Document:

Exhibit 10.113

 

EXECUTION
COPY

 

SECURITIES PURCHASE AGREEMENT

 

THIS
SECURITIES PURCHASE AGREEMENT (this “Agreement”), dated as of December 13, 2019, is between
IDEANOMICS, INC., a company incorporated under the laws of the State of Nevada, with headquarters located at 55 Broadway,
19th Floor, New York, New York 10006 (the “Company”), and each of the investors listed on the Schedule
of Buyers attached hereto (individually, the “Buyer” and collectively the “Buyers”).

 

WITNESSETH

 

WHEREAS,
the Company and each Buyer desire to enter into this transaction for the Company to sell and the Buyers to purchase the Convertible
Debentures (as defined below) pursuant to an exemption from registration pursuant to Section 4(a)(2) and/or Rule 506
of Regulation D (“Regulation D”) as promulgated by the U.S. Securities and Exchange Commission (the “SEC”)
under the Securities Act of 1933, as amended (the “Securities Act”);

 

WHEREAS,
the parties desire that, upon the terms and subject to the conditions contained herein, the Company shall issue and sell to the
Buyer(s), as provided herein, and the Buyer(s) shall purchase from the Company, units consisting of secured convertible debentures
in the form attached hereto as “Exhibit A” (the “Convertible Debentures”), which shall
be convertible into shares of the Company’s Common Stock (as defined herein) (as converted, the “Conversion Shares”),
and shares of the Company’s Common Stock, up to an aggregate of $5,000,000. The purchase and sale of the units shall take
place in three closings, of which $2,000,000 of Convertible Debentures and 1,424,658 shares of Common Stock shall be purchased
upon the signing this Agreement (the “First Closing”), $1,000,000 of Convertible Debentures and 712,329 shares
of Common Stock shall be purchased upon the filing with the U.S. Securities and Exchange Commission (the “SEC”)
of a Registration Statement in accordance with that certain Registration Rights Agreement (the “RRA”) of even
date herewith (the “Second Closing”), and $2,000,000 of Convertible Debentures and 1,424,658 shares of Common
Stock shall be purchased on or about the date the Registration Statement has first been declared effective by the SEC (the “Third
Closing”) (each of the First Closing, Second Closing and Third Closing individually referred to as a “Closing”
and collectively referred to as the “Closings”), for a total purchase price equal to 96% of the face amount
of each Convertible Debenture (up to an aggregate of $4,800,000 (the “Purchase Price”) in the respective amounts
set forth opposite each Buyer(s) name on Schedule I (the “Subscription Amount”);

 

WHEREAS,
contemporaneously with the execution and delivery of this Agreement, the parties hereto are executing and delivering the RRA pursuant
to which the Company has agreed to provide certain registration rights under the Securities Act and the rules and regulations
promulgated there under, and applicable state securities laws;

 

WHEREAS,
contemporaneously with the execution and delivery of this Agreement, the Buyer, the Company, and each subsidiary of the
Company are executing and delivering a Guaranty (the “Guaranty”) and a Security Agreement (the
 “Security Agreement”) pursuant to which the Company and its wholly owned subsidiaries agree to secure the
payment and performance of all obligations of the Company to the Buyer and to secure such obligations by granting to the
Buyer a security interest in Pledged Property (as this term is defined in the Security Agreement); and

 

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WHEREAS,
contemporaneously with the execution and delivery of this Agreement, the Company is delivering to the Buyer Irrevocable Transfer
Agent Instructions (the ‘‘Irrevocable Transfer Agent Instructions”);

 

WHEREAS,
contemporaneously with the execution and delivery of this Agreement, the Company is delivering to the Buyer Warrants (the “Warrants”)
to purchase up to 1,666,667 and 1,000,000 shares (the “Warrant Shares”) of the Company’s Common Stock
at exercise prices of $1.50 and $1.00 per share, respectively; and

 

WHEREAS,
the Convertible Debentures and the Conversion Shares, the Warrants and the Warrant Shares, and the shares of Common Stock to be
issued at each Closing are collectively referred to herein as the “Securities.”

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants contained herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and each Buyer hereby agree as follows:

 

1.            PURCHASE
AND SALE OF CONVERTIBLE DEBENTURES.

 

(a)            Purchase
of Convertible Debentures. Subject to the satisfaction (or waiver) of the conditions set forth in Sections 6 and 7 below, the
Company shall issue and sell to each Buyer, and each Buyer severally, but not jointly, agrees to purchase from the Company at each
Closing Convertible Debentures in amounts corresponding with the Subscription Amount set forth opposite each Buyer’s name
on Schedule of Buyers attached as Schedule I hereto, plus the number of shares of Common Stock specified in the recitals hereto.

 

(b)            Closing
Dates. Each Closing of the purchase of Convertible Debentures and shares of Common Stock by the Buyers shall occur at the
offices Yorkville Advisors Global, LP, 1012 Springfield Avenue, Mountainside, NJ 07092. The date and time of each Closing
shall be as follows: (i) the First Closing shall be 10:00 a.m., New York time, by the fifth (5th) Business Day on which
the conditions to the Closing set forth in Sections 6 and 7 below are satisfied or waived (or such other date as is mutually
agreed to by the Company and each Buyer) (the “First Closing Date”), (ii) the Second Closing shall be
10:00 a.m., New York time, by the fifth (5th) Business Day after the date on which the Company files the Registration
Statement with the SEC in accordance with the RRA (the “Second Closing Date”), and (iii) the Third
Closing shall be 10:00 a.m., New York time, by the fifth (5th) Business Day after the date on which the Registration
Statement is first declared effective by the SEC, provided the conditions to the Closing set forth in Sections 6 and 7 below
are satisfied or waived (or such other date as is mutually agreed to by the Company and each Buyer) (the “Third
Closing Date”, and collectively with the First Closing Date and the Second Closing Date referred to as the
 “Closing Dates”). As used herein “Business Day” means any day other than a Saturday,
Sunday or other day on which commercial banks in New York, New York are authorized or required by law to remain closed.

 

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(c)            Form of
Payment; Deliveries. Subject to the satisfaction of the terms and conditions of this Agreement, on each Closing Date, (i) the
Buyers shall deliver to the Company such aggregate cash proceeds for the Convertible Debentures and shares of Common Stock to be
issued and sold to such Buyer at such Closing, minus the fees to be paid directly from the proceeds of such Closing as set forth
herein, and (ii) the Company shall deliver to each Buyer, Convertible Debentures which such Buyer is purchasing at such Closing
in amounts indicated opposite such Buyer’s name on Schedule I and shares of Common Stock, duly executed on behalf of the
Company.

 

2.            BUYER’S
REPRESENTATIONS AND WARRANTIES.

 

Each Buyer, severally and not jointly, represents
and warrants to the Company with respect to only itself that, as of the date hereof and as of each Closing Date:

 

(a)            Investment
Purpose. The Buyer is acquiring the Securities for its own account for investment only and not with a view towards, or for
resale in connection with, the public sale or distribution thereof, except pursuant to sales registered or exempted under the Securities
Act; provided, however, that by making the representations herein, such Buyer reserves the right to dispose of the Securities at
any time in accordance with or pursuant to an effective registration statement covering such Securities or an available exemption
under the Securities Act. Such Buyer does not presently have any agreement or understanding, directly or indirectly, with any Person
to distribute any of the Securities.

 

(b)            Accredited
Investor Status. The Buyer is an “Accredited Investor” as that term is defined in Rule 501(a)(3) of Regulation
D. The Buyer has such knowledge, skill and experience in business, financial and investment matters that the undersigned is capable
of evaluating the merits and risks of an investment in the Securities. The Buyer has considered the suitability of the Securities
as an investment in light of its own circumstances and financial condition and the Buyer is able to bear the risks associated with
an investment in the Securities and its authority to invest in the Securities.

 

(c)            Reliance
on Exemptions. The Buyer understands that the Securities are being offered and sold to it in reliance on specific exemptions
from the registration requirements of United States federal and state securities laws and that the Company is relying in part
upon the truth and accuracy of, and such Buyer’s compliance with, the representations, warranties, agreements, acknowledgments
and understandings of such Buyer set forth herein in order to determine the availability of such exemptions and the eligibility
of such Buyer to acquire the Securities. The Buyer acknowledges that neither the Company nor any other person offered to sell
the Securities to it by means of any form of general solicitation or advertising, including but not limited to: (i) any advertisement,
article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio
or (ii) any seminar or meeting whose attendees were invited by any general solicitation or general advertising.

 

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(d)            Information.
The Buyer and its advisors (and his or its counsel), if any, have been furnished with all materials relating to the business, finances
and operations of the Company and information he deemed material to making an informed investment decision regarding his purchase
of the Securities, which have been requested by such Buyer. The Buyer and its advisors, if any, have reviewed the Company’s
reports, statements and registration statements on file in the SEC’s EDGAR system or delivered to it by the Company, and
they have been afforded the opportunity to ask questions of the Company and its management. Neither such inquiries nor any other
due diligence investigations conducted by such Buyer or its advisors, if any, or its representatives shall modify, amend or affect
such Buyer’s right to rely on the Company’s representations and warranties contained in Section 3 below. The Buyer
understands that its investment in the Securities involves a high degree of risk. The Buyer has sought such accounting, legal and
tax advice, as it has considered necessary to make an informed investment decision with respect to its acquisition of the Securities.
The Buyer represents that it is not relying on (and will not at any time rely on) any communication (written or oral) of the Company
as investment advice or as a recommendation to purchase the Securities, it being understood that information and explanations related
to the terms and conditions of the Securities shall not be considered investment advice or a recommendation to purchase the Securities.
The Buyer confirms that the Company has not (i) given any guarantee or representation as to the potential success, return,
effect or benefit (either legal, regulatory, tax, financial, accounting or otherwise) of an investment in the Securities or (ii) made
any representation to the Buyer regarding the legality of an investment in the Securities under applicable legal investment or
similar laws or regulations. In deciding to purchase the Securities, the Buyer is not relying on the advice or recommendations
of the Company and the Buyer has made its own independent decision that the investment in the Securities is suitable and appropriate
for the Buyer.

