Document:

Exhibit 10.2

 

 

September 16th,
2022

 

VIA EMAIL

Name: Stephen Johnston

Email: stjohnston.cpa@gmail.com

 

Offer
of Employment

 

Dear Stephen:

 

Ideanomics,
Inc. (NASDAQ: IDEX) (the “Company”) is pleased to make this offer of full-time employment to you as Chief Financial
Officer. If you accept the offer contained in this agreement (this “Agreement”), your employment will be effective
according to the date shown in Section 3 of this Agreement and subject to the terms and conditions set forth below.

 

1.       Job
Duties; Location.

 

(a)           Job
Duties. As a Chief Financial Officer your primary job duties will include but are not limited to: (a) working with the
CEO and Board on planning, implementation, managing and running of all the finance activities of a company;
and (b) such other duties as may be assigned to you from time to time by the Company. During your employment, you promise to devote
your full business time and efforts to the performance of your job duties. You shall report directly to Alf Poor, Chief Executive
Officer, whose contact email address is apoor@ideanomics.com, or any other person the Company may designate from time to time. In
light of your anticipated job duties, compensation, exercise of discretion, and advanced knowledge required of your position, you
will be exempt from federal and state overtime wage requirements. 

 

(b)          
Location. You will be working remotely from Michigan State. Once the travel restrictions are lifted you may be required to travel
to other locations in connection with the performance of your job duties. You shall be required to notify the Company within five (5)
days of your permanent relocation to a state other than as set forth in this Agreement or as otherwise previously disclosed to the Company.
Additionally, in the event of such relocation, you hereby consent to and the Company shall be permitted to, in its discretion, modify
and amend this Agreement in order to comply with applicable state and local laws.

 

2.       Compensation.

 

(a)          
Base Salary. The Company shall pay you a base salary at a rate of five hundred and twenty-five thousand
dollars ($525,000) per year, less all required withholdings and deductions, payable in accordance with the Company’s regular payroll
policies (the “Base Salary”). The Base Salary shall be subject to review and adjustment from time to time depending
upon your job performance and the Company’s overall performance. 

 

(b)           Annual
Bonus. You may be eligible to receive an annual discretionary performance-related cash incentive bonus (the “Annual
Bonus”) of up to seventy-five percent (75%) of your Base Salary. Eligibility for and the payment of the Annual Bonus is
completely within the Company’s sole and absolute discretion and may generally be based on a variety of factors and
circumstances, including overall Company performance and general individual performance. You must be employed on the date of payment
in order to earn and be paid any Annual Bonus. The Company anticipates that any Annual Bonus, if issued, will generally be paid
within sixty (60) days from the end of the applicable bonus year, and in no event later than March 15 of the year following the
bonus year. However, this is a mere guideline and not a promise. Annual Bonuses paid in prior years, if any, should not be used to
determine whether future Annual Bonuses will be paid or the amounts thereof. All Annual Bonuses paid pursuant to this Section shall
be less all required withholdings and deductions. 

 

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(c)         
Equity Compensation. After three (3) months of initial employment and subject to the discretion and
approval of the Board of Directors (the “Board”), you will be eligible to participate in the equity incentive program
of the Company and earn an initial option (the “Option”) to purchase up to 1,000,000 shares of Company common stock.
The exercise price per share of the Option shall be the closing price of IDEX stock as of the date of the Board’s approval of the
Option. The options vest over 48 months. Notwithstanding anything to the contrary, you shall not have any vesting rights after notice
of your resignation or termination of employment. The Option shall be governed by and subject to the terms and conditions of the Company’s
equity plan (the “Plan”) and the stock option agreement to be provided by the Company.

 

3.           
At-Will Employment. This offer
of employment is at-will and your employment will commence no later than September 16th, 2022 (the “Start Date”),
subject to proof of your eligibility to work in the United States of America. Because employment under this Agreement is at-will, either
you or the Company may terminate the employment relationship at any time, for any or no reason, with or without notice. If you decide
to resign from employment, the Company asks that you provide the courtesy of at least two (2) weeks’ notice of your resignation.

 

4.
       Benefits. 

 

(a)          
Benefits. You shall be eligible for such employee benefits that the Company provides to its employees,
subject to any waiting time periods or other terms and conditions set forth in the policy or plan document governing each benefit. The
Company reserves the right to amend its employee benefit plans from time to time. 

 

(b)           Vacation.
You shall accrue up to 15 days of paid time off per year on a pro rata basis over the course of the calendar year. Per Company
policy, advance authorization is required for all employees’ use of paid vacation time. Accordingly, you must notify your
manager in advance of your intent to use paid vacation time and receive his or her approval. Generally, the Company will not approve
any employee request for more than two (2) consecutive weeks of paid vacation. 

 

5.       Confidential
Information

 

(a)
            Non-Disclosure. You acknowledge that the information, observations
and data that have been or may be obtained by you during your employment or other relationship with the Company, any subsidiary or affiliate
thereof, or any direct or indirect successor to or predecessor of any of them or any of their businesses (collectively with the Company,
the “Related Companies”), prior to or after the execution and delivery of this Agreement, of or concerning the Related
Companies or their businesses or affairs (collectively, “Confidential Information”), are and will be the property
of the Related Companies; provided, that the term “Confidential Information” shall not include any information (including
techniques, know-how or strategies) that you can demonstrate (i) is or becomes publicly available otherwise than through a breach of
this Agreement, or (ii) is or becomes known or available to you on a non-confidential basis and not in contravention of applicable law
from a source that is entitled to disclose such information to you. Therefore, you agree that you will not, during your employment or
engagement with the Company or thereafter, disclose to any unauthorized party or use for the account of you or any other party (other
than the Company and its affiliates, their officers, directors and employees, in the course of performing your duties thereof) any Confidential
Information without the prior written consent of the Company, unless and to the extent that such disclosure is required by law. You will
deliver or cause to be delivered to the Company upon the date of your termination of employment or at any other time the Company or its
affiliates may request, all memoranda, notes, plans, records, reports, computer tapes and software and other documents and materials
(and copies thereof) containing or relating to Confidential Information or the business of any Related Company that you may then possess
or have under your control. For purposes of this Agreement, Confidential Information includes, but is not limited to, formulas, patterns,
compilations, programs, devices, methods, techniques, or processes, business plans and strategies, customer lists, customer data, information
regarding employees and other service providers, marketing plans, supplier and vendor lists and cost information, software and computer
programs, data processing systems and information contained therein, price lists and pricing strategies, financial data, and any other
trade secrets or confidential or proprietary information, documents, reports, plans, or data, of or about the Related Companies. You
acknowledge and agree that this Agreement is intended to protect the trade secrets of the Related Companies, and that such trade secrets
(x) derive independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by
proper means by, other persons who can obtain economic value from its disclosure or use; and (y) are the subject of efforts that are
reasonable under the circumstances to maintain its secrecy.

 

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(b)          
Exceptions. Notwithstanding the foregoing, (i) you will not be in breach of this Agreement if you
are compelled by law or legal process to disclose Confidential Information, provided that in each such event, you will provide to the
Company prompt written notice prior to any such disclosure (unless such disclosure is itself prohibited by applicable law, regulation,
rule, or process, if pursuant to the valid order of a court of competent jurisdiction or an authorized government agency) so that the
Company may, at its sole expense, obtain a protective order or other confidential treatment for the Confidential Information, and in
the event that such a remedy is not obtained by the Company, you will furnish only that portion of Confidential Information which you
are advised by legal counsel is legally required to be furnished; and (ii) this Agreement does not prohibit you from providing truthful
information to a government agency. 

 

(c)           Defend
Trade Secrets Act. Pursuant to the Defend Trade Secrets Act of 2016, the Company hereby provides notice and you hereby
acknowledge that you may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of
a trade secret that (i) is made (A)  in confidence to a federal, state, or local government official, either directly or
indirectly, or to an attorney; and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is
made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In addition, if you
file a lawsuit or other court proceeding against the Company for retaliating against you for reporting a suspected violation of law,
you may disclose the trade secret to the attorney representing you and use the trade secret in the court proceeding, so long as you
file any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.

 

6. Non-Disparagement.
You agree not to disparage the Company, its officers and owners, or its clients and business partners in any way during or after
your employment with the Company. This non-disparagement obligation prohibits you from making any statement that would or is
reasonably likely to defame, criticize, malign, or in any way be materially and financially harmful to the business reputation of
the foregoing entities or individuals. Notwithstanding the foregoing, nothing herein shall prohibit you from testifying or
responding in good faith to any subpoena or other legal process, provided that you provide reasonable advance notice to the Company
of your receipt of such subpoena or other legal process.

 

7.       Inventions

 

(a)          
Inventions Licensed and Retained. You have attached hereto, as Exhibit B, a list describing
all inventions, original works of authorship, developments, improvements, and trade secrets which were made by you prior to your employment
with the Company (collectively referred to as “Prior Inventions”), which belong to you, which relate to the Company’s
proposed business, products or research and development, and which are not assigned to the Company hereunder; or, if no such list is
attached, you represent that there are no such Prior Inventions. If, in the course of your employment with the Company, you incorporate
into a Company product, process or service a Prior Invention owned by you or in which you have an interest, you hereby grant to the Company
a nonexclusive, royalty-free, fully-paid up, irrevocable, perpetual, worldwide license to make, have made, modify, use and sell such
Prior Invention as part of or in connection with such product, process or service, and to practice any method related thereto. Notwithstanding
the foregoing, you agree that you will not incorporate, or permit to be incorporated, Prior Inventions or inventions of third parties
in any Inventions without the Company’s prior written consent. 

 

(b)           Assignment
of Inventions. You hereby assign to the Company your entire right, title and interest in and to all discoveries and
improvements, patentable or otherwise, trade secrets and ideas, writings and copy right able material, which may be conceived by you
or developed or acquired by you during your employment by the Company, which may pertain directly or indirectly to the business of
any Related Company. You agree to disclose fully all such developments to the Company upon its request, which disclosure shall be
made in writing promptly following any such request. You shall, upon the Company’s request, execute, acknowledge and deliver
to the Company all instruments and do all other acts which are necessary or desirable to enable the Company or any of its affiliates
to file and prosecute applications for, and to acquire, maintain and enforce, all patents, trademarks and copyrights in all
countries. You irrevocably appoint the Company as your attorney-in-fact in your name and on your behalf to execute all documents and
do all things required in order to give full effect to the provisions of this Section. All developments and inventions described
hereunder shall be deemed works made for hire under applicable law. 

 

(c)            Inventions
Assigned to the United States. You agree to assign to the United States government all right, title, and interest in and to any
and all discoveries and improvements, patentable or otherwise, trade secrets and ideas, writings and copy right able material, which
may be conceived by you or developed or acquired by you during your employment by the Company whenever such full title is required
to be in the United States by a contract between the Company and the United States or any of its agencies.

 

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(d)
Exclusion. The obligation to assign as provided in this Agreement does not apply to an invention
or innovation that you developed entirely on your own time without using Company’s equipment, supplies, facilities, or trade secret
information (including, without limitation, any works of creative authorship (e.g., songs, works of fiction, etc.) belonging to you)
except for those inventions that either: (i) relate to either (A) the business of Company or any of its affiliates at the time of conception
or reduction to practice of the invention, or (B) actual or demonstrably anticipated research or development of Company or any of its
affiliates; or (ii) result from any work performed by you for Company or any of its affiliates.

 

8.       
Restrictive Covenants.

 

(a)       Non-Compete. During
your employment with the Company and for a period of twelve (12) months following the effective date of your termination of
employment (the “Termination Date”), you shall not, and shall not permit any of your
Affiliates to, directly or indirectly, for, with, or through any other Person own, manage, operate, control, participate in the
ownership, management, operation or control of, loan money to, have a financial interest in, or serve as a director, officer,
employee, partner, manager, consultant, advisor, agent, or independent contractor of any Person that engages in or proposes to
engage in, any business that is the same as or substantially similar to, or that materially competes with, the Business anywhere in
the Restricted Territory (other than in connection with the performance of your duties as an employee of the Company or its
successors); provided that this clause shall in no event restrict or prohibit you or your Affiliates from owning, directly or
indirectly, up to three percent (3%) of the outstanding securities of any issuer that is traded on a national securities exchange or
quoted on an automated system of quotation so long as you or such Affiliate, as applicable,is not actively engaged in the business
of such issuer. 

 

(a)          
Non-Solicitation of Business Relations. During your employment with the Company and for a period
of twelve (12) months following the Termination Date (the “Non-Solicit Period”), you shall not, and shall not permit
any of your Affiliates to, directly or indirectly, for, with, or through any other Person solicit, entice, or induce, or attempt to solicit,
entice, or induce, any Company Business Relation for the purpose of diverting their business from, or otherwise adversely impacting their
current or potential business relationship with, the Company, its Affiliates, or their respective successors, and the Business. For purposes
of this Agreement, “Company Business Relation” means any Person who is or was a current or prospective client, customer,
vendor, investor, or other business relations of the Company or its Affiliates, or any of their respective predecessors or successors,
at the time of, or during the twenty-four (24) month period prior to, the Termination Date. 

 

(b)          
Non-Solicitation of Service Providers. During the Non-Solicit Period, you shall not, and shall not
permit any of your Affiliates to, directly or indirectly, for, with, or through any other Person solicit, entice or induce any Company
Service Provider to terminate, or otherwise adversely interfere with, your employment or engagement with the Company, its Affiliates,
or their respective successors. For purposes of this Agreement, “Company Service Provider” means any Person who is
or was an employee, independent contractor, or service provider of the Company, its Affiliates, or their respective predecessors or successors,
at the time of, or during the twelve (12) month period prior to, the Termination Date. 

