Document:

EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of January 19, 2021 by and between Acadia
Management Company, Inc., a Delaware corporation (the “Company”), and Debra K. Osteen (“Executive”). 

WHEREAS, the Company and the Executive are a party to that certain Employment Agreement, dated as of December 16, 2018 (the
“Original Employment Agreement”); 
 WHEREAS, Original Employment Agreement expired on December 31, 2020; and 

WHEREAS, the Company and the Executive desire to enter into a new employment agreement as provided herein, effective as of the date hereof;

 NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Employment; Employment Period. The Company
shall continue to employ Executive, and Executive hereby accepts continued employment with the Company, upon the terms and conditions set forth in this Agreement for the period beginning as of January 1, 2021 and ending on December 31,
2021 (the “Employment Period”). Notwithstanding the foregoing, Executive’s employment hereunder may be earlier terminated in accordance with (and subject to) Section 4 hereof. The place of employment
of Executive shall be the principal executive offices and corporate headquarters of the Company and Acadia Healthcare Company, Inc., a Delaware corporation (“Acadia”), which, during the Employment Period, shall be located in
Williamson County, Tennessee. Executive will spend substantially all Executive’s business time in the Williamson County, Tennessee corporate office (other than while traveling for business purposes). 

2. Position and Duties. 

(a) Position; Responsibilities. During the Employment Period, Executive shall serve as the Chief Executive Officer of Acadia, and shall
have the normal duties, responsibilities, functions and authority of a chief executive officer in similarly sized companies that are not inconsistent with Executive’s position as Chief Executive Officer, subject to the power and authority of
the board of directors (the “Board”) of Acadia, to expand or limit such duties, responsibilities, functions and authority within the scope of duties, responsibilities, functions and authority associated with the position of Chief
Executive Officer and to overrule actions of officers of the Company. Acadia shall cause the nominating and corporate governance committee of the Board (the “Nominating Committee”) to nominate Executive to serve as a member of the
Board each year during the Employment Period that Executive’s term of Board service is to be slated for reelection to the Board. If the Company’s stockholders vote in favor of the Nominating Committee’s nomination of Executive to
serve as a member of the Board, Executive agrees to serve in such capacity. During the Employment Period, Executive agrees to serve on all other boards of directors of Subsidiaries of the Company or its affiliates and Executive agrees that any such
board service shall be without additional compensation. 

 (b) Reporting; Performance of Duties. Executive shall report to the Board and
all employees of Acadia and its Subsidiaries shall report to Executive or her designee(s). Executive shall devote substantially all of her business time and attention (except for permitted vacation periods and reasonable periods of illness or other
incapacity) to the business and affairs of Acadia and the Subsidiaries. So long as Executive is employed by the Company, Executive shall not, without the prior written consent or approval of the Board, perform other services for compensation.
Notwithstanding the foregoing, nothing herein shall preclude Executive from (i) serving, with the prior written consent of the Board, as a member of the boards of directors or advisory boards (or their equivalents in the case of a non-corporate entity) of for-profit companies or businesses which are not directly competitive with the Company or any Subsidiary (provided that the prior written consent of
the Board shall not be required for Executive to serve as a member of the boards of directors or advisory boards (or their equivalents) of the companies listed on Exhibit A, (ii) engaging in charitable activities and community affairs
(including serving as a member of the boards of directors or advisory boards (or their equivalents in the case of a non-corporate entity) of
not-for-profit, charitable or community organizations which are not directly competitive with the Company or any Subsidiary); and (iii) managing Executive’s
personal and legal affairs and her passive personal investments; provided, however, the activities set out in clauses (i) and (ii) above shall be limited by Executive so as not to materially interfere, individually or in the aggregate, with the
performance of her duties and responsibilities hereunder. For the avoidance of doubt, so long as Executive is employed by the Company, Executive shall not provide any services to any company or business that is directly competitive with Acadia or
the Subsidiaries (whether for-profit or not-for-profit) without the prior written consent of the Board. 

3. Compensation and Benefits. 

(a) Base Salary. During the Employment Period, Executive’s base salary shall be $1,000,000 per annum, subject to increase by the
Board or Acadia’s Compensation Committee (the “Compensation Committee”) (as increased from time to time, the “Base Salary”), which salary shall be payable by the Company in regular installments in accordance
with the Company’s general payroll practices (as in effect from time to time). The Base Salary for any partial year during the Employment Period will be based upon the actual number of days elapsed in such year. 

(b) Business Expenses. During the Employment Period, the Company shall reimburse Executive in the calendar year in which they are
incurred for all reasonable out-of-pocket business expenses incurred by her in the course of performing her duties and responsibilities under this Agreement which are consistent with the Company’s
policies in effect from time to time with respect to travel, entertainment and other business expenses, subject to the Company’s requirements with respect to reporting and documentation of such expenses. 

(c) Bonus. In addition to the Base Salary, during the calendar year ending December 31, 2021, Executive will be eligible to earn a
target annual cash bonus of 100% of Executive’s Base Salary (the “Target Bonus”), with a range of 0% for performance below threshold performance, 50% of Base Salary at threshold performance, up to a maximum cash bonus
determined in accordance with the Company’s annual bonus plan for senior executives (which for Executive shall be 200% of Base Salary), if and only if Executive, Acadia and the Subsidiaries achieve the performance criteria specified by the
Board or the Compensation Committee for such year, as determined by the Board or the Compensation Committee in its sole 

 
discretion. The performance criteria for any particular year shall be set by the Board or the Compensation Committee no later than ninety (90) days after the commencement of the relevant
year, with 75% of such performance criteria to be based on financial goals that are consistent with other members of the senior management team and 25% to be based on qualitative, quantitative and other objectives known as the “Board
Objectives”, in each case, established by the Board or the Compensation Committee after consultation with Executive. Unless otherwise agreed to by Executive, any such bonus amount for any year shall be earned (if awarded) on the last day of
such year and paid by the Company in the calendar year following the calendar year to which such bonus has been earned and no later than the earlier of (x) the date that is ten (10) business days after the Company’s receipt of its
audited financial statements for the calendar year with respect to which such bonus has been earned and (y) December 31 of the calendar year following such year with respect to which such bonus has been earned, regardless of whether
Executive continues to be employed by the Company as of such payment date. 
 (d) Long-Term Incentive Compensation. Executive
will be entitled to a long-term incentive award in 2021 consisting entirely of performance restricted stock units (the “2021 Award”) that will have a target value equal to $5.2 million (such value to be determined on the same
basis as the Compensation Committee values such awards generally). The 2021 Award will have a one-year performance period ending December 31, 2021, with the following percentages of the target number of
shares vesting based on Executive’s continued employment until the end of the performance period and the applicable level of achievement against the performance goals: (i) 0%—less than threshold performance; (ii) 50%—threshold
performance; (iii) 100%—target performance; and (iv) 200%—maximum performance. The applicable performance criteria will be established by the Board or the Compensation Committee, with 75% of such performance criteria to be based on
financial goals that are consistent with other members of the senior management team and 25% to be based on the Board Objectives, in each case, established by the Board or the Compensation Committee after consultation with Executive. 

(e) Benefits. In addition to (but without duplication of) the Base Salary and any bonuses payable to Executive pursuant to this
Section 3, Executive shall be entitled to participate at her sole discretion in all of the Company’s employee benefit programs for which senior executive employees of the Company are generally eligible. 

(f) Counsel Fees. Upon presentation of appropriate documentation, the Company shall pay Executive’s reasonable counsel fees
incurred in connection with the negotiation and documentation of this Agreement in an amount up to $35,000, and matters related hereto, payable within thirty (30) days following the execution of this Agreement. 

4. Termination. 
 (a)
Termination. The Employment Period shall terminate automatically and immediately upon Executive’s resignation for any reason (whether with Good Reason or without Good Reason), Executive’s death or becoming Disabled, or upon the
termination of Executive’s employment by the Company (through action by the Board) for any reason (whether for Cause or without Cause). The date on which Executive ceases to be employed by the Company is referred to herein as the
“Termination Date.” 

  
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 (b) Termination without Cause or with Good Reason. If Executive’s employment is
terminated by the Company without Cause or by Executive with Good Reason, then Executive shall be entitled to receive: 
 (i)
Executive’s unpaid Base Salary through the Termination Date (payable in accordance with Section 3(a)) and any accrued but unpaid cash bonus with respect to a completed performance period; 

(ii) payment in respect of any unused paid time off and sick pay of Executive in such amounts as have accrued as of the
Termination Date in accordance with the Company’s policies with respect thereto as in effect during the Employment Period, and reimbursement of any business expenses incurred by Executive but not reimbursed prior to the Termination Date in
accordance with and reimbursable under the terms of the Company’s policies with respect thereto as in effect on the Termination Date (in each case, payable in a lump sum within ten (10) business days after the Termination Date) and all
other payments, benefits or fringe benefits to which Executive shall be entitled under the terms of any applicable compensation arrangement or benefit, equity or fringe benefit plan or program or grant or this Agreement; 

(iii) continued payment of the Executive’s Base Salary, payable in accordance with the Company’s general payroll
practices (as in effect from time to time) from the Termination Date through December 31, 2021, as if Executive had continued to be employed during such period; 

(iv) an amount equal to the actual annual cash bonus amount to which Executive would be entitled under
Section 3(c) with respect to the 2021 calendar year, determined based on achievement of the performance objectives specified in Executive’s bonus plan for such year (with any subjective performance criteria other than
the Board Objectives deemed achieved at target and the achievement of the Board Objectives to be determined in good faith by the Board based on Executive’s achievement against the Board Objectives in a manner consistent with how achievement is
measured for other executive officers of the Company), as determined by the Board or the Compensation Committee consistent with other senior executives of the Company, which amount shall not be prorated and paid as if Executive had remained employed
through December 31, 2021 (payable at the same time it would have been paid pursuant to Section 3(c)); 

(v) an amount equal to the after-tax cost of the premiums for continued health and
dental insurance for Executive and/or Executive’s dependents in accordance with the Consolidated Budget Reconciliation Act of 1985 (“COBRA”) for the period commencing on the Termination Date and ending on the eighteen-month
anniversary of the Termination Date (payable in monthly installments during and concurrently with Executive’s COBRA period; 