 

(e)            Transfer
or Resale. The Buyer understands that: (i) the Securities have not been registered under the Securities Act or any state
securities laws, and may not be offered for sale, sold, assigned or transferred unless (A) subsequently registered thereunder,
(B) such Buyer shall have delivered to the Company an opinion of counsel, in a generally acceptable form, to the effect that
such Securities to be sold, assigned or transferred may be sold, assigned or transferred pursuant to an exemption from such registration
requirements, or (C) such Buyer provides the Company with reasonable assurances (in the form of seller and broker representation
letters) that such Securities can be sold, assigned or transferred pursuant to Rule 144 promulgated under the Securities Act,
as amended (or a successor rule thereto) (collectively, “Rule 144”), in each case following the applicable
holding period set forth therein; and (ii) any sale of the Securities made in reliance on Rule 144 may be made only in
accordance with the terms of Rule 144 and further, if Rule 144 is not applicable, any resale of the Securities under
circumstances in which the seller (or the person through whom the sale is made) may be deemed to be an underwriter (as that term
is defined in the Securities Act) may require compliance with some other exemption under the Securities Act or the rules and
regulations of the SEC thereunder.

 

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(f)            Legends.
The Buyer agrees to the imprinting, so long as its required by this Section 2(f), of a restrictive legend on the Securities
in substantially the following form:

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE [AND
THOSE SECURITIES INTO WHICH THEY ARE CONVERTIBLE] HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE
STATE SECURITIES LAWS. THE SECURITIES [AND THOSE SECURITIES INTO WHICH THEY ARE CONVERTIBLE] HAVE BEEN ACQUIRED SOLELY FOR INVESTMENT
PURPOSES AND NOT WITH A VIEW TOWARD RESALE 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 GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE
STATE SECURITIES LAWS.

 

Certificates evidencing the Conversion Shares shall not contain
any legend (including the legend set forth above), (i) while a registration statement covering the resale of such security
is effective under the Securities Act (provided that any such Conversion Share certificates issued prior to the effectiveness of
such registration statement are properly presented by the holder thereof for removal of the legend), (ii) following any sale
of such Conversion Shares pursuant to Rule 144, (iii) if such Conversion Shares are eligible for sale under Rule 144,
or (iv) if such legend is not required under applicable requirements of the Securities Act (including judicial interpretations
and pronouncements issued by the staff of the SEC), exclusive of legends arising under agreements between a Buyer and a third-party
other than the Company or a Subsidiary (as defined herein). The Buyer agrees that the removal of restrictive legend from certificates
representing Securities as set forth in this Section 2(f) is predicated upon the Company’s reliance that the Buyer
will sell any Securities pursuant to either the registration requirements of the Securities Act, including any applicable prospectus
delivery requirements, or an exemption therefrom, and that if Securities are sold pursuant to a registration statement, they will
be sold in compliance with the plan of distribution set forth therein.

 

(g)            Organization;
Authority. Such Buyer is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction
of its organization with the requisite power and authority to enter into and to consummate the transactions contemplated by the
Transaction Documents (as defined below) to which it is a party and otherwise to carry out its obligations hereunder and thereunder.

 

(h)            Authorization,
Enforcement. This Agreement has been duly and validly authorized, executed and delivered on behalf of such Buyer and shall
constitute the legal, valid and binding obligations of such Buyer enforceable against such Buyer in accordance with its terms,
except as such enforceability may be limited by general principles of equity or to applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors’
rights and remedies.

 

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(i)            No
Conflicts. The execution, delivery and performance by such Buyer of this Agreement and the consummation by such Buyer of the
transactions contemplated hereby will not (i) result in a violation of the organizational documents of such Buyer, (ii) conflict
with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to
others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which such
Buyer is a party or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal
and state securities laws) applicable to such Buyer, except, in the case of clauses (ii) and (iii) above, for such conflicts,
defaults, rights or violations which could not, individually or in the aggregate, reasonably be expected to have a material adverse
effect on (A) the ability of such Buyer to perform its obligations hereunder or (B) the Company.

 

(j)            Certain
Trading Activities. The Buyer has not directly or indirectly, nor has any Person acting on behalf of or pursuant to any understanding
with the Buyer, engaged in any transactions in the securities of the Company (including, without limitation, any Short Sales (as
defined below) involving the Company’s securities) during the period commencing as of the time that the Buyer first contacted
the Company or the Company’s agents regarding the specific investment in the Company contemplated by this Agreement and ending
immediately prior to the execution of this Agreement by such Buyer. The Buyer hereby agrees that it shall not directly or indirectly,
engage in any Short Sales involving the Company’s securities during the period commencing on the date hereof and ending when
no Convertible Debentures remain outstanding. “Short Sales” means all “short sales” as defined in Rule 200
promulgated under Regulation SHO under the 1934 Act (as defined below). The Buyer is aware that Short Sales and other hedging activities
may be subject to applicable federal and state securities laws, rules and regulations and the Buyer acknowledges that the
responsibility of compliance with any such federal or state securities laws, rules and regulations is solely the responsibility
of the Buyer.

 

3.            REPRESENTATIONS
AND WARRANTIES OF THE COMPANY.

 

Except as set forth under the corresponding
section of the Disclosure Schedules which Disclosure Schedules shall be deemed a part hereof and to qualify any representation
or warranty otherwise made herein to the extent of such disclosure, the Company hereby makes the representations and warranties
set forth below to The Buyer:

 

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(a)            Organization
and Qualification. The Company and each of its Subsidiaries are entities duly formed, validly existing and in good
standing under the laws of the jurisdiction in which they are formed, and have the requisite power and authority to own their
properties and to carry on their business as now being conducted and as presently proposed to be conducted. The Company and
each of its Subsidiaries is duly qualified as a foreign entity to do business and is in good standing in every jurisdiction
in which its ownership of property or the nature of the business conducted by it makes such qualification necessary, except
to the extent that the failure to be so qualified or be in good standing would not reasonably be expected to have a Material
Adverse Effect (as defined below). As used in this Agreement, “Material Adverse Effect” means any material
adverse effect on (i) the business, properties, assets, liabilities, operations (including results thereof), condition
(financial or otherwise) or prospects of the Company and its Subsidiary, taken as a whole, (ii) the transactions
contemplated hereby or in any of the other Transaction Documents or any other agreements or instruments to be entered into by
the Company in connection herewith or therewith or (iii) the authority or ability of the Company to perform any of its
obligations under any of the Transaction Documents (as defined below) provided, however, that “Material Adverse
Effect” shall not include any event, occurrence, fact, condition or change, directly or indirectly, arising out of or
attributable to: (1) general economic or political conditions; (2) conditions generally affecting the industries in
which the Company operates; (3) any changes in financial, banking or securities markets in general, including any
disruption thereof and any decline in the price of any security or any market index or any change in prevailing interest
rates; (4) acts of war (whether or not declared), armed hostilities or terrorism, or the escalation or worsening
thereof; (5) any action required or permitted by the Transaction Documents (as defined herein) or any action taken (or
omitted to be taken) with the written consent of or at the written request of a Buyer; (6) any changes in applicable
laws, rules or regulations, or in accounting rules (including GAAP), or changes in the enforcement, implementation
or interpretation thereof; (7) the announcement, pendency or completion of the transactions contemplated by this
Agreement, or the identity of the Buyer, including losses or threatened losses of employees, customers, suppliers,
distributors or others having relationships with the Company; (8) any natural or man-made disaster or acts of God;
(9) any failure by the Company to meet any internal or published projections, forecasts or revenue or earnings
predictions (provided that the underlying causes of such failures (subject to the other provisions of this definition) shall
not be excluded); (10) any matter which the Company has identified as non-core or non-strategic assets or business in
its SEC Documents (as defined herein) or on Schedule 3(a). “Subsidiaries” means any Person in which
the Company, directly or indirectly, owns a majority of the outstanding capital stock having voting power or holds a majority
of the equity or similar interest of such Person, and each of the foregoing, is individually referred to herein as a
 “Subsidiary”.

 

(b)            Authorization;
Enforcement; Validity. The Company has the requisite power and authority to enter into and perform its obligations under this
Agreement and the other Transaction Documents and to issue the Securities in accordance with the terms hereof and thereof. The
execution and delivery of this Agreement and the other Transaction Documents by the Company and the consummation by the Company
of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Convertible Debentures,
Warrants and shares of Common Stock, the reservation for issuance and issuance of the Conversion Shares and Warrants issuable upon
conversion of the Convertible Debentures or exercise of the Warrants (as applicable), have been duly authorized by the Company’s
board of directors and no further filing, consent or authorization is required by the Company, its board of directors or its stockholders
or Governmental Entity (as defined herein). This Agreement has been, and the other Transaction Documents to which the Company is
a party will be prior to the Closing, duly executed and delivered by the Company, and each constitutes the legal, valid and binding
obligations of the Company, enforceable against the Company in accordance with its respective terms, except as such enforceability
may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights
and remedies and except as rights to indemnification and to contribution may be limited by federal or state securities law. “Transaction
Documents” means, collectively, this Agreement, the RRA, the Convertible Debentures, the Guaranty, the Security Agreement,
the Warrants, the Mortgage, and each of the other agreements and instruments entered into by the Company or delivered by the Company
in connection with the transactions contemplated hereby and thereby, as may be amended from time to time.

