Document:

Exhibit 10.115

 

EXECUTION COPY

 

WARRANT

 

THE SECURITIES REPRESENTED
BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE
SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE
OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS, OR AN OPINION OF COUNSEL IN A FORM REASONABLY SATISFACTORY TO THE ISSUER THAT REGISTRATION IS NOT REQUIRED UNDER SAID
ACT OR APPLICABLE STATE SECURITIES LAWS OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THIS
WARRANT MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT.

 

IDEANOMICS, INC.

 

Warrant To Purchase
Common Stock

 

	Warrant No.: IDEX-1	Number of Shares:	1,666,667
	 	Warrant Exercise Price:	$1.50

 

Date of lssuance: December 13, 2019

 

IDEANOMICS, INC., a
Nevada corporation (the "Company"), hereby certifies that, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, YA II PN, Ltd. (the "Holder"),
the registered holder hereof or its permitted assigns, is entitled, subject to the terms set forth below, to purchase from the
Company upon surrender of this Warrant, at any time or times on or after the date hereof, but not after 11:59 P.M. Eastern
Time on the Expiration Date (as defined herein) 1,666,667 fully paid and nonassessable shares of Common Stock (as defined herein)
of the Company (the "Warrant Shares") at the exercise price per share provided in Section 2(a) below
or as subsequently adjusted; provided, however, that in no event shall the Holder be entitled to exercise this Warrant
for a number of Warrant Shares in excess of that number of Warrant Shares which, upon giving effect to such exercise, would cause
the aggregate number of shares of Common Stock beneficially owned by the Holder and its affiliates to exceed 4.99% of the outstanding
shares of the Common Stock following such exercise, except within sixty (60) days of the Expiration Date (however, such restriction
may be waived by Holder (but only as to itself and not to any other holder) upon not less than 65 days prior notice to the Company).
For purposes of the foregoing proviso, the aggregate number of shares of Common Stock beneficially owned by the Holder and its
affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which the
determination of such proviso is being made, but shall exclude shares of Common Stock which would be issuable upon (i) exercise
of the remaining, unexercised Warrants beneficially owned by the holder and its affiliates and (ii) exercise or conversion
of the unexercised or unconverted portion of any other securities of the Company beneficially owned by the holder and its affiliates
(including, without limitation, any convertible notes or preferred stock) subject to a limitation on conversion or exercise analogous
to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial
ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended. For
purposes of this Warrant, in determining the number of outstanding shares of Common Stock a holder may rely on the number of outstanding
shares of Common Stock as reflected in (1) the Company's most recent Form 10-Q or Form 10-K, as the case may be,
(2) a more recent public announcement by the Company or (3) any other notice by the Company or its transfer agent setting
forth the number of shares of Common Stock outstanding. Upon the written request of any holder, the Company shall promptly, but
in no event later than one (1) Business Day following the receipt of such notice, confirm in writing to any such Holder the
number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined
after giving effect to the exercise of Warrants (as defined below) by such Holder and its affiliates since the date as of which
such number of outstanding shares of Common Stock was reported.

 

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Section 1.

 

(a)            This
Warrant is being issued pursuant to the Securities Purchase Agreement ("Securities Purchase Agreement") of even
date herewith between the Company and the Holder or issued in exchange or substitution thereafter or replacement thereof. Each
Capitalized term used, and not otherwise defined herein, shall have the meaning ascribed thereto in the Securities Purchase Agreement.

 

(b)            Definitions.
The following words and terms as used in this Warrant shall have the following meanings:

 

(i)            "Approved
Stock Plan" means a stock option plan that has been approved by the Board of Directors of the Company prior to the date
of the Securities Purchase Agreement, pursuant to which the Company's securities may be issued only to any employee, officer or
director or qualified consultant for services provided to the Company.

 

(ii)           "Business
Day" means any day other than Saturday, Sunday or other day on which commercial banks in the City of New York are authorized
or required by law to remain closed.

 

(iii)          "Closing
Bid Price" means the closing bid price of Common Stock as quoted on the Principal Market (as reported by Bloomberg Financial
Markets ("Bloomberg") through its "Volume at Price" function).

 

(iv)          "Common Stock"
means (i) the Company's common stock, par value $0.001 per share, and (ii) any capital stock into which such Common
Stock shall have been changed or any capital stock resulting from a reclassification of such Common Stock.

 

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

 

(vi)         "Event
of Default" means an event of default under the Securities Purchase Agreement or the Convertible Debenture issued in
connection therewith.

 

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(vii)         "Excluded
Securities" means, (1) shares issued or deemed to have been issued by the Company pursuant to an Approved Stock
Plan, (2) shares of Common Stock issued or deemed to be issued by the Company upon the conversion, exchange or exercise of
any right, option, obligation or security outstanding on the date prior to date of the Securities Purchase Agreement, provided
that the terms of such right, option, obligation or security are not amended or otherwise modified on or after the date of the
Securities Purchase Agreement, and provided that the conversion price, exchange price, exercise price or other purchase price
is not reduced, adjusted or otherwise modified and the number of shares of Common Stock issued or issuable is not increased (whether
by operation of, or in accordance with, the relevant governing documents or otherwise) on or after the date of the Securities
Purchase Agreement, and (3) the shares of Common Stock issued or deemed to be issued by the Company upon conversion of the
Convertible Debentures or exercise of the Warrants.

 

(viii)       "Expiration
Date" means the five (5) year anniversary of the Issuance Date. If such date
falls on a Saturday, Sunday or other day on which banks are required or authorized to be closed in the City of New York or the
State of New York or on which trading does not take place on the Principal Exchange or automated quotation system on which the
Common Stock is traded (a "Holiday"), the next date that is not a Holiday.

 

(ix)          "Issuance
Date" means the date hereof.

 

(x)           "Options"
means any rights, warrants or options to subscribe for or purchase Common Stock or Convertible Securities.

 

(xi)          "Person"
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization
and a government or any department or agency thereof.

 

(xii)         "Principal
Market" means on any of (a) the American Stock Exchange, (b) New York Stock Exchange, (c) the Nasdaq National
Market, (d) the Nasdaq Capital Market, or (e) the Nasdaq OTC Bulletin Board ("OTCBB")

 

(xiii)       
 "Securities Act" means the Securities Act of 1933, as amended.

 

(xiv)        "Warrant"
means this Warrant and all Warrants issued in exchange, transfer or replacement thereof.

 

(xv)         "Warrant
Exercise Price" shall be $1.50 or as subsequently adjusted as provided in Section 8 hereof.

 

(c)            Other
Definitional Provisions.

 

(i)            Except
as otherwise specified herein, all references herein (A) to the Company shall be deemed to include the Company's successors
and (B) to any applicable law defined or referred to herein shall be deemed references to such applicable law as the same
may have been or may be amended or supplemented from time to time.

 

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(ii)           When
used in this Warrant, the words "herein", "hereof", and "hereunder" and words
of similar import, shall refer to this Warrant as a whole and not to any provision of this Warrant, and the words "Section",
 "Schedule", and "Exhibit" shall refer to Sections of, and Schedules and Exhibits to, this Warrant
unless otherwise specified.

 

(iii)          Whenever
the context so requires, the neuter gender includes the masculine or feminine, and the singular number includes the plural, and
vice versa.

 

Section 2.              Exercise
of Warrant.

 

(a)            Subject
to the terms and conditions hereof, this Warrant may be exercised by the holder hereof then registered on the books of the
Company, pro rata as hereinafter provided, at any time on any Business Day on or after the opening of business on such
Business Day, commencing with the first day after the date hereof, and prior to 11:59 P.M. Eastern Time on the
Expiration Date (i) by delivery of a written notice, in the form of the subscription notice attached as Exhibit A
hereto (the "Exercise Notice"), of such holder's election to exercise this Warrant, which notice shall
specify the number of Warrant Shares to be purchased, payment to the Company of an amount equal to the Warrant Exercise
Price(s) applicable to the Warrant Shares being purchased, multiplied by the number of Warrant Shares (at the applicable
Warrant Exercise Price) as to which this Warrant is being exercised (plus any applicable issue or transfer taxes) (the
 "Aggregate Exercise Price") in cash or wire transfer of immediately available funds and the surrender of
this Warrant (or an indemnification undertaking with respect to this Warrant in the case of its loss, theft or destruction)
to a common carrier for overnight delivery to the Company as soon as practicable following such date ("Cash
Basis") or (ii) if at the time of exercise, the Warrant Shares are not subject to an effective registration
statement, or can be sold without restriction or limitation pursuant to Rule 144 as promulgated under the Securities Act
or if an Event of Default has occurred, by delivering an Exercise Notice and in lieu of making payment of the Aggregate
Exercise Price in cash or wire transfer, elect instead to receive upon such exercise the "Net Number" of shares of
Common Stock determined according to the following formula (the "Cashless Exercise"):

 

Net Number = (A x
B) – (A x C)

B

 

For purposes of the foregoing formula:

 

A = the total number of Warrant Shares
with respect to which this Warrant is then being exercised.

 

B = the Closing
Bid Price of the Common Stock on the date of exercise of the Warrant.

 

C = the Warrant Exercise Price then
in effect for the applicable Warrant Shares at the time of such exercise.

 

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In the event of any
exercise of the rights represented by this Warrant in compliance with this Section 2, the Company shall on or before the
fifth (5th) Business Day following the date of receipt of the Exercise Notice, the Aggregate Exercise
Price and this Warrant (or an indemnification undertaking with respect to this Warrant in the case of its loss, theft or destruction)
and the receipt of the representations of the holder specified in Section 6 hereof, if requested by the Company (the "Exercise
Delivery Documents"), and if the Common Stock is DTC eligible, credit such aggregate number of shares of Common
Stock to which the holder shall be entitled to the holder's or its designee's balance account with The Depository Trust Company;
provided, however, if the holder who submitted the Exercise Notice requested physical delivery of any or all of the Warrant Shares,
or, if the Common Stock is not DTC eligible then the Company shall, on or before the fifth (5th) Business Day following
receipt of the Exercise Delivery Documents, (A) issue and surrender to a common carrier for overnight delivery to the address
specified in the Exercise Notice, a certificate, registered in the name of the holder, for the number of shares of Common Stock
to which the holder shall be entitled pursuant to such request, or (B) provided the Company's transfer agent is participating
in The Depository Trust Company ("DTC") Fast Automated Securities Transfer Program, upon the request of the Holder,
credit such aggregate number of shares of Common Stock to which the Holder shall be entitled to the Holder's or its designees'
balance account with DTC through its Deposit Withdrawal At Custodian ("DWAC") system provided the Holder causes
its bank or broker to initiate the DWAC transaction. Upon delivery of the Exercise Notice and Aggregate Exercise Price referred
to in clause (i) or (ii) above the holder of this Warrant shall be deemed for all corporate purposes to have become
the holder of record of the Warrant Shares with respect to which this Warrant has been exercised. In the case of a dispute as
to the determination of the Warrant Exercise Price, the Closing Bid Price or the arithmetic calculation of the Warrant Shares,
the Company shall promptly issue to the holder the number of Warrant Shares that is not disputed and shall submit the disputed
determinations or arithmetic calculations to the holder via facsimile within one (1) Business
Day of receipt of the holder's Exercise Notice.