  
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 (vi) with respect to the 2021 Award, to the extent that it shall not
otherwise have become vested, (A) the service-based vesting requirement shall be deemed satisfied; and (B) the 2021 Award will remain outstanding and eligible to vest based on actual achievement of the applicable performance conditions
(with any subjective performance criteria other than the Board Objectives deemed achieved at target and the achievement of the Board Objectives to be determined in good faith by the Board based on Executive’s achievement against the Board
Objectives in a manner consistent with how achievement is measured for other executive officers). 
 Notwithstanding the foregoing, Executive shall be
entitled to receive such payments described in Section 4(b)(iii) through 4(b)(vi) only so long as Executive has not breached any of the provisions of Sections 5, 6 and 7 hereof, and all amounts payable
and benefits or additional rights provided pursuant to Section 4(b)(iii) through 4(b)(vi) shall only be payable if Executive delivers to the Company and does not revoke a general release of claims in favor of the Company in
substantially the form attached on Exhibit B hereto; such release shall be executed and delivered (and no longer subject to revocation, if applicable) within sixty (60) days following Executive’s termination (the “Release
Requirement”). 
 (c) Termination by Death or Disability. If Executive’s employment is terminated due to
Executive’s death or becoming Disabled, then Executive (or her estate or beneficiary) shall be entitled to receive: 

(i) Executive’s unpaid Base Salary through the Termination Date (payable in accordance with
Section 3(a)) and any accrued but unpaid cash bonus with respect to a completed performance period; 

(ii) payment in respect of any unused paid time off and sick pay of Executive in such amounts as have accrued as of the
Termination Date in accordance with the Company’s policies with respect thereto as in effect during the Employment Period, and reimbursement of any business expenses incurred by Executive but not reimbursed prior to the Termination Date in
accordance with and reimbursable under the terms of the Company’s policies with respect thereto as in effect on the Termination Date (in each case, payable in a lump sum within ten (10) business days after the Termination Date) and all
other payments, benefits or fringe benefits to which Executive shall be entitled under the terms of any applicable compensation arrangement or benefit, equity or fringe benefit plan or program or grant or this Agreement; 

(iii) an amount equal to the actual annual cash bonus amount to which Executive would be entitled under
Section 3(c) with respect to the calendar year in which the Termination Date occurs, determined based on achievement of the performance objectives specified in Executive’s bonus plan for such year (with any subjective
performance criteria deemed achieved at target), as determined by the Board or the Compensation Committee consistent with other senior executives of the Company, which amount shall be prorated based on the actual number of days elapsed in such year
prior to the Termination Date (payable at the same time it would have been paid pursuant to Section 3(c)); 

  
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 (iv) an amount equal to the
after-tax cost of the premiums for continued health and dental insurance for Executive and/or Executive’s dependents in accordance with COBRA for the period commencing on the Termination Date and ending
on the earliest of (A) the date on which Executive’s COBRA period terminates or expires, (B) six (6) months after the Termination Date, and (C) the date on which Executive becomes eligible for long-term disability benefits under
any long-term disability program sponsored by the Company (payable in monthly installments during and concurrently with Executive’s COBRA period); provided that if Executive’s COBRA period is terminated prior to expiration of the period
commencing on the Termination Date and ending on the earlier of (I) the date on which Executive becomes eligible for long-term disability benefits under any long-term disability program sponsored by the Company, and (II) six (6) months
after the Termination Date (such period, the “Disability Severance Period”), then Executive shall be entitled to continue to receive an amount equal to the cost of the premiums for continued health and dental insurance for Executive
and/or Executive’s dependents in accordance with COBRA (assuming such continued insurance coverage remained available at the same monthly cost) payable in monthly installments during the period commencing on the date of such termination or
expiration and ending on the date on which the Disability Severance Period expires; and 
 (v) with respect to the 2021
Award, to the extent that it shall not otherwise have become vested, (A) the service-based vesting requirement shall be deemed satisfied; and (B) the 2021 Award will remain outstanding and eligible to vest based on actual achievement of
the applicable performance conditions (with subjective performance criteria deemed to be achieved at target). 
 In addition, if Executive’s employment
is terminated due to Executive’s becoming Disabled (but, for the avoidance of doubt, not due to her death), then Executive (or her estate or beneficiary) shall be entitled to receive, during the Disability Severance Period, continued
installment payments of Executive’s Base Salary as in effect on the Termination Date, which shall be payable over the Disability Severance Period in regular installments in accordance with the Company’s general payroll practices as in
effect on the Termination Date, but in no event less frequently than monthly. 
 (d) Other Termination. If Executive’s
employment is terminated (i) by the Company for Cause, or (ii) by Executive’s resignation without Good Reason, then the Company shall pay Executive (A) Executive’s unpaid Base Salary through the Termination Date (payable in
accordance with Section 3(a)) and (B) any bonus amount under Section 3(c) to which Executive is entitled determined by reference to the calendar year that ended on or prior to the Termination
Date (payable at the same time it would have been paid pursuant to Section 3(c)) and all other payments, benefits or fringe benefits to which Executive shall be entitled under the terms of any applicable compensation
arrangement or benefit, equity or fringe benefit plan or program or grant or this Agreement. 

  
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 (e) Treatment of 2019 and 2020 Equity Awards. If Executive’s employment with the
Company terminates for any reason other than a termination by the Company for Cause, annual equity and equity-based awards granted to Executive in 2019 and 2020 (the “2019 and 2020 Awards”) shall be treated as set forth
below, subject to Executive’s satisfaction of the Release Requirement: (i) the time or service vesting component(s) of the 2019 and 2020 Awards will be deemed satisfied upon such termination of employment; and (ii) 2019 and 2020 Awards
subject to performance-based vesting will remain outstanding and eligible to vest based on actual achievement of the applicable performance conditions, subject to the terms and conditions set forth in the applicable award agreement and/or governing
documentation. 
 (f) Continuation of Benefits. Upon any termination of employment, whether voluntary or otherwise, Executive shall
have the option to elect health insurance coverage for herself, her spouse and her eligible dependents during the period commencing on the end of the statutory COBRA period, if any (provided that Executive validly elected COBRA continuation
coverage), until the earlier of the date on which Executive (A) is eligible to participate in another health benefit plan (including, without limitation, a plan sponsored by a then current or former employer of Executive’s or
Executive’s spouse, other than a plan that provides for “excepted benefits” as defined under section 733(c) of the Employee Retirement Income Security Act of 1974) or (B) becomes eligible for Medicare. Such coverage will be
provided for by the Company (or any successor to the Company, whether by operation of law or otherwise) in accordance with applicable law, and Executive shall pay premiums consistent with other senior executive employees of the Company (or any
successor to the Company, whether by operation of law or otherwise). Executive agrees to take all required actions and provide any requested personal medical history and information, in accordance with the applicable policy application and medical
underwriting process. Nothing in this Section 4(g) shall decrease or reduce Executive’s rights or entitlements under Sections 4(b)(v) or 4(c)(v) hereof. 

(g) No Mitigation. Executive is under no obligation to mitigate damages or the amount of any payment provided for under this
Section 4 by seeking other employment or otherwise. 
 (h) Right of Offset. The Company may offset any bona
fide obligations that Executive owes Acadia or any of the Subsidiaries (which for the avoidance of doubt shall not include any unliquidated obligations or obligations to the extent Executive disputes in good faith the nature or amount thereof)
against any amounts the Company or any of the Subsidiaries owes Executive hereunder; provided that, notwithstanding the foregoing or any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that
constitutes “deferred compensation” for purposes of Code Section 409A be subject to offset, counterclaim or recoupment by any other amount unless otherwise permitted by Code Section 409A. 

(i) Section 409A Compliance. 

(i) The intent of the parties is that payments and benefits under this Agreement comply with Internal Revenue Code
Section 409A and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in
compliance therewith. In no event whatsoever shall Acadia or any of the Subsidiaries be liable for any additional tax, interest or penalty that may be imposed on Executive by Code Section 409A or damages for failing to comply with Code
Section 409A. 

  
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 (ii) A termination of employment shall not be deemed to have occurred for
purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Code
Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment,” “termination of the Employment Period” or like terms shall mean “separation
from service.” 
 (iii) All expenses or other reimbursements under this Agreement shall be made on or prior to the last
day of the taxable year following the taxable year in which such expenses were incurred by Executive (provided that if any such reimbursements constitute taxable income to Executive, such reimbursements shall be paid no later than March 15th of the
calendar year following the calendar year in which the expenses to be reimbursed were incurred), and no such reimbursement or expenses eligible for reimbursement in any taxable year shall in any way affect the expenses eligible for reimbursement in
any other taxable year. 
 (iv) For purposes of Code Section 409A, Executive’s right to receive any installment
payment pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. 
 (v)
Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within fifteen (15) days following the Termination Date”), the actual date of payment within the
specified period shall be within the sole discretion of the Company. 
 (vi) Notwithstanding any other payment schedule
provided herein to the contrary, if Executive is deemed on the Termination Date to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B), then any payment that is considered deferred compensation
under Code Section 409A payable on account of a “separation from service” shall be made on the date which is the earlier of (i) the expiration of the six (6)-month period measured from the date of such “separation from
service” of Executive and (ii) the date of Executive’s death (the “Delay Period”) to the extent required under Code Section 409A. Upon the expiration of the Delay Period, all payments delayed pursuant to the
immediately preceding sentence (whether they otherwise would have been payable in a single sum or in installments in the absence of such delay) shall be paid to Executive in a lump sum, and all remaining payments due under this Agreement shall be
paid or provided in accordance with the normal payment dates specified for them herein. In addition, if Executive is a “specified employee,” to the extent that welfare benefits to be provided to Executive pursuant to this Agreement are not
“disability pay,” “death benefit” plans or non-taxable medical benefits within the meaning of Treasury Regulation Section 1.409A-1(a)(5) or
other benefits not considered nonqualified deferred compensation within the meaning of that regulation, such provision of benefits shall be delayed until the end of the Delay Period. Notwithstanding the foregoing, to the extent that the previous
sentence applies to the provision of any ongoing health or welfare benefits that would not be 

  
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required to be delayed if the premiums were paid by Executive, Executive shall pay the full cost of the premiums for such benefits during the Delay Period and the Company shall pay Executive an
amount equal to the amount of such premiums paid by Executive during the Delay Period within ten (10) days after the end of Delay Period. 