 

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(c)            Issuance
of Securities. The issuance of the Securities are duly authorized and, upon issuance and payment in accordance with the terms
of the Transaction Documents the Securities shall be validly issued, fully paid and non-assessable and free from all preemptive
or similar rights, mortgages, defects, claims, liens, pledges, charges, taxes, rights of first refusal, encumbrances, security
interests and other encumbrances (collectively “Liens”) with respect to the issuance thereof. As of each Closing
Date, the Company shall have reserved from its duly authorized capital stock (i) all Warrant Shares, and not less than (ii) 300%
of the maximum number of shares of Common Stock issuable upon conversion of all Convertible Debentures (assuming for purposes hereof
that (x) such Convertible Debentures are convertible at the Conversion Price (as defined therein) as of the date of determination,
(y) any such conversion shall not take into account any limitations on the conversion of the Convertible Debentures set forth
therein, including the Floor Price). Upon issuance, conversion or exercise (as applicable) in accordance with the Convertible Debentures
and the Warrants, the Conversion Shares and Warrant Shares, when issued, will be validly issued, fully paid and nonassessable and
free from all preemptive or similar rights or Liens with respect to the issue thereof, with the holders being entitled to all rights
accorded to a holder of Common Stock.

 

(d)            No
Conflicts. The execution, delivery and performance of the Transaction Documents by the Company and the consummation by
the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the
Convertible Debentures, the Conversion Shares, the Warrants, the Warrant Shares, the reservation for issuance of the
Conversion Shares and the Warrant Shares, and the shares of Common Stock) will not (i) result in a violation of the
Articles of Incorporation (as defined below), Bylaws (as defined below), certificate of formation, memorandum of association,
articles of association, bylaws or other organizational documents of the Company or any of its Subsidiaries, or any capital
stock or other securities of the Company or any of its Subsidiaries, (ii) conflict with, or constitute a default under,
or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or
instrument to which the Company or any of its Subsidiaries is a party, or (iii) result in a violation of any law, rule,
regulation, order, judgment or decree (including, without limitation, U.S. federal and state securities laws and regulations,
the securities laws of the jurisdictions of the Company’s incorporation or in which it or its subsidiaries operate and
the rules and regulations of the NASDAQ-CM (the “Principal Market”) and including all applicable
laws, rules and regulations of the State of Nevada) applicable to the Company or any of its Subsidiaries or by which any
property or asset of the Company or any of its Subsidiaries is bound or affected, except in the case of (ii) and
(iii) for any conflict, default, right or violation that would not reasonably be expected to result in a Material
Adverse Effect.

 

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(e)            Consents.
The Company is not required to obtain any material consent from, authorization or order of, or make any filing or registration
with (other than any filings as may be required by any state securities agencies and any filings as may be required by the Principal
Market), any Governmental Entity or any regulatory or self-regulatory agency or any other Person in order for it to execute, deliver
or perform any of its obligations under or contemplated by the Transaction Documents, in each case, in accordance with the terms
hereof or thereof. All consents, authorizations, orders, filings and registrations which the Company or any Subsidiary is required
to obtain pursuant to the preceding sentence have been or will be obtained or effected on or prior to each Closing Date, and neither
the Company nor any of its Subsidiaries are aware of any facts or circumstances which might prevent the Company or any of its Subsidiaries
from obtaining or effecting any of the registration, application or filings contemplated by the Transaction Documents. The Company
is not in violation of the requirements of the Principal Market and has no knowledge of any facts or circumstances which could
reasonably lead to delisting or suspension of the Common Stock in the foreseeable future. Prior to the First Closing, the Company
shall have complied with all requirements of the Principal Market relating to (a) the notification of the issuance of all
of the Securities hereunder, which does not require obtaining the approval of the stockholders of the Company or any other Person
or Governmental Entity, and (b) the Principal Market’s completion of its review of the related Listing of Additional
Share form, as applicable. “Governmental Entity” means any nation, state, county, city, town, village, district,
or other political jurisdiction of any nature, federal, state, local, municipal, foreign, or other government, governmental or
quasi-governmental authority of any nature (including any governmental agency, branch, department, official, or entity and any
court or other tribunal), multi-national organization or body; or body exercising, or entitled to exercise, any administrative,
executive, judicial, legislative, police, regulatory, or taxing authority or power of any nature or instrumentality of any of the
foregoing, including any entity or enterprise owned or controlled by a government or a public international organization or any
of the foregoing.

 

(f)            Acknowledgment
Regarding Buyer’s Purchase of Securities. The Company acknowledges and agrees that each Buyer is acting solely in the
capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated hereby
and thereby and that no Buyer is (i) an officer or director of the Company or any of its Subsidiaries, (ii) to its knowledge,
an “affiliate” (as defined in Rule 144 promulgated under the 1933 Act (or a successor rule thereto) (collectively,
 “Rule 144”)) of the Company or any of its Subsidiaries or (iii) to its knowledge, based solely on
information provided by the Buyer, a “beneficial owner” of more than 10% of the shares of Common Stock (as defined
for purposes of Rule 13d-3 of the 1934 Act). The Company further acknowledges that no Buyer is acting as a financial advisor
or fiduciary of the Company or any of its Subsidiaries (or in any similar capacity) with respect to the Transaction Documents and
the transactions contemplated hereby and thereby, and any advice given by a Buyer or any of its representatives or agents in connection
with the Transaction Documents and the transactions contemplated hereby and thereby is merely incidental to such
Buyer’s purchase of the Securities. The Company further represents to each Buyer that the Company’s decision to enter
into the Transaction Documents to which it is a party has been based solely on the independent evaluation by the Company and its
representatives.

 

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(g)            No
Integrated Offering. None of the Company, its Subsidiaries or any of their affiliates, nor any Person acting on their behalf
has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances
that would cause this offering of the Securities to require approval of stockholders of the Company under any applicable stockholder
approval provisions, including, without limitation, under the rules and regulations of any exchange or automated quotation
system on which any of the securities of the Company are listed or designated for quotation. None of the Company, its Subsidiaries,
their affiliates nor any Person acting on their behalf will take any action or steps that would cause the offering of any of the
Securities to be integrated with other offerings of securities of the Company.

 

(h)            Dilutive
Effect. The Company understands and acknowledges that the number of Conversion Shares and Warrant Shares will increase in certain
circumstances. The Company further acknowledges its obligation to issue the Conversion Shares and Warrant Shares upon conversion
of the Convertible Debentures or exercise of the Warrant in accordance with this Agreement, the Convertible Debentures and the
Warrant (as applicable) is, absolute and unconditional regardless of the dilutive effect that such issuance may have on the ownership
interests of other stockholders of the Company.

 

(i)            Application
of Takeover Protections; Rights Agreement. The Company and its board of directors have taken all necessary action, if any,
in order to render inapplicable any control share acquisition, interested stockholder, business combination, poison pill (including,
without limitation, any distribution under a rights agreement), stockholder rights plan or other similar anti-takeover provision
under the Articles of Incorporation, Bylaws or other organizational documents or the laws of the jurisdiction of its incorporation
or otherwise which is or could become applicable to any Buyer as a result of the transactions contemplated by this Agreement, including,
without limitation, the Company’s issuance of the Securities and any Buyer’s ownership of the Securities.

 

(j)            SEC
Documents; Financial Statements. During the two (2) years prior to the date hereof, the Company has filed all
reports, schedules, forms, proxy statements, statements and other documents required to be filed by it with the SEC pursuant
to the reporting requirements of the Securities Exchange Act of 1934, as amended (the “1934 Act”) (all of
the foregoing filed prior to the date hereof and all exhibits and appendices included therein and financial statements, notes
and schedules thereto and documents incorporated by reference therein being hereinafter referred to as the “SEC
Documents”). The Company has delivered or has made available to the Buyers or their respective representatives
true, correct and complete copies of each of the SEC Documents not available on the EDGAR system. Subject to the subsequent
filing of an amendment to an SEC Document with the SEC prior to date of this Agreement, as of their respective dates, the SEC
Documents, complied in all material respects with the requirements of the 1934 Act and the rules and regulations of the
SEC promulgated thereunder applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with
the SEC, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein
or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading. As of their respective dates, the financial statements of the Company included in the SEC Documents complied in
all material respects with applicable accounting requirements and the published rules and regulations of the SEC with
respect thereto as in effect as of the time of filing. Such financial statements have been prepared in accordance with
generally accepted accounting principles (“GAAP”), consistently applied, during the periods involved
(except (i) as may be otherwise indicated in such financial statements or the notes thereto, or (ii) in the case of
unaudited interim statements, to the extent they may exclude footnotes or may be condensed or summary statements) and fairly
present in all material respects the financial position of the Company as of the dates thereof and the results of its
operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit
adjustments which will not be material, either individually or in the aggregate). The reserves, if any, established by the
Company or the lack of reserves, if applicable, are reasonable based upon facts and circumstances known by the Company on the
date hereof and there are no loss contingencies that are required to be accrued by the Statement of Financial Accounting
Standard No. 5 of the Financial Accounting Standards Board which are not provided for by the Company in its financial
statements or otherwise. No other information provided by or on behalf of the Company to any of the Buyers which is not
included in the SEC Documents (including, without limitation, information in the disclosure schedules to this Agreement)
contains any untrue statement of a material fact or omits to state any material fact necessary in order to make the
statements therein not misleading, in the light of the circumstance under which they are or were made. The Company is not
currently contemplating to amend or restate any of the financial statements (including, without limitation, any notes or any
letter of the independent accountants of the Company with respect thereto) included in the SEC Documents (the
 “Financial Statements”), nor is the Company currently aware of facts or circumstances which would require
the Company to amend or restate any of the Financial Statements, in each case, in order for any of the Financials Statements
to be in compliance with GAAP and the rules and regulations of the SEC. The Company has not been informed by its
independent accountants that they recommend that the Company amend or restate any of the Financial Statements or that there
is any need for the Company to amend or restate any of the Financial Statements. The Company has engaged BF Borges CPA PC to
audit the consolidated financial results for the Company and its subsidiaries.