 

9.       Definitions.
For purposes of this Agreement, the following terms shall mean the following:

 

(a)       “Affiliate”
of any Person means any other Person controlling, controlled by, or under common control with such Person, where "control"
(including the terms "controlled by" and "under common control with") means the possession, directly or indirectly,
of the power to direct or cause the direction of the management and policies of a Person whether through the ownership of voting securities,by
contract, in its capacity as a sole or managing member, or otherwise.

 

(b)       “Business”
means: (i) the business of the sale and distribution of commercial Electronic Vehicles (EV); (b) the sale and distribution of
block chain-based global financial technology and financial asset digitization services and (iii) any other business in which the
Company is engaged or contemplates engaging in at the time of, or during the twelve (12) month period prior to, the Termination
Date.

 

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(c) “Cause”
for purposes of this Agreement, “Cause” means, the good faith determination by the Company of any of the
following: (i) your engaging in any acts of fraud, theft, or embezzlement involving the Company or its Affiliates; (ii) your willful
or gross neglect of, or repeated refusal or failure to perform the material duties or responsibilities of your position, in each
case, after delivery of written notice by the Company and your failure to cure such acts within 10 business days; (iii) your
engaging in any willful material act of dishonesty in connection with your responsibilities to the Company and/or any of its
Affiliates; (iv) your indictment, including any plea of guilty or nolo contendere, of any felony or crime of moral turpitude which
the Board reasonably determines is relevant to your position with the Company or is materially and demonstrably damaging to the
reputation or business of the Company or its Affiliates;(v) any conduct or omission which could reasonably be expected to, or which
does, cause the Company or any of its Affiliates material and demonstrable public disgrace, disrepute or economic harm; (vi) your
material violation of any written policies or procedures of the Company; and/or (vii) your breach of any of the material terms of
this Agreement or any other written agreement with the Company or its Affiliates

 

(d)       “Person”
means any natural person, sole proprietorship, partnership, joint venture, trust, unincorporated association, corporation, limited liability
company, other entity, or governmental entity.

 

(e)       “Restricted
Territory” means: the state of Michigan.

 

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10.         
Reasonableness of Covenants. In signing this Agreement, you give
the Company assurance that you have carefully read and considered all of the terms and conditions of this Agreement, including the restraints
imposed under Sections 5, 6, 7, and 8. You agree that these restraints are necessary for the reasonable and proper protection of the
Company and the Related Companies and the Confidential Information and that each and every one of the restraints is reasonable in respect
to subject matter, length of time and geographic area, and that these restraints, individually or in the aggregate, will not prevent
you from obtaining other suitable employment during the period in which you are bound by the restraints. You acknowledge that each of
these covenants has a unique, very substantial and immeasurable value to the Related Companies and that you have sufficient assets and
skills to provide a livelihood while such covenants remain in force. You further covenant that you will not challenge the reasonableness
or enforceability of any of the covenants set forth in Sections 5, 6, 7, and 8. It is also agreed that each of the Related Companies
(other than the Company) is an express third-party beneficiary of, and will have the right to enforce, all of your obligations to that
Related Company under this Agreement, including pursuant to Sections 5, 6, 7, and 8. In the event of any violation of the provisions
of Sections 5, 6, 7, and 8, you acknowledge and agree that the post-termination restrictions contained in Sections 5, 6, 7, and 8 shall
be extended by a period of time equal to the period of such violation, it being the intention of the parties that the running of the
applicable post-termination restriction period shall be tolled during any period of such violation. The obligations contained in Sections
5, 6, 7, and 8 hereof shall survive the termination or expiration of your employment with the Company and shall be fully enforceable
thereafter. 

 

11.         
Business Related Expense Reimbursements. You
may occasionally incur business related expenses in the course of your job duties. The Company will reimburse you for an appropriate
business-related expense. You will be expected to provide proof of payment and details concerning the expense in a timely manner. 

 

12.         
No Conflicts. By signing below, you represent to the Company that you are not presently subject
to any obligation that would otherwise prohibit you from performing the above-referenced job duties for the Company, such as a non-competition
promise or other restrictive covenant. You further represent to the Company that you are not in possession of any confidential or proprietary
information belonging to any entity or person that directly or indirectly competes with the Company. 

 

13.         
Dispute Resolution. As a condition
of employment, you agree to execute and be bound by the terms of the Arbitration Agreement attached hereto as Exhibit A, the full
terms of which are incorporated as if fully set forth herein. 

 

14.         
Severability. You acknowledge and agree that in the event any court or arbitrator of
competent jurisdiction determines that one or more of the provisions of this letter is unenforceable, such court or
arbitrator shall be entitled to equitably reform such unenforceable provision so that the provision is given its maximum affect
permitted under applicable law. Each provision of this letter is severable from other provisions hereof, and if one or more
provisions are declared invalid, the remaining provisions shall nevertheless remain in full force and effect.

 

15.         
Prior Agreements. You acknowledge and agree that this document replaces
and supersedes any previous offer of employment to you by the Company (whether oral or in writing). By signing below, you are not relying
upon any representation or promise that is not explicitly set forth within this letter, and that this Agreement shall not be subject
to modification except in writing signed by the Company’s President or CEO. 

 

16.         
Governing Law. You agree that
this letter and your employment with the Company shall be governed by the laws of the State of Michigan,
irrespective of conflicts of law. 

 

17.          Miscellaneous.
You acknowledge that this letter is the product of arms-length negotiations between you and the Company and, therefore, neither you
nor the Company will be considered the drafter of this letter. This letter may be executed in one or more counterparts, each of
which shall constitute an original. Original signatures shall not be required. If these terms are agree able to you, please sign and
date this letter and return it to me as soon as possible. Please feel free to contact me with any questions.

 
	Sincerely,	 	 
	 	Kevin Fleming	 

 

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Kevin Fleming

Head of HR

 

I understand that this offer
of employment is contingent upon proof of my employment eligibility in the United States.

 

Accepted and Agreed:

 

	/s/ Stephan Johnston	 	16-Sep-2022
                                            | 12:34 PM EDT
	Name	 	Date

 

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Exhibit
A

ARBITRATION
AGREEMENT

Please
Read Carefully – By Signing This Document You Give Up Certain Legal Rights

 

I
(the “Company”) and the undersigned employee (“Employee”) have entered into this Arbitration Agreement
(“Agreement”) in order to establish and gain the benefits of a timely, impartial, and cost-effective dispute resolution
procedure. Employee understands that any reference in this Agreement to the Company will also be a reference to any and all benefit plans,
the benefit plans’ sponsors, fiduciaries, administrators, affiliates, and all successors and assigns of any of them.

 

	1.	Claims
                               Covered by the Agreement: The Company and Employee mutually consent to the resolution by final and
                               binding arbitration of all claims or controversies (“claims”) arising out of Employee’s
                               employment (or termination) that the Company may have against Employee or that Employee may have against
                               the Company or its officers, directors, employees, or agents. Final and binding arbitration shall provide
                               the sole and exclusive remedy and forum for all such claims. The claims covered by this Agreement include,
                               but are not limited to: (i) claims for discrimination or harassment on the basis of ancestry, age, color,
                               marital status, medical condition, physical or mental disability, national origin, race, religion, sex,
                               pregnancy, sexual orientation, or any other characteristic protected by applicable law; (ii) claims for
                               retaliation; (iii) claims for breach of any contract or covenant (express or implied); (iv) claims for
                               wages or other compensation due; (v) claims for benefits (except where an employee benefit or pension
                               plan specifies that its claim procedure shall culminate in a resolution procedure different from this
                               one); (vi) claims for violation of any federal, state, or other governmental law, statute, regulation
                               or ordinance now in existence, or hereinafter enacted, and amended from time to time; and (vii) any tort
                               claims (including, but not limited to, negligent or intentional injury, defamation, and termination of
                               employment in violation of public policy).

 

	2.	Waiver
                               of Right to Trial: The Company and Employee agree to give up their respective rights to have the above-mentioned
                               claims decided in a court of law before a judge or jury or by administrative proceeding, and instead are
                               accepting and agreeing to the use of final and binding arbitration. 

 

	3.	No
                               Participation in Class Action: All claims, disputes, or causes of action under this Agreement, whether
                               by the Company or Employee, must be brought in an individual capacity, and shall not be brought as a plaintiff
                               (or claimant) or class member in any purported class or representative proceeding, nor joined or consolidated
                               with any claims of any other person or entity. 

 

	4.	Claims Not Covered by
                               the Agreement: This Agreement does not cover: (i) claims by Employee for workers’ compensation
                               or unemployment insurance (an exclusive government-created remedy exists for these claims); and (ii) claims
                               which even in the absence of the Agreement could not have been litigated in court or before any administrative
                               proceeding under applicable federal, state or local law. Nothing in this Agreement precludes either party
                               from filing a charge or complaint with any state or federal administrative agency that prosecutes a claim
                               on behalf of the government, for purposes of assisting or cooperating with such agency in its investigation
                               or prosecution of charges or complaints. However, the parties waive their right to any remedy or relief
                               as a result of such charges or complaints brought by such prosecuting agencies, to the extent that is
                               permissible under law. 

 

	5.	Notice
                               of Claims and Statute of Limitations: All disputes between Employee and the Company (and its affiliates,
                               shareholders, directors, officers, employees, agents, successors, attorneys, and assigns) relating to
                               Employee’s services with the Company, the termination of Employee’s employment with the Company,
                               or this Agreement, will be resolved by final and binding arbitration to the fullest extent permitted by
                               law. Except as otherwise provided in this Agreement, the arbitration provisions are to apply to the resolution
                               of disputes that otherwise would be resolved in a court of law. All disputes must be brought within the
                               applicable statute of limitations established by law and all claims must be sent via registered or certified
                               mail, and shall identify and describe the nature of all claims asserted and the facts upon which such
                               claims are based. Claims set forth in any applicable notice or complaint initiating arbitration or that
                               is later asserted during the arbitration process. Failure to comply with the requirements of this Section
                               5 may constitute a waiver of all rights that the party seeking arbitration may have against the other
                               party.

 

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	6.	Arbitration Procedures:
                               The arbitration will be conducted in accordance with the then-existing JAMS Employment Arbitration
                               Rules & Procedures, as amended, (“JAMS Employment Rules”) and as augmented in this
                               Agreement. Arbitration will be initiated as provided by the JAMS Employment Rules. JAMS Employment Rules
                               can be found at jamsadr.com/rules, or by calling JAMS at 949-224-1810. Either party may bring an
                               action in court to compel arbitration under this Agreement and to enforce an arbitration award. Otherwise,
                               neither party will initiate or prosecute any lawsuit or administrative action in any way related to any
                               applicable dispute or claim, except as set forth in this Agreement. All disputes or claims subject to
                               arbitration will be decided by a single arbitrator. The arbitrator will be selected by mutual agreement
                               of the parties within 30 days of the effective date of the notice initiating the arbitration. If the parties
                               cannot agree on an arbitrator, then the complaining party will notify JAMS and request selection of an
                               arbitrator in accordance with the JAMS Employment Rules or other applicable JAMS rules. The arbitrator
                               will only have authority to award equitable relief, damages, costs, and fees as a court would have for
                               the particular claims asserted, and any action of the arbitrator in contravention of this limitation may
                               be the subject of court appeal by the aggrieved party. All other aspects of the arbitrator’s ruling
                               will be final.

 

	7.	Arbitration Decision:
                               Within thirty (30) days of the close of the arbitration hearing, or at such other time as determined
                               by the arbitrator, any party will have the right to prepare, serve on the other party, and file with the
                               arbitrator a brief. The arbitrator will issue a decision or award in writing, stating the essential findings
                               of fact and conclusions of law. Except as may be permitted or required by law, all proceedings and all
                               documents prepared in connection with any arbitration will be confidential and the arbitration subject
                               matter will not be disclosed to any person other than the parties to the proceedings, their counsel, witnesses
                               and experts, the arbitrator, and, if involved, the court and court staff. All documents filed with the
                               arbitrator or with a court, to the maximum extent allowed by law, will be filed under seal. The parties
                               will stipulate to all arbitration and court orders necessary to effectuate these confidentiality provisions.
                               A court of competent jurisdiction will have the authority to enter a judgment upon the award made pursuant
                               to the arbitration or applicable arbitration appeal. 

 

	8.	Place
                               of Arbitration: All arbitration proceedings will be conducted at a JAMS office located nearest to
                               the Company office where Employee regularly reported to work. 

 

	9.	Representation / Attorneys’
                               Fees: Each party may be represented in the arbitration by an attorney or other representative selected
                               by the party. Each party shall be responsible for its own attorneys’ or representatives’ fees,
                               if any. However, if any party prevails on a statutory claim that affords the prevailing party attorneys’
                               fees, the arbitrator may award reasonable attorneys’ fees to the prevailing party in accordance
                               with applicable law. 

 

	10.	Discovery and Information
                                Exchange: At least thirty (30) days before the arbitration, the parties shall exchange lists of witnesses,
                                including any experts, as well as copies of all exhibits intended to be used at the hearing. The arbitrator
                                shall have discretion to order earlier and additional pre-hearing exchange of information. The parties
                                may engage in any method of discovery as outlined in the Federal Rules of Civil Procedure (exclusive
                                of Rule 26(a)). Such discovery includes discovery sufficient to arbitrate adequately a claim, including
                                access to essential and relevant documents and witnesses. Discovery disputes are subject to the Federal
                                Rules of Evidence and the Federal Rules of Civil Procedure.