(j) Upon any termination of Executive’s employment with the Company, Executive shall promptly resign, and shall be automatically deemed
to have resigned without the requirement of any further action, from any position as an officer, director or fiduciary of Acadia and the Company and their respective Affiliates (including, without limitation the Board of Acadia). Executive agrees to
execute any additional documentation reasonably requested by the Company to implement any such resignation contemplated herein. 
 5.
Confidential Information. 
 (a) Protection of Confidential Information. Executive acknowledges that the continued success of
Acadia and the Subsidiaries depends upon the use and protection of a large body of confidential and proprietary information. All of such confidential and proprietary information now existing or to be developed in the future will be referred to in
this Agreement as “Confidential Information.” Confidential Information will be interpreted broadly to include, without limitation, all information that is (i) related to Acadia’s or the Subsidiaries’ (including any of
their predecessors’ prior to being acquired by the Company) current or potential business and (ii) is not generally or publicly known (including, without specific limitation, the information, observations and data concerning
(A) acquisition opportunities in or reasonably related to Acadia’s or the Subsidiaries’ business or industry, (B) identities and requirements of, contractual arrangements with and other information regarding Acadia’s or the
Subsidiaries’ employees (including personnel files and other information), suppliers, distributors, customers, independent contractors, third-party payors, providers or other business relations and their confidential information, including,
without limitation, patient records, medical histories and other information concerning patients (including, without limitation, all “Protected Health Information” within the meaning of the Health Insurance Portability and Accountability
Act), and (C) internal business information and intellectual property of every kind and description of Acadia and the Subsidiaries). Executive agrees that during the Employment Period and for five (5) years thereafter, she shall not
disclose to any unauthorized person or use for her own account any of such Confidential Information, whether or not developed by Executive, without the Board’s prior written consent, unless and to the extent that any Confidential Information
(i) was known to Executive prior to the negotiation of this Agreement or the Employment Period from a source (other than Acadia, the Subsidiaries or any of their respective agents) that, to the knowledge of Executive, was not prohibited from
disclosing such information by a legal, contractual or fiduciary obligation to Acadia or any of the Subsidiaries, (ii) becomes generally known to and available for use by the public other than as a result of Executive’s acts or omissions
to act or (iii) is required to be disclosed pursuant to any applicable law or court order. 
 (b) Use of Others’
Confidential Information. During the Employment Period, Executive shall not use or disclose any confidential information or trade secrets, if any, of any former employers or any other Person to whom Executive has an obligation of
confidentiality. If at any time during her employment with the Company, Executive believes she is being asked to engage in work that will, or will be likely to, jeopardize any confidentiality or other obligations Executive may have to former
employers, then Executive shall immediately advise the Board so that Executive’s duties can be modified appropriately. 

  
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 (c) Third-Party Information. Executive understands that Acadia and the Subsidiaries
will receive from third parties confidential or proprietary information (“Third-Party Information”) subject to a duty on Acadia’s and the Subsidiaries’ part to maintain the confidentiality of such information and to use it
only for certain limited purposes. During the Employment Period and thereafter, and without in any way limiting the provisions of Section 5(a) above, Executive will hold Third-Party Information in the strictest confidence
and will not disclose to anyone (other than personnel of Acadia or the Subsidiaries who need to know such information in connection with their work for Acadia or the Subsidiaries) or use, except in connection with her work for Acadia or the
Subsidiaries, Third-Party Information unless expressly authorized by the Board in writing. 
 (d) Whistleblower Protection.
Notwithstanding anything to the contrary contained herein, no provision of this Agreement shall be interpreted so as to impede Executive (or any other individual) from reporting possible violations of federal law or regulation to any governmental
agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures under the whistleblower provisions of federal law or
regulation. Executive does not need the prior authorization of Acadia or any of the Subsidiaries to make any such reports or disclosures and Executive shall not be not required to notify the Acadia or any of the Subsidiaries that such reports or
disclosures have been made. 
 (e) Trade Secrets. 18 U.S.C. § 1833(b) provides: “An individual shall not be held criminally
or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and
(ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.” Nothing in this
Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by 18 U.S.C. § 1833(b). Accordingly, the parties to this Agreement have the right to disclose in
confidence trade secrets to federal, state, and local government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law. The parties also have the right to disclose trade secrets in a document
filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure. 
 6. Ownership
of Intellectual Property, Inventions and Patents. Executive acknowledges that all discoveries, concepts, ideas, inventions, innovations, improvements, developments, methods, processes, programs, designs, analyses, drawings, reports, patent
applications, copyrightable work and mask work (whether or not including any confidential information) and all registrations or applications related thereto, all other proprietary information and all similar or related information (whether or not
patentable) which relate to Acadia’s or the Subsidiaries’ actual or anticipated business, research and development or existing or future products or services and which are conceived, developed, contributed to, made or reduced to practice
by Executive (whether alone or jointly with others) while employed by Acadia or the 

  
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Subsidiaries after the date of this Agreement, including any of the foregoing that constitutes any proprietary information or records (“Work Product”), belong to Acadia or such
Subsidiary. Any copyrightable work prepared in whole or in part by Executive in the course of her work for any of the foregoing entities shall be deemed a “work made for hire” to the maximum extent permitted under copyright laws, and
Acadia or such Subsidiary shall own all rights therein. To the extent any such copyrightable work is not a “work made for hire,” Executive hereby assigns and agrees to assign to Acadia or such Subsidiary all right, title and interest,
including, without limitation, copyright, in and to such copyrightable work. Executive shall promptly disclose such Work Product to the Board and, at the Company’s expense, perform all actions reasonably requested by the Board (whether during
or after the Employment Period) to establish and confirm such ownership by Acadia or such Subsidiary (including, without limitation, execution and delivery of assignments, consents, powers of attorney and other instruments). 

7. Non-Compete; Non-Solicit. 

(a) Non-Compete. In further consideration of the compensation to be paid to Executive
hereunder, Executive acknowledges that during the course of her employment with the Company she has and shall become familiar with Acadia’s and the Subsidiaries’ trade secrets and with other Confidential Information concerning Acadia and
the Subsidiaries and that her services have been and shall be of special, unique and extraordinary value to Acadia and the Subsidiaries, and, therefore, Executive agrees that, during the Employment Period and for a period thereafter of twenty-four
(24) months (the “Noncompete Period”), she shall not (i) directly or indirectly own any interest in, manage, control, participate in, consult with, render services for, or in any manner engage in any business that derives
at least 25% of its gross revenue from (A) the business of providing behavioral healthcare and/or related services, or (B) any other material business in which Acadia or any of its Subsidiaries planned to be engaged in on or after such
date of which the Executive has or should have had actual knowledge, or (ii) directly or indirectly manage, control, participate in, consult with or render services specifically with respect to any unit, division, segment or subsidiary of any
other business that engages in or otherwise competes with (or was organized for the purpose of engaging in or competing with) the business of providing behavioral healthcare and/or related services (provided that, this clause (ii) shall not be
construed to prohibit Executive from directly or indirectly owning any interest in, managing, controlling, participating in, consulting with, rendering services for, or in any manner engaging in any business activities with or for such business
generally and, for the avoidance of doubt, not specifically with respect to such unit, division, segment or subsidiary), in each case, within any geographical area in which Acadia and the Subsidiaries engage in such businesses; provided that
Executive shall not be subject to the restrictions set forth in this Section 7(a) if the Employment Period is terminated by the Company without Cause or by Executive with Good Reason and for so long as the Company is in
breach of its obligations under Section 4(b) and such breach is not the subject of a good faith dispute between the Company and Executive. For purposes of this Agreement, the term “participate in” shall include,
without limitation, having any direct or indirect interest in any Person, whether as a sole proprietor, owner, stockholder, partner, joint venturer, creditor or otherwise, or rendering any direct or indirect service or assistance to any individual,
corporation, partnership, joint venture and other business entity (whether as a director, officer, manager, supervisor, employee, agent, consultant or otherwise). Nothing herein shall prohibit Executive from being a passive owner of not more than 2%
of the outstanding stock of any class of a corporation which is publicly traded, so long as Executive has no active participation in the business of such corporation. 

  
 11 

 (b) Non-Solicit. During the Employment Period
and for a period thereafter of twenty-four (24) months (the “Nonsolicit Period”), Executive shall not directly or indirectly through another Person (other than on behalf of Acadia and the Subsidiaries) (i) induce or
attempt to induce any employee or independent contractor of Acadia or the Subsidiaries to leave the employ or services of Acadia or the Subsidiaries, or in any way willfully interfere with the relationship between Acadia and the Subsidiaries and any
employee or independent contractor thereof, (ii) hire or seek any business affiliation with any person who was an employee or independent contractor of Acadia or the Subsidiaries at any time during the twelve (12) months prior to the
Termination Date or (iii) willfully induce or attempt to induce any customer, supplier, licensee, licensor or other business relation of Acadia or any Subsidiary to cease doing business with Acadia or such Subsidiary or willfully interfere with
the relationship between any such customer, supplier, licensor or other business relation and Acadia or any Subsidiary. 
 (c) Non-Disparagement. Without limiting any other obligation of Executive pursuant to this Agreement, Executive hereby covenants and agrees that, except as may be required by applicable law, Executive shall
not make any statement, written or verbal, in any forum or media, or take any other action in disparagement of Acadia or any of its Subsidiaries, during the Employment Period and for a period of five (5) years thereafter (the “Non-Disparagement Period”). Without limiting any other obligation of Acadia and its Subsidiaries pursuant to this Agreement, Acadia hereby covenants and agrees that, except as may be required by applicable
law, Acadia shall direct its executive officers and members of its board of directors (and use commercially reasonable efforts to obtain compliance with such direction) not to make any statement, written or verbal, in any forum or media, or take any
other action in disparagement of Executive, during the Employment Period and the Non-Disparagement Period. This Section 7(c) will not be violated by (i) truthful statements required to be made by law
or legal process, or (ii) internal statements in connection with providing services to Acadia and its Subsidiaries. 
 (d)
Blue-Pencil. If, at the time of enforcement of Section 5 or 6 or this Section 7, a court shall hold that the duration, scope or area restrictions stated herein are unreasonable under
circumstances then existing, the parties agree that the maximum duration, scope or area reasonable under such circumstances shall be substituted for the stated duration, scope or area and that the court shall be allowed to revise the restrictions
contained herein to cover the maximum duration, scope and area permitted by law. Executive hereby acknowledges and represents that she has either consulted with independent legal counsel regarding her rights and obligations under this Agreement or
knowingly and voluntarily waived the opportunity to do so and that she fully understands the terms and conditions contained herein. 
 (e)
Additional Acknowledgments. Executive acknowledges that the provisions of Sections 5 and 6 and this Section 7 are in consideration of Executive’s employment with the Company and other good
and valuable consideration as set forth in this Agreement. In addition, Executive agrees and acknowledges that the restrictions contained in Sections 5 and 6 and this Section 7 do not preclude Executive from
earning a livelihood, nor do they unreasonably impose limitations on Executive’s ability to earn a living. In addition, Executive acknowledges (x) that the business of Acadia and the Subsidiaries will be conducted throughout the United
States and its 