 

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(k)            Absence
of Certain Changes. Except as set forth on Schedule 3(k), since the date of the Company’s most recent
audited financial statements contained in a Form 10-K, there has been no change or development that resulted or would
result in a Material Adverse Effect on the business, assets, liabilities, properties, operations (including results thereof),
condition (financial or otherwise) or prospects of the Company or any of its Subsidiaries. Since the date of the
Company’s most recent audited financial statements contained in a Form 10-K, except as set forth in the SEC
Documents filed by the Company following the Company’s most recently filed Form 10-K/A, neither the Company nor
any of its Subsidiaries has (i) declared or paid any dividends, (ii) sold any material assets, individually or in
the aggregate, outside of the ordinary course of business or (iii) made any material capital expenditures, individually
or in the aggregate, outside of the ordinary course of business. Neither the Company nor any of its Subsidiaries has taken
any steps to seek protection pursuant to any law or statute relating to bankruptcy, insolvency, reorganization, receivership,
liquidation or winding up, nor does the Company or any Subsidiary have any knowledge or reason to believe that any of their
respective creditors intend to initiate involuntary bankruptcy proceedings or any actual knowledge of any fact which would
reasonably lead a creditor to do so.

 

(l)            No
Undisclosed Events, Liabilities, Developments or Circumstances. Except as set forth on Schedule 3(1), no event, liability,
development or circumstance has occurred or exists, or is reasonably expected to exist or occur specific to the Company, any of
its Subsidiaries or any of their respective businesses, properties, liabilities, prospects, operations (including results thereof)
or condition (financial or otherwise), that has not been publicly disclosed and would reasonably be expected to have a Material
Adverse Effect.

 

(m)            Conduct
of Business; Regulatory Permits. Neither the Company nor any of its Subsidiaries is in violation of any term under its
Articles of Incorporation, any certificate of designation, preferences or rights of any other outstanding series of preferred
stock of the Company or any of its Subsidiaries or Bylaws or their organizational charter, certificate of formation,
memorandum of association, articles of association, Articles of Incorporation or certificate of incorporation or bylaws,
respectively. Neither the Company nor any of its Subsidiaries is in violation of any judgment, decree or order or any
statute, ordinance, rule or regulation applicable to the Company or any of its Subsidiaries, and neither the Company nor
any of its Subsidiaries will conduct its business in violation of any of the foregoing, except in all cases for violations
which would not reasonably be expected to have a Material Adverse Effect. Without limiting the generality of the foregoing,
the Company is not in violation of any of the rules, regulations or requirements of the Principal Market and has no knowledge
of any facts or circumstances that could reasonably lead to delisting or suspension of the Common Stock by the Principal
Market in the foreseeable future. During the one year prior to the date hereof, (i) the Common Stock has been listed or
designated for quotation on the Principal Market, (ii) trading in the Common Stock has not been suspended by the SEC or
the Principal Market and (iii) the Company has received no communication, written or oral, from the SEC or the Principal
Market regarding the suspension or delisting of the Common Stock from the Principal Market, which has not been publicly
disclosed. The Company and each of its Subsidiaries possess all certificates, authorizations and permits issued by the
appropriate regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such
certificates, authorizations or permits would not reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect, and neither the Company nor any of its Subsidiaries has received any notice of proceedings relating
to the revocation or modification of any such certificate, authorization or permit. There is no agreement, commitment,
judgment, injunction, order or decree binding upon the Company or any of its Subsidiaries or to which the Company or any of
its Subsidiaries is a party which has or would reasonably be expected to have the effect of prohibiting or materially
impairing any business practice of the Company or any of its Subsidiaries, any acquisition of property by the Company or any
of its Subsidiaries or the conduct of business by the Company or any of its Subsidiaries as currently conducted other than
such effects, individually or in the aggregate, which have not had and would not reasonably be expected to have a Material
Adverse Effect on the Company or any of its Subsidiaries.

 

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(n)            Foreign
Corrupt Practices. Neither the Company nor any of its Subsidiaries nor any director, officer, agent, employee, nor any other
person acting for or on behalf of the Company or any of its Subsidiaries (individually and collectively, a “Company Affiliate”)
have violated the U.S. Foreign Corrupt Practices Act (the “FCPA) or any other applicable anti-bribery or anti-corruption
laws, nor has any Company Affiliate offered, paid, promised to pay, or authorized the payment of any money, or offered, given,
promised to give, or authorized the giving of anything of value, to any officer, employee or any other person acting in an official
capacity for any Governmental Entity to any political party or official thereof or to any candidate for political office (individually
and collectively, a “Government Official”) or to any person under circumstances where such Company Affiliate
knew or was aware of a high probability that all or a portion of such money or thing of value would be offered, given or promised,
directly or indirectly, to any Government Official, for the purpose, in violation of applicable law, of: (i) (A) influencing
any act or decision of such Government Official in his/her official capacity, (B) inducing such Government Official to do
or omit to do any act in violation of his/her lawful duty, (C) securing any improper advantage, or (D) inducing such
Government Official to influence or affect any act or decision of any Governmental Entity, or (ii) assisting the Company or
its Subsidiaries in obtaining or retaining business for or with, or directing business to, the Company or its Subsidiaries.

 

(o)            Equity
Capitalization.

 

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

 

(ii)            Authorized
and Outstanding Capital Stock. As of the date hereof, the authorized capital stock of the Company consists of (A) 1,500,000,000
shares of Common Stock, of which 133,871,256 shares are issued and outstanding (and of which none are reserved for issuance) and
(B) 50,000,000 shares of preferred stock, of which 7,000,000 shares of Series A Convertible Redeemable Preferred Stock
are outstanding.

 

(iii)            Valid
Issuance; Available Shares. All of such outstanding shares are duly authorized and have been validly issued and are fully paid
and nonassessable.

  

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(iv)            Existing
Securities; Obligations. Except as disclosed in the SEC Documents: (A) none of the Company’s or any Subsidiary’s
shares, interests or capital stock is subject to preemptive rights or any other similar rights or Liens suffered or permitted
by the Company or any Subsidiary; (B) there are no outstanding options, warrants, scrip, rights to subscribe to, calls or
commitments of any character whatsoever relating to, or securities or rights convertible into, or exercisable or exchangeable
for, any shares, interests or capital stock of the Company or any of its Subsidiaries, or contracts, commitments, understandings
or arrangements by which the Company or any of its Subsidiaries is or may become bound to issue additional shares, interests or
capital stock of the Company or any of its Subsidiaries or options, warrants, scrip, rights to subscribe to, calls or commitments
of any character whatsoever relating to, or securities or rights convertible into, or exercisable or exchangeable for, any shares,
interests or capital stock of the Company or any of its Subsidiaries; (C) there are no agreements or arrangements under which
the Company or any of its Subsidiaries is obligated to register the sale of any of their securities under the 1933 Act (except
pursuant to this Agreement); (D) there are no outstanding securities or instruments of the Company or any of its Subsidiaries
which contain any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by
which the Company or any of its Subsidiaries is or may become bound to redeem a security of the Company or any of its Subsidiaries;
(E) there are no securities or instruments containing anti-dilution or similar provisions that will be triggered by the issuance
of the Securities; and (G) neither the Company nor any Subsidiary has any stock appreciation rights or “phantom stock”
plans or agreements or any similar plan or agreement.

 

(v)            Organizational
Documents. The Company has furnished to the Buyers or filed on the EDGAR system true, correct and complete copies of the Company’s
Articles of Incorporation, as amended and as in effect on the date hereof (the “Articles of Incorporation”),
and the Company’s bylaws, as amended and as in effect on the date hereof (the “Bylaws”), and the terms
of all Convertible Securities and the material rights of the holders thereof in respect thereto.

 

(p)            Litigation.
Except as disclosed in the SEC Documents, there is no action, suit, arbitration, proceeding, inquiry or investigation before or
by the Principal Market, any court, public board, other Governmental Entity, self-regulatory organization or body pending or, to
the knowledge of the Company, threatened against or affecting the Company or any of its Subsidiaries, the Common Stock or any of
the Company’s or its Subsidiaries’ officers or directors, whether of a civil or criminal nature or otherwise, in their
capacities as such, which would reasonably be expected to result in a Material Adverse Effect. The Company is not aware of any
event which might result in or form the basis for any such action, suit, arbitration, investigation, inquiry or other proceeding.
Without limitation of the foregoing, there has not been, and to the knowledge of the Company, there is not pending or contemplated,
any investigation by the SEC involving the Company, any of its Subsidiaries or any current or former director or officer of the
Company or any of its Subsidiaries. Neither the Company nor any of its Subsidiaries is the subject of any order, writ, judgment,
injunction, decree, determination or award of any Governmental Entity that would reasonably be expected to result in a Material
Adverse Effect.

 

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(q)            Insurance.
The Company and each of its Subsidiaries are insured by insurers of recognized financial responsibility against such losses and
risks and in such amounts as management of the Company believes to be prudent and customary in the businesses in which the Company
and its Subsidiaries are engaged. Except as set forth on Schedule 3(q), neither the Company nor any such Subsidiary has
any reason to believe that it will be unable to renew its existing insurance coverage as and when such coverage expires or to obtain
similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Material Adverse
Effect.

 

(r)            Manipulation
of Price. Neither the Company nor any of its Subsidiaries has, and, to the knowledge of the Company, no Person acting on their
behalf has, directly or indirectly, (i) taken any action designed to cause or to result in the stabilization or manipulation
of the price of any security of the Company or any of its Subsidiaries to facilitate the sale or resale of any of the Securities,
(ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the Securities, or (iii) paid
or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company or any of
its Subsidiaries.

 

(s)            Registration
Eligibility. The Company is eligible to register the resale of the Conversion Shares by the Buyers using Form S-1 promulgated
under the 1933 Act.

 

(t)            Shell
Company Status. The Company has never been an issuer identified in Rule 144(i)(1)(i).

