3.

 

		7.	Operation of malus and clawback

 

		7.1	This rule 7 applies to an Option if rule 6 applies to the Option.

 

		7.2	If at the date of the determination under rule 6.4, the Option has not yet been exercised, the Board may determine to cancel the Option
or reduce it by such number of Shares as the Board considers to be fair and reasonable, taking account of all circumstances that the Board
considers to be relevant.

 

		7.3	If at the date of the determination under rule 6.4, the Option has been exercised, the Board may determine a Clawback Amount in relation
to the Option.

 

		7.4	The Clawback Amount shall be such amount as the Board considers to be fair and reasonable, taking account of all circumstances that
the Board considers to be relevant and, in relation to an Option that has been exercised, shall not be more than the greater of:

 

		(i)	the Market Value of the Shares measured on the date the Option was exercised, and

 

		(ii)	the Market Value of the Shares measured on the date of the determination

 

minus the Exercise Price.

 

		7.5	If the Option Holder has paid or is liable to pay any income tax or NICs in relation to the Option or the Shares and which cannot
be recovered from or repaid by HMRC (whether directly or indirectly), the Board may in its discretion decide to reduce the Clawback Amount
to take account of this amount. In deciding whether to reduce the Clawback Amount, the Board shall take account of such factors it thinks
fit, which may include market practice, corporate governance rules and guidelines, and the expectations of shareholders.

 

    12 

     

    

 

		7.6	For the avoidance of doubt, the Board is not obliged to determine a Clawback Amount in relation to any particular Option, even if
the Board does determine a Clawback Amount in relation to other Options to the same or other Option Holders which had the same Grant Date
or exercise date.

 

		7.7	The Option Holder shall reimburse the Company for the Clawback Amount, in any way acceptable to the Board, on or as soon as possible
after the Board determines a Clawback Amount in relation to the Option. If the Option Holder fails to reimburse the Company within 30
days after the determination, the Company shall obtain reimbursement from the Option Holder in any (or any combination) of the following
ways:

 

		(a)	by reducing or cancelling any Options that the Option Holder has not exercised;

 

		(b)	by reducing or cancelling any cash bonus payable to the Option Holder by any Group Member;

 

		(c)	by reducing or cancelling any future or existing award made or option granted to the Option Holder under any other Share Incentive
Scheme or bonus scheme operated by any Group Member (other than a Schedule 2 SIP or a Schedule 3 SAYE option scheme, as those terms are
defined in ITEPA 2003);

 

		(d)	by requiring the Option Holder to make a cash payment to a Group Member;

 

		(e)	by requiring the Option Holder to transfer Shares for no consideration;

 

		(f)	by causing any Shares held on behalf of the Option Holder to be forfeited for no consideration, with the consequence that the Option
Holder no longer has any beneficial interest in those Shares; or

 

		(g)	by reducing the Option Holder’s Salary.

 

		7.8	If the Option Holder participates in another share incentive scheme or bonus scheme operated by a Group Member, and that other scheme
contains a provision that has a similar effect to this rule 7, the Board may give effect to that provision in any of the following ways:

 

		(a)	by reducing or cancelling any Options that the Option Holder has not exercised; and

 

		(b)	by reducing or cancelling any awards under such share incentive scheme or bonus scheme that have not yet been released or paid.

 

		7.9	It is a condition of the exercise of an Option that, if requested by the Company, the Option Holder shall sign an exercise notice
declaring an irrevocable agreement to the terms of rule 7.

 

		8.	Exercise of Options

 

		8.1	An Option Holder may not exercise an Option before the earliest of:

 

		(a)	the earliest time when it becomes exercisable as set out in the Option Agreement;

 

		(b)	the time when it becomes exercisable under rule 10; and

 

		(c)	the time when it becomes exercisable under rule 13.5.

 

    13 

     

    

 

 

		8.2	An Option Holder may only exercise an Option to the extent that the relevant Exercise Condition is achieved and any other condition
stated in the Option Agreement under rule 2.6 (f) is satisfied.

 

		8.3	An Option Holder may not exercise an Option at a time when its exercise is prohibited by, or would be a breach of, the Market Abuse
Regulation, the rules of any stock exchange on which the Shares are listed or any law or regulation with the force of law, or other rule,
code or set of guidelines (such as a personal dealing code adopted by the Company).

 

		8.4	Subject to rule 8.5, an Option Holder may not exercise an Option at any time:

 

		(a)	while disciplinary proceedings by any Group Member are underway against the Option Holder; or

 

		(b)	while any Group Member is investigating the Option Holder’s conduct and may as a result begin disciplinary proceedings; or

 

		(c)	while there is a breach of the Option Holder’s employment contract that is a potentially fair reason for dismissal; or

 

		(d)	while the Option Holder is in breach of a fiduciary duty owed to any Group Member; or

 

		(e)	after the Option Holder has ceased to be an Employee, if there was a breach of employment contract or fiduciary duties that (in the
reasonable opinion of the Board) would have prevented the exercise of the Option had the Company been aware (or fully aware) of that breach,
and of which the Company was not aware (or not fully aware) until after both:

 

		(i)	the Option Holder’s ceasing to be an Employee; and

 

		(ii)	the time (if any) when the Board decided to permit the Option Holder to exercise the Option.