  
 12 

 
territories and beyond, (y) notwithstanding the state of organization or principal office of Acadia or any of the Subsidiaries or facilities, or any of their respective executives or
employees (including Executive), it is expected that Acadia and the Subsidiaries will have business activities and have valuable business relationships within its industry throughout the United States and its territories and beyond, and (z) as
part of Executive’s responsibilities, Executive will be traveling throughout the United States and other jurisdictions where Acadia and the Subsidiaries conduct business during the Employment Period in furtherance of the Company’s business
relationships. Executive agrees and acknowledges that the potential harm to Acadia and the Subsidiaries of the non-enforcement of any provision of Sections 5 and 6 and this
Section 7 outweighs any potential harm to Executive of its enforcement by injunction or otherwise. Executive acknowledges that she has carefully read this Agreement and either consulted with legal counsel of
Executive’s choosing regarding its contents or knowingly and voluntarily waived the opportunity to do so, has given careful consideration to the restraints imposed upon Executive by this Agreement and is in full accord as to their necessity for
the reasonable and proper protection of confidential and proprietary information of Acadia and the Subsidiaries now existing or to be developed in the future. Executive expressly acknowledges and agrees that each and every restraint imposed by this
Agreement is reasonable with respect to subject matter, duration and geographical area. 
 (f) Specific Performance. In the event of
the breach or a threatened breach by Executive of any of the provisions of Section 5 or 6 or this Section 7, Acadia and the Subsidiaries would suffer irreparable harm and that money damages
would not be a sufficient remedy and, in addition and supplementary to other rights and remedies existing in its favor whether under this Agreement or under any other agreement, the Company shall be entitled to specific performance and/or injunctive
or other equitable relief from a court of competent jurisdiction in order to enforce or prevent any violations of the provisions hereof (without posting a bond or other security). In addition, in the event of an alleged breach or violation by
Executive of this Section 7, the Noncompete Period or the Nonsolicit Period, as applicable, shall be tolled until such breach or violation has been duly cured. 

8. Executive’s Representations. Executive hereby represents and warrants to the Company that (a) the execution,
delivery and performance of this Agreement by Executive do not and shall not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which Executive is a party or by which she is
bound, (b) except as previously disclosed to the Company in writing (a copy of each such agreement having been provided to the Company prior to the date hereof or being publicly available on EDGAR as of the date hereof), Executive is not a
party to or bound by any employment agreement, noncompete agreement or confidentiality agreement with any other person or entity, (c) except as previously disclosed to the Company in writing, Executive took nothing with her which belonged to
any former employer when Executive left her prior position and Executive has nothing that contains any information which belongs to any former employer, in either case which would reasonably be likely to result in any liability to Acadia or any
Subsidiary, and (d) upon the execution and delivery of this Agreement by the Company, this Agreement shall be the valid and binding obligation of Executive, enforceable in accordance with its terms. Executive hereby acknowledges and represents
that she has either consulted with independent legal counsel regarding her rights and obligations under this Agreement or knowingly and voluntarily waived the opportunity to do so and that she fully understands the terms and conditions contained
herein. 

  
 13 

 9. Definitions. For purposes of this Agreement, the following terms shall have the
meanings set forth below: 
 “Cause” shall mean with respect to Executive one or more of the following: (i) the
conviction of or plea of nolo contendere to a felony or the conviction of any crime involving misappropriation, embezzlement or fraud with respect to Acadia or any of the Subsidiaries or any of their customers, suppliers or other business relations,
(ii) willful conduct outside the scope of Executive’s duties and responsibilities under this Agreement that causes Acadia or any of the Subsidiaries substantial public disgrace or disrepute or demonstrable economic harm,
(iii) repeated failure to perform duties consistent with this Agreement as reasonably directed by the Board, which, for the avoidance of doubt, shall not include any failure by Executive to implement or achieve performance objectives relating
to the annual bonus plan or any performance-based restricted stock units; (iv) any willful act or knowing omission of aiding or abetting a competitor of Acadia or any of the Subsidiaries to the disadvantage or detriment of Acadia and the
Subsidiaries, (v) material breach of fiduciary duty or gross negligence, (vi) willful misconduct with respect to Acadia or any of the Subsidiaries, (vii) an administrative or other proceeding arising as a result of Executive’s
action that results in the suspension or debarment of Executive from participation in any contracts with, or programs of, the United States or any of the fifty states or any agency or department thereof, or any finding of a governmental agency that
Executive personally has engaged in misconduct in connection with her employment by the Company, or (viii) any other material breach by Executive of this Agreement or any other agreement between Executive and Acadia or any of the Subsidiaries,
which, for the avoidance of doubt, shall not include any failure by Executive to implement or achieve performance objectives relating to the annual bonus plan or any performance-based restricted stock units, provided that no determination of
“Cause” may be made with respect to conduct described in prongs (ii), (iii), (v) or (viii) until Executive has been given written notice detailing the specific Cause event and a period of thirty (30) days following receipt of
such notice to cure such event; provided that there shall be no opportunity to cure a repeated violation of prong (iii). 

“Disabled” means any physical or mental disability or infirmity that has prevented the performance of Executive’s duties
for a period of (i) one hundred twenty (120) consecutive days or (ii) one hundred eighty (180) non-consecutive days during any twelve (12) month period. Any question as to the
existence, extent or potentiality of Executive’s Disability upon which Executive and the Company cannot agree shall be determined by a qualified, independent physician selected by the Company and reasonably approved by Executive (or her
representative). 
 “Good Reason” shall mean if Executive resigns her employment with the Company as a result of one or
more of the following actions (in each case taken without Executive’s written consent): (i) a reduction in Executive’s Base Salary; (ii) the assignment of job duties or responsibilities materially inconsistent with Executive’s
position as a senior executive of the Company; (iii) any other material breach by the Company or Acadia (or their successors) of this Agreement (excluding any breach based on any diminution in Executive’s duties, responsibilities, titles
or positions); or (iv) a relocation of the Company’s and Acadia’s principal executive offices and corporate headquarters outside of a thirty (30) mile radius of Nashville, Tennessee; provided that, none of the events described
above shall constitute Good Reason unless Executive shall have notified the Company and/or Acadia in writing describing the event which constitutes Good Reason within ninety (90) days after the occurrence of such event and then only if the
Company and/or Acadia and the Subsidiaries shall have failed to cure such event within thirty (30) days after the Company’s and/or Acadia’s receipt of such written notice and Executive elects to terminate her employment as a result at
the end of such thirty (30) day period. 

  
 14 

 “Person” shall mean an individual, a partnership, a corporation (whether or
not for profit), a limited liability company, an association, a joint stock company, a trust, a joint venture, or other business entity, an unincorporated organization and a governmental entity or any department, agency or political subdivision
thereof. 
 “Subsidiary” shall mean any corporation or other entity of which the securities or other ownership interests
having the voting power to elect a majority of the board of directors or other governing body are, at the time of determination, owned by Acadia or of which Acadia serves as the managing member or in a similar capacity or of which Acadia holds a
majority of the partnership or limited liability company or similar interests or is otherwise entitled to receive a majority of distributions made by it, in each case directly or through one or more Subsidiaries. 

10. Survival. Sections 4 through 27 (other than Section 22) shall survive and continue in full
force in accordance with their terms notwithstanding the expiration or termination of the Employment Period. 
 11. Notices. Any
notice provided for in this Agreement shall be in writing and shall be personally delivered, sent by email or facsimile (with hard copy to follow), sent by reputable overnight courier service, or mailed by first class mail, return receipt requested,
to the recipient at the address below indicated: 
 Notices to Executive: 

Debra K. Osteen 
 [REDACTED] 

with copies (which shall not constitute notice) to: 

Acadia Healthcare Company, Inc. 

6100 Tower Circle, Suite 1000 

Franklin, TN 37067 
 Attention:
General Counsel 
 Facsimile: (615) 261-9685 

Adam Kaminsky 
 Davis
Polk & Wardwell LLP 
 901 15th Street NW 

Washington, DC 2005 

Adam.kaminsky@davispolk.com 

  
 15 

 Notices to the Company: 

Acadia Healthcare Company, Inc. 

6100 Tower Circle, Suite 1000 

Franklin, TN 37067 
 Attention:
Board of Directors 
 Facsimile: (615) 261-9685 

with copies (which shall not constitute notice) to: 

Acadia Healthcare Company, Inc. 

6100 Tower Circle, Suite 1000 

Franklin, TN 37067 
 Attention:
General Counsel 
 Facsimile: (615) 261-9685 

or such other address or to the attention of such other Person as the recipient party shall have specified by prior written notice to the sending party. Any
notice under this Agreement shall be deemed to have been given when so delivered or sent by facsimile (subject to automatic proof of transmission) or email, one day after being sent by overnight courier or three days after being mailed by first
class mail, return receipt requested, as applicable. 
 12. Severability. Whenever possible, each provision of this Agreement shall
be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such
invalidity, illegality or unenforceability shall not affect any other provision of this Agreement or any action in any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal
or unenforceable provision had never been contained herein. 
 13. Complete Agreement. This Agreement and those documents
expressly referred to herein embody the complete agreement and understanding among the parties with respect to, and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, which may
have related to, the subject matter hereof in any way, including, without limitation, the Original Employment Agreement. 
 14. No Strict
Construction. The language used in this Agreement shall be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction shall be applied against any party. 