 

(b)            If
the holder and the Company are unable to agree upon the determination of the Warrant Exercise Price or arithmetic calculation
of the Warrant Shares within one (1) day
of such disputed determination or arithmetic calculation being submitted to the holder, then the Company shall immediately submit
via e-mail in accordance with Section 11 (i) the disputed determination of the Warrant Exercise Price or the Closing
Bid Price to an independent, reputable investment banking firm or (ii) the disputed arithmetic calculation of the Warrant
Shares to its independent, outside accountant. The Company shall cause the investment banking firm or the accountant, as the case
may be, to perform the determinations or calculations and notify the Company and the holder of the results no later than forty-eight
(48) hours from the time it receives the disputed determinations or calculations. Such investment banking firm's or accountant's
determination or calculation, as the case may be, shall be deemed conclusive absent manifest error.

 

(c)            Unless
the rights represented by this Warrant shall have expired or shall have been fully exercised, the Company shall, as soon as practicable
and in no event later than five (5) Business Days after any exercise and at its own expense, issue a new Warrant identical
in all respects to this Warrant exercised except it shall represent rights to purchase the number of Warrant Shares purchasable
immediately prior to such exercise under this Warrant exercised, less the number of Warrant Shares with respect to which such
Warrant is exercised.

 

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(d)           No
fractional Warrant Shares are to be issued upon any pro rata exercise of this Warrant, but rather the number of Warrant Shares
issued upon such exercise of this Warrant shall be rounded up or down to the nearest whole number.

 

(e)            If
the Company or its Transfer Agent shall fail for any reason or for no reason to issue to
the holder within ten (10) days of receipt of the Exercise Delivery Documents, a certificate for the number of Warrant Shares
to which the holder is entitled or to credit the holder's balance account with The Depository Trust Company for such number of
Warrant Shares to which the holder is entitled upon the holder's exercise of this Warrant, the Company shall, in addition to any
other remedies under this Warrant, have any other remedies otherwise available to such holder.

 

(f)            If
within ten (10) days after the Company's receipt of the Exercise Delivery Documents,
the Company fails to deliver a new Warrant to the holder for the number of Warrant Shares to which such holder is entitled pursuant
to Section 2 hereof, then, in addition to any other available remedies under this Warrant, have any other remedies otherwise
available to such holder.

 

Section 3.             Covenants
as to Common Stock.   The
Company hereby covenants and agrees as follows:

 

(a)            This
Warrant is, and any Warrants issued in substitution for or replacement of this Warrant will upon issuance be, duly authorized
and validly issued.

 

(b)            All
Warrant Shares which may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be validly
issued, fully paid and nonassessable and free from all taxes, liens and charges with respect to the issue thereof.

 

(c)            During
the period within which the rights represented by this Warrant may be exercised, the Company will at all times have authorized
and reserved at least one hundred percent (100%) of the number of shares of Common Stock needed to provide for the exercise of
the rights then represented by this Warrant and the par value of said shares will at all times be less than or equal to the applicable
Warrant Exercise Price. If at
any time the Company does not have a sufficient number of shares of Common Stock authorized and available, then the Company shall
call and hold a special meeting of its stockholders within sixty (60) days of that time for the sole purpose of increasing the
number of authorized shares of Common Stock.

 

(d)            The
Warrant Shares are subject to registration rights pursuant to a Registration Rights Agreement of even date with the Date of Issuance
of this Warrant between the Company and the Holder.

 

(e)            The
Company will not, by amendment of its Articles of Incorporation or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities, or any other voluntary action (it being understood that filing a Certificate
of Designation or implementing a reverse split are not intended to be included in this provision), avoid or seek to avoid the
observance or performance of any of the terms to be observed or performed by it hereunder, but will at all times in good faith
assist in the carrying out of all the provisions of this Warrant and in the taking of all such action as may reasonably be requested
by the holder of this Warrant in order to protect the exercise privilege of the holder of this Warrant against dilution or other
impairment, consistent with the tenor and purpose of this Warrant. The Company will not increase the par value of any shares of
Common Stock receivable upon the exercise of this Warrant above the Warrant Exercise Price then in effect, and (ii) will
take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and
nonassessable shares of Common Stock upon the exercise of this Warrant.

 

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(f)            This
Warrant will be binding upon any entity succeeding to the Company by merger, consolidation or acquisition of all or substantially
all of the Company's assets.

 

Section 4.          
Taxes. The Company shall pay any and all taxes, except any applicable withholding, which may be payable with respect to
the issuance and delivery of Warrant Shares upon exercise of this Warrant.

 

Section 5.          
Warrant Holder Not Deemed a Stockholder. Except as otherwise specifically provided herein, no holder, as such, of this
Warrant shall be entitled to vote or receive dividends or be deemed the holder of shares of capital stock of the Company for any
purpose, nor shall anything contained in this Warrant be construed to confer upon the holder hereof, as such, any of the rights
of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization,
issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive
dividends or subscription rights, or otherwise, prior to the issuance to the holder of this Warrant of the Warrant Shares which
he or she is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant shall
be construed as imposing any liabilities on such holder to purchase any securities (upon exercise of this Warrant or otherwise)
or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company. Notwithstanding
this Section 5, the Company will provide the holder of this Warrant with copies of the same notices and other information
given to the stockholders of the Company generally, contemporaneously with the giving thereof to the stockholders.

 

Section 6.           Representations
of Holder. The holder of this Warrant, by the acceptance hereof, represents that it is acquiring this Warrant and the Warrant
Shares for its own account for investment only and not with a view towards, or for resale in connection with, the public sale
or distribution of this Warrant or the Warrant Shares, except pursuant to sales registered or exempted under the Securities Act;
provided, however, that by making the representations herein, the holder does not agree to hold this Warrant or any of the Warrant
Shares for any minimum or other specific term and reserves the right to dispose of this Warrant and the Warrant Shares at any
time in accordance with or pursuant to a registration statement or an exemption under the Securities Act. The holder of this Warrant
further represents, by acceptance hereof, that, as of this date, such holder is an "accredited investor" as such term
is defined in Rule 501(a) of Regulation D promulgated by the Securities and Exchange Commission under the Securities
Act (an "Accredited Investor"). Upon exercise of this Warrant the holder shall, if requested by the Company,
confirm in writing, in a form satisfactory to the Company, that the Warrant Shares so purchased are being acquired solely for
the holder's own account and not as a nominee for any other party, for investment, and not with a view toward distribution or
resale and that such holder is an Accredited Investor. If such
holder cannot make such representations because they would be factually incorrect, it shall be a condition to such holder's exercise
of this Warrant that the Company receive such other factually correct representations as the Company considers reasonably necessary
to assure the Company that the issuance of its securities upon exercise of this Warrant shall not violate any United States or
state securities laws.

 

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Section 7.          
Ownership and Transfer. The Company shall maintain at its principal executive offices (or such other office or agency of
the Company as it may designate by notice to the holder hereof), a register for this Warrant, in which the Company shall record
the name and address of the person in whose name this Warrant has been issued, as well as the name and address of each transferee.
The Company may treat the person in whose name any Warrant is registered on the register as the owner and holder thereof for all
purposes, notwithstanding any notice to the contrary, but in all events recognizing any transfers made in accordance with the
terms of this Warrant.

 

Section 8.          
Adjustment of Warrant Exercise Price and Number of Shares. The Warrant Exercise Price and the number of shares of Common
Stock issuable upon exercise of this Warrant shall be adjusted from time to time as follows:

 

(a)            Adjustment
for Additional Issuances. Except in the case of an event described in either Section 8(c), Section 8(d), or Section 8(e),
if the Company shall, at any time or from time to time after the date hereof, issue or sell, or in accordance with Section 8(b) is
deemed to have issued or sold, any shares of Common Stock without consideration or for consideration per share less than the Warrant
Exercise Price in effect immediately prior to such issuance or sale (or deemed issuance or sale), except for Excluded Securities,
then immediately upon such issuance or sale (or deemed issuance or sale), the Warrant Exercise Price in effect immediately prior
to such issuance or sale (or deemed issuance or sale) shall be reduced (and in no event increased) to a Warrant Exercise Price
equal to the quotient obtained by dividing:

 

(i)            the
sum of (A) the product obtained by multiplying the Common Stock Deemed Outstanding immediately prior to such issuance or
sale (or deemed issuance or sale) by the Warrant Exercise Price then in effect plus (B) the
aggregate consideration, if any, received by the Company upon such issuance or sale (or deemed issuance or sale); by

 

(ii)            the
sum of (A) the Common Stock Deemed Outstanding immediately prior to such issuance or sale (or deemed issuance or sale) plus
(B) the aggregate number of shares of Common Stock issued or sold (or deemed issued or sold) by the Company in such issuance
or sale (or deemed issuance or sale).