 

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	11.	Subpoenas: Each
                                party shall have the right to subpoena witnesses and documents for the arbitration.

 

	12.	Arbitrator Fees and Costs: The Company
                                will bear the cost of the arbitrator and the arbitration proceeding.

 

	13.	Federal
                                Arbitration Act. This Agreement is made under the provisions of the Federal Arbitration Act (9 U.S.C.,
                                Section 1-14) and will be construed and governed accordingly. Questions of arbitrability (that is whether
                                an issue is subject to arbitration under this Agreement) shall be decided by the arbitrator. Likewise,
                                procedural questions which grow out of the dispute and bear on the final disposition are also matters
                                for the arbitrator to decide. 

 

	14.	Consideration: The
                                Company’s offer of employment to Employee, and the mutual promises of the Company and Employee
                                to arbitrate claims covered by this Agreement rather than to litigate them in civil court, provide good
                                and sufficient consideration for each other.

 

	15.	Construction:
                                Should any part of this Agreement be found to be unenforceable, such portion shall be severed from
                                the Agreement, and the remaining portions shall continue to be enforceable. 

 

	16.	Sole
                                and Entire Agreement: This Agreement expresses the entire Agreement of the parties concerning the
                                subject matter hereof and there are no other agreements, oral or written, concerning arbitration, except
                                as provided herein. This Agreement is not, and shall not be construed to create any contract of employment,
                                express or implied. 

 

	17.	Requirements
                                for Modification or Revocation: This Agreement to arbitrate shall survive the termination of Employee’s
                                employment. It can only be revoked or modified by a writing signed by the Chief Financial Officer of
                                the Company and Employee, which specifically states an intent to revoke or modify this Agreement. 

 

	18.	Feedback. The Company
                                desires this Agreement to be as clear and as straightforward as possible given the important subject
                                matter. If you have any questions about this Agreement or have any suggestions on how the Company can
                                modify it to improve your or your colleagues’ understanding ofits terms, please feel free to contact
                                your supervisor or any manager or owner at any time. You are afforded the opportunity to request changes
                                to this Agreement before you sign it. Please bring any such requested changes to the attention
                                of the Company before you sign it. If you sign this Agreement without such requested modifications,
                                you are verifying that no such changes have been requested. 

 

Remainder
of Page Intentionally Left Blank; Signature Page to Follow

 

    10

     

    

 

 

I
ACKNOWLEDGE THAT I HAVE CAREFULLY READ THIS AGREEMENT, UNDERSTAND ITS TERMS, AND AGREE THAT ALL UNDERSTANDINGS AND AGREEMENTS BETWEEN
THE COMPANY AND EMPLOYEE RELATING TO THE SUBJECTS COVERED IN THE AGREEMENT ARE CONTAINED IN IT. I HAVE VOLUNTARILY ENTERED INTO THE AGREEMENT
WITHOUT RELIANCE ON ANY PROVISIONS OR REPRESENTATIONS OTHER THAN THOSE CONTAINED IN THIS AGREEMENT. I UNDERSTAND AND AGREE THAT THIS
AGREEMENT SUPERSEDES ANY PRIOR AGREEMENTS BETWEEN THE COMPANY AND EMPLOYEE CONCERNING ARBITRATION. I AGREE THAT THE TERMS OF THIS ARBITRATION
AGREEMENT SHALL BE APPLIED RETROACTIVELY TO MY DATE OF HIRE. I FURTHER ACKNOWLEDGE I HAVE BEEN GIVEN THE OPPORTUNITY TO DISCUSS THIS
AGREEMENT WITH PRIVATE LEGAL COUNSEL AND THAT I HAVE UTILIZED THAT OPPORTUNITY TO THE EXTENT DESIRED AND HAVE BEEN GIVEN THE OPPORTUNITY
TO MAKE SUGGESTED CHANGES OR MODIFICATIONS TO THIS AGREEMENT BEFORE SIGNING IT.

 

Employee

 

	/s/ Stephan Johnston	 	16-Sep-2022
                                            | 12:34 PM EDT
	Employee Signature	 	Date
	 	 	 
	Stephan Johnston	 	 
	Employee Name (Please Print)	 	 
	 	 	 
	Ideanomics, Inc.	 	 
	 	 	 
	By:	/s/ Kevin Fleming	 	16-Sep-2022
                                            | 1:01 PM EDT
	 	Signature	 	Date
	 	 	 
	Kevin Fleming	 	 
	Name (Please Print)	 	 

 

    11

     

    

 

 

 

EXHIBIT
B

 

LIST
OF PRIOR INVENTIONS AND ORIGINAL WORKS OF AUTHORSHIP

 

	Title	 	 	 	Date	 	 	Identifying Number or Brief Description

  

	None	 	 	 
	 	 	No inventions or	               
	None	 	improvements Additional	 
	 	 	Sheets Attached	 
	 	 	 	 
	Signature of Employee:	 	/s/ Stephan Johnston	 
	 	 	 	 
	Print Name of Employee:	 	Stephan Johnston	 
	16-Sep-2022   |   12:34 PM EDT	 
	Date	               	 	 	 

 

    12

     

    

 

CONFIDENTIALITY
AND INVENTION ASSIGNMENT AGREEMENT

 

This Confidentiality and Invention Assignment
Agreement (“Agreement”), dated as of September 16th, 2022 (the “Effective Date”), is
made and entered by and among Ideanomics, Inc. (“Ideanomics”) and Stephen Johnston (“Employee” and together
with Ideanomics, the “Parties”).

 

	1.	Provision of Training
                                            and Confidential Information. Ideanomics unequivocally agrees to provide to Employee
                                            the following: (a) extensive and specialized training so as to develop Employee into a valuable,
                                            special and unique asset of Ideanomics; and (b) Ideanomics methods of operations, vendors,
                                            technology, clients, investors, employees, and stock sources, and by providing access to
                                            other confidential and proprietary business information and trade secrets, including the
                                            Proprietary Information (as defined below). Employee expressly agrees that information he
                                            or she is provided or that which he or she creates or develops during employment with Ideanomics,
                                            whether such is in writing, electronic, verbal, or information that can be remembered by
                                            memory alone, shall constitute the confidential information, trade secrets, and/or Proprietary
                                            Information of Ideanomics.

 

    13

     

    

 

 

	2.	Employee Acknowledgements. Employee acknowledges and agrees
                                 that: (a) Ideanomics has a strong and legitimate business interest in preserving and protecting its
                                 investment, confidential business information, valuable relationships with clients, vendors, investors,
                                 stock sources, and referral sources; (b) Because of Employee’s access to training and confidential
                                 information (including client lists and contact information that Employee would not have had but for
                                 Employee’s employment with Ideanomics), any breach of this Agreement by Employee would result
                                 in irreparable harm to Ideanomics; and (c) The execution of this Agreement is a necessary condition
                                 of employment or continued employment.

 

	3.	The term “Proprietary Information”
                                 shall mean any confidential information that is not available to the general public concerning the business
                                 and affairs of Ideanomics, in any form of media, regardless of when Employee acquired such information,
                                 including, without limitation, trade secrets; inventions; business and product development methods and
                                 business techniques; customer, client, vendors, stock source, and investor names and contact information,
                                 contracts, contract terms, and data; terms and proposed terms of acquisitions or mergers; expansion
                                 strategies; terms and proposed terms of joint venture or similar arrangements with or between Ideanomics
                                 and another person or entity; information related to capital raising initiatives, offering terms, investment
                                 details, and offering documents, materials, filings, and disclosures in connection with same; pricing,
                                 costs, and margins; financial information; marketing information; unpublished promotional materials;
                                 alliances; employee information; training materials; payroll information; investing, loan, and business
                                 investment screening methods, strategies, benchmarks, and procedures; leverage strategies; terms of
                                 any loan or credit facility obtained or considered by Ideanomics; financial statements and other financial
                                 information; projections and forecasts; trading or production volume targets and reports; information
                                 concerning equity ownership (including phantom equity and profits interests), prospects, assets, and
                                 liabilities of Ideanomics; discoveries; data, research, analytics, and reports; information learned
                                 or discussed during any Board meeting; and any other information of a confidential nature of Ideanomics,
                                 including for the avoidance of doubt, any and all agreements or documents received or executed in connection
                                 with this Agreement or Employee’s employment with Ideanomics. By way of illustration but not limitation,
                                 “Proprietary Information” includes (a) all works of authorship and other programs,
                                 processes, data, know-how, ideas, concepts, improvements, developments, designs, and techniques relating
                                 directly to the business or proposed services or products of Ideanomics and which were learned or discovered
                                 by Employee during Employee’s employment with Ideanomics; (b) information regarding any of Ideanomics
                                 plans for research, development, new developments and services, marketing and selling, business plans,
                                 budgets and unpublished financial statements, licenses, prices and costs, suppliers, and clients which
                                 were learned or discovered by Employee during Employee’s employment with Ideanomics; (c) investor,
                                 borrower, customer, referral source, and client lists and information, including investment details;
                                 (d) information regarding the skills of employees and compensation structures of Ideanomics; and (e)
                                 any other information not generally known to the public which, if misused or disclosed, could reasonably
                                 be expected to adversely affect the business of Ideanomics or that of its customers or clients.

 

	4.	Confidentiality of Proprietary Information. “Confidential
                                 Information” means all Proprietary Information of Ideanomics and includes, but is not limited
                                 to, trading methodologies, business and marketing plans, strategies, client and customer lists and information,
                                 training and operational procedures, trading and development information and reports, forecasts and
                                 projections, investor information or the terms of any investment, technical information, computer software,
                                 product information, services information, processes, vendor relationships, the identity or terms with
                                 any stock provider, and other forms of information considered by Ideanomics to be proprietary and confidential
                                 or in the nature of trade secrets (collectively, the “Confidential Information”).
                                 The Employee agrees that during and after the term of his, her, or their employment with Ideanomics,
                                 Employee shall not, directly or indirectly, disclose or furnish to any other person or entity or use,
                                 for his, her, or their own account or the account of any other person or entity, trade secrets or Confidential
                                 Information of Ideanomics, regardless of whether such is done for profit. This confidentiality covenant
                                 has no geographical or territorial restriction. Upon termination of employment, the Employee promptly
                                 will supply all documentation of or related to the Confidential Information, in whatever form, which
                                 has been created or produced by, received by, learned by, or otherwise submitted to the Employee in
                                 the course of his, her or their employment with Ideanomics (including such property received prior to
                                 the date of execution of this Agreement). In the event of termination of employment, whether voluntary
                                 or involuntary, Employee hereby agrees not to utilize such Confidential Information or to exploit or
                                 share it with any other individual or company. 

 

	5.	Defend Trade Secrets Act. Pursuant
                                 to the Defend Trade Secrets Act of 2016, the Company hereby provides notice and you hereby acknowledge
                                 that you may not be held criminally or civilly liable under any federal or state trade secret law for
                                 the disclosure of a trade secret that (i) is made (A) in confidence to a federal, state, or local government
                                 official, either directly or indirectly, or to an attorney; and (B) solely for the purpose of reporting
                                 or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed
                                 in a lawsuit or other proceeding, if such filing is made under seal. In addition, if you file a lawsuit
                                 or other court proceeding against the Company for retaliating against you for reporting a suspected
                                 violation of law, you may disclose the trade secret to the attorney representing you and use the trade
                                 secret in the court proceeding, so long as you file any document containing the trade secret under seal
                                 and does not disclose the trade secret, except pursuant to court order.

 

    14

     

    

 

 

6.       Intellectual
Property and Invention Assignment.

 

(a) Employee
has attached hereto, as Exhibit A, a list describing all inventions, original works of authorship, developments, improvements, and trade
secrets which Employee made prior to commencing employment with Ideanomics, which belong to Employee, which relate to Ideanomics proposed
or current business, products or research and development, and which are not assigned to Ideanomics (collectively referred to as “Prior
Inventions”); or, if no such list is attached, Employee represents that there are no such Prior Inventions. Employee agrees
not to incorporate any Prior Inventions into any products, processes or developments of or for Ideanomics with the intent or purpose
to have or claim an ownership, property, or other interest in the development incorporating the Prior Inventions. If in the course of
employment with Ideanomics, Employee incorporates into a product, process or development of or for Ideanomics a Prior Invention owned
by Employee or in which Employee has an interest, Employee represents that he or she has all necessary rights, powers and authorization
to use such Prior Invention in the manner it is used and such use will not infringe any right of any company, entity, or person and,
in such a circumstance, Ideanomics is hereby granted and shall have a nonexclusive, royalty-free, sublicensable, transferable, irrevocable,
perpetual, worldwide license to make, have made, modify, use, sell and otherwise exploit such Prior Invention as part of or in connection
with such product, process or development. Employee agrees to indemnify Ideanomics and hold it harmless from all claims, liabilities,
damages and expenses, including reasonable attorneys’ fees and costs for resolving disputes, arising out of or in connection with
any violation or claimed violation of a third party’s rights resulting from any use, sublicensing, modification, transfer, or sale
by Ideanomics of such a Prior Invention.