15. Counterparts. This Agreement may be executed in separate counterparts (including by means of facsimile or by electronic
transmission in portable document format (pdf) or comparable electronic transmission), each of which is deemed to be an original and all of which taken together constitute one and the same agreement. 

16. Successors and Assigns. This Agreement is personal in nature and neither of the parties hereto shall, without the consent of the
other, assign, transfer or delegate this Agreement or any rights or obligations hereunder; provided that (i) this Agreement will inure to the benefit of and be enforceable by Executive’s personal or legal representatives, executors,
administrators, successors, heirs, distributees and legatees (but otherwise will not otherwise be assignable, 

  
 16 

 
transferable or delegable by Executive), and (ii) this Agreement will be assignable, transferable or delegable by the Company, without the consent of Executive, to Acadia or any of the
Subsidiaries or to any successor (whether direct or indirect, in whatever form of transaction) to all or substantially all of the business or assets of the Company or Acadia or the Subsidiaries (none of which shall constitute a termination of
Executive’s employment hereunder). 
 17. Choice of Law and Forum. All issues and questions concerning the construction,
validity, enforcement and interpretation of this Agreement and the exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law
rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. The parties agree that any dispute arising out of or relating to this
Agreement, exclusively shall be brought in the state courts located in Williamson County, Tennessee or the United States District Court for the Middle District of Tennessee. Each party hereby waives any objection to the personal or subject matter
jurisdiction and venue of such courts. 
 18. Amendment and Waiver. The provisions of this Agreement may be amended or waived only
with the prior written consent of the Company (as approved by the Board) and Executive, and no course of conduct or course of dealing or failure or delay by any party hereto in enforcing or exercising any of the provisions of this Agreement
(including, without limitation, the Company’s right to terminate the Employment Period for Cause) shall affect the validity, binding effect or enforceability of this Agreement or be deemed to be an implied waiver of any provision of this
Agreement. 
 19. Insurance. The Company may, at its discretion, apply for and procure in its own name and for its own benefit life
and/or disability insurance on Executive in any amount or amounts considered advisable. Executive agrees to cooperate in any medical or other examination, supply any information and execute and deliver any applications or other instruments in
writing as may be reasonably necessary to obtain and constitute such insurance. 
 20. Indemnification and Reimbursement of Payments on
Behalf of Executive. Acadia and the Subsidiaries shall be entitled to deduct or withhold from any amounts owing from Acadia or any of the Subsidiaries to Executive any federal, state, local or foreign withholding taxes, excise tax, or employment
taxes (“Taxes”) imposed with respect to Executive’s compensation or other payments from Acadia or any of the Subsidiaries or Executive’s ownership interest in Acadia or any of the Subsidiaries (including, without
limitation, wages, bonuses, dividends, the receipt or exercise of equity options and/or the receipt or vesting of restricted equity), as may be required to be deducted or withheld by any applicable law or regulation. 

21. Waiver of Jury Trial. AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT (AFTER
HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY. 

  
 17 

 22. Opportunity. During the Employment Period, Executive shall submit to the Board
all material investment or business opportunities of which she becomes aware that would customarily be brought to the attention of a board of directors and which are within the scope and investment objectives of Acadia or any of the Subsidiaries.

 23. Executive’s Cooperation. During the Employment Period and thereafter, Executive shall cooperate with Acadia
and the Subsidiaries in any internal investigation or administrative, regulatory or judicial investigation or proceeding or any dispute with any third party as reasonably requested by Acadia or the Subsidiaries (including, without limitation,
Executive being available to Acadia and the Subsidiaries upon reasonable notice for interviews and factual investigations, appearing at Acadia’s or any of the Subsidiaries’ request to give testimony without requiring service of a subpoena
or other legal process, volunteering Acadia and the Subsidiaries all pertinent information and turning over to Acadia and the Subsidiaries all relevant documents which are or may come into Executive’s possession, all at times and on schedules
that are reasonably consistent with Executive’s other permitted activities and commitments), all at Acadia’s or the Subsidiaries’ sole cost and expense. Any services requested by the Company under this Section 23 shall be
scheduled to not unreasonably interfere with Executive’s employment or personal obligations at the time. It is expressly agreed that the Company’s rights to avail itself of the advice and consultation services of Executive shall at all
times be exercised in a reasonable manner, that adequate notice shall be given to Executive in such events, and that non-compliance with any such request by Executive for good reason, including, but not
limited to, ill health or prior commitments, shall not constitute a breach or violation of this Agreement. 
 24. Delivery by Facsimile
or PDF. This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent signed and
delivered by means of a facsimile machine or electronic transmission in pdf, shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original
signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver
them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or electronic transmission in pdf to deliver a signature or the fact that any signature or agreement or instrument was
transmitted or communicated through the use of a facsimile machine or electronic transmission in pdf as a defense to the formation or enforceability of a contract and each such party forever waives any such defense. 

25. Indemnification and Directors and Officers Insurance. 

(a) During the Employment Period and for a period of six (6) years thereafter, the Company shall, to the fullest extent permitted under
applicable law, indemnify and hold harmless Executive on a basis no less favorable than members of the Board and in accordance with the bylaws of the Company and Acadia. 

(b) During the Employment Period and for a period of six (6) years thereafter, the Company, or any successor to the Company, shall
purchase and maintain, at its own expense, directors and officers liability insurance providing coverage for Executive in the same or greater amount as for members of the Board. 

  
 18 

 26. Legal Fees and Expenses. In the event any litigation or other court action,
arbitration or similar adjudicatory proceeding (a “Proceeding”) is commenced or threatened by any party hereto (the “Claiming Party”) to enforce its rights under this Agreement against any other party hereto (the
“Defending Party”), if the Defending Party is the prevailing party in such Proceeding, all fees, costs and expenses, including, without limitation, reasonable attorneys fees and court costs, incurred by the Defending Party in such
Proceeding, will be reimbursed by the Claiming Party, and, if the Claiming Party is the prevailing party in such Proceeding, all fees, costs and expenses, including, without limitation, reasonable attorneys fees and court costs, incurred by the
Claiming Party in such Proceeding, will be reimbursed by the Defending Party; provided that if the Defending Party prevails in part, and loses in part, in such Proceeding, the court, arbitrator or other adjudicator presiding over such Proceeding
shall award a reimbursement of the fees, costs and expenses incurred by the Claiming Party and the Defending Party on an equitable basis. For purposes of this Section26, and without limiting the generality of the foregoing, the Defending
Party will be deemed to have prevailed in any Proceeding if the Claiming Party commences or threatens such Proceeding and (i) the underlying claim(s) in such Proceeding are subsequently dropped or dismissed, or (ii) the Defending Party
defeats any such claim(s). 
 27. Acadia Guarantee. Acadia unconditionally guarantees and promises to pay and perform, upon
Executive’s demand following a default by the Company, any and all obligations of the Company from time to time owed to Executive under this Agreement, subject to any applicable cure period. Acadia further agrees that if the Company shall fail
to fulfill any of its obligations under this Agreement, Acadia will perform the same on demand as a principal obligor, and not as a surety. This is a continuing guarantee of the obligations and may not be revoked and shall not otherwise terminate
unless and until the obligations of the Company have been paid and performed in full. Acadia represents and warrants that it will receive a substantial benefit from Company’s employment of Executive, which employment gives rise to the
obligations of the Company under this Agreement. Acadia acknowledges that Executive would not execute this Agreement if it did not receive this guarantee. 

*     *     *     *     * 

  
 19 

 IN WITNESS WHEREOF, the parties hereto have executed this Employment Agreement as of the
date first written above. 
  

			
	COMPANY:
	ACADIA MANAGEMENT COMPANY, INC.
		
	By:	 	/s/ Christopher L. Howard
		 	Name: Christopher L. Howard
		 	Its: Vice President and Secretary
	
	EXECUTIVE:
	
	/s/ Debra K. Osteen
	Name: Debra K. Osteen

  

			
	ACKNOWLEDGED AND AGREED:
	
	ACADIA HEALTHCARE COMPANY, INC., solely with respect to Sections 7 and 27, as of this 19th day of January, 2021
		
	By:	 	/s/ Christopher L. Howard
		 	Name: Christopher L. Howard
		 	Its: Executive Vice President, Secretary and General Counsel

 Exhibit A 

Other Activities 
  

	 	•	 	 Nashville Healthcare Council 

  
 21 

 Exhibit B1 

GENERAL RELEASE 

I,                     , in
consideration of and subject to the performance by Acadia Management Company, Inc., a Delaware corporation (together with its subsidiaries, the “Company”), of its obligations under the Employment Agreement dated as of
January 19, 2021 (the “Agreement”), do hereby release and forever discharge as of the date hereof the Company and its respective affiliates and all present, former and future managers, directors, officers, employees, successors
and assigns of the Company and its affiliates and direct or indirect owners (collectively, the “Released Parties”) to the extent provided below (this “General Release”). The Released Parties are intended to be
third-party beneficiaries of this General Release, and this General Release may be enforced by each of them in accordance with the terms hereof in respect of the rights granted to such Released Parties hereunder. Terms used herein but not otherwise
defined shall have the meanings given to them in the Agreement. 
 1. I understand that any payments or benefits paid or granted to me under
Section 4 of the Agreement represent, in part, consideration for signing this General Release and are not salary, wages or benefits to which I was already entitled. I understand and agree that I will not receive certain of the payments and
benefits specified in Section 4, unless I execute this General Release and do not revoke this General Release within the time period permitted hereafter. Such payments and benefits will not be considered compensation for purposes of any
employee benefit plan, program, policy or arrangement maintained or hereafter established by the Company or its affiliates. 
 2. Except as
provided in paragraphs 5 and 6 below and except for the provisions of the Agreement which expressly survive the termination of my employment with the Company, I knowingly and voluntarily (for myself, my heirs, executors, administrators and assigns)
release and forever discharge the Company and the other Released Parties from any and all claims, suits, controversies, actions, causes of action, cross-claims, counter-claims, demands, debts, compensatory
damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities of any nature whatsoever in law and in equity, both past and present (through the date that this General Release
becomes effective and enforceable) and whether known or unknown, suspected, or claimed against the Company or any of the Released Parties which I, my spouse, or any of my heirs, executors, administrators or assigns, may have, including those that
arise out of or are connected with my employment with, or my separation or termination from, the Company (including, but not limited to, any allegation, claim or violation, arising under: Title VII of the Civil Rights Act of 1964, as amended; the
Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers Benefit Protection Act); the Equal Pay Act of 1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical
Leave Act of 1993; the Worker Adjustment Retraining and Notification Act; the Employee Retirement Income Security Act of 1974; any applicable Executive Order Programs; the Fair Labor Standards Act; or their state or local counterparts; or under any
other federal, state or local civil or human rights law, or under any other 
  