 

		8.5	The Company shall not unfairly frustrate a valid exercise of the Option by the inappropriate application of any provision of rule
8.4.

 

		8.6	An Option Holder may not exercise an Option without having made any arrangements, or entered into any agreements, that may be required
and are referred to in rule 12.

 

		9.	Manner of exercise of Options

 

		9.1	Where an Option is exercised in part, it shall be exercised over Shares with an aggregate Exercise Price of at least £1,000
or, if less, the number of Shares over which the Option is then exercisable.

 

		9.2	An Option shall be exercised by the Option Holder giving a written exercise notice to the Company, as follows:

 

		(a)	setting out the number of Shares over which the Option Holder wishes to exercise the Option and, if that number exceeds the number
over which the Option may be validly exercised at the time, the Company shall

 

		(i)	treat the Option as exercised only in respect of that lesser number; and

 

		(ii)	refund any excess amount paid to exercise the Option or meet any Tax Liability;

 

		(b)	using a form that the Board will approve; and

 

		(c)	if rule 9.3 applies, including the information specified in that rule 9.3.

 

    14 

     

    

 

		9.3	If:

 

		(a)	an Option is an EMI Option only in part, due to the application of rule 4.2, rule 4.3 or rule 5.3 on the grant of that Option; and

 

		(b)	the relevant Option Holder exercises that Option in respect of any number of Shares less than the maximum number over which it could
be exercised,

 

the exercise notice shall specify to what extent (if any)
the partial exercise of that Option should be treated as the exercise of that part of the Option that is an EMI Option. If the exercise
notice does not specify the extent, it shall be taken to exercise that part of the Option that is an EMI Option in priority to that part
of the Option that is not an EMI Option.

 

		9.4	Any exercise notice shall be accompanied by all of the following:

 

		(a)	payment of an amount equal to the Exercise Price multiplied by the number of Shares specified in the notice;

 

		(b)	any payment required under rule 12; and

 

		(c)	any documents relating to arrangements or agreements required under rule 12.

 

The Option Holder may enter into arrangements to the satisfaction
of the Company for payment of the amounts due under this rule 9.4.

 

		9.5	Any exercise notice shall be invalid:

 

		(a)	to the extent that it is inconsistent with the Option Holder’s rights under these rules and the Option Agreement;

 

		(b)	if any of the requirements of rule 9.2 or rule 9.4 are not met; or

 

		(c)	if any payment referred to in rule 9.4 is made by a cheque that is not honoured on first presentation or that fails in any other manner
to transfer the expected value to the Company.

 

The Company may permit the Option Holder to correct any defect
referred to in rule 7.5(b) or rule 7.5(c) (but shall not be obliged to do so). The date of any corrected exercise notice shall be the
date of the correction rather than the original notice date for all other purposes of the Plan.

 

		9.6	The Company shall allot and issue Shares (or, as appropriate, procure their transfer) within 30 days after a valid Option exercise,
subject to the other rules of the Master Plan or this Addendum.

 

		9.7	Shares allotted and issued in satisfaction of the exercise of an Option shall rank equally in all respects with the other shares of
the same class in issue at the date of allotment, except for any Relevant Restriction or any rights determined by reference to a date
before the date of allotment.

 

		9.8	Shares transferred in satisfaction of the exercise of an Option shall be transferred free of any lien, charge or other security interest,
other than any Relevant Restriction and any restrictions in the Master Plan, and with all rights attaching to them, other than any rights
determined by reference to a date before the date of transfer.

 

		9.9	If the Shares are listed or traded on any stock exchange, the Company shall apply to the appropriate body for any newly issued Shares
allotted on exercise of an Option to be listed or admitted to trading on that exchange.

 

    15 

     

    

 

		10.	Termination of employment

 

		10.1	An Option Holder who gives or receives notice of termination of employment (whether or not lawful) may not exercise an Unvested proportion
of the Option at any time while the notice remains effective. In the event of receipt of notice of termination for summary dismissal or
Cause, the Option Holder may not exercise any proportion of the Option.