 

(b) Unless
included on Exhibit A, the Employee agrees that he or she will promptly make full written disclosure to Ideanomics, will hold in trust
for the sole right and benefit of Ideanomics, and hereby assign to Ideanomics, or its designee, all right, title, and interest in and
to any and all inventions, designs, original works of authorship, processes, formulas, computer software programs, databases, developments,
concepts, improvements or trade secrets, whether or not patentable or registrable under patent, copyright or similar laws, which Employee
may solely or jointly conceive or develop or reduce to practice or cause to be conceived or developed or reduced to practice, during
the period of time he or she is in the employ of Ideanomics (whether or not during business hours) that are either related to the scope
of Employee’s employment with Ideanomics, related to the current, anticipated, or prospective business, products, or developments
of Ideanomics, or make use, in any manner, of the resources of Ideanomics(collectively referred to as “Inventions”).
Employee acknowledges that Ideanomics shall be the sole owner of all rights, title and interest in the Inventions created hereunder.

 

(c) Employee
agrees to assist Ideanomics, or its respective designees, at the expense of Ideanomics, in every proper way to secure Ideanomics rights
in the Inventions in any and all countries of the world, to further evidence, record and perfect any grant or assignment of the Inventions
hereunder and to perfect, obtain, maintain, enforce and defend any rights so granted or assigned, including the disclosure to Ideanomics
of all pertinent information and data with respect thereto, the execution of all applications, specifications, oaths, assignments and
all other instruments or documents which Ideanomics shall deem necessary to apply for and obtain such rights and to assign and convey
to Ideanomics, its successors, assigns and nominees the sole and exclusive rights, title and interest in and to such Inventions. Employee
further agrees that his, her, or their obligation to execute or cause to be executed any such instrument or papers shall continue after
the termination of this Agreement and Employee’s employment with Ideanomics. If Ideanomics is unable because of Employee’s
mental or physical incapacity or for any other reason to secure Employee’s signature to apply for or to pursue any application
for any patents or copyright registrations covering Inventions or original works of authorship assigned to Ideanomics as set forth above,
then Employee hereby irrevocably designates and appoints Ideanomics and its duly authorized officers and agents as his, her, or their
agent and attorney in fact, to act for and in Employee’s behalf and stead to execute and file any such applications and to do all
other lawfully permitted acts to further the prosecution and issuance of letters patent or copyright registrations thereon with the same
legal force and effect as if executed by Employee.

 

(d) In
the event the foregoing assignment of Inventions to Ideanomics is ineffective for any reason, Ideanomics is hereby granted and shall
have a royalty-free, sublicensable, transferable, irrevocable, perpetual, worldwide license to make, have made, modify, use, sell
and otherwise exploit such Inventions as part of or in connection with any product, process, or development. Employee also hereby
forever waives and agrees never to assert any and all rights Employee may have in or with respect to any Inventions even after
termination of employment with Ideanomics. Employee further acknowledges that all Inventions created by him, her, or them (solely or
jointly with others), to the extent permitted by applicable law, are “works made for hire” or “inventions made for hire,” as
those terms may be defined in the applicable copyright law, patent law, and any regulations on computer software protection worldwide,
respectively, and all titles, rights and interests in or to such Inventions are or shall be vested in Ideanomics. Employee agrees that
the remuneration received pursuant to employment with Ideanomics includes any bonuses or remuneration which Employee may be entitled for
any “works made for hire,” “inventions made for hire” or other Inventions assigned to Ideanomics pursuant to this
Agreement.

 

    15

     

    

 

	7.	Non-Disparagement. Employee shall
                                 refrain, both during employment with Ideanomics and after the termination of Employee's employment with
                                 Ideanomics for any reason whatsoever, from publishing any oral or written statements about Ideanomics
                                 or any of its managers, directors, officers, or employees (i) that are false, disparaging, slanderous,
                                 libelous, or defamatory or (ii) that could reasonably be anticipated to cause material economic damages
                                 or lost material business opportunities to Ideanomics. A violation or threatened violation of this prohibition
                                 may be enjoined by any courts of competent jurisdiction notwithstanding any provision of this Agreement
                                 to the contrary. The rights afforded to Ideanomics, Company, and Ideanomics described in this Section
                                 6 are in addition to any and all other rights and remedies available at law or in equity. 

 

	8.	Remedies. Ideanomics and Employee
                                 agree that any breach or threatened breach by Employee of this Agreement could irreparably injure Ideanomics
                                 potentially leaving it with no adequate remedy at law. Accordingly, in addition to all other remedies
                                 available at law, Ideanomics shall be entitled to any and all equitable relief, including injunctive
                                 relief and or specific performance, without the requirement for the posting of bond or security, which
                                 is hereby expressly waived by Employee. 

 

	9.	Amendments; Waiver. This Agreement
                                 may be amended and compliance with any provision hereof may be waived only by written instrument executed
                                 by all Parties hereto, in the case of an amendment, or the party to be charged, in the case of a waiver.
                                 No course of conduct or failure or delay in enforcing the provisions of this Agreement shall affect
                                 the validity, binding effect or enforceability of this Agreement or constitute a waiver of any rights
                                 hereunder. No waiver by Ideanomics of any breach or threatened breach of this Agreement shall be a waiver
                                 of any preceding or succeeding breach. No waiver by Ideanomics of any right under this Agreement shall
                                 be construed as a waiver of any other right. Ideanomics shall not be required to give notice to enforce
                                 strict adherence to all terms of this Agreement. Employee also agrees that the failure to enforce this
                                 Agreement against any past, present or future employee of Ideanomics shall not adversely affect, nor
                                 constitute a defense to the enforcement of this Agreement against the Employee, nor shall it give rise
                                 to any claim or cause of action by such employee or ex-employee against Ideanomics. 

 

	10.	Acknowledgments. The Employee acknowledges
                                  that he or she has been provided with a copy of this Agreement for review prior to signing it, that
                                  Ideanomics hereby encourage the Employee to have this Agreement reviewed by his, her, or their own
                                  attorney prior to signing it, that the Employee has signed the Agreement of his, her, or their own
                                  free will, that the Employee understands the purposes and effects of this Agreement, that the Employee
                                  agrees that the covenants contained herein are reasonable and necessary to protect Ideanomics’
                                  business interests and do not prevent Employee from obtaining alternative employment.

 

	11.	Severability. The Parties agree
                                  that each provision of this Agreement is separate, distinct and severable from the other provisions
                                  of this Agreement and that the invalidity, unenforceability, or breach of any one provision will not
                                  affect the enforceability of any other provision of this Agreement or give rise to any defense to the
                                  enforcement of any other provision of this Agreement. 

 

	12.	Survival.
                                  The obligations under this Agreement shall survive the termination of this Agreement and/or Employee’s
                                  employment with Ideanomics. 

 

	13.	Notice to Subsequent Employers. In the event that, following
                                  the termination of employment with Ideanomics, Employee provides services in any capacity, (whether
                                  as employee, independent contractor or otherwise), to an entity providing competitive services to that
                                  of Ideanomics, Employee must provide notice of his, her, or their obligations under this Agreement
                                  to such entity. By providing such notice, all such entities and their individual management are hereby
                                  noticed that ALL RIGHTS AND REMEDIES ARE RESERVED BY IDEANOMICS WITH RESPECT TO ANY THIRD PARTY
                                  FACILITATING OR TAKING PART IN A BREACH OF THIS AGREEMENT, including without limitation, claims
                                  for tortious interference, civil theft, lost profits, punitive damages, and legal fees incurred in
                                  enforcement.

 

	14.	Miscellaneous Provisions.

 

(a) Entire
Agreement. This Agreement constitutes the entire agreement between the Parties pertaining to the subject matters hereof, and supersedes
all negotiations, preliminary agreements, and all prior and contemporaneous representations, discussions, understandings, and agreements
in connection with the subject matters hereof. Except as otherwise herein provided, no covenant, representation, or condition not expressed
in this Agreement or in an amendment hereto shall be binding upon the Parties or shall be effective to interpret, change, or restrict
the provisions of this Agreement, and oral changes will have no effect unless made in writing and signed or initialed by all Parties
hereto. The Parties agree that Employee’s obligations to Ideanomics herein are in addition to and not in lieu of, any and all obligations
Employee owes Ideanomics under applicable statutory and common law.

 

    16

     

    

 

 

(b) Employee
Obligations. Employee hereby represents and warrants to Ideanomics that Employee is not subject to any non-competition, non-solicitation,
or confidentiality agreement or obligations with a prior employer or any other Person (“Continuing Agreements”) that prohibits
him, her, or them from performing any work or service he or she has committed to perform for Ideanomics, and further represents that
Employee’s performance of his, her, or their obligations hereunder will not violate any such obligations. To the extent that Employee
has any preexisting obligations to a prior employer relating to prohibited activities or restrictive covenants in connection with such
Employee’s successor employment, Employee is hereby advised to maintain compliance with all such agreements and prohibitions
for the duration of their term. Ideanomics will not accept usage of intellectual property in any form belonging to a predecessor employer
and hereby instruct Employee to adhere to any restrictions regarding the solicitation of such prior employer’s clients or customers
if contractually obligated to do so. Employee shall indemnify, defend, and hold harmless and shall reimburse Ideanomics for all costs
and reasonable attorney’s fees incurred in connection with any

Continuing Agreement, including both during
pre-litigation and litigation.

 

(c) Governing
Law; Jurisdiction. This Agreement shall be governed by, construed under, and enforced in accordance with the laws of the State of New
York without regard to conflicts of law principles to the maximum extent permitted by applicable law. Employee acknowledges and agrees
that Ideanomics’ maintain headquarters in New York and directs training and business activity from its Texas headquarters and therefore
Employee has had substantial contact with the State of New York. Jurisdiction and venue for all purposes shall be deemed to lie exclusively
in New York County, New York. Any suit, action, litigation or proceeding arising out of or relating to this Agreement shall be brought
solely and exclusively in any state or federal court of competent jurisdiction located in New York county, New York, and the Parties
hereto each irrevocably and unconditionally submit to the personal jurisdiction and venue of such courts as provided above for the purposes
set forth herein and expressly waive any claim of improper forum or venue and any claim that such courts are an inconvenient forum.

 

(d) Assignment.
This Agreement shall be assignable by Ideanomics without the prior written consent of the Employee. This Agreement shall inure to the
benefit of and be enforceable by any parent, subsidiary, sister company, successor, and assign of Ideanomics, including any successor
or assign to all or substantially all of the business and/or assets of Ideanomics, whether direct or indirect, by purchase, merger, consolidation,
acquisition of stock or otherwise, without the need for further consent by the Employee.

 

(e) Legal
Fees and Costs. If a legal action is initiated by Ideanomics, on one hand, and Employee, on the other hand, related to or arising out
of this Agreement, including any action to construe or enforce any provision hereof and/or the alleged performance or non-performance
of any right or obligation established hereunder, then any and all fees, costs and expenses reasonably incurred by the prevailing party
or its legal counsel in investigating, preparing for, prosecuting, defending against, or providing evidence, producing documents or taking
any other action in respect of such action shall be the obligation of and shall be paid or reimbursed by the unsuccessful party.

 

(f)       Waiver
of Jury Trial. The Parties hereby acknowledge that any dispute arising out of this Agreement will necessarily include
various complicated legal and factual issues and therefore knowingly, voluntarily, and intentionally waive trial by jury in any proceeding
with respect to, in connection with, or arising out of this Agreement, or the validity, interpretation, or enforcement hereof. This provision
is a material inducement for Ideanomics and the Employee to enter into this Agreement.

 

(g) Legal
Representation. Employee represents and warrants to Ideanomics that in connection with this Agreement and the transactions contemplated
herein, that he or she has had the right and opportunity to be represented by legal counsel and the right to have legal counsel review
this Agreement before signing, and/or has been represented by legal counsel of Employee’s own choosing. Employee represents, understands,
and agrees that he/she has not relied upon any legal or other advice, comments, or other statements made by any attorney or legal counselor
for Ideanomics.

 

(h) Interpretation.
Each party has had the opportunity to review this Agreement and consult with legal counsel of their choosing. Accordingly, any rule of
construction to the effect that ambiguities are to be resolved against the drafting party shall not apply to the interpretation of this
Agreement.

 

(i) Application
of this Agreement. Employee hereby agrees that the obligations set forth above and the definitions of “Confidential Information,”
 “Proprietary Information,” and “Inventions” contained herein shall be equally applicable to any work performed
by employee, and any Confidential Information, Proprietary Information, and Inventions relating thereto, for the Company prior to the
execution of this Agreement.

 

[Signature Page Follows]

 

    17

     

    

 

 

IN WITNESS WHEREOF,
the undersigned hereby execute this Agreement effective as of the Effective Date.

 

EMPLOYEE

 

	Stephan Johnston	 

 

IDEANOMICS, INC.