	1 	 Note to Draft: Subject to updates to the extent necessary for applicable governing law.

  
 22 

 
local, state, or federal law, regulation or ordinance; or under any public policy, contract or tort, or under common law; or arising under any policies, practices or procedures of the Company; or
any claim for wrongful discharge, breach of contract, infliction of emotional distress, defamation; or any claim for costs, fees, or other expenses, including attorneys’ fees incurred in these matters) (all of the foregoing collectively
referred to herein as the “Claims”). 
 3. The released claims described in paragraph 2 hereof include all such claims,
whether known or unknown by me. 
 4. I represent that I have made no assignment or transfer of any right, claim, demand, cause of action,
or other matter covered by paragraph 2 above. 
 5. I agree that this General Release does not waive or release any rights or claims that I
may have under the Age Discrimination in Employment Act of 1967 which arise after the date I execute this General Release. I acknowledge and agree that my separation from employment with the Company in compliance with the terms of the Agreement
shall not serve as the basis for any claim or action (including, without limitation, any claim under the Age Discrimination in Employment Act of 1967). 

6. I agree that I hereby waive all rights to sue or obtain equitable, remedial or punitive relief from any or all Released Parties of any kind
whatsoever in respect of any Claim, including, without limitation, reinstatement, back pay, front pay, and any form of injunctive relief. Notwithstanding the above, I further acknowledge that I am not waiving and am not being required to waive any
right that cannot be waived under law, including the right to file an administrative charge or participate in an administrative investigation or proceeding; provided, however, that I disclaim and waive any right to share or participate
in any monetary award resulting from the prosecution of such charge or investigation or proceeding. Additionally, I am not waiving (and nothing set forth herein shall be deemed a release of) (i) any right to any earned and accrued salary,
vacation, benefits, expense reimbursements, or any severance benefits to which I am entitled under the Agreement, (ii) any claim relating to directors’ and officers’ liability insurance coverage or any right of indemnification under
the Company’s organizational documents, applicable law or otherwise, including, without limitation, Sections 25 and 26 of the Agreement and/or (iii) my rights as an equity or security holder in the Company, Acadia or their affiliates.

 7. In signing this General Release, I acknowledge and intend that it shall be effective as a bar to each and every one of the Claims
hereinabove mentioned or implied. I expressly consent that this General Release shall be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected Claims
(notwithstanding any state or local statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims), if any, as well as those relating to any other Claims hereinabove mentioned or implied. I
acknowledge and agree that this waiver is an essential and material term of this General Release and that without such waiver the Company would not have agreed to the terms of the Agreement. I further agree that in the event I should bring a Claim
seeking damages against the Company, or in the event I should seek to recover against the Company in any Claim brought by a governmental agency on my behalf, this General Release shall serve as a complete defense to such Claims to the maximum extent
permitted by law. I further agree that I am not aware of any pending claim of the type described in paragraph 2 above as of the execution of this General Release. 

  
 23 

 8. I agree that neither this General Release, nor the furnishing of the consideration for
this General Release, shall be deemed or construed at any time to be an admission by the Company, any Released Party or myself of any improper or unlawful conduct. 

9. I agree that if I violate this General Release by suing the Company or the other Released Parties, I will pay all costs and expenses of
defending against the suit incurred by the Released Parties, including reasonable attorneys’ fees. 
 10. Any non-disclosure provision in this General Release does not prohibit or restrict me (or my attorney) from responding to any inquiry about this General Release or its underlying facts and circumstances by the
Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), any other self-regulatory organization or any governmental entity. 

11. I hereby acknowledge that Sections 4 through 27 (other than Section 22) of the Agreement shall survive my execution of this General
Release. 
 12. I represent that I am not aware of any claim by me other than the claims that are released by this General Release. I
acknowledge that I may hereafter discover claims or facts in addition to or different than those which I now know or believe to exist with respect to the subject matter of the release set forth in paragraph 2 above and which, if known or suspected
at the time of entering into this General Release, may have materially affected this General Release and my decision to enter into it. 

13. Notwithstanding anything in this General Release to the contrary, this General Release shall not relinquish, diminish, or in any way
affect any rights or claims arising out of any breach by the Company or by any Released Party of the Agreement after the date hereof. 
 14.
Whenever possible, each provision of this General Release shall be interpreted in, such manner as to be effective and valid under applicable law, but if any provision of this General Release is held to be invalid, illegal or unenforceable in any
respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this General Release shall be reformed, construed and enforced in such
jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 
 BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND
AGREE THAT: 
  

	 	(a)	 I HAVE READ IT CAREFULLY; 

 

	 	(b)	 I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO,
RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED; TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE EQUAL PAY ACT OF 1963; THE AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED; 

  
 24 

	 	(c)	 I VOLUNTARILY CONSENT TO EVERYTHING IN IT; 

 

	 	(d)	 I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL
READING AND CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION; 

  

	 	(e)	 I HAVE HAD AT LEAST [21][45] DAYS FROM THE DATE OF MY RECEIPT OF THIS RELEASE TO CONSIDER IT, AND THE
CHANGES MADE SINCE MY RECEIPT OF THIS RELEASE ARE NOT MATERIAL OR WERE MADE AT MY REQUEST AND WILL NOT RESTART THE REQUIRED [21][45]-DAY PERIOD; 

 

	 	(f)	 I UNDERSTAND THAT I HAVE SEVEN (7) DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT THIS
RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED; 

  

	 	(g)	 I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO
ADVISE ME WITH RESPECT TO IT; AND 

  

	 	(h)	 I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY
AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY ME. 

  

									
	SIGNED:	 	 	 		 	DATED:	 	 

  
 25Exhibit 10.1

 

IDEANOMICS,
INC.

 

Convertible
Debenture

 

Face
Amount: $37,500,000

 

Debenture
Issuance Date: January 15, 2021

Debenture
Number: IDEX-011521

 

FOR
VALUE RECEIVED, IDEANOMICS, INC., a Nevada corporation (the
 “Company”), hereby promises to pay to the order of YA II PN, LTD., or its registered assigns (the “Holder”)
the amount set out above as the Principal Amount (as reduced pursuant to the terms hereof pursuant to redemption, conversion or
otherwise, the “Principal”) when due, whether upon the Maturity Date (as defined below), acceleration, redemption
or otherwise (in each case in accordance with the terms hereof) and to pay interest (“Interest”) on any outstanding
Principal at the applicable Interest Rate from the date set out above as the Debenture Issuance Date (the “Issuance Date”)
until the same becomes due and payable, whether upon an Interest Date (as defined below), the Maturity Date or acceleration, conversion,
redemption or otherwise (in each case in accordance with the terms hereof). Certain capitalized terms used herein are defined
in Section 16. For the avoidance of doubt, the Issuance Date is the date of the first issuance of this Debenture regardless of
the number of transfers and regardless of the number of instruments, which may be issued to evidence such Debenture.

 

(1)              
GENERAL TERMS

 

(a)  
Maturity Date. The “Maturity Date” shall be July 15, 2021, as may be extended at the option of
the Holder, and the Company has the right to prepay the Note at any time; provided that prepayment is subject to compliance with
Section 1(c) herein.

 

(b)  
Interest Rate and Payment of Interest. Interest shall accrue on the outstanding principal balance hereof at an annual
rate equal to 4% (“Interest Rate”); provided that such Interest Rate shall be increased to 18% upon an Event
of Default. Interest shall be calculated on the basis of a 365-day year and the actual number of days elapsed, to the extent permitted
by applicable law.

 

(c)  
Redemption. The Company shall have the right, but not the obligation, to redeem (“Optional Redemption”)
a portion or all amounts outstanding under this Debenture prior to the Maturity Date as described in this Section; provided
that the Company provides each Buyer with at least 15 Business Days’ prior written notice (each, a “Redemption
Notice”) of its desire to exercise an Optional Redemption and the VWAP of the Company’s Common Stock over the
10 Business Days’ immediately prior to the Redemption Notice is less than the Conversion Price. The Optional Redemption
shall be consummated by a wire transfer by the Company to the Holder of the Redemption Amount (or such lesser amount, if the Holder
has converted any part of this Debenture during the 15-Business Day notice period specified herein) on the first Business Day
following the expiration of the 15-Business Day notice period specified herein. The Holder may convert all or any part of this
Debenture after receiving a Redemption Notice, in which case the Redemption Amount shall be reduced by the amount so converted.

 

    	 	 	 

     

    

 

(2)              
EVENTS OF DEFAULT.