 

		10.2	If an Option Holder dies, the personal representatives may exercise such proportion of the Option as is Vested within 60 days of the
date of death and, if the Option is not exercised, it will lapse at the end of that period.:

 

		10.3	If an Option Holder ceases to be an Employee due to any of the following reasons:

 

		(a)	injury;

 

		(b)	ill-health which is not caused by alcohol or substance abuse; or

 

		(c)	disability; or

 

		(d)	retirement; or

 

		(e)	Redundancy; or

 

		(f)	the Option Holder’s Employer Company ceasing to be a Group Member; or

 

		(g)	the transfer of the business that employs the Option Holder to a person that is not a Group Member,

 

the Option Holder may exercise such proportion of the Option
as is Vested within 90 days of the cessation date during the period of 90 days after the cessation date or such longer period as the Board
may specify. The Option shall lapse, to the extent it has not been exercised, on the expiry of that period. .

 

		10.4	An Option Holder who gives or receives notice of termination of employment or who ceases to be an Employee:

 

		(a)	for any reason other than summary dismissal;

 

		(b)	on or after the earliest date on which the Option may be exercised as set out in the Option Agreement; and

 

		(c)	after each Exercise Condition relating to that Option has been satisfied

 

may exercise the Vested Option during
the period ending 90 days after the cessation date or such longer period as the Board may specify. The Option shall lapse, to the extent
not exercised, on the expiry of that period.

 

		10.5	An Option Holder shall not be regarded as ceasing to be an Employee until the Option Holder is no longer an employee or director of
any Group Member.

 

    16 

     

    

 

		11.	Lapse of Options

 

		11.1	An Option Holder may not transfer or assign, or have any charge or other security interest created over an Option (or any right arising
under it). An Option shall lapse if the relevant Option Holder attempts to do any of those things. However, this rule 11.1 does not prevent
the transmission of an Option to an Option Holder’s personal representatives on the death of the Option Holder.

 

		11.2	An Option shall lapse on the earliest of the following:

 

		(a)	at the end of the specified period after the Grant Date if the Option Holder has not yet met the obligations specified in rule 2.7;

 

		(b)	any attempted action by the Option Holder falling within rule 11.1;

 

		(c)	when the Board decides in accordance with rule 3.6, to the extent that the Exercise Condition has become wholly or partly incapable
of being met;

 

		(d)	any date on which the Option shall lapse, as specified in the Option Agreement;

 

		(e)	to the extent required by rule 1.1, the date the Option Holder dies or ceases employment;

 

		(f)	the first anniversary of the Option Holder’s death;

 

		(g)	the end of the relevant period, if rule 10.3 or 10.4 applies;

 

		(h)	the time specified for the lapse of the Option under rule 13.5 if any part of that rule 13.5 applies; or

 

		(i)	when the Option Holder becomes bankrupt under Part IX of the Insolvency Act 1986, applies for an interim order under Part VIII of
the Insolvency Act 1986, proposes or makes a voluntary arrangement under Part VIII of the Insolvency Act 1986, takes similar steps, or
is similarly affected, under laws of any jurisdiction that correspond to those provisions of the Insolvency Act 1986.

 

		12.	Tax liabilities

 

		12.1	Each Option Agreement shall include the Option Holder’s irrevocable agreement to:

 

		(a)	pay to the Company or Employer Company (as appropriate) the amount of any Tax Liability; or

 

		(b)	enter into arrangements to the satisfaction of the Company or Employer Company (as appropriate) for payment of any Tax Liability.

 

		12.2	If an Option Holder does not fulfil the obligations under either rule 10.1 (a) or rule 10.1 (b) in respect of any Tax Liability arising
from the exercise of an Option within seven days after the date of exercise and Shares are readily saleable at that time, the Company
shall withhold Sufficient Shares from the Shares that would otherwise be delivered to the Option Holder. The Option Holder’s obligations
under rule 10.1 (a) and rule 10.1 (b) shall not be affected by any failure of the Company to withhold shares under this rule 12.2.

 

    17 

     

    

 

		12.3	Option Holders shall have no rights to compensation or damages on account of any tax or NICs liability that arises or is increased
(or is claimed to arise or be increased) in whole or in part because of:

 

		(a)	the limitation under rule 4.2, rule 4.3 or rule 5.3 of any Option intended to be an EMI Option;

 

		(b)	any decision of HMRC that an Option does not meet the requirements of Schedule 5 and is therefore not an EMI Option, however that
decision may arise;

 

		(c)	any Disqualifying Event, however that event may be caused;

 

		(d)	the timing of any decision by the Board to permit exercise of an Option under rule 10.4 or rule 0;

 

		(e)	any failure by the Board to give notice under rule 18.7; or

 

		(f)	the timing of any notice given by the Board under rule 18.7.

 

		12.4	Each Option Agreement shall include the Option Holder’s irrevocable agreement to enter into a joint election under section 431(1)
or 431(2) of ITEPA 2003 in respect of the Shares to be acquired on exercise of the relevant Option, if required to do so by the Company,
or Employer Company, on or before any date of exercise of the Option.

 

		12.5	Each Option Agreement shall include a power of attorney appointing the Company as the Option Holder’s agent and attorney for
the purposes of rule 12.2 and rule 12.4.