 

(b)            Effect
of Certain Events on Adjustment to Warrant Exercise Price. For purposes of determining the adjusted Warrant Exercise Price
under Section 4(a) hereof, the following shall be applicable:

 

(i)            Issuance
of Options. If the Company shall, at any time or from time
to time after the Issuance Date, in any manner grant or sell (whether directly or by assumption in a merger or otherwise) any
Options, whether or not such Options or the right to convert or exchange any Convertible Securities issuable upon the exercise
of such Options are immediately exercisable, and the price per share (determined as provided in this paragraph and in Section 8(b)(v) for
which Common Stock is issuable upon the exercise of such Options or upon the conversion or exchange of Convertible Securities
issuable upon the exercise of such Options is less than the Warrant Exercise Price in effect immediately prior to the time of
the granting or sale of such Options, then the total maximum number of shares of Common Stock issuable upon the exercise of such
Options or upon conversion or exchange of the total maximum amount of Convertible Securities issuable upon the exercise of such
Options shall be deemed to have been issued as of the date of granting or sale of such Options (and thereafter shall be deemed
to be outstanding for purposes of adjusting the Warrant Exercise Price under Section 8(a), at a price per share equal to
the quotient obtained by dividing (A) the sum (which sum shall constitute the applicable consideration received for purposes
of Section 8(a) of (x) the total amount, if any, received or receivable by the Company as consideration for the
granting or sale of all such Options, plus (y) the minimum aggregate amount of additional consideration payable to the Company
upon the exercise of all such Options, plus (z), in the case of such Options which relate to Convertible Securities, the minimum
aggregate amount of additional consideration, if any, payable to the Company upon the issuance or sale of all such Convertible
Securities and the conversion or exchange of all such Convertible Securities, by (B) the total maximum number of shares of
Common Stock issuable upon the exercise of all such Options or upon the conversion or exchange of all Convertible Securities issuable
upon the exercise of all such Options. Except as otherwise provided in Section 8(b)(iii), no further adjustment of the Warrant
Exercise Price shall be made upon the actual issuance of Common Stock or of Convertible Securities upon exercise of such Options
or upon the actual issuance of Common Stock upon conversion or exchange of Convertible Securities issuable upon exercise of such
Options.

 

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(ii)            Issuance
of Convertible Securities. If the Company shall, at any time or from time to time after
the Issuance Date, in any manner grant or sell (whether directly or by assumption in a merger or otherwise) any Convertible Securities,
whether or not the right to convert or exchange any such Convertible Securities is immediately exercisable, and the price per
share (determined as provided in this paragraph and in Section 8(b)(v)) for which Common Stock is issuable upon the conversion
or exchange of such Convertible Securities is less than the Warrant Exercise Price in effect immediately prior to the time of
the granting or sale of such Convertible Securities, then the total maximum number of shares of Common Stock issuable upon conversion
or exchange of the total maximum amount of such Convertible Securities shall be deemed to have been issued as of the date of granting
or sale of such Convertible Securities (and thereafter shall be deemed to be outstanding for purposes of adjusting the Warrant
Exercise Price pursuant to Section 8(a)), at a price per share equal to the quotient obtained by dividing (A) the sum
(which sum shall constitute the applicable consideration received for purposes of Section 8(a)) of (x) the total amount,
if any, received or receivable by the Company as consideration for the granting or sale of such Convertible Securities, plus (y) the
minimum aggregate amount of additional consideration, if any, payable to the Company upon the conversion or exchange of all such
Convertible Securities, by (B) the total maximum number of shares of Common Stock issuable upon the conversion or exchange
of all such Convertible Securities. Except as otherwise provided in Section 8(b)(iii), (A) no further adjustment of
the Warrant Exercise Price shall be made upon the actual issuance of Common Stock upon conversion or exchange of such Convertible
Securities and (B) no further adjustment of the Warrant Exercise Price shall be made by reason of the issue or sale of Convertible
Securities upon exercise of any Options to purchase any such Convertible Securities for which adjustments of the Warrant Exercise
Price have been made pursuant to the other provisions of this Section 8(b).

 

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(iii)            Change
in Terms of Options or Convertible Securities. Upon any change in any of (A) the total amount received or receivable
by the Company as consideration for the granting or sale of any Options or Convertible Securities referred to in Section 8(b)(i) or
Section 8(b)(ii) hereof, (B) the minimum aggregate amount of additional consideration, if any, payable to the Company
upon the exercise of any Options or upon the issuance, conversion or exchange of any Convertible Securities referred to in Section8(b)(i) or
Section 8(b)(ii) hereof, (C) the rate at which Convertible Securities referred to in Section 8(b)(i) or
Section 8(b)(ii) hereof are convertible into or exchangeable for Common Stock, or (D) the maximum number of shares
of Common Stock issuable in connection with any Options referred to in Section 8(b)(i) hereof or any Convertible Securities
referred to in Section 8(b)(ii) hereof, then (whether or not the original issuance or sale of such Options or Convertible
Securities resulted in an adjustment to the Warrant Exercise Price pursuant to this Section 8) the Warrant Exercise Price
in effect at the time of such change shall be adjusted or readjusted, as applicable, to the Warrant Exercise Price which would
have been in effect at such time pursuant to the provisions of this Section 8 had such Options or Convertible Securities
still outstanding provided for such changed consideration, conversion rate or maximum number of shares, as the case may be, at
the time initially granted, issued or sold, but only if as a result of such adjustment or readjustment the Warrant Exercise Price
then in effect is reduced, and the number of shares of Common Stock obtainable upon conversion of this Debenture will be proportionately
adjusted or readjusted.

 

(iv)            Treatment
of Expired or Terminated Options or Convertible Securities. Upon the expiration or termination of any unexercised Option (or
portion thereof) or any unconverted or unexchanged Convertible Security (or portion thereof) for which any adjustment (either
upon its original issuance or upon a revision of its terms) was made pursuant to this Section 8 (including without limitation
upon the redemption or purchase for consideration of all or any portion of such Option or Convertible Security by the Company),
the Warrant Exercise Price then in effect hereunder shall forthwith be changed pursuant to the provisions of this Section 8
to the Warrant Exercise Price which would have been in effect at the time of such expiration or termination had such unexercised
Option (or portion thereof) or unconverted or unexchanged Convertible Security (or portion thereof), to the extent outstanding
immediately prior to such expiration or termination, never been issued.

 

(v)            Calculation
of Consideration. Received. If the Company shall, at any time or from time to time after
the Issuance Date, issue or sell, or is deemed to have issued or sold in accordance with Section 8(b), any shares of Common
Stock, Options or Convertible Securities: (A) for cash, the consideration received therefor shall be deemed to be the net
amount received by the Company therefor; (B) for consideration other than cash, the amount of the consideration other than
cash received by the Company shall be the fair value of such consideration, except where such consideration consists of marketable
securities, in which case the amount of consideration received by the Company shall be the market price (as reflected on any securities
exchange, quotation system or association or similar pricing system covering such security) for such secunt1es as of the end of
business on the date of receipt of such securities; (C) for no specifically allocated consideration in connection with an
issuance or sale of other securities of the Company, together comprising one integrated transaction, the amount of the consideration
therefor shall be deemed to be the fair value of such portion of the aggregate consideration received by the Company in such transaction
as is attributable to such shares of Common Stock, Options or Convertible Securities, as the case may be, issued in such transaction;
or (D) to the owners of the non-surviving entity in connection with any merger in which the Company is the surviving corporation,
the amount of consideration therefor shall be deemed to be the fair value of such portion of the net assets and business of the
non-surviving entity as is attributable to such shares of Common Stock, Options or Convertible Securities, as the case may be,
issued to such owners. The net amount of any cash consideration and the fair value of any consideration other than cash or marketable
securities shall be determined in good faith by the Board of Directors of the Company, which shall be final and binding, absent
manifest error.

 

    10

     

    

 

(vi)            Record
Date. For purposes of any adjustment to the Warrant Exercise Price or the number of shared of Common Stock issuable upon conversion
of this Debenture in accordance with this Section 8, in case the Company shall take a record of the holders of its Common
Stock for the purpose of entitling them (A) to receive a dividend or other distribution payable in Common Stock, Options
or Convertible Securities or (B) to subscribe for or purchase Common Stock, Options or Convertible Securities, then such
record date shall be deemed to be the date of the issue or sale of the shares of Common Stock deemed to have been issued or sold
upon the declaration of such dividend or the making of such other distribution or the date of the granting of such right of subscription
or purchase, as the case may be.

 

(vii)            Treasury
Shares. The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for
the account of the Company or any of its wholly-owned subsidiaries, and the disposition of any such shares (other than the cancellation
or retirement thereof or the transfer of such shares among the Company and its wholly-owned subsidiaries) shall be considered
an issue or sale of Common Stock for the purpose of this Section 8.

 

(c)            Adjustment
of Warrant Exercise Price upon Subdivision or Combination of Common Stock. If
the Company at any time after the date of issuance of this Warrant subdivides (by any stock
split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding shares of Common Stock into a greater
number of shares, any Warrant Exercise Price in effect immediately prior to such subdivision will be proportionately reduced and
the number of shares of Common Stock obtainable upon exercise of this Warrant will be proportionately increased. If
the Company at any time after the date of issuance of this Warrant combines (by combination,
reverse stock split or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller number of shares,
any Warrant Exercise Price in effect immediately prior to such combination will be proportionately increased and the number of
Warrant Shares issuable upon exercise of this Warrant will be proportionately decreased. Any adjustment under this Section 8(c) shall
become effective at the close of business on the date the subdivision or combination becomes effective.

 

    11

     

    

 

(d)            Distribution
of Assets. If the Company
shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of Common
Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities,
property or options by way of a dividend, spin off, reclassification, corporate rearrangement or other similar transaction) (a
 "Distribution"), at any time after the issuance of this Warrant , then, in each such case:

 

(i)            any
Warrant Exercise Price in effect immediately prior to the close of business on the record date fixed for the determination of
holders of Common Stock entitled to receive the Distribution shall be reduced, effective as of the close of business on such record
date, to a price determined by multiplying such Warrant Exercise Price by a fraction of which (A) the numerator shall be
the Closing Sale Price of the Common Stock on the trading day immediately preceding such record date minus the value of the Distribution
(as determined in good faith by the Company's Board of Directors) applicable to one share of Common Stock, and (B) the denominator
shall be the Closing Sale Price of the Common Stock on the trading day immediately preceding such record date; and

 

(ii)            either
(A) the number of Warrant Shares obtainable upon exercise of this Warrant shall be increased to a number of shares equal
to the number of shares of Common Stock obtainable immediately prior to the close of business on the record date fixed for the
determination of holders of Common Stock entitled to receive the Distribution multiplied by the reciprocal of the fraction set
forth in the immediately preceding clause (i), or (B) in the event that the Distribution is of common stock of a company
whose common stock is traded on a national securities exchange or a national automated quotation system, then the holder of this
Warrant shall receive an additional warrant to purchase Common Stock, the terms of which shall be identical to those of this Warrant,
except that such warrant shall be exercisable into the amount of the assets that would have been payable to the holder of this
Warrant pursuant to the Distribution had the holder exercised this Warrant immediately prior to such record date and with an exercise
price equal to the amount by which the exercise price of this Warrant was decreased with respect to the Distribution pursuant
to the terms of the immediately preceding clause (i).