 

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

 

(i)              the
Company's failure to pay to the Holder any amount of Principal, Interest, or other amounts when and as due under this Debenture
or any other Transaction Document within fifteen (15) Business Days after such payment is due;

 

(ii)             The
Company or any subsidiary of the Company shall commence, or there shall be commenced against the Company or any subsidiary of
the Company under any applicable bankruptcy or insolvency laws as now or hereafter in effect or any successor thereto, or the
Company or any subsidiary of the Company commences any other proceeding under any reorganization, arrangement, adjustment of debt,
relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in effect
relating to the Company or any subsidiary of the Company or there is commenced against the Company or any subsidiary of the Company
any such bankruptcy, insolvency or other proceeding which remains undismissed for a period of 61 days; or the Company or any subsidiary
of the Company is adjudicated insolvent or bankrupt; or any order of relief or other order approving any such case or proceeding
is entered; or the Company or any subsidiary of the Company suffers any appointment of any custodian, private or court appointed
receiver or the like for it or any substantial part of its property which continues undischarged or unstayed for a period of sixty
one (61) days; or the Company or any subsidiary of the Company makes a general assignment for the benefit of creditors; or the
Company or any subsidiary of the Company shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay,
its debts generally as they become due; or the Company or any subsidiary of the Company shall call a meeting of its creditors
with a view to arranging a composition, adjustment or restructuring of its debts; or the Company or any subsidiary of the Company
shall by any act or failure to act expressly indicate its consent to, approval of or acquiescence in any of the foregoing; or
any corporate or other action is taken by the Company or any subsidiary of the Company for the purpose of effecting any of the
foregoing;

 

(iii)            The
Company or any subsidiary of the Company shall default beyond applicable grace and cured periods in any of its obligations under
any other debenture or any mortgage, credit agreement or other facility, indenture agreement, factoring agreement or other instrument
under which there may be issued, or by which there may be secured or evidenced any indebtedness for borrowed money or money due
under any long term leasing or factoring arrangement of the Company or any subsidiary of the Company in an amount exceeding $5.000,000,
whether such indebtedness now exists or shall hereafter be created and such default shall result in such indebtedness becoming
or being declared due and payable and such default is not thereafter cured within fifteen (15) Business Days, except for the DBOT
lease;

 

    	 	2	 

     

    

 

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

 

(v)             The
Company or any subsidiary of the Company shall be a party to any Change of Control Transaction (as defined in Section 16) unless
in connection with such Change of Control Transaction this Debenture is retired;

 

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

 

(vii)          The
Company shall fail for any reason to deliver the payment in cash pursuant to a Buy-In (as defined herein) within five (5) Business
Days after such payment is due;

 

(viii)         The
Company shall fail to observe or perform any other material covenant, agreement or warranty contained in, or otherwise commit
any material breach or default of any provision of this Debenture (except as may be covered by Section 2(a)(i) through 2(a)(vii)
hereof) or any Transaction Document (as defined in Section 16) which is not cured within the time prescribed.

 

(b)  
During the time that any portion of this Debenture is outstanding, if any Event of Default has occurred and is continuing,
the full unpaid Principal amount of this Debenture, together with interest and other amounts owing in respect thereof, to the
date of acceleration shall become at the Holder's election given by notice pursuant to Section 9, immediately due and payable
in cash. The Holder need not provide and the Company hereby waives any presentment, demand, protest or other notice of any kind,
(other than required notice of conversion) and the Holder may immediately enforce any and all of its rights and remedies hereunder
and all other remedies available to it under applicable law. Such declaration may be rescinded and annulled by Holder at any time
prior to payment hereunder. No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent
thereon.

 

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

 

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

 

    	 	3	 

     

    

 

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

 

(b)  
“Conversion Price” means $3.31.

 

(c)  
Mechanics of Conversion.

 

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

 

    	 	4	 

     

    

 

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

 

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

 

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

 

(e)  
Other Provisions.

 

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

 

    	 	5	 

     

    

 

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

 

(iii)            The
Company covenants that it will at all times reserve and keep available out of its authorized and unissued shares of Common Stock
solely for the purpose of issuance upon conversion of this Debenture and payment of Interest on this Debenture, each as herein
provided, free from preemptive rights or any other actual contingent purchase rights of persons other than the Holder, not less
than such number of shares of the Common Stock as shall be issuable (taking into account the adjustments and restrictions set
forth herein) upon the conversion of the outstanding principal amount of this Debenture and payment of Interest hereunder. The
Company covenants that all shares of Common Stock that shall be so issuable shall, upon issue, be duly and validly authorized,
issued and fully paid, nonassessable and, if the Underlying Shares Registration Statement has been declared effective under the
Securities Act, registered for public sale in accordance with such Underlying Shares Registration Statement.

 

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

 

(v)            Conversion
Costs. The Company agrees to reimburse the Holder for all reasonable costs incurred by the Holder in connection with any legal
opinions paid for by the Holder in connection with sale of Underlying Shares of Common Stock (provided that the Company has first
had the opportunity to obtain such a legal opinion on behalf of the Holder). The Holder shall notify the Company of any such costs
and expenses it incurs that are referred to in this section from time to time and all amounts owed hereunder shall be paid by
the Company with reasonable promptness.

 

(f)   
Adjustments to Conversion PriceAdjustment of Conversion Price upon Subdivision or Combination of Common Stock. If
the Company at any time after the Issuance Date subdivides (by any stock split, stock dividend, recapitalization or otherwise)
one or more classes of its outstanding shares of Common Stock into a greater number of shares, the Conversion Price in effect
immediately prior to such subdivision will be proportionately reduced and the number of shares of Common Stock obtainable upon
conversion of this Debenture will be proportionately increased. If the Company at any time after the Issuance Date combines (by
combination, reverse stock split or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller number
of shares, any Conversion Price in effect immediately prior to such combination will be proportionately increased and the number
of shares of Common Stock issuable upon exercise of this Warrant will be proportionately decreased. Any adjustment under this
Section 4(b) shall become effective at the close of business on the date the subdivision or combination becomes effective.

 

    	 	6	 

     

    

 

(g)  
Notification of Adjustment. Whenever the Conversion Price is adjusted pursuant to Section 4 hereof, the Company
shall promptly send the Holder a notice setting forth the Conversion Price after such adjustment and setting forth a brief statement
of the facts requiring such adjustment.

 

(4)              
REGISTRATION. The Underlying Shares to be issued by the Company upon conversion of this Debenture by the Holder
shall be registered (the “Registration”) by the Company with the U.S. Securities and Exchange Commission (the
 “SEC”) effective on the date hereof. All costs and expenses related to such registration shall be borne by
the Company.

 

(5)              
INDEMNIFICATION.

 

With
respect to Registration of the Underlying Shares by the Company in accordance with Section 5 hereof:

 

To
the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Investor, the
directors, officers, partners, employees, agents, representatives of, and each Person, if any, who controls any Investor within
the meaning of the Securities Act or the Exchange Act (each, an “Indemnified Person”), against any losses,
claims, damages, liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys’ fees, amounts paid in settlement
or expenses, joint or several (collectively, “Claims”) incurred in investigating, preparing or defending any
action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental,
administrative or other regulatory agency, body or the SEC, whether pending or threatened, whether or not an indemnified party
is or may be a party thereto (“Indemnified Damages”), to which any of them may become subject insofar as such
Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any
untrue statement or alleged untrue statement of a material fact in a Registration Statement or any post-effective amendment thereto
or in any filing made in connection with the qualification of the offering under the securities or other “blue sky”
laws of any jurisdiction in which Registrable Securities are offered (“Blue Sky Filing”), or the omission
or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading;
(ii) any untrue statement or alleged untrue statement of a material fact contained in any final prospectus (as amended or supplemented,
if the Company files any amendment thereof or supplement thereto with the SEC) or the omission or alleged omission to state therein
any material fact necessary to make the statements made therein, in light of the circumstances under which the statements therein
were made, not misleading; or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act,
any other law, including, without limitation, any state securities law, or any rule or regulation there under relating to the
offer or sale of the Registrable Securities pursuant to a Registration Statement (the matters in the foregoing clauses (i) through
(iii) being, collectively, “Violations”). The Company shall reimburse the Investors and each such controlling
person promptly as such expenses are incurred and are due and payable, for any legal fees or disbursements or other reasonable
expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything to the contrary
contained herein, the indemnification agreement contained in this Section 6(a): (x) shall not apply to a Claim by an Indemnified
Person arising out of or based upon a Violation which occurs in reliance upon and in conformity with information furnished in
writing to the Company by such Indemnified Person expressly for use in connection with the preparation of the Registration Statement
or any such amendment thereof or supplement thereto; (y) shall not be available to the extent such Claim is based on a failure
of the Investor to deliver or to cause to be delivered the prospectus made available by the Company, if such prospectus was timely
made available by the Company pursuant to Section 3(c); and (z) shall not apply to amounts paid in settlement of any Claim
if such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld.
Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person.

 

    	 	7	 

     

    

 

Promptly
after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice of the commencement of any action or
proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified Party shall,
if a Claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver to the indemnifying party
a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent
the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense
thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified Party, as the
case may be; provided, however, that an Indemnified Person or Indemnified Party shall have the right to retain its own counsel
with the fees and expenses of not more than one (1) counsel for such Indemnified Person or Indemnified Party to be paid by the
indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation by such counsel
of the Indemnified Person or Indemnified Party and the indemnifying party would be inappropriate due to actual or potential differing
interests between such Indemnified Person or Indemnified Party and any other party represented by such counsel in such proceeding.
The Indemnified Party or Indemnified Person shall cooperate fully with the indemnifying party in connection with any negotiation
or defense of any such action or claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably
available to the Indemnified Party or Indemnified Person which relates to such action or claim. The indemnifying party shall keep
the Indemnified Party or Indemnified Person fully apprised at all times as to the status of the defense or any settlement negotiations
with respect thereto. No indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without
its prior written consent; provided, however, that the indemnifying party shall not unreasonably withhold, delay or condition
its consent. No indemnifying party shall, without the prior written consent of the Indemnified Party or Indemnified Person, consent
to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof
the giving by the claimant or plaintiff to such Indemnified Party or Indemnified Person of a release from all liability in respect
to such claim or litigation. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to
all rights of the Indemnified Party or Indemnified Person with respect to all third parties, firms or corporations relating to
the matter for which indemnification has been made. The failure to deliver written notice to the indemnifying party within a reasonable
time of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person
or Indemnified Party under this Section 6, except to the extent that the indemnifying party is prejudiced in its ability to defend
such action.

 

    	 	8	 

     

    

 

The
indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation
or defense, as and when bills are received or Indemnified Damages are incurred.