 

(u)            Money
Laundering. The Company and its Subsidiaries are in compliance with, and have not previously violated, the USA Patriot Act
of 2001 and all other applicable U.S. and non-U.S. anti-money laundering laws and regulations, including, but not limited to, the
laws, regulations and Executive Orders and sanctions programs (“Sanctions Programs”) administered by the U.S.
Office of Foreign Assets Control (“OFAC”), including, without limitation, (i) Executive Order 13224 of
September 23, 2001 entitled, “Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit,
or Support Terrorism” (66 Fed. Reg. 49079 (2001)); and any regulations contained in 31 CFR, Subtitle B, Chapter V.

 

(v)            Disclosure.
The Company confirms that neither it nor any other Person acting on its behalf has provided any of the Buyers or their agents
or counsel with any information that constitutes or could reasonably be expected to constitute material, non-public
information concerning the Company or any of its Subsidiaries, other than the existence of the transactions contemplated by
this Agreement and the other Transaction Documents and information in the Schedules to this Agreement. The Company
understands and confirms that each of the Buyers will rely on the foregoing representations in effecting transactions in
securities of the Company. All disclosure provided to the Buyers regarding the Company and its Subsidiaries, their businesses
and the transactions contemplated hereby, including the schedules to this Agreement, furnished by or on behalf of the Company
or any of its Subsidiaries, taken as a whole, is true and correct and does not contain any untrue statement of a material
fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the
circumstances under which they were made, not misleading. All of the written information furnished after the date hereof by
or on behalf of the Company or any of its Subsidiaries to each Buyer pursuant to or in connection with this Agreement and the
other Transaction Documents, taken as a whole, will be true and correct in all material respects as of the date on which such
information is so provided and will not contain any untrue statement of a material fact or omit to state any material fact
necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not
misleading. No event or circumstance has occurred or information exists with respect to the Company or any of its
Subsidiaries or its or their business, properties, liabilities, prospects, operations (including results thereof) or
conditions (financial or otherwise), which, under applicable law, rule or regulation, requires public disclosure at or
before the date hereof or announcement by the Company but which has not been so publicly disclosed, except for information in
the Schedules to this Agreement. The Company acknowledges and agrees that no Buyer makes or has made any representations or
warranties with respect to the transactions contemplated hereby other than those specifically set forth in
Section 2.

 

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(w)            No
General Solicitation. Neither the Company, nor any of its affiliates, nor any Person acting on its or their behalf, has engaged
in any form of general solicitation or general advertising (within the meaning of Regulation D under the Securities Act) in connection
with the offer or sale of the Securities.

 

(x)            Private
Placement. Assuming the accuracy of the Buyers’ representations and warranties set forth in Section 2, no registration
under the Securities Act is required for the offer and sale of the Securities by the Company to the Buyers as contemplated hereby,
and the issuance and sale of the Securities hereunder does not contravene the rules and regulations of the Primary Market.

 

4.            COVENANTS.

 

(a)            Reporting
Status. Until the date on which the Buyers shall have sold all of the Underlying Securities, as defined below, (the “Reporting
Period”), the Company shall file all reports required to be filed with the SEC pursuant to the 1934 Act, and the Company
shall not terminate its status as an issuer required to file reports under the 1934 Act even if the 1934 Act or the rules and
regulations thereunder would no longer require or otherwise permit such termination.

 

(b)            Use
of Proceeds. Except as set forth on Schdule 4(a) hereto, neither the Company nor any Subsidiary will, directly or
indirectly, use the proceeds of the transactions contemplated herein to repay any loans to any executives or employees of the
Company. Neither the Company nor any Subsidiary will, directly or indirectly, use the proceeds of the transactions
contemplated herein, or lend, contribute, facilitate or otherwise make available such proceeds to any Person (i) to
fund, either directly or indirectly, any activities or business of or with any Person that is identified on the list of
Specially Designated Nationals and Blocker Persons maintained by OFAC, or in any country or territory, that, at the time of
such funding, is, or whose government is, the subject of Sanctions Programs, or (ii) in any other manner that will
result in a violation of Sanctions Programs.

 

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(c)            Listing.
The Company shall promptly secure the listing or designation for quotation (as the case may be) of all of the Underlying Securities
(as defined below) upon each national securities exchange and automated quotation system, if any, upon which the Common Stock is
then listed or designated for quotation (as the case may be) (subject to official notice of issuance) and shall maintain such listing
or designation for quotation (as the case may be) of all Underlying Securities from time to time issuable under the terms of the
Transaction Documents on such national securities exchange or automated quotation system. The Company shall maintain the Common
Stock’s listing or authorization for quotation (as the case may be) on the Principal Market, The New York Stock Exchange,
the NYSE MKT, the Nasdaq Global Market, the Nasdaq Global Select Market, or the OTCQX (each, an “Eligible Market”).
Neither the Company nor any of its Subsidiaries shall take any action which could be reasonably expected to result in the delisting
or suspension of the Common Stock on an Eligible Market. The Company shall pay all fees and expenses in connection with satisfying
its obligations under this Section 4(c). “Underlying Securities” means the (i) the Conversion Shares,
(ii) the Warrant Shares, and (iii) any common stock of the Company issued or issuable with respect to the Conversion
Shares or the Warrant Shares, including, without limitation, (1) as a result of any stock split, stock dividend, recapitalization,
exchange or similar event or otherwise and (2) shares of capital stock of the Company into which the shares of Common Stock
are converted or exchanged without regard to any limitations on conversion of the Convertible Debentures or the exercise of the
Warrant.

 

(d)            Pledge
of Securities. Notwithstanding anything to the contrary contained in this Agreement, the Company acknowledges and agrees that
the Securities may be pledged by the Buyer in connection with a bona fide margin agreement or other loan or financing arrangement
that is secured by the Securities, subject to Section 5(b). The pledge of Securities shall not be deemed to be a transfer,
sale or assignment of the Securities hereunder, and except as set forth in Section 5(b), no Buyer effecting a pledge of Securities
shall be required to provide the Company with any notice thereof or otherwise make any delivery to the Company pursuant to this
Agreement or any other Transaction Document. The Company hereby agrees to execute and deliver such documentation as a pledgee of
the Securities may reasonably request in connection with a pledge of the Securities to such pledgee by a Buyer.

 

(e)            Disclosure
of Transactions and Other Material Information. The Company shall, on or before 9:30 a.m., New York time, on the first (1st)
Business Day after the date of this Agreement, issue a press release (the “Press Release”) reasonably acceptable
to the Buyers disclosing all the material terms of the transactions contemplated by the Transaction Documents. On or before 9:30
a.m., New York time, on or before the fourth (4th) Business Day after the date of this Agreement, the Company shall
file a Current Report on Form 8-K describing all the material terms of the transactions contemplated by the Transaction Documents
in the form required by the 1934 Act and attaching all the required Transaction Documents (including, without limitation, this
Agreement (such Form 8-K, including all attachments, the “8-K Filing”). From and after the filing of the
8-K Filing, the Company shall have disclosed all material, non-public information (if any) provided to any of the Buyers by the
Company or any of its Subsidiaries or any of their respective officers, directors, employees or agents in connection with the
transactions contemplated by the Transaction Documents. In addition, effective upon the filing of the 8-K Filing, the Company
acknowledges and agrees that any and all confidentiality or similar obligations with respect to the transactions contemplated
by the Transaction Documents under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any
of their respective officers, directors, affiliates, employees or agents, on the one hand, and any of the Buyers or any of their
affiliates, on the other hand, shall terminate. The Company shall not, and the Company shall cause each of its Subsidiaries and
each of its and their respective officers, directors, employees and agents not to, provide any Buyer with any material, non-public
information regarding the Company or any of its Subsidiaries from and after the date hereof without the express prior written
consent of such Buyer (which may be granted or withheld in such Buyer’s sole discretion).

 

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(f)            Reservation
of Shares. So long as any of the Convertible Debentures remain outstanding, the Company shall take all action necessary to
at all times have authorized, and reserved for the purpose of issuance, no less than 300% of the maximum number of shares of Common
Stock issuable upon conversion of all the Convertible Debentures then outstanding (assuming for purposes hereof that (x) the
Convertible Debentures are convertible at the Conversion Price then in effect, and (y) any such conversion shall not take
into account any limitations on the conversion of the Convertible Debentures, including the Floor Price) (the “Required
Reserve Amount”); provided that at no time shall the number of shares of Common Stock reserved pursuant to this Section 4(f) be
reduced other than proportionally in connection with any conversion and/or redemption, or reverse stock split. If at any time
the number of shares of Common Stock authorized and reserved for issuance is not sufficient to meet the Required Reserved Amount,
the Company will promptly take all corporate action necessary to authorize and reserve a sufficient number of shares, including,
without limitation, calling a special meeting of stockholders to authorize additional shares to meet the Company’s obligations
pursuant to the Transaction Documents, in the case of an insufficient number of authorized shares, and obtain stockholder approval
of an increase in such authorized number of shares, and voting the management shares of the Company in favor of an increase in
the authorized shares of the Company to ensure that the number of authorized shares is sufficient to meet the Required Reserved
Amount.

 

(g)            Conduct
of Business. The business of the Company and its Subsidiaries shall not be conducted in violation of any law, ordinance or
regulation of any Governmental Entity, except where such violations would not reasonably be expected to result, either individually
or in the aggregate, in a Material Adverse Effect.

 

(h)            No
Issuance of Variable Financings. So long as the Debenture is outstanding, without the Buyer’s prior written consent,
the Company covenants and agrees that it shall not enter into any Variable Rate Transaction (as defined below). For purposes hereof,
 “Variable Rate Transaction” means a transaction in which the Company (i) issues or sells any securities
convertible or exercisable into shares of the Company’s common stock (collectively, “Convertible Securities”)
either (A) at a conversion, exercise or exchange rate or other price that is based upon and/or varies with the trading prices
of, or quotations for, the shares of Common Stock at any time after the initial issuance of such Convertible Securities, or (B) with
a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such
Convertible Securities or upon the occurrence of specified or contingent events directly or indirectly related to the business
of the Company or the market for the Common Stock or (ii) enters into any agreement (including, without limitation, an equity
line of credit) whereby the Company may sell securities at a future determined price (other than standard and customary “preemptive”
or “participation” rights”).