 

(e)            Certain
Events. If any event
occurs of the type contemplated by the provisions of this Section 8 but not expressly provided for by such provisions (including
, without limitation, the granting of stock appreciation rights, phantom stock rights or other rights with equity features other
than to employees, officers, directors or consultants as compensation), then the Company's Board of Directors will make an appropriate
adjustment in the Warrant Exercise Price and the number of shares of Common Stock obtainable upon exercise of this Warrant so
as to protect the rights of the holders of the Warrants; provided, except as set forth in section 8(a), that no such adjustment
pursuant to this Section 9(e) will increase the Warrant Exercise Price or decrease the number of shares of Common Stock
obtainable as otherwise determined pursuant to this Section 8.

 

    12

     

    

 

		(f)	Notices.

 

(i)            Immediately
upon any adjustment of the Warrant Exercise Price, the Company will give written notice thereof to the holder of this Warrant,
setting forth in reasonable detail, and certifying, the calculation of such adjustment.

 

(ii)           The
Company will give written notice to the holder of this Warrant at least ten (10) days prior to the date on which the
Company closes its books or takes a record (A) with respect to any dividend or distribution upon the Common Stock,
(B) with respect to any pro rata subscription offer to holders of Common Stock or (C) for determining rights to
vote with respect to any Organic Change (as defined below), dissolution or liquidation, provided that such information shall
be made known to the public prior to or in conjunction with such notice being provided to such holder.

 

(iii)          The
Company will also give written notice to the holder of this Warrant at least ten (10) days prior to the date on which any
Organic Change, dissolution or liquidation will take place, provided that such information shall be made known to the public prior
to or in conjunction with such notice being provided to such holder.

 

Section 9.              Purchase
Rights; Reorganization, Reclassification. Consolidation, Merger or Sale.

 

(a)   In
addition to any adjustments pursuant to Section 8 above, if at any time the Company grants, issues or sells any Options,
Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any
class of Common Stock (the "Purchase Rights"), then the holder of this Warrant will be entitled to acquire, upon
the terms applicable to such Purchase Rights, the aggregate Purchase Rights which such holder could have acquired if such holder
had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant immediately before the date on
which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of
which the record holders of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights. In the event
the holder of this Warrant does not exercise any part of this Warrant, the Purchase Rights allocable to such unexercised portion
of the Warrant shall be automatically canceled.

 

(b)   Any
recapitalization, reorganization, reclassification, consolidation, merger, sale of all or substantially all of the Company's assets
to another Person or other transaction in each case which is effected in such a way that holders of Common Stock are entitled
to receive (either directly or upon subsequent liquidation) stock, securities or assets with respect to or in exchange for Common
Stock is referred to herein as an "Organic Change." Prior to the consummation of any (i) sale of all or
substantially all of the Company's assets to an acquiring Person or (ii) other Organic Change following which the Company
is not a surviving entity, the Company will secure from the Person purchasing such assets or the successor resulting from such
Organic Change (in each case, the "Acquiring Entity") a written agreement (in form and substance reasonably satisfactory
to the holders of Warrants representing at least two-thirds of the Warrant Shares issuable upon exercise of the Warrants then
outstanding) to deliver to each holder of Warrants in exchange for such Warrants, a security of the Acquiring Entity evidenced
by a written instrument substantially similar in form and substance to this Warrant and reasonably satisfactory to the holders
of the Warrants (including an adjusted warrant exercise price equal to the value for the Common Stock reflected by the terms of
such consolidation, merger or sale, and exercisable for a corresponding number of shares of Common Stock acquirable and receivable
upon exercise of the Warrants without regard to any limitations on exercise, if the value so reflected is less than any Applicable
Warrant Exercise Price immediately prior to such consolidation, merger or sale). Prior to the consummation of any other Organic
Change, the Company shall make appropriate provision (in form and substance reasonably satisfactory to the holders of Warrants
representing a majority of the Warrant Shares issuable upon exercise of the Warrants then outstanding) to insure that each of
the holders of the Warrants will thereafter have the right to acquire and receive in lieu of or in addition to (as the case may
be) the Warrant Shares immediately theretofore issuable and receivable upon the exercise of such holder's Warrants (without regard
to any limitations on exercise), such shares of stock, securities or assets that would have been issued or payable in such Organic
Change with respect to or in exchange for the number of Warrant Shares which would have been issuable and receivable upon the
exercise of such holder's Warrant as of the date of such Organic Change (without taking into account any limitations or restrictions
on the exercisability of this Warrant).

 

    13

     

    

 

Section 10.          
Lost, Stolen, Mutilated or Destroyed Warrant. If this
Warrant is lost, stolen, mutilated or destroyed, the Company shall promptly, on receipt of an indemnification undertaking (or,
in the case of a mutilated Warrant, the Warrant), issue a new Warrant of like denomination and tenor as this Warrant so lost,
stolen, mutilated or destroyed.

 

Section 11.          
Notice. Any notices, consents, waivers or other communications required or permitted to be given under the terms of this
Warrant must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon
receipt, when sent by e-mail (provided confirmation of delivery by the sending party transmission is electronically generated
and kept on file by the sending party); or (iii) one Business Day after deposit with a nationally recognized overnight delivery
service, in each case properly addressed to the party to receive the same. The addresses and e-mail addresses for such communications
shall be:

 

	If to Holder:	YA II PN, Ltd.
	 	c/o Yorkville Advisors Global, LP
	 	1012 Springfield Avenue
	 	Mountainside, NJ 07092
	 	Attention: Mark Angelo
	 	Telephone: (201) 536-5115
	 	Email:  mangelo@yorkvilleadvisors.com
	 
	With Copy to:	Troy J. Rillo, Esq.
	 	1012 Springfield Avenue
	 	Mountainside, NJ 07092
	 	Telephone:     (201) 536-5109
	 	Email:	trillo@yorkvilleadvisors.com
	 		legal@yorkvilleadvisors.com

 

    14

     

    

 

	If to the Company, to:	Ideanomics, Inc.
	 	55 Broadway, 19th Floor
	 	New York, New York 10006
	 	Telephone: 212-206-1216
	 	Attention: Chief Executive Officer
	 	E-Mail: apoor@ideanomics.com
	 	 
	With a copy to:	Ruskin Moscou Faltischek, P.C.
	 	1425 RXR Plaza
	 	East Tower, 15th Floor
	 	Uniondale, New York 11556
	 	Telephone: 516-663-6514
	 	Attention: Gavin C. Grusd, Esq.
	 	E-Mail: ggrusd@rmfpc.com

 

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

 

Section 12.          
Date. The date of this Warrant is set forth on page  1 hereof. This Warrant, in all events, shall be wholly-void and
of no effect after the close of business on the Expiration Date.

 

Section 13.          
Amendment and Waiver. Except as otherwise provided herein, the provisions of the Warrants may be amended and the Company
may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has
obtained the written consent of the holders of Warrants representing at least two-thirds of the Warrant Shares issuable upon exercise
of the Warrants then outstanding; provided that, except for Section 9(a), no such action may increase the Warrant Exercise
Price or decrease the number of shares or class of stock obtainable upon exercise of any Warrant without the written consent of
the holder of such Warrant.

 

Section 14.           Descriptive
Headings; Governing Law. The descriptive headings of the several sections and paragraphs of this Warrant are inserted
for convenience only and do not constitute a part of this Warrant. The corporate laws of the State of Nevada shall govern all
issues concerning the relative rights of the Company and its stockholders. All other questions concerning the construction,
validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of New York,
without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any
other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. Each
party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in New York County,
New York, for the adjudication of any dispute hereunder or in connection herewith or therewith, or with any transaction
contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or
proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or
proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party
hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or
proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that
such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be
deemed to limit in any way any right to serve process in any manner permitted by law.

 

    15

     

    

 

Section 15.
           Waiver of Jury Trial. AS A MATERIAL INDUCEMENT FOR EACH
PARTY HERETO TO ENTER INTO THIS WARRANT, THE PARTIES HERETO HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING RELATED
IN ANY WAY TO THIS WARRANT AND/OR ANY AND ALL OF THE OTHER DOCUMENTS ASSOCIATED WITH THIS TRANSACTION.

 

REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK

 

    16

     

    

 

IN WITNESS WHEREOF, the Company has caused
this Warrent to be signed as of the date first set forth above.

 

	 	IDEANOMICS, INC.
	 	 
	 	By:	 
	 	Name:	Alfred P. Poor
	 	Title:	CEO

 

    17

     

    

 

EXHIBIT A TO
WARRANT

 

EXERCISE NOTICE

 

TO BE EXECUTED

BY THE REGISTERED HOLDER
TO EXERCISE THIS WARRANT

 

IDEANOMICS, INC.

 

The undersigned holder
hereby exercises the right to purchase _____________ of the shares of Common Stock ("Warrant Shares") of IDEANOMICS, INC.
(the "Company"), evidenced by the attached Warrant (the "Warrant"). Capitalized terms
used herein and not otherwise defined shall have the respective meanings set forth in the Warrant.

 

Specify Method of exercise by check mark:

 

		1.	 ̈ 	Cash Exercise

 

(a)            Payment
of Warrant Exercise Price. The holder shall pay the Aggregate Exercise Price of $                      to
the Company in accordance with the terms of the Warrant.

 

(b)          
Delivery of Warrant Shares. The Company shall deliver to the holder           
Warrant Shares in accordance with the terms of the Warrant.

 

 

		2.	 ̈ 	Cashless Exercise

 

(a)            Payment
of Warrant Exercise Price. In lieu of making payment of the Aggregate Exercise Price, the holder elects to receive upon such
exercise the Net Number of shares of Common Stock determined in accordance with the terms of the Warrant.

 

(b)           
Delivery of Warrant Shares. The Company shall deliver to the holder           
Warrant Shares in accordance with the terms of the Warrant.

 

	Date:	                                                               ,
                            
                     	 
	 
	Name of Registered Holder
	 
	By:	                                	 
	Name:	 	 
	Title:	 	 

 

    

     

    

 

EXHIBIT  B TO
WARRANT

 

FORM OF WARRANT
POWER

 

FOR
VALUE RECEIVED, the undersigned does hereby assign and transfer to                       ,
Federal Identification No.                   a  warrant to purchase
                   shares
of the capital stock of  Ideanomics, Inc. represented by warrant certificate no.           ,
standing in the name of the undersigned on the books of said corporation.  The undersigned does hereby irrevocably constitute
and appoint                           ,
attorney to transfer the warrants of said corporation, with full power of substitution in the premises.