 

		13.	Relationship with employment contract

 

		13.1	The rights and obligations of any Option Holder under the terms of his office or employment with any Group Member or former Group
Member shall not be affected by being an Option Holder.

 

		13.2	The value of any benefit realised under the Plan by Option Holders shall not be taken into account in determining any pension or similar
entitlements.

 

		13.3	Option Holders and Employees shall have no rights to compensation or damages on account of any loss in respect of Options or the Plan
where this loss arises (or is claimed to arise), in whole or in part, from:

 

		(a)	termination of office or employment with; or

 

		(b)	notice to terminate office or employment given by or to,

 

any Group Member or any former Group Member. This exclusion
of liability shall apply however termination of office or employment, or the giving of notice is caused and however compensation or damages
are claimed.

 

    18 

     

    

 

		13.4	Option Holders and Employees shall have no rights to compensation or damages from any Group Member or any former Group Member on account
of any loss in respect of Options or the Plan where this loss arises (or is claimed to arise), in whole or in part, from:

 

		(a)	any company ceasing to be a Group Member; or

 

		(b)	the transfer of any business from a Group Member to any person that is not a Group Member.

 

This exclusion of liability shall apply however the change
of status of the relevant Group Member, or the transfer of the relevant business is caused and however compensation or damages are claimed.

 

		13.5	An Employee shall not have any right to receive Options, whether or not they have previously been granted any.

 

		14.	Takeovers and liquidations

 

		14.1	If a person (in this rule, the “Acquirer”):

 

		(a)	makes an offer to acquire the whole of the issued share capital of the Company, which is made on a condition such that, if it is satisfied,
the Acquirer will have Control of the Company; or

 

		(b)	makes an offer to acquire all the shares in the Company which are of the same class as the Shares; or

 

		(c)	negotiates a share sale and purchase agreement with the shareholders of the Company which contemplates that the Acquirer will obtain
Control of the Company on completion,

 

the Board may in its absolute discretion direct that the
Option Holder may exercise such proportion of the Options as the Board may, in its absolute discretion, determine within a reasonable
period to be specified by the Board for that purpose and ending immediately before the change of Control. The proportion of the Options
which shall Vest shall be determined by the Board taking into account such factors as it may consider relevant including, but not limited
to, the time which has elapsed since the Grant Date and having regard to any Exercise Conditions imposed under rule 3.1. Unless either
rule 14.4 or rule 14.6 applies, if Options are exercisable under this rule 14.1, any Options not exercised at the end of the period specified
by the Board shall lapse.

 

		14.2	Unless rule 1.1 applies, if a person (in this rule 1.1, the “Controller”) obtains Control of the Company as a result of:

 

		(a)	making an offer to acquire the whole of the issued share capital of the Company;

 

		(b)	making an offer to acquire all the shares in the Company which are of the same class as the Shares; or

 

		(c)	entering into a sale and purchase agreement with the shareholders of the Company,

 

the Option Holder may exercise such proportion of their Options
as the Board may, in its absolute discretion, determine within 60 days after the time when the Controller has obtained Control of the
Company. The proportion of the Options which shall Vest shall be determined by the Board taking into account such factors as it may consider
relevant including, but not limited to, the time which has elapsed since the Grant Date and having regard to any Exercise Conditions imposed
under rule 3.1. If the conditions of neither rule 1.1 nor rule 1.1 are met, the Option shall lapse at the end of the 60 day period.

 

    19 

     

    

 

		14.3	Unless rule 1.1 applies, an Option Holder
                                            may exercise such proportion of their Options as the Board may, in its absolute discretion,
                                            determine during any period when any person is bound or entitled to acquire Shares under
                                            sections 979 to 982 or 983 to 985 of the Companies Act 2006. The proportion of the Options
                                            which shall Vest shall be determined by the Board taking into account such factors as it
                                            may consider relevant including, but not limited to, the time which has elapsed since the
                                            Grant Date and having regard to any Exercise Conditions imposed under rule 3.1. Any Option
                                            to which this rule 1.1 applies shall
                                            lapse at the later of:

 

		(a)	the end of the period during which that person is bound or entitled; and

 

		(b)	the time specified for the lapse of Options under rule 1.1 or rule 1.1, if either applies.

 

		14.4	If a change of Control occurs, and all the following conditions are met:

 

		(a)	the Acquirer satisfies the conditions of rule 15.1(d) and rule 15.1(e);

 

		(b)	the Option Holder meets the condition of rule 15.1(f); and

 

		(c)	the Acquirer offers at any time up to ten days following the date of the change of Control to make an agreement under rule 15.1,

 

an EMI Option shall continue to exist until the earlier of
the following:

 

		(d)	the time when the Option Holder releases the Option under an exchange of options falling within rule 15.1; and

 

		(e)	the latest date on which an applicable Rollover Period expires;

 

when it shall lapse.