 

	Kevin Fleming	 
	 	 
	Printed Name:	Kevin Fleming	 

 

	Title:	Head of Human Resources	 

 

    18Exhibit 4.1

 

TENTH SUPPLEMENTAL INDENTURE

 

Dated as of September 20, 2022

 

Supplementing that Certain

 

INDENTURE

 

Dated as of July 12, 2012

 

between

 

DOLLAR GENERAL CORPORATION, as Issuer

 

and

 

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,
a national banking association, as Trustee

 

4.250% SENIOR NOTES DUE 2024

 

     

     

    

 

Table of Contents

 

	 	 	Page
	 
	ARTICLE I.
	DEFINITIONS
	SECTION 1.1.	Certain Terms Defined in this Indenture	1
	SECTION 1.2.	Definitions	2
	SECTION 1.3.	Other Definitions	6
	ARTICLE II.
	FORM AND TERMS OF THE NOTES
	SECTION 2.1.	Form and Dating	6
	SECTION 2.2.	Certain Terms of the Notes	8
	SECTION 2.3.	Optional Redemption	9
	SECTION 2.4.	Offer to Repurchase Upon a Change of Control Triggering Event	9
	SECTION 2.5.	Limitation on Liens	10
	SECTION 2.6.	Events of Default	11
	SECTION 2.7.	SEC Reports	12
	ARTICLE III.
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	SECTION 3.1.	Option to Effect Legal Defeasance or Covenant Defeasance	12
	SECTION 3.2.	Legal Defeasance and Discharge	13
	SECTION 3.3.	Covenant Defeasance	13
	SECTION 3.4.	Conditions to Legal or Covenant Defeasance	14
	SECTION 3.5.	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	15
	SECTION 3.6.	Repayment to Company	16
	SECTION 3.7.	Reinstatement	16
	ARTICLE IV.
	SATISFACTION AND DISCHARGE
	SECTION 4.1.	Satisfaction and Discharge	17
	SECTION 4.2.	Application of Trust Money	18
	ARTICLE V.
	MISCELLANEOUS
	SECTION 5.1.	Relationship with Indenture	18
	SECTION 5.2.	Trust Indenture Act Controls	19
	SECTION 5.3.	Governing Law	19
	SECTION 5.4.	Counterparts	19

 

    i

     

    

 

	SECTION 5.5.	Severability	19
	SECTION 5.6.	Ratification	19
	SECTION 5.7.	Headings	20
	SECTION 5.8.	Effectiveness	20
	 	 	 
	EXHIBIT A — Form of 4.250% Senior Notes due 2024	 

 

    

     

    

 

TENTH SUPPLEMENTAL INDENTURE

 

This Tenth Supplemental Indenture, dated as of
September 20, 2022, by and between DOLLAR GENERAL CORPORATION, a corporation duly organized and existing under the laws of the State
of Tennessee (the “Company”), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a duly organized and existing national
banking association under the laws of the United States, as trustee (the “Trustee”).

 

WHEREAS, the Company and the Trustee are parties
to that certain Indenture, dated as of July 12, 2012 (as amended or supplemented through the date hereof, the “Base Indenture”),
as supplemented by this Tenth Supplemental Indenture, dated as of September 20, 2022 (this “Tenth Supplemental Indenture,”
and together with the Base Indenture, this “Indenture”), providing for the issuance by the Company of an unlimited
number of series of Securities from time to time;

 

WHEREAS, the Base Indenture provides that the
Securities of a series shall be in the form and shall have such terms and provisions as may be established in one or more supplemental
indentures thereto;

 

WHEREAS, the Company has determined to issue a
series of senior Securities under this Indenture designated as the Company’s “4.250% Senior Notes due 2024” (hereinafter
called the “Notes”) pursuant to the terms of this Tenth Supplemental Indenture and substantially in the form as set
forth in Exhibit A hereto, with such appropriate insertions, omissions, substitutions and other variations as are required
or permitted by this Indenture and this Tenth Supplemental Indenture; and

 

WHEREAS, the Company, by action duly taken, has
authorized the execution of this Tenth Supplemental Indenture and the issuance of the Notes;

 

NOW, THEREFORE, THIS TENTH SUPPLEMENTAL INDENTURE
WITNESSETH:

 

For and in consideration of the promises stated
herein and the purchase of the Notes by the Holders thereof, the parties hereto hereby enter into this Tenth Supplemental Indenture,
for the equal and proportionate benefit of all Holders, as follows:

 

ARTICLE I.

 

DEFINITIONS

 

SECTION 1.1.     Certain
Terms Defined in this Indenture.

 

For purposes of this Tenth Supplemental Indenture
and the Notes, all capitalized terms used but not defined herein or therein, as applicable, shall have the meanings ascribed to such
terms in this Indenture. For the avoidance of doubt, references to any “Section” of the “Indenture” refer to
such Section of the Base Indenture, as supplemented and amended by this Tenth Supplemental Indenture.

 

    

     

    

 

SECTION 1.2.     Definitions.

 

For the benefit of the Holders, Section 1.1
of the Base Indenture shall be amended by adding or substituting, as applicable, the following new definitions:

 

“Authorized Newspaper” means
a newspaper in an official language of the country of publication customarily published at least once a day for at least five days in
each calendar week and of general circulation in the place in connection with which the term is used. If it shall be impractical in the
opinion of the Trustee to make any publication of any notice required hereby in an Authorized Newspaper, any publication or other notice
in lieu thereof that is made or given by the Trustee shall constitute a sufficient publication of such notice.

 

“Below Investment Grade Rating Event”
means, with respect to the Notes, the Notes become rated below an Investment Grade Rating by both of the Rating Agencies on any date
from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following
public notice of the occurrence of the Change of Control (which 60-day period shall be extended so long as the rating of the Notes is
under publicly announced consideration for possible downgrade by any of the Rating Agencies (the “Relevant Period”));
provided that, a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed
to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for
purposes of the definition of “Change of Control Triggering Event”) if the Rating Agencies making the reduction in rating
to which this definition would otherwise apply either (1) did not reduce the ratings of the Notes during the Relevant Period or
(2) do not announce or publicly confirm that the reduction was the result, in whole or in part, of any event or circumstance comprised
of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall
have occurred at the time of the Below Investment Grade Rating Event).

 

“Board of Directors” means
the board of directors or comparable governing body of the Company, or any committee thereof duly authorized to act on its behalf.

 

“Capital Stock” means:

 

(a)            in
the case of a corporation, corporate stock;

 

(b)            in
the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated)
of corporate stock;

 

(c)            in
the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests; and

 

(d)            any
other interest or participation that confers on a person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether
or not such debt securities include any right of participation with Capital Stock.

 

    2

     

    

 

“Change of Control” means the
occurrence of any of the following: (1) the direct or indirect sale, transfer, conveyance or other disposition (other than by way
of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the
Company and its Subsidiaries taken as a whole to any “Person” (as that term is used in Section 13(d)(3) of the
Exchange Act) other than the Company or one of its Subsidiaries; (2) the consummation of any transaction (including, without limitation,
any merger or consolidation) the result of which is that any “Person” (as that term is used in Section 13(d)(3) of
the Exchange Act) becomes the beneficial owner, directly or indirectly, of more than 50% of the then outstanding number of shares of
the Company’s Voting Stock; (3) the first day on which a majority of the members of the Company’s Board of Directors
are not Continuing Directors; or (4) the adoption of a plan relating to the Company’s liquidation or dissolution; or (5) the
Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, the Company,
in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Company or such other Person is converted
into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Voting Stock of the
Company outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting
Stock of the surviving Person immediately after giving effect to such transaction. Notwithstanding the foregoing, a transaction will
not be deemed to involve a Change of Control if (1) the Company becomes a wholly owned Subsidiary of a holding company that has
agreed to be bound by the terms of this Indenture and (2) the holders of the Voting Stock of such holding company immediately following
that transaction are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction.

 

“Change of Control Triggering Event”
means, with respect to the Notes, the occurrence of both a Change of Control and a Below Investment Grade Rating Event, with respect
to the Notes.

 

“Consolidated Net Tangible Assets”
means the Company’s total assets, less net goodwill and other intangible assets, less total current liabilities, all as described
on the Company’s and its consolidated Subsidiaries’ most recent balance sheet and calculated based on positions as reported
in the Company’s consolidated financial statements in accordance with U.S. generally accepted accounting principles and after giving
pro forma effect to any acquisitions or dispositions which occur after such balance sheet date.

 

“Continuing
Directors” means, as of any date of determination, any member of the Board of Directors of the Company who (1) was
a member of such Board of Directors on the Issue Date; or (2) was nominated for election, elected or appointed to such Board of
Directors with the approval of a majority of the Continuing Directors who were members of such Board of Directors at the time of such
nomination, election or appointment (either by specific action of the Board of Directors or by approval by such directors of the Company’s
proxy statement in which such member was named as a nominee for election as a director).

 

“Global Notes” means, individually
and collectively, each of the Notes in the form of global Securities registered in the name of the Depositary or its nominee, substantially
in the form of Exhibit A attached hereto.

 

    3

     

    

 

“Government Securities” means
direct obligations of, or obligations guaranteed by, the United States of America, and the payment for which the United States pledges
its full faith and credit.

 

“Investment Grade Rating” means
a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, and the equivalent
investment grade credit rating from any replacement Rating Agency or Rating Agencies.

 

“Issue Date” means September 20,
2022.

 

“Moody’s” means Moody’s
Investors Service, Inc.

 

“Person” means any individual,
partnership, corporation, limited liability company, joint stock company, business trust, trust, unincorporated association, joint venture
or other entity, or a government or political subdivision or agency thereof.

 

“Rating Agencies” means (1) each
of Moody’s and S&P; and (2) if either Moody’s or S&P ceases to rate the Notes or fails to make a rating of the
Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization”
within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act, selected by the Company (as certified by a Board Resolution)
as a replacement agency for Moody’s or S&P, or both of them, as the case may be.

 

“Revolving Facility” means
that certain amended and restated credit agreement, dated as of December 2, 2021, among the Company, as borrower, Citibank, N.A.,
as administrative agent, and the other lending institutions from time to time party thereto, including any guarantees, collateral documents,
instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements,
refunding or refinancing thereof and any indentures, notes, debentures or credit facilities or commercial paper facilities with banks
or other institutional lenders or investors that replace, refund or refinance all or any part of the loans, notes, other credit facilities
or commitments thereunder, including any such replacement, refunding or refinancing facility or indenture that increases the amount that
can be borrowed thereunder or alters the maturity thereof.

 

“S&P” means Standard &
Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.

 

“Significant Subsidiary” means
a Subsidiary (treated for purposes of this definition on a consolidated basis together with its Subsidiaries) which meets any of the
following conditions:

 

(a)            the
Company’s and the Company’s other Subsidiaries’ investments in and advances to the Subsidiary exceed 10% of the total
assets of the Company and the Company’s Subsidiaries consolidated as of the end of the most recently completed fiscal year;

 

(b)            the
Company’s and the Company’s other Subsidiaries' proportionate share of the total assets (after intercompany eliminations)
of the Subsidiary exceeds 10% of the total assets of the Company and the Company’s Subsidiaries consolidated as of the end of the
most recently completed fiscal year; or

 

    4

     

    

 

(c)            the
Company’s and the Company’s other Subsidiaries’ equity in the income from continuing operations before income taxes,
extraordinary items and cumulative effect of a change in accounting principles of the Subsidiary exceeds 10% of such income of the Company
and the Company’s Subsidiaries consolidated for the most recently completed fiscal year.

 

“Subsidiary”
of any specified Person means any corporation, association or other business entity of which more than 50% of the total voting power
of shares of Capital Stock entitled (without regard to the occurrence of
any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly,
by such person or one or more of the other Subsidiaries of that Person or a combination thereof.

 

“Treasury Rate” means, with
respect to any redemption date, the yield determined by the Company in accordance with the following two paragraphs.

 

The Treasury Rate shall be determined by the Company
after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors
of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent
day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal
Reserve System designated as “Selected Interest Rates (Daily) – H.15” (or any successor designation or publication)
(“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or
any successor caption or heading). In determining the Treasury Rate, the Company shall select, as applicable: (1) the yield for
the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Maturity Date (the “Remaining
Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields
 – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than, and one yield corresponding to the
Treasury constant maturity on H.15 immediately longer than, the Remaining Life – and shall interpolate to the Maturity Date on
a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if
there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury
constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or
maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury
constant maturity from the redemption date.

 

If on the third business day preceding the
redemption date H.15 or any successor designation or publication is no longer published, the Company shall calculate the Treasury
Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the
second business day preceding such redemption date, of the United States Treasury security maturing on, or with a maturity that is
closest to, the Maturity Date, as applicable. If there is no United States Treasury security maturing on the Maturity Date but there
are two or more United States Treasury securities with a maturity date equally distant from the Maturity Date, one with a maturity
date preceding the Maturity Date and one with a maturity date following the Maturity Date, the Company shall select the United
States Treasury security with a maturity date preceding the Maturity Date. If there are two or more United States Treasury
securities maturing on the Maturity Date or two or more United States Treasury securities meeting the criteria of the preceding
sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury
security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury
securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the
semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked
prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security,
and rounded to three decimal places.

 

    5

     

    

 

“Voting Stock” means Capital
Stock the holders of which have general voting power under ordinary circumstances to elect at least a majority of the Board of Directors;
provided that, for the purpose of such definition, Capital Stock which carries only the right to vote conditioned on the occurrence of
an event shall not be considered Voting Stock whether or not such event shall have occurred.

 

SECTION 1.3.     Other
Definitions.

 

	TERM
	 	DEFINED IN

    SECTION

	“Additional
    Notes”	 	2.2
	“Change
    of Control Offer”	 	2.4
	“Change
    of Control Payment”	 	2.4
	“Change
    of Control Payment Date”	 	2.4
	“Covenant
    Defeasance”	 	3.3
	“Depository”	 	2.1
	“Legal
    Defeasance”	 	3.2
	“Make-whole
    Deficit”	 	4.1
	“Maturity
    Date”	 	2.2

 

ARTICLE II.