 

	Dated:	 	 	 	 
	 	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    B-1Exhibit 10.116

 

EXECUTION COPY

 

WARRANT

 

THE SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT
AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE
SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL IN A FORM REASONABLY
SATISFACTORY TO THE ISSUER THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS OR UNLESS SOLD
PURSUANT TO RULE 144 UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THIS WARRANT MAY BE PLEDGED IN CONNECTION WITH A BONA
FIDE MARGIN ACCOUNT.

 

IDEANOMICS, INC.

 

Warrant To Purchase Common Stock

 

	Warrant No.: IDEX-2	Number of Shares:	1,000,000
	 	Warrant Exercise Price:	$1.00

 

Date of Issuance: December 13, 2019

 

IDEANOMICS, INC., a
Nevada corporation (the “Company”), hereby certifies that, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, YA II PN, Ltd. (the “Holder”), the
registered holder hereof or its permitted assigns, is entitled, subject to the terms set forth below, to purchase from the
Company upon surrender of this Warrant, at any time or times on or after the date hereof, but not after 11:59
P.M. Eastern Time on the Expiration Date (as defined herein) 1,000,000 fully paid and nonassessable shares of Common
Stock (as defined herein) of the Company (the “Warrant Shares”) at the exercise price per share provided
in Section 2(a) below or as subsequently adjusted; provided, however, that in no event shall the Holder be
entitled to exercise this Warrant for a number of Warrant Shares in excess of that number of Warrant Shares which, upon
giving effect to such exercise, would cause the aggregate number of shares of Common Stock beneficially owned by the Holder
and its affiliates to exceed 4.99% of the outstanding shares of the Common Stock following such exercise, except within sixty
(60) days of the Expiration Date (however, such restriction may be waived by Holder (but only as to itself and not to any
other holder) upon not less than 65 days prior notice to the Company). For purposes of the foregoing proviso, the aggregate
number of shares of Common Stock beneficially owned by the Holder and its affiliates shall include the number of shares of
Common Stock issuable upon exercise of this Warrant with respect to which the determination of such proviso is being made,
but shall exclude shares of Common Stock which would be issuable upon (i) exercise of the remaining, unexercised
Warrants beneficially owned by the Holder and its affiliates and (ii) exercise or conversion of the unexercised or
unconverted portion of any other securities of the Company beneficially owned by the Holder and its affiliates (including,
without limitation, any convertible notes or preferred stock) subject to a limitation on conversion or exercise analogous to
the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial
ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended.
For purposes of this Warrant, in determining the number of outstanding shares of Common Stock a holder may rely on the number
of outstanding shares of Common Stock as reflected in (1) the Company’s most recent Form 10-Q or
Form 10-K, as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by
the Company or its transfer agent setting forth the number of shares of Common Stock outstanding. Upon the written request of
any holder, the Company shall promptly, but in no event later than one (1) Business Day following the receipt of such
notice, confirm in writing to any such holder the number of shares of Common Stock then outstanding. In any case, the number
of outstanding shares of Common Stock shall be determined after giving effect to the exercise of Warrants (as defined below)
by such holder and its affiliates since the date as of which such number of outstanding shares of Common Stock was
reported.

 

    1

     

    

 

Section 1.

 

(a) This Warrant is being issued pursuant
to the Securities Purchase Agreement (“Securities Purchase Agreement”) of even date herewith between the Company
and the Holder or issued in exchange or substitution thereafter or replacement thereof. Each Capitalized term used, and not otherwise
defined herein, shall have the meaning ascribed thereto in the Securities Purchase Agreement.

 

(b) Definitions. The following
words and terms as used in this Warrant shall have the following meanings:

 

(i)      “Approved
Stock Plan” means a stock option plan that has been approved by the Board of Directors of the Company prior to the date
of the Securities Purchase Agreement, pursuant to which the Company’s securities may be issued only to any employee, officer
or director or qualified consultant for services provided to the Company.

 

(ii)      “Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in the City of New York are authorized
or required by law to remain closed.

 

(iii)     “Closing
Bid Price” means the closing bid price of Common Stock as quoted on the Principal Market (as reported by Bloomberg Financial
Markets (“Bloomberg”) through its “Volume at Price” function).

 

(iv)     “Common
Stock” means (i) the Company’s common stock, par value $0.001 per share, and (ii) any capital stock into
which such Common Stock shall have been changed or any capital stock resulting from a reclassification of such Common Stock.

 

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

 

    2

     

    

 

(vi)     “Event
of Default” means an event of default under the Securities Purchase Agreement or the Convertible Debenture issued in
connection therewith.

 

(vii)   “Excluded
Securities” means, (1) shares issued or deemed to have been issued by the Company pursuant to an Approved Stock
Plan, (2) shares of Common Stock issued or deemed to be issued by the Company upon the conversion, exchange or exercise of
any right, option, obligation or security outstanding on the date prior to date of the Securities Purchase Agreement, provided
that the terms of such right, option, obligation or security are not amended or otherwise modified on or after the date of the
Securities Purchase Agreement, and provided that the conversion price, exchange price, exercise price or other purchase price is
not reduced, adjusted or otherwise modified and the number of shares of Common Stock issued or issuable is not increased (whether
by operation of, or in accordance with, the relevant governing documents or otherwise) on or after the date of the Securities Purchase
Agreement, and (3) the shares of Common Stock issued or deemed to be issued by the Company upon conversion of the Convertible
Debentures or exercise of the Warrants.

 

(viii)   “Expiration
Date” means the one (1) year anniversary of the Issuance Date. If such date falls on a Saturday, Sunday or other
day on which banks are required or authorized to be closed in the City of New York or the State of New York or on which trading
does not take place on the Principal Exchange or automated quotation system on which the Common Stock is traded (a “Holiday”),
the next date that is not a Holiday.

 

(ix)     “Issuance
Date” means the date hereof.

 

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

 

(xi)      “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization
and a government or any department or agency thereof.

 

(xii)    “Principal
Market” means on any of (a) the American Stock Exchange, (b) New York Stock Exchange, (c) the Nasdaq National
Market, (d) the Nasdaq Capital Market, or (e) the Nasdaq OTC Bulletin Board (“OTCBB”)

 

(xiii)   “Securities
Act” means the Securities Act of 1933, as amended.

 

(xiv)   “Warrant”
means this Warrant and all Warrants issued in exchange, transfer or replacement thereof.

 

(xv)    “Warrant
Exercise Price” shall be $1.00 or as subsequently adjusted as provided in Section 8 hereof.

 

(c) Other Definitional Provisions.

 

(i)
      Except as otherwise specified herein, all references herein (A) to the Company shall be
deemed to include the Company’s successors and (B) to any applicable law defined or referred to herein shall be
deemed references to such applicable law as the same may have been or may be amended or supplemented from time to time.

 

(ii)     When
used in this Warrant, the words “herein”, “hereof”, and “hereunder” and
words of similar import, shall refer to this Warrant as a whole and not to any provision of this Warrant, and the words “Section”,
 “Schedule”, and “Exhibit” shall refer to Sections of, and Schedules and Exhibits to, this
Warrant unless otherwise specified.

 

(iii)     Whenever
the context so requires, the neuter gender includes the masculine or feminine, and the singular number includes the plural, and
vice versa.

 

    3

     

    

 

Section 2.      Exercise
of Warrant.

 

(a) Subject to the terms and conditions
hereof, this Warrant may be exercised by the holder hereof then registered on the books of the Company, pro rata as hereinafter
provided, at any time on any Business Day on or after the opening of business on such Business Day, commencing with the first day
after the date hereof, and prior to 11:59 P.M. Eastern Time on the Expiration Date (i) by delivery of a written notice,
in the form of the subscription notice attached as Exhibit A hereto (the “Exercise Notice”), of
such holder’s election to exercise this Warrant, which notice shall specify the number of Warrant Shares to be purchased,
payment to the Company of an amount equal to the Warrant Exercise Price(s) applicable to the Warrant Shares being purchased,
multiplied by the number of Warrant Shares (at the applicable Warrant Exercise Price) as to which this Warrant is being exercised
(plus any applicable issue or transfer taxes) (the “Aggregate Exercise Price”) in cash or wire transfer of immediately
available funds and the surrender of this Warrant (or an indemnification undertaking with respect to this Warrant in the case of
its loss, theft or destruction) to a common carrier for overnight delivery to the Company as soon as practicable following such
date (“Cash Basis”) or (ii) if at the time of exercise, the Warrant Shares are not subject to an effective
registration statement, or can be sold without restriction or limitation pursuant to Rule 144 as promulgated under the Securities
Act or if an Event of Default has occurred, by delivering an Exercise Notice and in lieu of making payment of the Aggregate Exercise
Price in cash or wire transfer, elect instead to receive upon such exercise the “Net Number” of shares of Common Stock
determined according to the following formula (the “Cashless Exercise”):

 

Net Number = (A x B) – (A x C)

 

B

 

For purposes of the foregoing formula:

 

A = the total number of Warrant Shares with respect
to which this Warrant is then being exercised.

 

B = the Closing Bid Price of the Common Stock on the
date of exercise of the Warrant.

 

C = the Warrant Exercise Price then in effect for the
applicable Warrant Shares at the time of such exercise.

 

    4

     

    

 

In the event of any exercise of the rights
represented by this Warrant in compliance with this Section 2, the Company shall on or before the fifth (5th) Business Day
following the date of receipt of the Exercise Notice, the Aggregate Exercise Price and this Warrant (or an indemnification undertaking
with respect to this Warrant in the case of its loss, theft or destruction) and the receipt of the representations of the holder
specified in Section 6 hereof, if requested by the Company (the “Exercise Delivery Documents”), and if
the Common Stock is DTC eligible, credit such aggregate number of shares of Common Stock to which the holder shall be entitled
to the holder’s or its designee’s balance account with The Depository Trust Company; provided, however, if the holder
who submitted the Exercise Notice requested physical delivery of any or all of the Warrant Shares, or, if the Common Stock is not
DTC eligible then the Company shall, on or before the fifth (5th) Business Day following receipt of the Exercise Delivery
Documents, (A) issue and surrender to a common carrier for overnight delivery to the address specified in the Exercise Notice,
a certificate, registered in the name of the holder, for the number of shares of Common Stock to which the holder shall be entitled
pursuant to such request, or (B) provided the Company’s transfer agent is participating in The Depository Trust Company
(“DTC”) Fast Automated Securities Transfer Program, upon the request of the Holder, credit such aggregate number
of shares of Common Stock to which the Holder shall be entitled to the Holder’s or its designees’ balance account with
DTC through its Deposit Withdrawal At Custodian (“DWAC”) system provided the Holder causes its bank or broker
to initiate the DWAC transaction. Upon delivery of the Exercise Notice and Aggregate Exercise Price referred to in clause (i) or
(ii) above the holder of this Warrant shall be deemed for all corporate purposes to have become the holder of record of the
Warrant Shares with respect to which this Warrant has been exercised. In the case of a dispute as to the determination of the Warrant
Exercise Price, the Closing Bid Price or the arithmetic calculation of the Warrant Shares, the Company shall promptly issue to
the holder the number of Warrant Shares that is not disputed and shall submit the disputed determinations or arithmetic calculations
to the holder via facsimile within one (1) Business Day of receipt of the holder’s Exercise Notice.