 

		14.5	If a change of Control occurs, any EMI Option shall lapse at the end of the exercise period specified in rule 1.1 if any of the conditions
in rule 1.1 are not met, and the Acquirer is not willing to make an agreement under rule 15.5.

 

		14.6	If a change of Control occurs, and all the following conditions are met:

 

		(a)	where the Option is an EMI Option, either:

 

		(i)	the Acquirer does not satisfy the conditions of rule 15.1(d) and rule 15.1(e); or

 

		(ii)	the Option Holder does not meet the condition of rule 15.1(f).

 

		(b)	the Acquirer declares within ten days following the time when the Acquirer has obtained Control of the Company that it is willing
to make an agreement offers (at any time up to ten days following the date of the change of Control) to grant replacement options in consideration
for the release of Options under rule 15.5;

 

an Option shall continue to exist until the earlier of
the following:

 

		(c)	the time when the Option Holder releases the Option under an exchange of options falling within rule 15.5; and

 

    20 

     

    

 

		(d)	the latest date on which an applicable Rollover Period expires,

 

when it shall lapse.

 

		14.7	Any Option to which either rule 1.1 or rule 1.1 applies shall not be capable of exercise under any rule of the Plan after it ceases
to be capable of exercise under rule 1.1.

 

		14.8	The Board, in its discretion, may determine that any event which would trigger the exercise of Options under rule 1.1, rule 1.1 or
rule 1.1, shall not do so if:

 

		(a)	that event takes place in the course of any corporate reconstruction or reorganisation under which the ultimate beneficial ownership
of the business of the Group Companies will remain substantially the same; and

 

		(b)	appropriate provisions are made for either the replacement of Options under rule 15, or other compensation for the loss of Options
that the Board, in its reasonable opinion considers to be fair.

 

The Board, in its discretion, may determine that an Option
shall lapse if the Option Holder does not exchange it or accept the compensation within a reasonable period.

 

		14.9	Unless the relevant compromise or arrangement includes appropriate provisions that the Board considers to be fair in its reasonable
opinion for:

 

		(a)	the replacement of Options; or

 

		(b)	other compensation for Option Holders for the loss of Options,

 

the Option Holder may exercise a proportion of the Option
within six weeks after any person (in this rule 1.1, the Controller) obtains Control of the Company as a result of the court sanctioning
a compromise or arrangement under section 899 of the Companies Act 2006. The Board shall have discretion to determine what proportion
(if any) of an Option shall be exercisable taking account of these matters as they think fit including, but not limited to, the time which
has elapsed since the Grant Date and having regard to any Exercise Conditions imposed under rule 3.1.

 

		14.10	Any Option to which rule 1.1 applies shall:

 

		(a)	if an exchange of options falling within either rule 15.1 or rule 15.5 is offered, continue to exist until the earlier of the following:

 

		(i)	the time when the Option is released under that exchange; and

 

		(ii)	the latest date on which an applicable Rollover Period expires,

 

when it shall lapse.

 

		(b)	if an exchange of options is not offered, lapse at the end of the exercise period specified in rule 1.1.

 

Any Option to which this rule 14.10 applies shall not be
capable of exercise under any other rule of the Plan after it ceases to be capable of exercise under rule 1.1.

 

    21 

     

    

 

		14.11	If a person, or group of persons Acting in Concert together, acquire Control of the Company by subscribing for new shares in the Company,
the Board may in its absolute discretion decide to treat this as a change of Control for all the purposes of the Plan.

 

		14.12	In rule 14 and rule 5 (other than rule 15.1), a person shall be deemed to have obtained Control of a company if that person, and others
Acting in Concert with that person, have obtained Control of it together.

 

		14.13	If the shareholders of the Company receive notice of a resolution for the voluntary winding-up of the Company, the Option Holder may
exercise such proportion of their Options as the Board may, in its absolute discretion, determine. The proportion of the Options which
shall Vest shall be determined by the Board taking into account such factors as it may consider relevant including, but not limited to,
the time which has elapsed since the Grant Date and having regard to any Exercise Conditions imposed under rule 3.1. The Option may be
exercised at any time before that resolution is passed, conditional upon the passing of that resolution, and if the Option Holder does
not exercise the Option, it shall lapse when the winding up begins.

 

		14.14	The Board shall notify Option Holders of any event that is relevant to Options under this rule 13.5. within a reasonable period after
the Board becomes aware of it.of it.