 

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5.            REGISTER;
TRANSFER AGENT INSTRUCTIONS; LEGEND.

 

(a)            Register.
The Company shall maintain at its principal executive offices or with the Transfer Agent (or at such other office or agency of
the Company as it may designate by notice to each holder of Securities), a register for the Convertible Debentures and the Warrants
in which the Company shall record the name and address of the Person in whose name the Convertible Debentures and the Warrant
have been issued (including the name and address of each transferee), the amount of Convertible Debentures and Warrants held by
such Person, and the number of Conversion Shares and Warrant Shares issuable upon conversion of the Convertible Debentures or
exercise of the Warrants held by such Person. The Company shall keep the register open and available at all times during business
hours for inspection of any Buyer or its legal representatives.

 

(b)            Transfer
Restrictions. The Securities may only be disposed of in compliance with state and federal securities laws. In connection with
any transfer of Securities other than pursuant to an effective registration statement or Rule 144, to the Company or to an
Affiliate of a Buyer or in connection with a pledge as contemplated herein, the Company may require the transferor thereof to provide
to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance
of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration
of such transferred Securities under the Securities Act. As a condition of transfer, any such transferee shall agree in writing
to be bound by the terms of this Agreement and shall have the rights and obligations of a Buyer under this Agreement.

 

6.            CONDITIONS
TO THE COMPANY’S OBLIGATION TO SELL.

 

The obligation of the Company hereunder
to issue and sell the Convertible Debentures and shares of Common Stock to each Buyer at each Closing is subject to the satisfaction,
at or before each Closing Date, of each of the following conditions, provided that these conditions are for the Company’s
sole benefit and may be waived by the Company at any time in its sole discretion by providing each Buyer with prior written notice
thereof:

 

(a)            Such
Buyer shall have executed each of the Transaction Documents to which it is a party and delivered the same to the Company.

 

(b)            Such
Buyer and each other Buyer shall have delivered to the Company the Purchase Price (less, in the case of any Buyer, the amounts
withheld pursuant to Section 1(c)) for the Convertible Debentures and shares of Common Stock being purchased by such Buyer
and each other Buyer at the Closing, by wire transfer of immediately available funds in accordance with the Closing Statement.

 

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(c)            In
the case of the Second Closing and Third Closing, the Buyers shall have purchased all the Convertible Debentures and shares of
Common Stock offered for sale at the Closings prior thereto.

 

(d)            The
representations and warranties of such Buyer shall be true and correct in all material respects as of the date when made and as
of each Closing Date as though originally made at that time (except for representations and warranties that speak as of a specific
date, which shall be true and correct as of such specific date), and such Buyer shall have performed, satisfied and complied in
all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied
with by such Buyer at or prior to such Closing Date.

 

7.            CONDITIONS
TO EACH BUYER’S OBLIGATION TO PURCHASE.

 

The obligation of each Buyer hereunder to
purchase its Convertible Debentures and shares of Common Stock at each Closing is subject to the satisfaction, at or before each
Closing Date, of each of the following conditions, provided that these conditions are for each Buyer’s sole benefit and may
be waived by such Buyer at any time in its sole discretion by providing the Company with prior written notice thereof:

 

(a)            The
Company shall have duly executed and delivered to such Buyer each of the Transaction Documents to which it is a party and the Company
shall have duly executed and delivered to such Buyer such aggregate amount of Convertible Debentures as is set forth opposite such
Buyer’s name in column (b) of the Schedule of Buyers for each Closing, against payment therefor.

 

(b)            Such
Buyer’s designee shall have received a structuring fee of $25,000, of which $12,500 was received in connection with the signing
of the Term Sheet. The balance of $12,500 shall be deducted by the Buyers pro-rata in proportion to the amounts of the Convertible
Debentures purchased from the proceeds of the First Closing.

 

(c)            The
average VWAP for the Company’s Common Stock for the ten (10) Trading Days immediately prior to each Closing shall not
be less than the Floor Price.

 

(d)            Reserved.

 

(e)            Each
and every representation and warranty of the Company shall be true and correct in all material respects (other than representations
and warranties qualified by materiality, which shall be true and correct in all respects) as of the date when made and as of each
Closing Date as though originally made at that time (except for representations and warranties that speak as of a specific date,
which shall be true and correct as of such specific date), which representations and warranties the Company may update prior to
each Closing Date, and the Company shall have performed, satisfied and complied in all respects with the covenants, agreements
and conditions required to be performed, satisfied or complied with by the Company at or prior to each Closing Date, as set forth
in Sections 3 and 4.

 

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(f)            The
Common Stock (A) shall be designated for quotation or listed (as applicable) on the Principal Market and (B) shall not
have been suspended, as of each Closing Date, by the SEC or the Principal Market from trading on the Principal Market nor shall
suspension by the SEC or the Principal Market have been threatened, as of each Closing Date, either (I) in writing by the
SEC or the Principal Market or (II) by falling below the minimum maintenance requirements of the Principal Market.

 

(g)            The
Company shall have obtained all Governmental Entity or third party consents and approvals, if any, necessary for the sale of the
Securities, including without limitation, those required by the Principal Market, if any.

 

(h)            No
statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed
by any court or Governmental Entity of competent jurisdiction that prohibits the consummation of any of the transactions contemplated
by the Transaction Documents.

 

(i)            Since
the date of execution of this Agreement, no event or series of events shall have occurred that has resulted in or would reasonably
be expected to result in a Material Adverse Effect.

 

(j)            The
Company shall have obtained approval of the Principal Market to list or designate for quotation (as the case may be) the Conversion
Shares, if applicable.

 

(k)            Such
Buyer shall have received a letter, duly executed by an officer of the Company, setting forth the wire amounts of each Buyer and
the wire transfer instructions of the Company (the “Closing Statement”).

 

(l)            From
the date hereof to the applicable Closing Date, (i) trading in the Common Stock shall not have been suspended by the SEC or
the Principal Market (except for any suspension of trading of limited duration agreed to by the Company, which suspension shall
be terminated prior to the Closing), (ii) the closing price of the Common Stock on each such day shall be 120% above the Floor
Price (as defined in the Convertible Debentures), and (iii) at any time prior to the Closing Date, trading in securities generally
as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities
whose trades are reported by such service, or on the Principal Market, nor shall a banking moratorium have been declared either
by the United States or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities
or other national or international calamity of such magnitude in its effect on, or any material adverse change in, any financial
market which, in each case, in the reasonable judgment of each Buyer, makes it impracticable or inadvisable to purchase the Securities
at the Closing.

 

(m)            The
Company and its Subsidiaries shall have delivered to such Buyer such other documents, instruments or certificates relating to the
transactions contemplated by this Agreement as such Buyer or its counsel may reasonably request.

 

(n)            Solely
with respect to the Second Closing, the Registration Statement shall be filed with the SEC in accordance with the RRA.

 

    20

     

    

 

(o)            Solely
with respect to the Third Closing, the Registration Statement shall be effective in accordance with the RRA.

 

8.            TERMINATION.

 

In the event that the First Closing shall
not have occurred with respect to a Buyer within five (5) days of the date hereof, then such Buyer shall have the right to
terminate its obligations under this Agreement with respect to itself at any time on or after the close of business on such date
without liability of such Buyer to any other party; provided, however, (i) the right to terminate this Agreement under this
Section 8 shall not be available to such Buyer if the failure of the transactions contemplated by this Agreement to have been
consummated by such date is the result of such Buyer’s breach of this Agreement and (ii) the abandonment of the sale
and purchase of the Convertible Debentures shall be applicable only to such Buyer providing such written notice, provided further
that no such termination shall affect any obligation of the Company under this Agreement to reimburse such Buyer for the expenses
described herein. Nothing contained in this Section 8 shall be deemed to release any party from any liability for any breach
by such party of the terms and provisions of this Agreement or the other Transaction Documents or to impair the right of any party
to compel specific performance by any other party of its obligations under this Agreement or the other Transaction Documents.

 

9.            MISCELLANEOUS.

 

(a)            Governing
Law; Jurisdiction; Jury Trial. All 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. The Company 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 under any of the other Transaction Documents or with any transaction
contemplated hereby or thereby, 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. Nothing contained herein shall be deemed or operate to
preclude any Buyer from bringing suit or taking other legal action against the Company in any other jurisdiction to collect
on the Company’s obligations to such Buyer or to enforce a judgment or other court ruling in favor of such Buyer. EACH
PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION
OF ANY DISPUTE HEREUNDER OR UNDER ANY OTHER TRANSACTION DOCUMENT OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT, ANY
OTHER TRANSACTION DOCUMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY.

 

    21

     

    

 

(b)            Counterparts.
This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to the other party. In the event that
any signature is delivered by facsimile transmission or by an e-mail which contains a portable document format (.pdf) file of an
executed signature page, such signature page shall create a valid and binding obligation of the party executing (or on whose
behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

(c)            Headings;
Gender. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation
of, this Agreement. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine,
feminine, neuter, singular and plural forms thereof. The terms “including,” “includes,” “include”
and words of like import shall be construed broadly as if followed by the words “without limitation.” The terms “herein,”
 “hereunder,” “hereof” and words of like import refer to this entire Agreement instead of just the provision
in which they are found.