 

FORM AND
TERMS OF THE NOTES

 

SECTION 2.1.     Form and
Dating.

 

The Notes and the Trustee’s certificate
of authentication shall be substantially in the form of Exhibit A attached hereto. The Notes shall be executed on behalf
of the Company by two of the officers of the Company specified in Section 2.3 of the Base Indenture. The Notes may have notations,
legends or endorsements required by law, stock exchange rules or usage. Each Note shall be dated the date of its authentication.

 

The terms and notations contained in the Notes
shall constitute, and are hereby expressly made, a part of this Indenture; and the Company and the Trustee, by their execution and delivery
of this Tenth Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby; provided that, to the extent
of any inconsistency between the terms and provisions in this Indenture and those contained in the Notes, this Indenture shall govern.

 

    6

     

    

 

(a)            Global
Notes. The Notes designated herein shall be issued initially in the form of one or more fully registered permanent global Securities,
which shall be held by the Trustee as custodian for The Depository Trust Company, New York, New York (the “Depositary”),
and registered in the name of Cede & Co., the Depositary’s nominee, duly executed by the Company and authenticated by
the Trustee as hereinafter provided. The aggregate principal amount of outstanding Notes may from time to time be increased or decreased
by adjustments made on the records of the Trustee and the Depositary or its nominee as hereinafter provided.

 

Unless and until the Global Notes are exchanged
in whole or in part for the individual Notes represented thereby pursuant to Section 2.15 of the Base Indenture, such Global Notes
may not be transferred except as a whole by the Depositary to its nominee or by its nominee to the Depositary or another nominee of the
Depositary or by the Depositary or any of its nominees to a successor depositary or any nominee of such successor depositary. Upon the
occurrence of the events specified in Section 2.15 of the Base Indenture in relation thereto, the Company shall execute, and the
Trustee shall, upon receipt of a Company Order for authentication, authenticate and deliver, Notes in definitive form in an aggregate
principal amount equal to the principal amount of the Global Notes in exchange for such Global Note.

 

(b)            Book-Entry
Provisions. This Section 2.1(b) shall apply only to the Global Notes deposited with or on behalf of the Depositary.

 

The Company shall execute and the Trustee shall,
in accordance with this Section 2.1(b), authenticate and deliver the Global Notes that shall be registered in the name of the Depositary
or the nominee of the Depositary and shall be held by the Trustee as custodian for the Depositary.

 

Participants of the Depositary shall have no rights
either under this Indenture or with respect to any Global Notes. The Depositary shall be treated by the Company, the Trustee and any
agent of the Company or the Trustee as the absolute owner of such Global Note for all purposes under this Indenture. Notwithstanding
the foregoing, nothing herein shall prevent the Company or the Trustee from giving effect to any written certification, proxy or other
authorization furnished by the Depositary or impair, as between the Depositary and its participants, the operation of customary practices
of such Depositary governing the exercise of the rights of an owner of a beneficial interest in the Global Notes.

 

(c)            Definitive
Notes. Definitive Notes issued in physical, certificated form, registered in the name of the beneficial owner thereof, shall be substantially
in the form of Exhibit A attached hereto, but without including the text referred to therein as applying only to Global Notes.
Except as provided above in subsection (a), owners of beneficial interests in the Global Notes will not be entitled to receive physical
delivery of certificated Notes.

 

(d)            Transfer
and Exchange of the Notes. The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depositary,
in accordance with this Indenture and the procedures of the Depositary therefor. Beneficial interests in the Global Notes may be transferred
to Persons who take delivery thereof in the form of a beneficial interest in the Global Notes.

 

    7

     

    

 

(e)            Paying
Agent and Registrar. The Company appoints the Trustee as the initial Paying Agent of the Company for the payment of the principal
of (and premium, if any) and interest on, the Notes, and the Corporate Trust Office of the Trustee be, and hereby is, designated as the
office or agency where the Notes may be presented for payment and where notices to or demands upon the Company in respect of the Notes
and this Tenth Supplemental Indenture and this Indenture pursuant to which the Notes are to be issued may be made. The Company appoints
the Trustee as the initial Security Registrar with respect to the Notes.

 

SECTION 2.2.     Certain
Terms of the Notes.

 

The following terms relating to the Notes are
hereby established:

 

(a)            Title.
The Notes shall constitute a series of senior Securities having the title “4.250% Senior Notes due 2024”.

 

(b)            Principal
Amount. The aggregate principal amount of the Notes that may be initially authenticated and delivered under this Indenture (except
for Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections
2.7, 2.8, 2.11, 3.6 and 9.6 of the Base Indenture) shall be SEVEN HUNDRED FIFTY MILLION DOLLARS ($750,000,000). The Company may, from
time to time, without the consent of the Holders, issue and sell additional Notes (“Additional Notes”) ranking equally
and ratably with the Notes in all respects (other than the issue date and, to the extent applicable, issue price, initial date of interest
accrual and the initial interest payment date of such Additional Notes). Any such Additional Notes shall be consolidated with and form
a single series with the Notes for all purposes under this Indenture. If the Additional Notes are not fungible with the Notes for U.S.
federal income tax purposes, the Additional Notes will have a different CUSIP number.

 

(c)            Ranking.
The Notes shall constitute senior unsecured indebtedness of the Company and shall rank equally in right of payment with all existing
and future senior indebtedness of the Company and, to the extent of the value of the collateral, will be effectively subordinated to
the Company’s secured indebtedness.

 

(d)            Maturity
Date. The entire outstanding principal of the Notes shall be payable on September 20, 2024 (the “Maturity Date”).

 

(e)            Interest
Rate. The rate at which the Notes shall bear interest shall be 4.250% per annum, computed on the basis of a 360-day year
comprised of twelve 30-day months; the date from which interest shall accrue on the Notes shall be September 20, 2022, or the
most recent Interest Payment Date to which interest has been paid or duly provided for; the Interest Payment Dates for the Notes
shall be the 20th day of March and September of each year, commencing on March 20, 2023; the interest so
payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid, in immediately available funds, to
the Persons in whose names the Notes (or one or more predecessor Securities) are registered at the close of business on the Regular
Record Date for such interest, which shall be the 5th day of March and September (whether or not a Business Day), as the
case may be, next preceding such Interest Payment Date. Payment of principal of, and premium, if any, and interest on, the Notes
will be made at the Corporate Trust Office of the Trustee or such other office or agency of the Company as may be designated
for such purpose, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that each installment of interest, premium, if any, and principal on the Notes may at
the Company’s option be paid in immediately available funds by wire transfer to an account maintained by the payee located in
the United States.

 

    8

     

    

 

(f)            Sinking
Fund. The Notes are not subject to any sinking fund.

 

SECTION 2.3.     Optional
Redemption.

 

(a)            Applicability
of Article III. The provisions of Article III of the Base Indenture shall apply to the Notes, as supplemented by Sections
2.3(b) and (c) below and as amended by the following sentence; provided that this Section 2.3 shall not become part of
the terms of any other series of Securities. The first paragraph of Section 3.3 of the Base Indenture shall be amended by replacing
the phrase “at least 30 days” with the phrase “at least 10 days.”

 

(b)            Make
Whole Redemption. The Company may redeem the Notes at its option, in whole or in part, at any time and from time to time, at a redemption
price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

 

(1)            (a) the
sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date on
a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points, less (b) interest
accrued to the redemption date, and

 

(2)            100%
of the principal amount of the Notes to be redeemed,

 

plus, in either case, accrued and unpaid interest thereon to the redemption
date.

 

SECTION 2.4.     Offer
to Repurchase Upon a Change of Control Triggering Event.

 

If a Change of Control Triggering Event
occurs with respect to the Notes, unless the Company has exercised its right to redeem the Notes as described in Section 2.3 or
exercised its option to satisfy and discharge this Indenture as set forth in Article IV hereof, Holders shall have the right to
require the Company to repurchase all or any part in an integral multiple of $1,000 of their Notes (provided that no Note will be
purchased in part if the remaining principal amount of such Note would be less than $2,000) pursuant to the offer described below
(the “Change of Control Offer”). In the Change of Control Offer, the Company shall offer payment in cash equal to
101% of the then outstanding aggregate principal amount of Notes subject to such offer, plus accrued and unpaid interest, if any, on
the Notes repurchased to, but excluding, the date of purchase (the “Change of Control Payment”). Within 30 days
following any Change of Control Triggering Event, or, at the Company’s option, prior to any Change of Control, but after the
public announcement of the Change of Control, the Company shall mail a notice to Holders describing the transaction or transactions
that constitute or may constitute the Change of Control Triggering Event and offering to repurchase the Notes on the date specified
in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed (the
 “Change of Control Payment Date”), pursuant to the procedures described herein and in such notice. The notice
shall, if mailed prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the
Change of Control Triggering Event occurring on or prior to the payment date specified in the notice. The Company must comply with
the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent
those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control
Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control
provisions herein, the Company shall only be required to comply with the applicable securities laws and regulations and will not be
deemed to have breached its obligations under the Change of Control provisions of this Indenture by virtue of such conflicts.

 

    9

     

    

 

Notwithstanding the foregoing, the Company shall
not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a third party makes
such an offer in the manner, at the times and otherwise in compliance with the requirements for a Change of Control Offer made by the
Company and the third party repurchases all Notes properly tendered and not withdrawn under its offer. In addition, the Company will
not repurchase any Notes if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under this
Indenture, other than a Default in the payment of the Change of Control Payment upon a Change of Control Triggering Event.

 

On the Change of Control Payment Date, the Company
shall to the extent lawful (i) accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control
Offer; (ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions thereof
properly tendered; and (iii) deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’
Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased.

 

The Paying Agent will promptly mail to each Holder
who has properly tendered Notes the applicable Change of Control Payment for the Notes, and the Trustee will promptly authenticate and
mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of any
Notes surrendered; provided that each new Note will be in a principal amount of $2,000 or an integral multiple of $1,000.

 

SECTION 2.5.     Limitation
on Liens. The Company shall not, and the Company shall not permit any Subsidiary to, incur, issue, assume or guarantee any indebtedness
for money borrowed if such indebtedness is secured by a pledge of, lien on or security interest in any shares of Voting Stock of any
Significant Subsidiary, whether such Voting Stock is now owned or is hereafter acquired, without providing that the Notes (together with,
if the Company shall so determine, any other indebtedness or obligations of the Company or any Subsidiary ranking equally with the Notes
and then existing or thereafter created) shall be secured equally and ratably with such indebtedness. The foregoing limitation shall
not apply to indebtedness:

 

(1)            secured
by a pledge of, lien on or security interest in any shares of Voting Stock of any entity at the time it becomes a Significant Subsidiary;

 

(2)            of
a Subsidiary owed to the Company or indebtedness of a Subsidiary owed to another Subsidiary;

 

    10

     

    

 

(3)            incurred,
together with all other indebtedness of the Company and its Subsidiaries similarly secured by liens on shares of Voting Stock pursuant
to this clause (3), in an amount not to exceed at the time of such creation, assumption, renewal, extension or replacement 15% of Consolidated
Net Tangible Assets; and

 

(4)            incurred
for the sole purpose of extending, renewing, replacing or refinancing indebtedness secured by any lien referred to in the foregoing clauses
(1) to (3); provided, however, that the principal amount of indebtedness secured by that lien shall not exceed the principal amount
of indebtedness so secured at the time of such extension, renewal, replacement or refinancing, plus any amounts necessary to pay any
fees and expenses, including premiums relating to such extension, renewal, replacement or refinancing.

 

SECTION 2.6.     Events
of Default.

 

(a)            Applicability
of Section 6.1. Section 6.1 of the Base Indenture shall apply to the Notes, as supplemented by Sections 2.6(b), (c) and
(d) below; provided that this Section 2.6 shall not become part of the terms of any other series of Securities.

 

The occurrence of the events set forth in Sections 2.6(b) or
2.6(c) will constitute an “Event of Default” with respect to the Notes:

 

(b)            default
after the expiration of the grace period in the payment of principal when due, or resulting in acceleration, of other indebtedness (other
than non-recourse debt) of the Company or any Significant Subsidiaries, for borrowed money or the payment of which is guaranteed by the
Company or any Significant Subsidiary if the aggregate principal amount with respect to which the default or acceleration has occurred
exceeds $100,000,000 and such indebtedness has not been discharged, or such default in payment or acceleration has not been cured or
rescinded, prior to written notice of acceleration of the Notes; or

 

(c)            failure
by the Company or any Significant Subsidiary to pay final judgments entered by a court or courts of competent jurisdiction aggregating
in excess of $100,000,000, which judgments are not paid, discharged or stayed for a period of 60 days after such judgments become final
and non-appealable, and in the event such judgment is covered by insurance, an enforcement proceeding has been commenced by any creditor
upon such judgment or decree which is not promptly stayed.

 

(d)            In
the event of any Event of Default specified in Section 2.6(b), such Event of Default and all consequences thereof (excluding any
resulting payment default, other than as a result of acceleration of the Notes) shall be annulled, waived and rescinded, automatically
and without any action by the Trustee or the Holders, if within 20 days after such Event of Default arose: (1) the indebtedness
or guarantee that is the basis for such Event of Default has been discharged; (2) holders thereof have rescinded or waived acceleration,
notice or action (as the case may be) giving rise to such Event of Default; or (3) the default that is the basis for such Event
of Default has been cured.