 

		15.	Exchange of Options

 

		15.1	If one of the following happens:

 

		(a)	a company obtains all the shares of the Company as a result of a Qualifying Exchange of Shares;

 

		(b)	a company obtains Control of the Company as a result of:

 

		(i)	making a general offer to acquire the whole of the issued share capital of the Company (except any capital already held by that company
or any person connected with that company) that is made on a condition that, if it is satisfied, the offeror will have Control of the
Company;

 

		(ii)	making a general offer to acquire all the shares in the Company (except any shares already held by that company or any person connected
with that company) that are of the same class as the Shares; or

 

		(iii)	an event specified in rule 1.1.

 

		(c)	a company becomes bound or entitled to acquire Shares under sections 979 to 982 of the Companies Act 2006,

 

(the relevant company being referred to in this rule 15.1
as the Acquiring Company)

 

and all of the following are true:

 

		(d)	the Acquiring Company satisfies the independence requirement set out in paragraph 9 of Schedule 5;

 

    22 

     

    

 

		(e)	the Acquiring Company satisfies the trading activities requirement set out in paragraphs 13 to 23 of Schedule 5; and

 

		(f)	the relevant Option Holder would fall within the definition of Eligible Employee if for the purposes of that definition (and the definition
of Material Interest as used in it) references to Group Member were references to any of the Acquiring Company and its 51% Subsidiaries,

 

each Option Holder may, by agreement with the Acquiring Company
within the applicable Rollover Period, release any Option that is an EMI Option (or that part of any Option that is an EMI Option, where
rule 4.1, rule 4.2 or rule 5.3 applies) (Old Option) for a replacement option (New Option).

 

		15.2	A New Option shall:

 

		(a)	be granted over ordinary shares in the Acquiring Company that are fully paid up and not redeemable;

 

		(b)	be subject to rule 4.1, rule 4.2 and rule 4.3 with:

 

		(i)	the references in those rules to Shares being taken to be references to the shares in the Acquiring Company that are subject to New
Options;

 

		(ii)	the references to other shares in the Company being taken to be references to any other shares in the Acquiring Company that are subject
to EMI Options; and

 

		(iii)	the Market Value of shares in the Acquiring Company subject to each New Option being taken to equal the Market Value (under rule 4)
of the Shares subject to the Old Option that it replaces, measured on the Grant Date of that Old Option;

 

		(c)	be a right to acquire a number of shares in the Acquiring Company that have, immediately after grant of the New Option, a total Market
Value equal to the total Market Value of the shares subject to the Old Option that it replaces immediately before its release;

 

		(d)	have an exercise price for each share such that the total price payable on complete exercise of the New Option equals the total price
that would have been payable on complete exercise of the Old Option that it replaces;

 

		(e)	be capable of exercise within ten years after the Grant Date of the Old Option that it replaces;

 

		(f)	only include conditions that must be fulfilled before the New Option can be exercised (if any) that are capable of being fulfilled
within the period of ten years after the Grant Date of the Old Option that it replaces;

 

		(g)	satisfy the requirements of:

 

		(i)	paragraph 37 of Schedule 5; and

 

		(ii)	paragraph 38 of Schedule 5;

 

		(h)	satisfy rule 2.1; and

 

		(i)	be notified to HMRC in accordance with paragraph 44 of Schedule 5.

 

    23 

     

    

 

		15.3	Any Rollover Period shall have the same duration as the applicable required period defined in paragraph 42 of Schedule 5.

 

		15.4	Any New Option granted in accordance with rule 15.1 will be treated as acquired at the same time as the Old Option that it replaces
for the purposes of the legislation relating to EMI Options.

 

		15.5	Although rule 15.1 does not provide for an Option that is not an EMI Option (or a part of any Option that is not an EMI Option, where
rule 4.1, rule 4.2 or rule 5.3 applies) to be exchanged for another option in accordance with that rule, an Option Holder may agree terms
with any company to make such an exchange during a Rollover Period.

 

		16.	Variation of share capital

 

If there is any variation of the share capital of the Company
(whether that variation is a capitalisation issue (other than a scrip dividend), rights issue, consolidation, subdivision or reduction
of capital or otherwise) that affects (or may affect) the value of Options to Option Holders, the Board shall adjust the number and description
of Shares subject to each Option or the Exercise Price of each Option in a manner that the Board, in its reasonable opinion, considers
to be fair and appropriate. However:

 

		(a)	the total amount payable on the exercise of any Option in full shall not be increased; and

 

		(b)	the Exercise Price for a Share to be newly issued on the exercise of any Option shall not be reduced below its nominal value (unless
the Board resolves to capitalise, from reserves, an amount equal to the amount by which the total nominal value of the relevant Shares
exceeds the total adjusted Exercise Price, and to apply this amount to pay for the relevant Shares in full).

 

In addition, notwithstanding anything to
the contrary herein, any distribution of bonus shares, rights issue or distribution of cash or in kind dividend, shall be effected in
accordance with Section 12 of the Master Plan, including in accordance with the terms of any applicable ruling issued by the “ITA”
with respect to “102 Capital Gains Track Grants”, to the extent required, and all prior “Awards” as well as future
Awards (whether under “Section 102” or otherwise) must be adjusted by the same mechanism (such capitalised terms are as defined
in the Master Plan).