 

(d)            Entire
Agreement, Amendments. This Agreement supersedes all other prior oral or written agreements between the Buyer, the Company,
their affiliates and persons acting on their behalf with respect to the subject matter hereof, and this Agreement and the instruments
referenced herein contain the entire understanding of the parties with respect to the matters covered herein and therein and, except
as specifically set forth herein or therein, neither the Company nor any Buyer makes any representation, warranty, covenant or
undertaking with respect to such matters. No provision of this Agreement may be waived or amended other than by an instrument in
writing signed by the party to be charged with enforcement.

 

(e)            Notices.
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must
be in writing by letter and email and will be deemed to have been delivered: upon the later of (A) either (i) receipt,
when delivered personally or (ii) one (1) Business Day after deposit with an overnight courier service with next day
delivery specified, in each case, properly addressed to the party to receive the same and (B) receipt, when sent by electronic
mail with confirmed delivery. Notices sent by email after 5 pm eastern time shall be deemed delivered on the next Business Day.
The addresses and e-mail addresses for such communications shall be:

 

	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

 

    22

     

    

 

	With 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

 

If to a Buyer, to its address, e-mail address and facsimile
number set forth on the Schedule of Buyers, with copies to such Buyer’s representatives as set forth on the Schedule of Buyers,

 

	With copy to:	Troy J. Rillo, Esq.	 
	 	c/o Yorkville Advisors Global, LP
	 	1012 Springfield Avenue
	 	Mountainside, NJ 07092
	 	Email: legal@yorkvilleadvisors.com

 

or to such other address, e-mail address and/or facsimile number
and/or to the attention of such other Person as the recipient party has specified by written notice given to each other party five
(5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such
notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s e-mail
containing the time, date, recipient e-mail address, or (C) provided by an overnight courier service shall be rebuttable evidence
of personal service, receipt by e-mail or receipt from an overnight courier service in accordance with clause (i), (ii) or
(iii) above, respectively.

 

(f)            Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and
assigns, including any purchasers of any of the Convertible Debentures (but excluding any purchasers of Underlying Securities,
unless pursuant to a written assignment by such Buyer). The Company shall not assign this Agreement or any rights or obligations
hereunder without the prior written consent of the Buyers. In connection with any transfer of any or all of its Securities, a Buyer
may assign all, or a portion, of its rights and obligations hereunder in connection with such Securities without the consent of
the Company, in which event such assignee shall be deemed to be a Buyer hereunder with respect to such transferred Securities.

 

    23

     

    

 

(g)            Indemnification.

 

(i)            In
consideration of each Buyer’s execution and delivery of the Transaction Documents and acquiring the Securities
thereunder and in addition to all of the Company’s other obligations under the Transaction Documents, the Company shall
defend, protect, indemnify and hold harmless each Buyer and each holder of any Securities and all of their stockholders,
partners, members, officers, directors, employees and direct or indirect investors and any of the foregoing Persons’
agents or other representatives (including, without limitation, those retained in connection with the transactions
contemplated by this Agreement) (collectively, the “Indemnitees”) from and against any and all actions, causes of
action, suits, claims, losses, costs, penalties, fees, liabilities and damages, and expenses in connection therewith
(irrespective of whether any such Indemnitee is a party to the action for which indemnification hereunder is sought), and
including reasonable attorneys’ fees and disbursements (the “Indemnified Liabilities”), incurred by any
Indemnitee as a result of, or arising out of, or relating to (i) any misrepresentation or breach of any representation
or warranty made by the Company in any of the Transaction Documents, (ii) any breach of any covenant, agreement or
obligation of the Company or any Subsidiary contained in any of the Transaction Documents or (iii) any cause of action,
suit, proceeding or claim brought or made against such Indemnitee by a third party (including for these purposes a derivative
action brought on behalf of the Company or any Subsidiary) or which otherwise involves such Indemnitee that arises out of or
results from (A) the execution, delivery, performance or enforcement of any of the Transaction Documents, (B) any
transaction financed or to be financed in whole or in part, directly or indirectly, with the proceeds of the issuance of the
Securities, or (C) any disclosure properly made by such Buyer pursuant to Section 3(f), or (D) the status of
such Buyer or holder of the Securities either as an investor in the Company pursuant to the transactions contemplated by the
Transaction Documents or as a party to this Agreement (including, without limitation, as a party in interest or otherwise in
any action or proceeding for injunctive or other equitable relief), except in the case of this clause (iii), any cause of
action, suit, proceeding or claim arising from the Indemnitee’s breach of any representation or covenant of this
Agreement or any other Transaction Document, or willful or reckless misconduct. To the extent that the foregoing undertaking
by the Company may be unenforceable for any reason, the Company shall make the maximum contribution to the payment and
satisfaction of each of the Indemnified Liabilities which is permissible under applicable law.

 

(ii)            Promptly
after receipt by an Indemnitee under this Section 9(g) of notice of the commencement of any action or proceeding
(including any governmental action or proceeding) involving an Indemnified Liability, such Indemnitee shall, if a claim in
respect thereof is to be made against the Company under this Section 9(g), deliver to the Company a written notice of
the commencement thereof, and the Company shall have the right to participate in, and, to the extent the Company so desires,
to assume control of the defense thereof with counsel mutually reasonably satisfactory to the Company and the Indemnitee;
provided, however, that an Indemnitee shall have the right to retain its own counsel with the fees and expenses of such
counsel to be paid by the Company if: (A) the Company has agreed in writing to pay such fees and expenses; (B) the
Company shall have failed promptly to assume the defense of such Indemnified Liability and to employ counsel reasonably
satisfactory to such Indemnitee in any such Indemnified Liability; or (C) the named parties to any such Indemnified
Liability (including any impleaded parties) include both such Indemnitee and the Company, and such Indemnitee shall have been
advised by counsel that a conflict of interest is likely to exist if the same counsel were to represent such Indemnitee and
the Company (in which case, if such Indemnitee notifies the Company in writing that it elects to employ separate counsel at
the expense of the Company, then the Company shall not have the right to assume the defense thereof and such counsel shall be
at the expense of the Company), provided further, that in the case of clause (C) above the Company shall not be
responsible for the reasonable fees and expenses of more than one (1) separate legal counsel for the Indemnitees. The
Indemnitee shall reasonably cooperate with the Company in connection with any negotiation or defense of any such action or
Indemnified Liability by the Company and shall furnish to the Company all information reasonably available to the Indemnitee
which relates to such action or Indemnified Liability. The Company shall keep the Indemnitee reasonably apprised at all times
as to the status of the defense or any settlement negotiations with respect thereto. The Company shall not be liable for any
settlement of any action, claim or proceeding effected without its prior written consent, provided, however, that the Company
shall not unreasonably withhold, delay or condition its consent. The Company shall not, without the prior written consent of
the Indemnitee, consent to entry of any judgment or enter into any settlement or other compromise which does not include as
an unconditional term thereof the giving by the claimant or plaintiff to such Indemnitee of a release from all liability in
respect to such Indemnified Liability or litigation, and such settlement shall not include any admission as to fault on the
part of the Indemnitee. Following indemnification as provided for hereunder, the Company shall be subrogated to all rights of
the Indemnitee with respect to all third parties, firms or corporations relating to the matter for which indemnification has
been made. The failure to deliver written notice to the Company within a reasonable time of the commencement of any such
action shall not relieve the Company of any liability to the Indemnitee under this Section 9(g), except to the extent
that the Company is materially and adversely prejudiced in its ability to defend such action.

 

    24

     

    

 

(iii)            The
indemnification required by this Section 9(g) shall be made by periodic payments of the amount thereof during the course
of the investigation or defense, within ten (10) days after bills supporting the Indemnified Liabilities are received by the
Company.

 

(iv)            The
indemnity agreement contained herein shall be in addition to (A) any cause of action or similar right of the Indemnitee against
the Company or others, and (B) any liabilities the Company may be subject to pursuant to the law.

 

(v)            The
indemnity agreement contained herein shall not apply to the RRA and instead the indemnity agreement contained in the RRA shall
apply in connection with the RRA.

 

(h)            No
Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party.

 

[REMAINDER PAGE INTENTIONALLY LEFT BLANK]

 

    25

     

    

 

IN
WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this Securities Purchase
Agreement to be duly executed as of the date first written above.

 

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

 

    26

     

    

 

IN
WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this Securities Purchase
Agreement to be duly executed as of the date first written above.

 

	 	BUYER:
	 	 	 
	 	YA II PN, LTD.
	 	 	 
	 	By:	Yorkville Advisors Global, LP
	 	Its:	Investment Manager
	 	 	 
	 	 	By: Yorkville Advisors Global II, LLC
	 	 	Its: General Partner
	 	 	 
	 	 	By:	 
	 	 	Name:	Troy Rillo
	 	 	Title:	Sr. Managing Director

 

    27

     

    

 

EXHIBIT A

 

FORM OF CONVERTIBLE DEBENTURES

 

    28

     

    

 

SCHEDULE I

 

SCHEDULE OF BUYERS

 

	 	 	 	 	(b)	 	 	 	 
	 	 	 	 	Principal	 	 	(c)	 
	 	 	 	 	Amount of	 	 	Purchase Price	 
	(a)	 	 	 	Convertible	 	 	(96% of Face	 
	Buyer	 	 	 	Debentures	 	 	Value)	 
	YA II PN, Ltd.	 	 	 	 	 	 	 	 	 	 
	1012 Springfield Avenue	 	First Closing:	 	$	2,000,000.00	 	 	$	1,920,000.00	 
	Mountainside, NJ 07092	 	Second Closing	 	$	1,000,000.00	 	 	$	960,000.00	 
	Email:	 	 	 	 	 	 	 	 	 	 
	Legal@yorkvilleadvisors.com	 	Third Closing	 	$	2,000,000.00	 	 	$	1,920,000.00	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	Aggregate:	 	$	5,000,000.00	 	 	$	4,800,000.00	 

 

Legal Representative’s Address and E-Mail Address

Troy J. Rillo, Esq.