 

(b) If the holder and the Company are
unable to agree upon the determination of the Warrant Exercise Price or arithmetic calculation of the Warrant Shares within one
(1) day of such disputed determination or arithmetic calculation being submitted to the holder, then the Company shall immediately
submit via e-mail in accordance with Section 11 (i) the disputed determination of the Warrant Exercise Price or the Closing
Bid Price to an independent, reputable investment banking firm or (ii) the disputed arithmetic calculation of the Warrant
Shares to its independent, outside accountant. The Company shall cause the investment banking firm or the accountant, as the case
may be, to perform the determinations or calculations and notify the Company and the holder of the results no later than forty-eight
(48) hours from the time it receives the disputed determinations or calculations. Such investment banking firm’s or accountant’s
determination or calculation, as the case may be, shall be deemed conclusive absent manifest error.

 

(c) Unless the
rights represented by this Warrant shall have expired or shall have been fully exercised, the Company shall, as soon as
practicable and in no event later than five (5) Business Days after any exercise and at its own expense, issue a new
Warrant identical in all respects to this Warrant exercised except it shall represent rights to purchase the number of
Warrant Shares purchasable immediately prior to such exercise under this Warrant exercised, less the number of Warrant Shares
with respect to which such Warrant is exercised.

 

    5

     

    

 

(d) No fractional Warrant Shares are
to be issued upon any pro rata exercise of this Warrant, but rather the number of Warrant Shares issued upon such exercise of this
Warrant shall be rounded up or down to the nearest whole number.

 

(e) If the Company or its Transfer Agent
shall fail for any reason or for no reason to issue to the holder within ten (10) days of receipt of the Exercise Delivery
Documents, a certificate for the number of Warrant Shares to which the holder is entitled or to credit the holder’s balance
account with The Depository Trust Company for such number of Warrant Shares to which the holder is entitled upon the holder’s
exercise of this Warrant, the Company shall, in addition to any other remedies under this Warrant, have any other remedies otherwise
available to such holder.

 

(f) If within ten (10) days after
the Company’s receipt of the Exercise Delivery Documents, the Company fails to deliver a new Warrant to the holder for the
number of Warrant Shares to which such holder is entitled pursuant to Section 2 hereof, then, in addition to any other available
remedies under this Warrant, have any other remedies otherwise available to such holder.

 

Section 3.      Covenants
as to Common Stock. The Company hereby covenants and agrees as follows:

 

(a) This Warrant is, and any Warrants
issued in substitution for or replacement of this Warrant will upon issuance be, duly authorized and validly issued.

 

(b) All Warrant Shares which may be issued
upon the exercise of the rights represented by this Warrant will, upon issuance, be validly issued, fully paid and nonassessable
and free from all taxes, liens and charges with respect to the issue thereof.

 

(c) During the period within which the
rights represented by this Warrant may be exercised, the Company will at all times have authorized and reserved at least one hundred
percent (100%) of the number of shares of Common Stock needed to provide for the exercise of the rights then represented by this
Warrant and the par value of said shares will at all times be less than or equal to the applicable Warrant Exercise Price. If at
any time the Company does not have a sufficient number of shares of Common Stock authorized and available, then the Company shall
call and hold a special meeting of its stockholders within sixty (60) days of that time for the sole purpose of increasing the
number of authorized shares of Common Stock.

 

(d) The Warrant Shares are subject to
registration rights pursuant to a Registration Rights Agreement of even date with the Date of Issuance of this Warrant between
the Company and the Holder.

 

(e) The
Company will not, by amendment of its Articles of Incorporation or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities, or any other voluntary action (it being understood that
filing a Certificate of Designation or implementing a reverse split are not intended to be included in this provision), avoid
or seek to avoid the observance or performance of any of the terms to be observed or performed by it hereunder, but will at
all times in good faith assist in the carrying out of all the provisions of this Warrant and in the taking of all such action
as may reasonably be requested by the holder of this Warrant in order to protect the exercise privilege of the holder of this
Warrant against dilution or other impairment, consistent with the tenor and purpose of this Warrant. The Company will not
increase the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Warrant Exercise
Price then in effect, and (ii) will take all such actions as may be necessary or appropriate in order that the Company
may validly and legally issue fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant.

 

(f) This Warrant will be binding upon
any entity succeeding to the Company by merger, consolidation or acquisition of all or substantially all of the Company’s
assets.

 

    6

     

    

 

Section 4.      Taxes.
The Company shall pay any and all taxes, except any applicable withholding, which may be payable with respect to the issuance and
delivery of Warrant Shares upon exercise of this Warrant.

 

Section 5.      Warrant
Holder Not Deemed a Stockholder. Except as otherwise specifically provided herein, no holder, as such, of this Warrant shall
be entitled to vote or receive dividends or be deemed the holder of shares of capital stock of the Company for any purpose, nor
shall anything contained in this Warrant be construed to confer upon the holder hereof, as such, any of the rights of a stockholder
of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock,
reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription
rights, or otherwise, prior to the issuance to the holder of this Warrant of the Warrant Shares which he or she is then entitled
to receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing
any liabilities on such holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the
Company, whether such liabilities are asserted by the Company or by creditors of the Company. Notwithstanding this Section 5,
the Company will provide the holder of this Warrant with copies of the same notices and other information given to the stockholders
of the Company generally, contemporaneously with the giving thereof to the stockholders.

 

Section 6.
      Representations of Holder. The holder of this Warrant, by the acceptance hereof,
represents that it is acquiring this Warrant and the Warrant Shares for its own account for investment only and not with a
view towards, or for resale in connection with, the public sale or distribution of this Warrant or the Warrant Shares, except
pursuant to sales registered or exempted under the Securities Act; provided, however, that by making the representations
herein, the holder does not agree to hold this Warrant or any of the Warrant Shares for any minimum or other specific term
and reserves the right to dispose of this Warrant and the Warrant Shares at any time in accordance with or pursuant to a
registration statement or an exemption under the Securities Act. The holder of this Warrant further represents, by acceptance
hereof, that, as of this date, such holder is an “accredited investor” as such term is defined in
Rule 501(a)(1) of Regulation D promulgated by the Securities and Exchange Commission under the Securities Act (an
 “Accredited Investor”). Upon exercise of this Warrant the holder shall, if requested by the Company,
confirm in writing, in a form satisfactory to the Company, that the Warrant Shares so purchased are being acquired solely for
the holder’s own account and not as a nominee for any other party, for investment, and not with a view toward
distribution or resale and that such holder is an Accredited Investor. If such holder cannot make such representations
because they would be factually incorrect, it shall be a condition to such holder’s exercise of this Warrant that the
Company receive such other factually correct representations as the Company considers reasonably necessary to assure the
Company that the issuance of its securities upon exercise of this Warrant shall not violate any United States or state
securities laws.

 

    7

     

    

 

Section 7.      Ownership
and Transfer. The Company shall maintain at its principal executive offices (or such other office or agency of the Company
as it may designate by notice to the holder hereof), a register for this Warrant, in which the Company shall record the name and
address of the person in whose name this Warrant has been issued, as well as the name and address of each transferee. The Company
may treat the person in whose name any Warrant is registered on the register as the owner and holder thereof for all purposes,
notwithstanding any notice to the contrary, but in all events recognizing any transfers made in accordance with the terms of this
Warrant.

 

Section 8.      Adjustment
of Warrant Exercise Price and Number of Shares. The Warrant Exercise Price and the number of shares of Common Stock issuable
upon exercise of this Warrant shall be adjusted from time to time as follows:

 

(a) Adjustment for Additional Issuances.
Except in the case of an event described in either Section 8(c), Section 8(d), or Section 8(e), if the Company shall,
at any time or from time to time after the date hereof, issue or sell, or in accordance with Section 8(b) is deemed to
have issued or sold, any shares of Common Stock without consideration or for consideration per share less than the Warrant Exercise
Price in effect immediately prior to such issuance or sale (or deemed issuance or sale), except for Excluded Securities, then immediately
upon such issuance or sale (or deemed issuance or sale), the Warrant Exercise Price in effect immediately prior to such issuance
or sale (or deemed issuance or sale) shall be reduced (and in no event increased) to a Warrant Exercise Price equal to the quotient
obtained by dividing:

 

(i)      the sum
of (A) the product obtained by multiplying the Common Stock Deemed Outstanding immediately prior to such issuance or sale
(or deemed issuance or sale) by the Warrant Exercise Price then in effect plus (B) the aggregate consideration,
if any, received by the Company upon such issuance or sale (or deemed issuance or sale); by

 

(ii)      the sum
of (A) the Common Stock Deemed Outstanding immediately prior to such issuance or sale (or deemed issuance or sale) plus (B) the
aggregate number of shares of Common Stock issued or sold (or deemed issued or sold) by the Company in such issuance or sale (or
deemed issuance or sale).