 

		17.	Notices

 

		17.1	Except as maintained in rule 17.3, any notice or other communication given under or in connection with the Plan shall be in writing
and shall be:

 

		(a)	delivered by hand or by pre-paid first-class post or other next working day delivery service at the Appropriate Address;

 

For the purposes of this rule 17, the Appropriate Address
means:

 

		(i)	in the case of the Company, its registered office, provided the notice is marked for the attention of the Company Secretary;

 

		(ii)	in the case of an Option Holder, the Option Holder’s home address; and

 

		(iii)	if the Option Holder has died, and notice of the appointment of personal representatives is given to the Company, any contact address
specified in that notice.

 

    24 

     

    

 

		(b)	sent by fax to the fax number notified in writing by the recipient to the sender; or

 

		(c)	sent by email to the Appropriate Email Address.

 

For the purposes of this rule 17, Appropriate Email Address
means:

 

		(i)	in the case of the Company, the email address of the Company Secretary as shall be notified to Option Holders from time to time; and

 

		(ii)	in the case of the Option Holder, the work email address if the Option Holder is permitted to access personal emails at work.

 

		17.2	Any notice or other communication given under this rule 17 shall be deemed to have been received:

 

		(a)	if delivered by hand, on signature of a delivery receipt, or at the time the notice is left at the appropriate address;

 

		(b)	if sent by prepaid first-class post or other next working day delivery service, at 9.00 am on the second Business Day after posting,
or at the time recorded by the delivery service;

 

		(c)	if sent by fax, at 9.00 am on the next Business Day after transmission; and

 

		(d)	if sent by email, at 9.00 am on the next Business Day after sending.

 

		17.3	This rule does not apply to:

 

		(a)	the service of any notice of exercise under rule 9.2; and

 

		(b)	the service of any proceedings or other documents in any legal action or, where applicable, any arbitration or other method of dispute
resolution.

 

		18.	Administration and amendment

 

		18.1	The Board shall administer the Plan.

 

		18.2	The Board may amend the Plan from time to time, but:

 

		(a)	the Board may not amend the Plan if the amendment:

 

		(i)	applies to Options granted before the amendment was made; and

 

		(ii)	materially adversely affects the interests of Option Holders

 

except that each Option Holder may consent to the application
to their Option(s) of such an amendment.

 

    25 

     

    

 

		(b)	while Shares are traded on a recognised stock exchange, the Board may not make any amendment to the advantage of Option Holders if
that amendment relates to:

 

		(i)	the definition of Employee;

 

		(ii)	the limits specified in rule 4 or rule 5;

 

		(iii)	rule 16

 

without the prior approval of the Company in general
meeting (except for minor amendments to benefit the administration of the Plan, to take account of a change in legislation, or to
obtain or maintain favourable tax, exchange control or regulatory treatment for Option Holders or for the Company or any Group
Member).

 

		18.3	The cost of establishing and operating the Plan shall be borne by the Group Members in proportions determined by the Board.

 

		18.4	To satisfy the exercise of all the Options, the Company shall ensure that at all times:

 

		(a)	it has sufficient unissued or treasury Shares available, taking into account any other obligations of the Company to issue Shares
and to transfer Shares from treasury, if the Company has restricted the number of Shares it can issue in its articles of association;
and

 

		(b)	arrangements are in place for any third party to transfer issued Shares.

 

		18.5	Any decision under rule 10.5 and whether to consider making such a decision, shall be entirely at the discretion of the Board.

 

		18.6	The Board shall determine any question of interpretation and settle any dispute arising under the Plan. In these matters, the Board’s
decision shall be final.

 

		18.7	The Board shall notify each affected Option Holder of any Disqualifying Event other than one caused by the Option Holder’s cessation
of employment.

 

The notice required under this rule 18.7 shall be given as
soon as reasonably practicable after the Board becomes aware of the relevant Disqualifying Event. No Option shall become capable of exercise
because of a notice given under this rule 18.7.

 

		18.8	The Company shall not be obliged to notify any Option Holder if an Option is due to lapse.

 

		18.9	The Company shall not be obliged to provide Option Holders with copies of any materials sent to the holders of Shares.

 

		19.	Third party rights

 

		19.1	A person who is not a party to an Option shall not have any rights under or in connection with it as a result of the Contracts (Rights
of Third Parties) Act 1999 except where these rights arise under any rule of the Plan for any Employer Company of the Option Holder that
is not a party to an Option.

 

This does not affect any right or remedy of a third party
that exists, or is available, apart from the Contracts (Rights of Third Parties) Act 1999.