 

    11

     

    

 

SECTION 2.7.     SEC
Reports. For the benefit of the Holders, the Base Indenture shall be amended by replacing Section 4.4 thereof in its entirety
with this Section 2.7, provided that, this Section 2.7 shall not become part of the terms of any other series of Securities.

 

The Company will for so long as any Notes are
outstanding:

 

(a)            make
available to the Trustee and the Holders of Notes copies of the annual reports and of the information, documents and other reports which
the Company may be required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act; provided that for this
purpose the filing with the SEC of such reports, information and documents shall be sufficient; or

 

(b)            if
the Company is not then subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, make available to
the Trustee and the Holders of the Notes (including, without limitation, by means of a public or private website), substantially similar
periodic information (excluding exhibits) which would be required to be included in periodic reports on Forms 10-K, 10-Q and 8-K (or
any successor form or forms) under the Exchange Act within the time periods set forth in the applicable SEC rules and regulations
as if the Company were a non-accelerated filer as defined in such applicable SEC rules and regulations; provided that in each case
such information may be subject to exclusions if the Company in good faith determines that such excluded information would not be material
to the interests of the Holders of the Notes (it being understood that the information required by Rule 3-10 of Regulation S-X and
Section 13(r) of the Exchange Act is not material).

 

The delivery of such reports, information and
documents to the Trustee pursuant to this Section 2.7 is for informational purposes only and the Trustee’s receipt of such
shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including
the Company’s compliance with any of its covenants under this Indenture (as to which the Trustee is entitled to rely exclusively
on Officers’ Certificates).

 

(c)            In
the event that any direct or indirect parent company of the Company becomes a guarantor of the Notes, the Company may satisfy its obligations
in this covenant with respect to financial information relating to the Company by furnishing financial information relating to such parent;
provided that the same is accompanied by consolidating information that explains in reasonable detail the differences between the information
relating to such parent, on the one hand, and the information relating to the Company and its Subsidiaries on a standalone basis, on
the other hand.

 

ARTICLE III.

 

LEGAL
DEFEASANCE AND COVENANT DEFEASANCE

 

For the benefit of the Holders, the Base Indenture
shall be amended by replacing Article VIII thereof in its entirety with this Article III; provided that this Article III
shall not become part of the terms of any other series of Securities:

 

SECTION 3.1.     Option
to Effect Legal Defeasance or Covenant Defeasance.

 

The Company may, at its option and at any time,
elect to have either Section 3.2 or 3.3 hereof applied to all outstanding Notes upon compliance with the conditions set forth below,
in this Article III.

 

    12

     

    

 

SECTION 3.2.     Legal
Defeasance and Discharge.

 

Upon the Company’s exercise under Section 3.1
hereof of the option applicable to this Section 3.2, the Company shall, subject to the satisfaction of the conditions set forth
in Section 3.4 hereof, be deemed to have been discharged from its obligations with respect to all outstanding Notes on the date
the conditions set forth below are satisfied (“Legal Defeasance”). For this purpose, Legal Defeasance means that the
Company shall be deemed to have paid and discharged the entire indebtedness represented by the outstanding Notes, which shall thereafter
be deemed to be “outstanding” only for the purposes of Section 3.5 hereof and the other Sections of this Indenture referred
to in (a) and (b) below, and to have satisfied all its other obligations under such Notes and this Indenture (and the Trustee,
on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions
which shall survive until otherwise terminated or discharged hereunder:

 

(a)            the
rights of Holders to receive payments in respect of the principal of and interest, if any, on the Notes when such payments are due solely
out of the trust funds referred to below;

 

(b)            the
Company’s obligations under Sections 2.4, 2.5, 2.7, 2.8 and 2.11 of the Base Indenture;

 

(c)            the
rights, powers, trusts, duties and immunities of the Trustee for such Notes under Article VII of the Base Indenture, and the Company’s
obligations in connection therewith; and

 

(d)            this
Section 3.2.

 

Subject to compliance with this Article III,
the Company may exercise its option under this Section 3.2.

 

SECTION 3.3.     Covenant
Defeasance.

 

Upon the Company’s exercise under
Section 3.1 hereof of the option applicable to this Section 3.3, the Company shall, subject to the satisfaction of the
conditions set forth in Section 3.4 hereof, be released from its obligations under the covenants contained in Sections 4.2,
4.3, 4.4, 4.5, 4.6, 4.7 and 4.8 of the Base Indenture and 2.4 , 2.5 and 2.7 hereof on and after the date the conditions set forth in
Section 3.4 hereof are satisfied (“Covenant Defeasance”), and the Notes shall thereafter be deemed not
 “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences
of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes
hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant
Defeasance means that, with respect to the outstanding Notes, the Company may omit to comply with and shall have no liability in
respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any
reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or
in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.1 of
the Base Indenture, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. In
addition, upon the Company’s exercise under Section 3.1 hereof of the option applicable to this Section 3.3 hereof,
subject to the satisfaction of the conditions set forth in Section 3.4 hereof, Section 2.6(b) and (c) hereof and
Section 6.1(c) of the Base Indenture shall not constitute Events of Default.

 

    13

     

    

 

SECTION 3.4.     Conditions
to Legal or Covenant Defeasance.

 

The following shall be the conditions to the application
of either Section 3.2 or 3.3 hereof to the outstanding Notes:

 

(1)            the
Company must irrevocably deposit with the Trustee, as trust funds, in trust solely for the benefit of the Holders, cash in Dollars, non-callable
Government Securities or a combination thereof, in such amounts as will be sufficient in the opinion of a nationally recognized investment
bank, appraisal firm or firm of independent public accountants, to pay the principal of and interest on the Notes issued under this Indenture
on the stated date for payment or on the redemption date, as the case may be, of such principal, installment of principal or of interest
on such Notes and the Company must specify whether such Notes are being defeased to maturity or to a particular redemption date;

 

(2)            in
the case of an election under Section 3.2 hereof, the Company shall have delivered to the Trustee an Opinion of Counsel in the United
States confirming that,

 

(A)            the
Company has received from, or there has been published by, the United States Internal Revenue Service a ruling, or

 

(B)            since
the Issue Date, there has been a change in the applicable U.S. federal income tax law,

 

in either case to the effect that, and based thereon such
Opinion of Counsel shall confirm that, subject to customary assumptions and exclusions, the Holders and beneficial owners of the Notes
will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject
to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance
had not occurred;

 

(3)            in
the case of an election under Section 3.3 hereof, the Company shall have delivered to the Trustee an Opinion of Counsel in the
United States reasonably acceptable to the Trustee confirming that, subject to customary assumptions and exclusions, the Holders and
beneficial owners of the Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such
Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if such Covenant Defeasance had not occurred;

 

    14

     

    

 

(4)            no
Default or Event of Default with respect to the Notes shall have occurred and be continuing on the date of such deposit (other than a
Default or Event of Default resulting from the borrowing of funds to be applied to such deposit or the grant of any lien securing such
borrowing or any similar and simultaneous deposit relating to other indebtedness and, in each case, the granting of liens in connection
therewith);

 

(5)            such
Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, the Revolving Facility
or any material agreement or instrument (other than this Indenture) to which the Company or any of its Subsidiaries is a party or by
which the Company or any of its Subsidiaries is bound (other than that resulting from the borrowing of funds to be applied to such deposit
or the grant of any lien securing such borrowing or any similar and simultaneous deposit relating to other indebtedness and, in each
case, the granting of liens in connection therewith);

 

(6)            the
Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with
the intent of preferring the Holders over any other creditors of the Company or with the intent of defeating, hindering, delaying or
defrauding any creditors of the Company or others; and

 

(7)            the
Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel (which Opinion of Counsel may be
subject to customary assumptions and exclusions), each stating that the conditions provided for in, in the case of the Officers’
Certificate, clauses (1) through (6) and, in the case of the Opinion of Counsel, clauses (2) and/or (3) and (5) of
this Section 3.4 have been complied with.

 

SECTION 3.5.     Deposited
Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.

 

Subject to Section 3.6 hereof, all money
and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee pursuant to Section 3.4 hereof
in respect of the outstanding Notes will be held in trust and applied by the Trustee, in accordance with the provisions of this Indenture,
to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine,
to the Holders of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need
not be segregated from other funds except to the extent required by law.

 

The Company will pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant
to Section 3.4 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which
by law is for the account of the Holders.

 

    15

     

    

 

Notwithstanding anything in this
Article III to the contrary, the Trustee will deliver or pay to the Company from time to time upon the request of the Company
any money or non- callable Government Securities held by it as provided in Section 3.4 hereof which, in the opinion of a
nationally recognized investment bank, appraisal firm or firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee (which may be the opinion delivered under Section 3.4 hereof), are in excess of the amount
thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

SECTION 3.6.     Repayment
to Company.

 

Any money deposited with the Trustee or any Paying
Agent, or then held by the Company, in trust for the payment of the principal of, or premium, if any, or interest on, any Notes and remaining
unclaimed for one year after such principal, premium, if any, or interest has become due and payable shall be paid to the Company on
its request or (if then held by the Company) will be discharged from such trust; and the Holders will thereafter be permitted to look
only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and
all liability of the Company as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before
being required to make any such repayment, may at the expense of the Company cause to be published once, in an Authorized Newspaper,
notice that such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date
of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Company.

 

SECTION 3.7.     Reinstatement.

 

If, in connection with a Legal Defeasance or Covenant
Defeasance, the Trustee or Paying Agent is unable to apply any Dollars or non-callable Government Securities in accordance with Section 3.5
hereof, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such
application, then the Company’s obligations under this Indenture and the Notes will be revived and reinstated as though no deposit
had occurred pursuant to Section 3.2 or 3.3 hereof until such time as the Trustee or Paying Agent is permitted to apply all such
money in accordance with Section 3.5 hereof; provided, however, that, if the Company makes any payment of principal of or interest
on any Notes following the reinstatement of its obligations, the Company will be subrogated to the rights of the Holders to receive such
payment from the money held by the Trustee or Paying Agent.

 

    16

     

    

 

ARTICLE IV.

 

SATISFACTION
AND DISCHARGE

 

For the benefit of the Holders, the Base Indenture
shall be amended by replacing Article XI thereof in its entirety with this Article IV; provided that this Article IV shall
not become part of the terms of any other series of Securities:

 

SECTION 4.1.     Satisfaction
and Discharge.

 

This Indenture will be discharged and will cease
to be of further effect as to the Notes issued hereunder, when:

 

(a)            either:

 

(i)            all
outstanding Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for
whose payment money has theretofore been deposited in trust and thereafter repaid to the Company, have been delivered to the Trustee
for cancellation; or

 

(ii)            all
outstanding Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the mailing of
a notice of redemption or otherwise or will become due and payable within one year or have been called for redemption under Section 2.3
hereof and the Company has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit
of the Holders, cash in Dollars, non-callable Government Securities or a combination thereof, in such amounts as will be sufficient,
without consideration of any reinvestment of interest, to pay and discharge the entire indebtedness on such Notes not delivered to the
Trustee for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption, as the case may
be; provided that for any such redemption conducted pursuant to Section 2.3(b) hereof, the amount deposited shall be sufficient
for purposes of this Indenture to the extent that an amount is deposited with the Trustee calculated as required by such Section 2.3(b) using
the Treasury Rate as of the date of the notice of redemption, with any deficit as of the redemption date (any such amount, the “Make-whole
Deficit”) only required to be deposited with the Trustee on or prior to the redemption date. Any Make-whole Deficit will be
set forth in an Officers’ Certificate delivered to the Trustee simultaneously with the deposit of such Make-whole Deficit that
confirms that such Make-whole Deficit will be applied toward such redemption;

 

(b)            no
Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event of Default resulting
from the borrowing of funds to be applied to such deposit or the grant of any lien securing such borrowing or any similar and simultaneous
deposit relating to other indebtedness and, in each case, the granting of liens in connection therewith) and the deposit will not result
in a breach or violation of, or constitute a default under, the Revolving Facility or any other material instrument to which the Company
is a party or by which the Company is bound (other than a breach, violation or default resulting from the borrowing of funds to be applied
to such deposit or the grant of any lien securing such borrowing or any similar and simultaneous deposit relating to other indebtedness
and, in each case, the granting of liens in connection therewith);

 

(c)            the
Company has paid or caused to be paid all sums payable by it under this Indenture; and

 

    17

     

    

 

(d)            the
Company has delivered irrevocable instructions to the Trustee for such Notes under this Indenture to apply the deposited money toward
the payment of such Notes at maturity or on the redemption date, as the case may be.

 

In addition, the Company shall deliver an Officers’
Certificate and an Opinion of Counsel to the Trustee for such Notes stating that all conditions precedent to satisfaction and discharge
have been satisfied, and all fees and expenses of the Trustee shall have been paid.

 

Notwithstanding the satisfaction and discharge
of this Indenture, if money has been deposited with the Trustee pursuant to subclause (ii) of clause (a) of this Section 4.1,
the provisions of Section 3.6 and 4.2 hereof will survive. In addition, nothing in this Section 4.1 will be deemed to discharge
those provisions of Section 7.7 of the Base Indenture that, by their terms, survive the satisfaction and discharge of this Indenture.

 

SECTION 4.2.     Application
of Trust Money.

 

Subject to the provisions of Section 3.6
hereof, all money or Government Securities deposited with the Trustee pursuant to Section 4.1 hereof shall be held in trust and
applied by it, in accordance with the provisions of this Indenture, to the payment, either directly or through any Paying Agent (including
the Company acting as its own Paying Agent) as the Trustee may determine, to the persons entitled thereto, of the principal (and premium,
if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other
funds except to the extent required by law.