 

    8

     

    

 

(b) Effect of Certain Events on Adjustment
to Warrant Exercise Price. For purposes of determining the adjusted Warrant Exercise Price under Section 4(a) hereof,
the following shall be applicable:

 

(i)      Issuance
of Options. If the Company shall, at any time or from time to time after the Issuance Date, in any manner grant or sell (whether
directly or by assumption in a merger or otherwise) any Options, whether or not such Options or the right to convert or exchange
any Convertible Securities issuable upon the exercise of such Options are immediately exercisable, and the price per share (determined
as provided in this paragraph and in Section 8(b)(v) for which Common Stock is issuable upon the exercise of such Options
or upon the conversion or exchange of Convertible Securities issuable upon the exercise of such Options is less than the Warrant
Exercise Price in effect immediately prior to the time of the granting or sale of such Options, then the total maximum number of
shares of Common Stock issuable upon the exercise of such Options or upon conversion or exchange of the total maximum amount of
Convertible Securities issuable upon the exercise of such Options shall be deemed to have been issued as of the date of granting
or sale of such Options (and thereafter shall be deemed to be outstanding for purposes of adjusting the Warrant Exercise Price
under Section 8(a), at a price per share equal to the quotient obtained by dividing (A) the sum (which sum shall constitute
the applicable consideration received for purposes of Section 8(a) of (x) the total amount, if any, received or
receivable by the Company as consideration for the granting or sale of all such Options, plus (y) the minimum aggregate amount
of additional consideration payable to the Company upon the exercise of all such Options, plus (z), in the case of such Options
which relate to Convertible Securities, the minimum aggregate amount of additional consideration, if any, payable to the Company
upon the issuance or sale of all such Convertible Securities and the conversion or exchange of all such Convertible Securities,
by (B) the total maximum number of shares of Common Stock issuable upon the exercise of all such Options or upon the conversion
or exchange of all Convertible Securities issuable upon the exercise of all such Options. Except as otherwise provided in Section 8(b)(iii),
no further adjustment of the Warrant Exercise Price shall be made upon the actual issuance of Common Stock or of Convertible Securities
upon exercise of such Options or upon the actual issuance of Common Stock upon conversion or exchange of Convertible Securities
issuable upon exercise of such Options.

 

(ii)
      Issuance of Convertible Securities. If the Company shall, at any time or from time to
time after the Issuance Date, in any manner grant or sell (whether directly or by assumption in a merger or otherwise) any
Convertible Securities, whether or not the right to convert or exchange any such Convertible Securities is immediately
exercisable, and the price per share (determined as provided in this paragraph and in Section 8(b)(v)) for which Common
Stock is issuable upon the conversion or exchange of such Convertible Securities is less than the Warrant Exercise Price in
effect immediately prior to the time of the granting or sale of such Convertible Securities, then the total maximum number of
shares of Common Stock issuable upon conversion or exchange of the total maximum amount of such Convertible Securities shall
be deemed to have been issued as of the date of granting or sale of such Convertible Securities (and thereafter shall be
deemed to be outstanding for purposes of adjusting the Warrant Exercise Price pursuant to Section 8(a)), at a price per
share equal to the quotient obtained by dividing (A) the sum (which sum shall constitute the applicable consideration
received for purposes of Section 8(a)) of (x) the total amount, if any, received or receivable by the Company as
consideration for the granting or sale of such Convertible Securities, plus (y) the minimum aggregate amount of
additional consideration, if any, payable to the Company upon the conversion or exchange of all such Convertible Securities,
by (B) the total maximum number of shares of Common Stock issuable upon the conversion or exchange of all such
Convertible Securities. Except as otherwise provided in Section 8(b)(iii), (A) no further adjustment of the Warrant
Exercise Price shall be made upon the actual issuance of Common Stock upon conversion or exchange of such Convertible
Securities and (B) no further adjustment of the Warrant Exercise Price shall be made by reason of the issue or sale of
Convertible Securities upon exercise of any Options to purchase any such Convertible Securities for which adjustments of the
Warrant Exercise Price have been made pursuant to the other provisions of this Section 8(b).

 

    9

     

    

 

(iii)      Change
in Terms of Options or Convertible Securities. Upon any change in any of (A) the total amount received or receivable by
the Company as consideration for the granting or sale of any Options or Convertible Securities referred to in Section 8(b)(i) or
Section 8(b)(ii) hereof, (B) the minimum aggregate amount of additional consideration, if any, payable to the Company
upon the exercise of any Options or upon the issuance, conversion or exchange of any Convertible Securities referred to in Section 8(b)(i) or
Section 8(b)(ii) hereof, (C) the rate at which Convertible Securities referred to in Section 8(b)(i) or
Section 8(b)(ii) hereof are convertible into or exchangeable for Common Stock, or (D) the maximum number of shares
of Common Stock issuable in connection with any Options referred to in Section 8(b)(i) hereof or any Convertible Securities
referred to in Section 8(b)(ii) hereof, then (whether or not the original issuance or sale of such Options or Convertible
Securities resulted in an adjustment to the Warrant Exercise Price pursuant to this Section 8) the Warrant Exercise Price
in effect at the time of such change shall be adjusted or readjusted, as applicable, to the Warrant Exercise Price which would
have been in effect at such time pursuant to the provisions of this Section 8 had such Options or Convertible Securities still
outstanding provided for such changed consideration, conversion rate or maximum number of shares, as the case may be, at the time
initially granted, issued or sold, but only if as a result of such adjustment or readjustment the Warrant Exercise Price then in
effect is reduced, and the number of shares of Common Stock obtainable upon conversion of this Debenture will be proportionately
adjusted or readjusted.

 

(iv)      Treatment
of Expired or Terminated Options or Convertible Securities. Upon the expiration or termination of any unexercised Option (or
portion thereof) or any unconverted or unexchanged Convertible Security (or portion thereof) for which any adjustment (either upon
its original issuance or upon a revision of its terms) was made pursuant to this Section 8 (including without limitation upon
the redemption or purchase for consideration of all or any portion of such Option or Convertible Security by the Company), the
Warrant Exercise Price then in effect hereunder shall forthwith be changed pursuant to the provisions of this Section 8 to
the Warrant Exercise Price which would have been in effect at the time of such expiration or termination had such unexercised Option
(or portion thereof) or unconverted or unexchanged Convertible Security (or portion thereof), to the extent outstanding immediately
prior to such expiration or termination, never been issued.

 

(v)
      Calculation of Consideration Received. If the Company shall, at any time or from time to
time after the Issuance Date, issue or sell, or is deemed to have issued or sold in accordance with Section 8(b), any
shares of Common Stock, Options or Convertible Securities: (A) for cash, the consideration received therefor shall be
deemed to be the net amount received by the Company therefor; (B) for consideration other than cash, the amount of the
consideration other than cash received by the Company shall be the fair value of such consideration, except where such
consideration consists of marketable securities, in which case the amount of consideration received by the Company shall be
the market price (as reflected on any securities exchange, quotation system or association or similar pricing system covering
such security) for such securities as of the end of business on the date of receipt of such securities; (C) for no
specifically allocated consideration in connection with an issuance or sale of other securities of the Company, together
comprising one integrated transaction, the amount of the consideration therefor shall be deemed to be the fair value of such
portion of the aggregate consideration received by the Company in such transaction as is attributable to such shares of
Common Stock, Options or Convertible Securities, as the case may be, issued in such transaction; or (D) to the owners of
the non-surviving entity in connection with any merger in which the Company is the surviving corporation, the amount of
consideration therefor shall be deemed to be the fair value of such portion of the net assets and business of the
non-surviving entity as is attributable to such shares of Common Stock, Options or Convertible Securities, as the case may
be, issued to such owners. The net amount of any cash consideration and the fair value of any consideration other than cash
or marketable securities shall be determined in good faith by the Board of Directors of the Company, which shall be final and
binding, absent manifest error.

 

    10

     

    

 

(vi)      Record
Date. For purposes of any adjustment to the Warrant Exercise Price or the number of shared of Common Stock issuable upon conversion
of this Debenture in accordance with this Section 8, in case the Company shall take a record of the holders of its Common
Stock for the purpose of entitling them (A) to receive a dividend or other distribution payable in Common Stock, Options or
Convertible Securities or (B) to subscribe for or purchase Common Stock, Options or Convertible Securities, then such record
date shall be deemed to be the date of the issue or sale of the shares of Common Stock deemed to have been issued or sold upon
the declaration of such dividend or the making of such other distribution or the date of the granting of such right of subscription
or purchase, as the case may be.

 

(vii)
      Treasury Shares. The number of shares of Common Stock outstanding at any given time
shall not include shares owned or held by or for the account of the Company or any of its wholly-owned subsidiaries, and the
disposition of any such shares (other than the cancellation or retirement thereof or the transfer of such shares among the
Company and its wholly-owned subsidiaries) shall be considered an issue or sale of Common Stock for the purpose of this
Section 8.

 

(c) Adjustment of Warrant Exercise
Price upon Subdivision or Combination of Common Stock. If the Company at any time after the date of issuance of this Warrant
subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding shares of
Common Stock into a greater number of shares, any Warrant Exercise Price in effect immediately prior to such subdivision will be
proportionately reduced and the number of shares of Common Stock obtainable upon exercise of this Warrant will be proportionately
increased. If the Company at any time after the date of issuance of this Warrant combines (by combination, reverse stock split
or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller number of shares, any Warrant Exercise
Price in effect immediately prior to such combination will be proportionately increased and the number of Warrant Shares issuable
upon exercise of this Warrant will be proportionately decreased. Any adjustment under this Section 8(c) shall become
effective at the close of business on the date the subdivision or combination becomes effective.

 

    11

     

    

 

(d) Distribution of Assets. If
the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders
of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other
securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement or other similar transaction)
(a “Distribution”), at any time after the issuance of this Warrant, then, in each such case:

 

(i)      any Warrant
Exercise Price in effect immediately prior to the close of business on the record date fixed for the determination of holders of
Common Stock entitled to receive the Distribution shall be reduced, effective as of the close of business on such record date,
to a price determined by multiplying such Warrant Exercise Price by a fraction of which (A) the numerator shall be the Closing
Sale Price of the Common Stock on the trading day immediately preceding such record date minus the value of the Distribution (as
determined in good faith by the Company’s Board of Directors) applicable to one share of Common Stock, and (B) the denominator
shall be the Closing Sale Price of the Common Stock on the trading day immediately preceding such record date; and

 

(ii)      either
(A) the number of Warrant Shares obtainable upon exercise of this Warrant shall be increased to a number of shares equal to
the number of shares of Common Stock obtainable immediately prior to the close of business on the record date fixed for the determination
of holders of Common Stock entitled to receive the Distribution multiplied by the reciprocal of the fraction set forth in the immediately
preceding clause (i), or (B) in the event that the Distribution is of common stock of a company whose common stock is traded
on a national securities exchange or a national automated quotation system, then the holder of this Warrant shall receive an additional
warrant to purchase Common Stock, the terms of which shall be identical to those of this Warrant, except that such warrant shall
be exercisable into the amount of the assets that would have been payable to the holder of this Warrant pursuant to the Distribution
had the holder exercised this Warrant immediately prior to such record date and with an exercise price equal to the amount by which
the exercise price of this Warrant was decreased with respect to the Distribution pursuant to the terms of the immediately preceding
clause (i).