 

		19.2	The rights of the parties to an Option to surrender, terminate or rescind it, or agree any variation, waiver or settlement of it,
are not subject to the consent of any person that is not a party to the Option as a result of the Contracts (Rights of Third Parties)
Act 1999.

 

    26 

     

    

 

		20.	Data protection

 

		20.1	In accepting the grant of an Option each Option Holder consents to the collection, holding, processing and transfer of Personal Data
by the Company or any Group Member for all purposes connected with the operation of the Plan.

 

		20.2	The purposes of the Plan referred to in rule 20.1 include, but are not limited to:

 

		(a)	holding and maintaining details of the Option Holder’s Options;

 

		(b)	transferring the Option Holder’s Personal Data to the trustee of an employee benefit trust, the Company’s registrars or
brokers or any administrators of the Plan;

 

		(c)	transferring the Option Holder’s Personal Data to a bona fide prospective buyer of the Company or the Option Holder’s
Employer Company or business unit (or the prospective buyer’s advisers), provided that the prospective buyer, and its advisers,
irrevocably agree to use the Option Holder’s Personal Data only in connection with the proposed transaction and in accordance with
the data protection principles set out in the Data Protection Act 1998; and

 

		(d)	transferring the Option Holder’s Personal Data under rule 18.2 (b) or rule 18.2 (c) to a person who is resident in a country
or territory outside the European Economic Area that may not provide the same statutory protection for the information as countries within
the European Economic Area.

 

		21.	Governing law

 

The Plan and any dispute or claim arising out of or in connection
with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance
with the law of England and Wales.

 

		22.	Jurisdiction

 

		22.1	Each party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim
arising out of or in connection with, the Plan or its subject matter or formation (including non-contractual disputes or claims).

 

		22.2	Each party irrevocably consents to any process in any legal action or proceedings under rule 22.1 being served on it in accordance
with the provisions of the Plan relating to service of notices. Nothing contained in the Plan shall affect the right to serve process
in any other manner permitted by law.

 

    27Exhibit 10.1

 

AMENDED
AND RESTATED

STANDBY
EQUITY PURCHASE AGREEMENT

 

THIS
AMENDED AND RESTATED STANDBY EQUITY PURCHASE AGREEMENT (this “Agreement”) dated as of September 14, 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 entered into a standby equity purchase agreement on September 1, 2022 (the “Original Agreement”),
which shall be amended and restated in its entirety by this Agreement as of the date hereof.

 

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 one hundred fifty
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 one hundred fifty 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 (a) issued under this Agreement and (b) issued
pursuant to the Amended and Restated Convertible Debenture, dated August 29, 2022, by and between the Investor and the Company 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 if the average price of all applicable sales of Common Shares under this Agreement (including
any Commitment Shares in the number of shares sold for these purposes) equals or exceeds $0.591
per share (which represents the lower of (i) the Nasdaq Official Closing Price (as
reflected on Nasdaq.com) on the Trading Day immediately preceding the date of this Agreement; or (ii) the average Nasdaq Official Closing
Price of the common stock (as reflected on Nasdaq.com) 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.

 

 

 

1 NTD: Reference
price as determined by Nasdaq Rules.

 

    - 2 -

     

    

 

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.

 

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.

 

    - 3 -

     

    

 

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.

 

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.

 

    - 4 -

     

    

 

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.

 

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.

 

    - 5 -

     

    

 

		(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.

 

		(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.

 

    - 6 -

     

    

 

		(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).

 

    - 7 -

     

    

 

		(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.

 

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).

 

    - 8 -

     

    

 

		(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.

 

    - 9 -

     

    

 

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.

 

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.

 

    - 10 -

     

    

 

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.

 

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.

 

    - 11 -

     

    

 

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.

 

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. “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.

 

    - 12 -

     

    

 

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); 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.

 

    - 13 -

     

    

 

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.

 

    - 14 -

     

    

 

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 494,468,996 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.

 

    - 15 -

     

    

 

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.

 

    - 16 -

     

    

 

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.

 

    - 17 -

     

    

 

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.

 

    - 18 -

     

    

 

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.

 

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.

 

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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.

 

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.

 

    - 20 -

     

    

 

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.

 

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.

 

		(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).

 

    - 21 -

     

    

 

		(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.

 

		(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.

 

    - 22 -

     

    

 

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.

 

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.

 

    - 23 -

     

    

 

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”).

 

    - 24 -

     

    

 

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.

 

    - 25 -

     

    

 

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.

 

    - 26 -

     

    

 

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.

 

    - 27 -

     

    

 

		(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.

 

    - 28 -

     

    

 

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 email 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

    

 

    - 29 -

     

    

 

	 

    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 email 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.

 

    - 30 -

     

    

 

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 one million five 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]

 

    - 31 -

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amended and Restated 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/ Alfred P. Poor
	 	Name:	 Alfred P. 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

 

    - 32 -

     

    

 

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 [n], 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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