 

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

 

(6)              
CONTRIBUTION. To the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying
party agrees to make the maximum contribution with respect to any amounts for which it would otherwise be liable under Section
6 to the fullest extent permitted by law.

 

(7)              
REISSUANCE OF THIS DEBENTURE.

 

(a)  
Transfer. If this Debenture is to be transferred, the Holder shall surrender this Debenture to the Company, whereupon
the Company will forthwith issue and deliver upon the order of the Holder a new Debenture (in accordance with Section 8(d)), registered
in the name of the registered transferee or assignee, representing the outstanding Principal being transferred by the Holder (along
with any accrued and unpaid interest thereof) and, if less then the entire outstanding Principal is being transferred, a new Debenture
(in accordance with Section 8(d)) to the Holder representing the outstanding Principal not being transferred. The Holder and any
assignee, by acceptance of this Debenture, acknowledge and agree that, by reason of the provisions of Section 3(c)(iii) following
conversion or redemption of any portion of this Debenture, the outstanding Principal represented by this Debenture may be less
than the Principal stated on the face of this Debenture.

 

(b)  
Lost, Stolen or Mutilated Debenture. Upon receipt by the Company of evidence reasonably satisfactory to the Company
of the loss, theft, destruction or mutilation of this Debenture, and, in the case of loss, theft or destruction, of any indemnification
undertaking by the Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of
this Debenture, the Company shall execute and deliver to the Holder a new Debenture (in accordance with Section 8(d)) representing
the outstanding Principal.

 

(c)  
Debenture Exchangeable for Different Denominations. This Debenture is exchangeable, upon the surrender hereof by
the Holder at the principal office of the Company, for a new Debenture or Debentures (in accordance with Section 8(d)) representing
in the aggregate the outstanding Principal of this Debenture, and each such new Debenture will represent such portion of such
outstanding Principal as is designated by the Holder at the time of such surrender.

 

(d)  
Issuance of New Debentures. Whenever the Company is required to issue a new Debenture pursuant to the terms of this
Debenture, such new Debenture (i) shall be of like tenor with this Debenture, (ii) shall represent, as indicated on the face of
such new Debenture, the Principal remaining outstanding (or in the case of a new Debenture being issued pursuant to Section 8(a)
or Section 8(c), the Principal designated by the Holder which, when added to the principal represented by the other new Debentures
issued in connection with such issuance, does not exceed the Principal remaining outstanding under this Debenture immediately
prior to such issuance of new Debentures), (iii) shall have an issuance date, as indicated on the face of such new Debenture,
which is the same as the Issuance Date of this Debenture, (iv) shall have the same rights and conditions as this Debenture, and
(v) shall represent accrued and unpaid Interest from the Issuance Date.

 

    	 	9	 

     

    

 

(8)              
NOTICES.Any notices, consents, waivers or other communications required or permitted to be given under the terms
hereof must be in writing and will be deemed to have been delivered: upon the later of (A) either (i) receipt, when delivered
personally or (ii) one (1) Business Day after deposit with an overnight courier service with next day delivery specified, in each
case, properly addressed to the party to receive the same and (B) receipt, when sent by e-mail. The addresses and email addresses
for such communications shall be:

 

	If to the Company, to:	Ideanomics, Inc.

        1441 Broadway, Suite
        #5116, 5th Floor,

        New York NY 10018

        Telephone: 212-206-1216

        Attention:  Chief Executive Officer

        E-Mail:  apoor@ideanomics.com

         

	If to the Holder:	YA II PN, Ltd

        c/o Yorkville Advisors
        Global, LLC

        1012 Springfield Avenue

        Mountainside, NJ 07092

        Attention: Mark Angelo

        Telephone: 201-985-8300

        Email: Legal@yorkvilleadvisors.com

 

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

 

(9)              
Except as expressly provided herein, no provision of this Debenture shall alter or impair the obligations of the Company,
which are absolute and unconditional, to pay the principal of, interest and other charges (if any) on, this Debenture at the time,
place, and rate, and in the coin or currency, herein prescribed. This Debenture is a direct obligation of the Company.

 

(10)           
This Debenture shall not entitle the Holder to any of the rights of a stockholder of the Company, including without limitation,
the right to vote, to receive dividends and other distributions, or to receive any notice of, or to attend, meetings of stockholders
or any other proceedings of the Company, unless and to the extent converted into shares of Common Stock in accordance with the
terms hereof.

 

    	 	10	 

     

    

 

(11)            
After the Issuance Date, without the Holder’s consent, the Company will not and will not permit any of their subsidiaries
to, directly or indirectly, enter into, create, incur, assume or suffer to exist any indebtedness of any kind, on or with respect
to any of its property or assets now owned or hereafter acquired or any interest therein or any income or profits therefrom that
is senior in any respect to the obligations of the Company under this Debenture.

 

(12)            
This Debenture shall be governed by and construed in accordance with the laws of the State of New York, without giving
effect to conflicts of laws thereof. Each of the parties consents to the jurisdiction of the Courts of the State of New York sitting
in New York County, New York and the U.S. District Court for the Southern District of New York sitting in New York County,
New York in connection with any dispute arising under this Debenture and hereby waives, to the maximum extent permitted by law,
any objection, including any objection based on forum non conveniens to the bringing of any such proceeding in such jurisdictions.

 

(13)            
If the Company fails to strictly comply with the terms of this Debenture, then the Company shall reimburse the Holder promptly
for all fees, costs and expenses, including, without limitation, attorneys’ fees and expenses incurred by the Holder in
any action in connection with this Debenture, including, without limitation, those incurred: (i) during any workout, attempted
workout, and/or in connection with the rendering of legal advice as to the Holder’s rights, remedies and obligations, (ii)
collecting any sums which become due to the Holder, (iii) defending or prosecuting any proceeding or any counterclaim to any proceeding
or appeal; or (iv) the protection, preservation or enforcement of any rights or remedies of the Holder.

 

(14)           
Any waiver by the Holder of a breach of any provision of this Debenture shall not operate as or be construed to be a waiver
of any other breach of such provision or of any breach of any other provision of this Debenture. The failure of the Holder to
insist upon strict adherence to any term of this Debenture on one or more occasions shall not be considered a waiver or deprive
that party of the right thereafter to insist upon strict adherence to that term or any other term of this Debenture. Any waiver
must be in writing.

 

(15)            
If any provision of this Debenture is invalid, illegal or unenforceable, the balance of this Debenture shall remain in
effect, and if any provision is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other
persons and circumstances. If it shall be found that any interest or other amount deemed interest due hereunder shall violate
applicable laws governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum
permitted rate of interest. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist
upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other
law which would prohibit or forgive the Company from paying all or any portion of the principal of or interest on this Debenture
as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance
of this indenture, and the Company (to the extent it may lawfully do so) hereby expressly waives all benefits or advantage of
any such law, and covenants that it will not, by resort to any such law, hinder, delay or impeded the execution of any power herein
granted to the Holder, but will suffer and permit the execution of every such as though no such law has been enacted.

 

    	 	11	 

     

    

 

(16)            
Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall
be made on the next succeeding Business Day.

 

(17)             THE
PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT OF
ANY LITIGATION BASED HEREON OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION DOCUMENT OR ANY COURSE
OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT
FOR THE PARTIES’ ACCEPTANCE OF THIS AGREEMENT.

 

(18)            
CERTAIN DEFINITIONS For purposes of this Debenture, the following terms shall have the following meanings:

 

(a)  
“Bloomberg” means Bloomberg Financial Markets.

 

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

 

(c)  
“Change of Control Transaction” means the occurrence of (a) an acquisition after the Issuance Date by
an individual or legal entity or “group” (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of
effective control (whether through legal or beneficial ownership of capital stock of the Company, by contract or otherwise) of
in excess of fifty percent (50%) of the voting securities of the Company (except that the acquisition of voting securities by
the Holder or any other current holder of convertible securities of the Company shall not constitute a Change of Control Transaction
for purposes hereof), (b) a replacement at one time or over time of more than one-half of the members of the board of directors
of the Company (other than as due to the death or disability of a member of the board of directors) which is not approved by a
majority of those individuals who are members of the board of directors on the Issuance Date (or by those individuals who are
serving as members of the board of directors on any date whose nomination to the board of directors was approved by a majority
of the members of the board of directors who are members on the Issuance Date), (c) the merger, consolidation or sale of fifty
percent (50%) or more of the assets of the Company or any subsidiary of the Company in one or a series of related transactions
with or into another entity, or (d) the execution by the Company of an agreement to which the Company is a party or by which it
is bound, providing for any of the events set forth above in (a), (b) or (c). No transfer to a wholly-owned subsidiary shall be
deemed a Change of Control Transaction under this provision.

 

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

 

    	 	12	 

     

    

 

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

 

(f)   
“Commission” means the Securities and Exchange Commission.

 

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

 

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

 

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

 

(j)    
“Person” means a corporation, an association, a partnership, organization, a business, an individual,
a government or political subdivision thereof or a governmental agency.

 

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

 

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

 

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

 

(n)  
“Transaction Documents” means any existing or future agreement between the Company and the Holder.

 

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

 

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

 

    	 	13	 

     

    

 

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

 

 

	 	COMPANY:
	 	IDEANOMICS, INC.
	 	 
	 	 
	 	By:	                    
	 	Name:
	 	Title:

 

 

     

     

    

 

EXHIBIT
I

CONVERSION
NOTICE

 

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

 

 

TO:

 

The
undersigned hereby irrevocably elects to convert $                                 
of the principal amount of Debenture No. IDEX-011521 into Shares of Common Stock of Ideanomics,
INC., according to the conditions stated therein, as of the Conversion Date written below.

 

	Conversion
    Date:	 
	Conversion Amount to be converted:	$
	Conversion Price:	$
	Number of shares of Common Stock to
    be issued:	 
	 	 
	 	 
	 	 
	 	 
	Please issue the shares of Common Stock in the following name and to the
    following address:
	Issue to:	 
	 	 
	 	 
	 	 
	 	 
	Authorized Signature:	 
	Name:	 
	Title:	 
	Broker DTC Participant Code:	 
	Account Number:

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