 

If the Trustee or Paying Agent is unable to apply
any money or Government Securities in accordance with Section 4.1 hereof by reason of any legal proceeding or by reason of any order
or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s
obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 4.1
hereof; provided that if the Company has made any payment of principal of, or premium, if any, or interest on, the Notes because of the
reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders to receive such payment from the money
or Government Securities held by the Trustee or Paying Agent.

 

ARTICLE V.

 

MISCELLANEOUS

 

SECTION 5.1.     Relationship
with Indenture.

 

The terms and provisions contained in the Base
Indenture will constitute, and are hereby expressly made, a part of this Tenth Supplemental Indenture. However, to the extent any provision
of the Base Indenture conflicts with the express provisions of this Tenth Supplemental Indenture, the provisions of this Tenth Supplemental
Indenture will govern and be controlling. In all other respects, the Base Indenture is confirmed by the parties hereto as supplemented
by the terms of this Tenth Supplemental Indenture.

 

    18

     

    

 

SECTION 5.2.     Trust
Indenture Act Controls.

 

If any provision of this Tenth Supplemental Indenture
limits, qualifies or conflicts with another provision which is required to be included in this Tenth Supplemental Indenture by the Trust
Indenture Act, the required provision shall control. If any provision of this Tenth Supplemental Indenture modifies or excludes any provision
of the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed to apply to this Tenth Supplemental
Indenture as so modified or to be excluded, as the case may be.

 

SECTION 5.3.     Governing
Law.

 

This Tenth Supplemental Indenture and the Notes
shall be governed by and construed in accordance with the laws of the State of New York.

 

SECTION 5.4.     Counterparts.

 

The parties may sign multiple counterparts of
this Tenth Supplemental Indenture. Each signed counterpart shall be deemed an original, but all of them together represent one and the
same Tenth Supplemental Indenture. The words “execution,” “signed,” “signature,” “delivery,”
and words of like import in or relating to this Tenth Supplemental Indenture or any document to be signed in connection with this Tenth
Supplemental Indenture shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each
of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or
the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated
hereunder by electronic means.

 

SECTION 5.5.     Severability.

 

Each provision of this Tenth Supplemental Indenture
shall be considered separable and if for any reason any provision which is not essential to the effectuation of the basic purpose of
this Tenth Supplemental Indenture or the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby and a Holder shall have no claim therefor against any
party hereto.

 

SECTION 5.6.     Ratification.

 

The Base Indenture, as supplemented and amended
by this Tenth Supplemental Indenture, is in all respects ratified and confirmed. The Base Indenture and this Tenth Supplemental Indenture
shall be read, taken and construed as one and the same instrument. All provisions included in this Tenth Supplemental Indenture supersede
any conflicting provisions included in the Base Indenture, unless not permitted by law. The Trustee accepts the trusts created by the
Base Indenture, as supplemented by this Tenth Supplemental Indenture, and agrees to perform the same upon the terms and conditions of
the Base Indenture, as supplemented by this Tenth Supplemental Indenture.

 

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SECTION 5.7.     Headings.

 

The Section headings in this Tenth Supplemental
Indenture are for convenience only and shall not affect the construction thereof.

 

SECTION 5.8.     Effectiveness.

 

The provisions of this Tenth Supplemental Indenture
shall become effective as of the date hereof.

 

    20

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Tenth Supplemental Indenture to be duly executed as of the date first above written.

 

	 	DOLLAR GENERAL CORPORATION,
	 	as Issuer

 

	 	By:	/s/ John W. Garratt
	 	 	Name:	John W. Garratt
	 	 	Title:	President and Chief Financial Officer

 

	 	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association,
	 	as Trustee

 

	 	By:	/s/ Wally Jones 
	 	 	Name:	 Wally Jones
	 	 	Title:	Vice President

 

[Signature Page to Tenth Supplemental
Indenture]

 

    

     

    

 

EXHIBIT A

 

Form of 4.250% Senior Notes due 2024

 

[Include the following legend on each Note that is a Global Note:

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN. TRANSFER
OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE AND LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED
TO HEREIN.]

 

DOLLAR GENERAL CORPORATION

 

4.250% Senior Notes due 2024

 

	REGISTERED	PRINCIPAL AMOUNT: $[ ]
	No.	 

 

CUSIP:
256677 AJ4

ISIN:
US256677AJ41

 

DOLLAR GENERAL CORPORATION, a Tennessee corporation
(herein called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to),
for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of [ ] ($[ ]) on September 20,
2024 (the “Maturity Date”) (except to the extent redeemed or repaid prior to the Maturity Date) and to pay interest
thereon from September 20, 2022 (the “Original Issue Date”) or from the most recent Interest Payment Date to
which interest has been paid or duly provided for at the rate of 4.250% per annum, on the 20th day of March and September (of
each year each such date, an “Interest Payment Date”), commencing on March 20, 2023, until the principal hereof
is paid or made available for payment.

 

(1)            Payment
of Interest. The interest so payable, and punctually paid or made available for payment, on any Interest Payment Date, will, as
provided in the Indenture, be paid, in immediately available funds, to the Person in whose name this Note (or one or more
predecessor Securities) is registered at the close of business on the 5th day of March and September (whether or not a
Business Day, as defined in the Indenture referred to herein), as the case may be, next preceding such Interest Payment Date
(the “Regular Record Date”).

 

    A-1

     

    

 

(2)            Place
of Payment. Payment of principal, premium, if any, and interest on this Note will be made at the Corporate Trust Office of the Trustee
or such other office or agency of the Company as may be designated for such purpose, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and private debts; provided, however, that each installment of
interest, premium, if any, and principal on this Note may at the Company’s option be paid in immediately available funds by wire
transfer to an account maintained by the payee located in the United States.

 

(3)            Time
of Payment. In any case where any Interest Payment Date, the Maturity Date or any date fixed for redemption of the Notes shall not
be a Business Day, then (notwithstanding any other provision of the Indenture or this Note), payment of principal, premium, if any, or
interest, if any, need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as
if made on such Interest Payment Date, the Maturity Date or the date so fixed for redemption or repayment, as the case may be, and no
interest shall accrue in respect of the delay.

 

(4)            General.
This Note is one of a duly authorized series of Securities of the Company, issued and to be issued in one or more series under an indenture
(the “Base Indenture”), dated as of July 12, 2012, between the Company and U.S. Bank Trust Company, National
Association, a national banking association, as trustee (herein called the “Trustee,” which term includes any successor
trustee under the Indenture with respect to the series of which this Note is a part), as supplemented by a Tenth Supplemental Indenture
thereto, dated as of September 20, 2022 (the “Tenth Supplemental Indenture” and, together with the Base Indenture,
the “Indenture”), between the Company and the Trustee. Reference is hereby made to the Indenture for a statement of
the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities,
and of the terms upon which the Securities are, and are to be, authenticated and delivered; provided that to the extent of any inconsistency
between the terms and provisions in the Indenture and those contained in this Note, the Indenture shall govern. This Note is one of a
duly authorized series of Securities designated as “4.250% Senior Notes due 2024” (collectively, the “Notes”),
initially limited in aggregate principal amount to SEVEN HUNDRED FIFTY MILLION DOLLARS ($750,000,000).

 

(5)            Further
Issuance. The Company may, from time to time, without the consent of the Holders, issue and sell additional Notes (“Additional
Notes”) ranking equally and ratably with the Notes in all respects (other than the issue date, and to the extent applicable,
issue price, initial date of interest accrual and initial interest payment date of such Additional Notes). Any such Additional Securities
shall be consolidated with and form a single series with the Notes for all purposes under the Indenture. If the Additional Notes are
not fungible with the Notes for U.S. federal income tax purposes, the Additional Notes will have a different CUSIP number.

 

    A-2

     

    

 

(6)            Ranking.
The Notes shall constitute senior indebtedness of the Company and shall rank equally in right of payment with all existing and future
senior indebtedness of the Company and, to the extent of the value of the collateral, will be effectively subordinated to the Company’s
secured indebtedness.

 

(7)            Events
of Default. If an Event of Default with respect to the Notes shall have occurred and be continuing, the principal of the Notes may
be declared due and payable in the manner and with the effect provided in the Indenture.

 

(8)            Sinking
Fund. The Notes are not subject to any sinking fund.

 

(9)            Optional
Redemption. The Company may redeem the Notes at its option, in whole or in part, at any time and from time to time, at a redemption
price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of (1)(a) the sum
of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date on a semi-annual
basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points, less (b) interest
accrued to the redemption date, and (2) 100% of the principal amount of the Notes to be redeemed, plus, in either case, accrued
and unpaid interest thereon to the redemption date.

 

(10)            [Reserved]

 

(11)            Offer
to Repurchase Upon a Change of Control Triggering Event. If a Change of Control Triggering Event occurs with respect to the Notes,
unless the Company has exercised its right to redeem the Notes as described above under “Optional Redemption” or has exercised
its option to satisfy and discharge the Indenture under Article IV thereof, Holders shall have the right to require the Company
to repurchase all or any part of their Notes for a price in cash equal to 101% of the then outstanding aggregate principal amount of
Notes repurchased plus accrued and unpaid interest, if any, on the Notes repurchased, to, but not including, the date of purchase.

 

(12)            Defeasance
and Covenant Defeasance. The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the
Company on this Note and (b) certain restrictive covenants and the related Events of Default, in each case which provisions shall
apply to this Note.

 

(13)            Modification
and Waivers; Obligations of the Company Absolute. The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities.
Such amendment may be effected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not
less than a majority in aggregate principal amount of the outstanding Notes affected thereby. The Indenture also contains provisions
permitting the Holders of not less than a majority in aggregate principal amount of the Securities at the time outstanding, on
behalf of the Holders of all outstanding Securities, to waive compliance by the Company with certain provisions of the Indenture.
Furthermore, provisions in the Indenture permit the Holders of not less than a majority in aggregate principal amount of the
outstanding Securities of individual series to waive on behalf of all of the Holders of Securities of such individual series certain
past defaults under the Indenture and their consequences. Any such consent or waiver shall be conclusive and binding upon the Holder
of this Note and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

 

    A-3

     

    

 

No reference herein to the Indenture
and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of, and premium, if any, and interest on, this Note at the time, place, and rate, and in the coin or currency, herein
prescribed.

 

(14)            Limitation
on Suits. As set forth in, and subject to, the provisions of the Indenture, no Holder of any Note will have any right to institute
any proceeding with respect to the Indenture or for any remedy thereunder, unless such Holder shall have previously given to the Trustee
written notice of a continuing Event of Default with respect to the Notes, the Holders of more than 25% in principal amount of the outstanding
Notes shall have made written request, and offered reasonable indemnity, to the Trustee to institute such proceedings as trustee, and
the Trustee shall not have received from the Holders of a majority in principal amount of the outstanding Notes a direction inconsistent
with such request and shall have failed to institute such proceeding within 90 days; provided, however, that such limitations do not
apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal of or interest on, this Note on or after
the respective due dates expressed herein.

 

(15)            Registration
of Transfer or Exchange. As provided in the Indenture and subject to certain limitations herein and therein set forth, the transfer
of this Note is registrable in the register of the Notes maintained by the Registrar upon surrender of this Note for registration of
transfer, at the office or agency of the Company in any place where the principal of and interest on this Note are payable, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar, duly executed by the Holder
hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or transferees.

 

No service charge shall be made for
any such registration of transfer or exchange (except as provided by the Indenture), but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge payable in connection therewith.

 

Prior to due presentment of this Note
for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Holder as the owner
hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected
by notice to the contrary.

 

    A-4

     

    

 

(16)            Defined
Terms. All terms used in this Note, which are defined in the Indenture and are not otherwise defined herein, shall have the meanings
assigned to them in the Indenture.

 

(17)            Governing
Law. The Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York.

 

Unless the certificate of authentication hereon
has been executed by the Trustee by manual, electronic or facsimile signature, this Note shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.

 

[Remainder of Page Intentionally Left
Blank]

 

    A-5

     

    

 

IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed.

 

Dated:                     , 2022

 

	 	DOLLAR GENERAL CORPORATION,
	 	as Issuer

 

	 	By:	 
	 	 	Name:	John W. Garratt
	 	 	Title:	President and Chief Financial Officer
	 	 
	 	By:	 
	 	 	Name:	Barbara Springer 
	 	 	Title:	Vice President and Treasurer

 

 

    A-6

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture.

 

	 	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking
    association, as Trustee

 

	 	By:	 
	 	 	Name:	Wally Jones
	 	 	Title: 	Vice President

 

Dated:                      , 2022

 

    A-7

     

    

 

ASSIGNMENT

 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

 

	 
	 
	 

 

PLEASE INSERT SOCIAL SECURITY NUMBER OR OTHER IDENTIFYING NUMBER OF
ASSIGNEE

 

	 	 	 
	 
	 
	 
	 
	 

(Please print or typewrite name and address,

including postal zip code, of assignee)

 

the within Note and all rights thereunder, and hereby irrevocably
constitutes and appoints

 

	 
	 
	 
	 
	 

 

to transfer said Note on the books of the Trustee, with full power
or substitution in the premises.

 

	Dated:_______________	
	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within Note in every particular, without alteration or enlargement or any change whatsoever.
	 	 
	 	 
	Signature of Guarantee	 

 

    A-8

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