 

(e) Certain Events. If any event
occurs of the type contemplated by the provisions of this Section 8 but not expressly provided for by such provisions (including,
without limitation, the granting of stock appreciation rights, phantom stock rights or other rights with equity features other
than to employees, officers, directors or consultants as compensation), then the Company’s Board of Directors will make an
appropriate adjustment in the Warrant Exercise Price and the number of shares of Common Stock obtainable upon exercise of this
Warrant so as to protect the rights of the holders of the Warrants; provided, except as set forth in section 8(a), that no such
adjustment pursuant to this Section 8(e) will increase the Warrant Exercise Price or decrease the number of shares of
Common Stock obtainable as otherwise determined pursuant to this Section 8.

 

    12

     

    

 

(f) Notices.

 

(i)      Immediately
upon any adjustment of the Warrant Exercise Price, the Company will give written notice thereof to the holder of this Warrant,
setting forth in reasonable detail, and certifying, the calculation of such adjustment.

 

(ii)      The Company
will give written notice to the holder of this Warrant at least ten (10) days prior to the date on which the Company closes
its books or takes a record (A) with respect to any dividend or distribution upon the Common Stock, (B) with respect
to any pro rata subscription offer to holders of Common Stock or (C) for determining rights to vote with respect to any Organic
Change (as defined below), dissolution or liquidation, provided that such information shall be made known to the public prior to
or in conjunction with such notice being provided to such holder.

 

(iii)      The
Company will also give written notice to the holder of this Warrant at least ten (10) days prior to the date on which any
Organic Change, dissolution or liquidation will take place, provided that such information shall be made known to the public prior
to or in conjunction with such notice being provided to such holder.

 

Section 9.       Purchase
Rights; Reorganization, Reclassification, Consolidation, Merger or Sale.

 

(a) In addition to any adjustments pursuant
to Section 8 above, if at any time the Company grants, issues or sells any Options, Convertible Securities or rights to purchase
stock, warrants, securities or other property pro rata to the record holders of any class of Common Stock (the “Purchase
Rights”), then the holder of this Warrant will be entitled to acquire, upon the terms applicable to such Purchase Rights,
the aggregate Purchase Rights which such holder could have acquired if such holder had held the number of shares of Common Stock
acquirable upon complete exercise of this Warrant immediately before the date on which a record is taken for the grant, issuance
or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Common Stock are to
be determined for the grant, issue or sale of such Purchase Rights. In the event the holder of this Warrant does not exercise any
part of this Warrant, the Purchase Rights allocable to such unexercised portion of the Warrant shall be automatically canceled.

 

(b) Any
recapitalization, reorganization, reclassification, consolidation, merger, sale of all or substantially all of the
Company’s assets to another Person or other transaction in each case which is effected in such a way that holders of
Common Stock are entitled to receive (either directly or upon subsequent liquidation) stock, securities or assets with
respect to or in exchange for Common Stock is referred to herein as an “Organic Change.” Prior to the
consummation of any (i) sale of all or substantially all of the Company’s assets to an acquiring Person or
(ii) other Organic Change following which the Company is not a surviving entity, the Company will secure from the Person
purchasing such assets or the successor resulting from such Organic Change (in each case, the “Acquiring
Entity”) a written agreement (in form and substance reasonably satisfactory to the holders of Warrants representing
at least two-thirds of the Warrant Shares issuable upon exercise of the Warrants then outstanding) to deliver to each holder
of Warrants in exchange for such Warrants, a security of the Acquiring Entity evidenced by a written instrument substantially
similar in form and substance to this Warrant and reasonably satisfactory to the holders of the Warrants (including an
adjusted warrant exercise price equal to the value for the Common Stock reflected by the terms of such consolidation, merger
or sale, and exercisable for a corresponding number of shares of Common Stock acquirable and receivable upon exercise of the
Warrants without regard to any limitations on exercise, if the value so reflected is less than any Applicable Warrant
Exercise Price immediately prior to such consolidation, merger or sale). Prior to the consummation of any other Organic
Change, the Company shall make appropriate provision (in form and substance reasonably satisfactory to the holders of
Warrants representing a majority of the Warrant Shares issuable upon exercise of the Warrants then outstanding) to insure
that each of the holders of the Warrants will thereafter have the right to acquire and receive in lieu of or in addition to
(as the case may be) the Warrant Shares immediately theretofore issuable and receivable upon the exercise of such
holder’s Warrants (without regard to any limitations on exercise), such shares of stock, securities or assets that
would have been issued or payable in such Organic Change with respect to or in exchange for the number of Warrant Shares
which would have been issuable and receivable upon the exercise of such holder’s Warrant as of the date of such Organic
Change (without taking into account any limitations or restrictions on the exercisability of this Warrant).

 

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Section 10.      Lost,
Stolen, Mutilated or Destroyed Warrant. If this Warrant is lost, stolen, mutilated or destroyed, the Company shall promptly,
on receipt of an indemnification undertaking (or, in the case of a mutilated Warrant, the Warrant), issue a new Warrant of like
denomination and tenor as this Warrant so lost, stolen, mutilated or destroyed.

 

Section 11.      Notice.
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Warrant must be
in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt,
when sent by e-mail (provided confirmation of delivery is received by the sending party transmission electronically generated and
kept on file by the sending party); or (iii) one Business Day after deposit with a nationally recognized overnight delivery
service, in each case properly addressed to the party to receive the same. The addresses and e-mail addresses for such communications
shall be:

 

	If to Holder:	YA II PN, Ltd.
	 	c/o Yorkville Advisors Global, LP
	 	1012 Springfield Avenue
	 	Mountainside, NJ 07092
	 	Attention: Mark Angelo
	 	Telephone: (201) 536-5115
	 	Email: mangelo@yorkvilleadvisors.com
	 	 
	With Copy to:	Troy J. Rillo, Esq.
	 	1012 Springfield Avenue
	 	Mountainside, NJ 07092
	 	Telephone: (201) 536-5109
	 	Email: trillo@yorkvilleadvisors.com
	 	            legal@yorkvilleadvisors.com

 

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	If to the Company, to:	Ideanomics, Inc.
	 	55 Broadway, 19th Floor
	 	New York, New York 10006
	 	Telephone: 212-206-1216
	 	Attention: Chief Executive Officer
	 	E-Mail: apoor@ideanomics.com
	 	 
	With a copy to:	Ruskin Moscou Faltischek, P.C.
	 	1425 RXR Plaza
	 	East Tower, 15th Floor
	 	Uniondale, New York 11556
	 	Telephone: 516-663-6514
	 	Attention: Gavin C. Grusd, Esq.
	 	E-Mail: ggrusd@rmfpc.com

 

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

 

Section 12.      Date.
The date of this Warrant is set forth on page 1 hereof. This Warrant, in all events, shall be wholly-void and of no effect
after the close of business on the Expiration Date.

 

Section 13.      Amendment
and Waiver. Except as otherwise provided herein, the provisions of the Warrants may be amended and the Company may take any
action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the
written consent of the holders of Warrants representing at least two-thirds of the Warrant Shares issuable upon exercise of the
Warrants then outstanding; provided that, except for Section 9(a), no such action may increase the Warrant Exercise Price
or decrease the number of shares or class of stock obtainable upon exercise of any Warrant without the written consent of the
holder of such Warrant.

 

Section 14.
      Descriptive Headings; Governing Law. The descriptive headings of the several sections
and paragraphs of this Warrant are inserted for convenience only and do not constitute a part of this Warrant. The corporate
laws of the State of Nevada shall govern all issues concerning the relative rights of the Company and its stockholders. All
other questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by
the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or
rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any
jurisdictions other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the
state and federal courts sitting in New York County, New York, for the adjudication of any dispute hereunder or in connection
herewith or therewith, or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and
agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit,
action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process
being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices
to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by
law.

 

Section 15.      Waiver
of Jury Trial. AS A MATERIAL INDUCEMENT FOR EACH PARTY HERETO TO ENTER INTO THIS WARRANT, THE PARTIES HERETO HEREBY WAIVE
ANY RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING RELATED IN ANY WAY TO THIS WARRANT AND/OR ANY AND ALL OF THE OTHER DOCUMENTS
ASSOCIATED WITH THIS TRANSACTION.

 

REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK

 

    15

     

    

 

IN WITNESS WHEREOF, the Company has
caused this Warrant to be signed as of the date first set forth above.

 

	 	IDEANOMICS, INC.
	 	 
	 	By:	
	 	Name:  	Alfred P. Poor
	 	Title:	CEO

 

    16

     

    

 

EXHIBIT A TO WARRANT

 

EXERCISE NOTICE

 

TO BE EXECUTED

BY THE REGISTERED HOLDER TO EXERCISE
THIS WARRANT

 

IDEANOMICS, INC.

 

The undersigned holder
hereby exercises the right to purchase                         of
the shares of Common Stock (“Warrant Shares”) of IDEANOMICS, INC. (the “Company”).
evidenced by the attached Warrant (the “Warrant”). Capitalized terms used herein and not otherwise defined
shall have the respective meanings set forth in the Warrant.

 

Specify Method of exercise by check mark:

 

1.  ̈
Cash Exercise

 

(a) Payment of Warrant
Exercise Price. The holder shall pay the Aggregate Exercise Price of $                      
to the Company in accordance with the terms of the Warrant.

 

(b) Delivery of Warrant
Shares. The Company shall deliver to the holder                       Warrant
Shares in accordance with the terms of the Warrant.

 

2. ̈
Cashless Exercise

 

(a) Payment of Warrant Exercise Price. In
lieu of making payment of the Aggregate Exercise Price, the holder elects to receive upon such exercise the Net Number of shares
of Common Stock determined in accordance with the terms of the Warrant.

 

(b) Delivery of Warrant
Shares. The Company shall deliver to the holder                       Warrant
Shares in accordance with the terms of the Warrant.

 

	Date:	                                                                                      	 	            	,	 	 
	 	 
	Name of Registered Holder	 

 

	By:	 	 
	Name:  	 	 
	Title:	 	 

 

     

     

    

 

EXHIBIT B TO WARRANT

 

FORM OF WARRANT POWER

 

FOR VALUE RECEIVED,
the undersigned does hereby assign and transfer to                           ,
Federal Identification No.                          ,
a warrant to purchase                         
shares of the capital stock of Ideanomics, Inc. represented by warrant certificate no.                 ,
standing in the name of the undersigned on the books of said corporation. The undersigned does hereby irrevocably constitute and
appoint                          ,
attorney to transfer the warrants of said corporation, with full power of substitution in the premises.

 

	Dated:                                                                             	 	 
	 	 	 
	 	 	By:	 
	 	 	Name:  	 
	 	 	Title:	 

 

    B-1

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