1012 Springfield Avenue

Mountainside, NJ 07092

Email: Legal@yorkvilleadvisors.com

 

    29

     

    

 

SCHEDULE 3(a)

NON-CORE OR NON-STRATEGIC ASSETS OR BUSINESS

 

In addition to any non-core or non-strategic assets or business
identified in the Company’s SEC Documents, the following are non-core or non-strategic assets or businesses:

 

Non-Core Assets

 

Fintech Village – West Hartford, Connecticut

Cryptocurrency holdings denominated on GTB, Bitcoin &
Ethereum

Frequency Networks

HooXi

Comments Radar

Fintalk

Grapevine

 

    30

     

    

 

SCHEDULE 3(k)

ABSENCE OF CERTAIN CHANGES

 

On August 31, 2019 the Company disposed of its majority
ownership in its Amer subsidiary. The Company retains a 10% equity stake.

 

    31

     

    

 

SCHEDULE 3(1)

UNDISCLOSED EVENTS, LIABILITIES, DEVELOPMENTS OR CIRCUMSTANCES

 

GTB Cryptocurrency holdings

 

The Company has GTB cryptocurrency with a value of $60 million
on the balance sheet classified as Intangible Assets. The value of GTB on the Asia EDX exchange has declined significantly and
it is possible that the Company will need to take an impairment charge against the GTB.

 

Fintech Village

 

The Company is developing a 58 acre site in West Hartford, Connecticut.
As part of the development process the Company engaged Newman Architects to produce a design for the redevelopment of the site.
The architect is proposing to charge a fee of $2.2M for the design work. The company is in negotiations with the architects about
the fees charged for the design work, if these negotiations are not successful it is likely that the Company will commence litigation
to resolve the matter

 

    32

     

    

 

SCHEDULE 3(q)

 

INSURANCE

 

D&O insurance premiums are anticipated to increase significantly
when the insurance policy is up for renewal in May, 2020.

 

    33Exhibit
10.114

 

EXECUTION
COPY

 

NEITHER
THIS DEBENTURE NOR THE SECURITIES INTO WHICH THIS DEBENTURE IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE. THESE SECURITIES HAVE BEEN SOLD IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED
OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS.

 

IDEANOMICS, INC.

 

Secured
Convertible Debenture

 

Face
Amount: $2,000,000

Purchase Price: $1,920,000

Debenture
Issuance Date: December 13, 2019 

Debenture Number: IDEX-1

 

FOR
VALUE RECEIVED, IDEANOMICS, INC., a Nevada corporation
(the "Company"), hereby promises to pay to the order of YA II PN, LTD.,
or its registered assigns (the “Holder”) the amount set out above as the Principal Amount (as reduced
pursuant to the terms hereof pursuant to redemption, conversion or otherwise, the "Principal") when due, whether
upon the Maturity Date (as defined below), acceleration, redemption or otherwise (in each case in accordance with the terms hereof)
and to pay interest ("Interest") on any outstanding Principal at the applicable Interest Rate from the date set
out above as the Debenture Issuance Date (the "Issuance Date") until the same becomes due and payable, whether
upon an Interest Date (as defined below), the Maturity Date or acceleration, conversion, redemption or
otherwise (in each case in accordance with the terms hereof). This Secured Convertible Debenture (including all debentures
issued in exchange, transfer or replacement hereof, this "Debenture") was originally issued pursuant to the Securities
Purchase Agreement dated December 13, 2019, (the "Securities Purchase Agreement") between the Company and
the Buyers listed on the Schedule of Buyers attached thereto. Certain capitalized terms used herein are defined in Section 16.
For the avoidance of doubt, the Issuance Date is the date of the first issuance of this Debenture regardless of the number of
transfers and regardless of the number of instruments, which may be issued to evidence such Debenture.

 

		(1)	GENERAL
                                         TERMS

 

(a)            Maturity
Date. The "Maturity Date" shall be December 13, 2020, as may be extended at the option of the Holder.

 

     

     

    

 

(b)            Interest
Rate and Payment of Interest. Interest shall accrue on the outstanding principal balance hereof at an annual rate equal to
4% ("Interest Rate"). Interest shall be calculated on the basis of a 365-day year and the actual number of days
elapsed, to the extent permitted by applicable law.

 

(c)            Security.
This Debenture is secured by a grant of a security interest and a mortgage as set forth in the Securities Purchase Agreement.

 

(d)           Redemption.
The Company shall have the right, but not the obligation, to redeem ("Optional Redemption") a portion or all
amounts outstanding under this Debenture prior to the Maturity Date as described in this Section; provided that the Company
provides each Buyer with at least 15 Business Days' prior written notice (each, a "Redemption Notice") of its
desire to exercise an Optional Redemption and the VWAP of the Company's Common Stock over the 10 Business Days' immediately prior
to the Redemption Notice is less than the Fixed Conversion Price. Each Redemption Notice shall be irrevocable and shall specify
the outstanding balance of the Convertible Debentures to be redeemed (principal plus accrued but unpaid interest through the date
of redemption), plus a redemption premium equal to 15% of the amount being redeemed (collectively, the amount being redeemed plus
the redemption premium is the "Redemption Amount"). The Optional Redemption shall be consummated by a wire transfer
by the Company to the Holder of the Redemption Amount (or such lesser amount, if the Holder has converted any part of this Debenture
during the 15- Business Day notice period specified herein) on the first Business Day following the expiration of the 15-Business
Day notice period specified herein. The Holder may convert all or any part of this Debenture after receiving a Redemption Notice,
in which case the Redemption Amount shall be reduced by the amount so converted.

 

		(2)	EVENTS
                                         OF DEFAULT.

 

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

 

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

 

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

 

    2

     

    

 

(iii)            The
Company or any subsidiary of the Company shall default beyond applicable grace and cured periods in any of its obligations under
any other debenture or any mortgage, credit agreement or other facility, indenture agreement, factoring agreement or other instrument
under which there may be issued, or by which there may be secured or evidenced any indebtedness for borrowed money or money due
under any long term leasing or factoring arrangement of the Company or any subsidiary of the Company in an amount exceeding $500,000,
whether such indebtedness now exists or shall hereafter be created and such default shall result in such indebtedness becoming
or being declared due and payable and such default is not thereafter cured within fifteen (15) Business Days, except for the DBOT
lease;

 

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

 

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

 

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

 

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

 

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

 

    3

     

    

 

(ix)             any
Event of Default (as defined in the Other Debentures) occurs with respect to any Other Debentures.

 

(b)            During
the time that any portion of this Debenture is outstanding, if any Event of Default has occurred and is continuing, the full unpaid
Principal amount of this Debenture, together with interest and other amounts owing in respect thereof, to the date of acceleration
shall become at the Holder's election given by notice pursuant to Section 6, immediately due and payable in cash. Furthermore,
in addition to any other remedies, the Holder shall have the right (but not the obligation) to convert this Debenture (subject
to the beneficial ownership limitations set out in Section 3(d)) at any time after (x) an Event of Default (provided
that such Event of Default is continuing) or (y) the Maturity Date at the Default Conversion Price. The Holder need not provide
and the Company hereby waives any presentment, demand, protest or other notice of any kind, (other than required notice of conversion)
and the Holder may immediately enforce any and all of its rights and remedies hereunder and all other remedies available to it
under applicable law. Such declaration may be rescinded and annulled by Holder at any time prior to payment hereunder. No such
rescission or annulment shall affect any subsequent Event of Default or impair any right consequent thereon.

 

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

 

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

 

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

 

(b)            "Conversion
Price" means, as of any Conversion Date (as defined below) the lower of (a) $1.50 (the "Fixed Conversion
Price") or (b) 90% of the lowest daily VWAP as reported by Bloomberg, LP for the 10 trading consecutive Trading
Days immediately (as defined herein) preceding the Conversion Date (the "Variable Conversion Price,"
and together with the Fixed Conversion Price, the "Conversion Price"). The Variable Conversion Price shall be
subject to a minimum price of $1.00 per share (the "Floor Price"). The Conversion Price shall be adjusted from
time to time pursuant to the other terms and conditions of this Debenture.

 

    4

     

    

 

(c)             
Mechanics of Conversion.

 

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

 

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

 

    5

     

    

 

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

 

(d)             
Limitations on Conversions.

 

(i)            Conversions
Below the Fixed Conversion Price. Absent an Event of Default or the Company's prior consent, the Holder may not convert more
than $600,000 (of Principal, Interest or both) of this Debenture during any calendar month.

 

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

 

(e)             
Other Provisions.

 

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

 

    6

     

    

 

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

 

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

 

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

 

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

 

		(4)	Adjustments
                                         to Conversion Price

 

(a)            Adjustment
to Fixed Conversion Price. Except in the case of an event described in either Section 4(c) or Section 4(d),
if the Company shall, at any time or from time to time after the date hereof, issue or sell, or in accordance with Section 4(b) is
deemed to have issued or sold, any shares of Common Stock without consideration or for consideration per share less than the Fixed
Conversion 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 Fixed Conversion 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 Fixed Conversion Price
equal to the quotient obtained by dividing:

 

    7

     

    

 

(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 Fixed Conversion 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

 

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 Conversion Price. For purposes of determining the adjusted Conversion 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 (4)(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 Fixed Conversion 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 Fixed Conversion Price under Section 4(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 4(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 (4)(b)(iii), no further adjustment of the Conversion 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.

 

    8

     

    

 

(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 4(b)(v)) for which Common Stock is issuable upon the conversion
or exchange of such Convertible Securities is less than the Fixed Conversion 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 Conversion
Price pursuant to Section 4(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 4(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 (4)(b)(iii), (A) no further adjustment of
the Conversion 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 Conversion 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 Conversion Price have been
made pursuant to the other provisions of this Section (4)(b).

 

(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 (4)(b)(i) or
Section (4)(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 (4)(b)(i) or Section (4)(b)(ii) hereof, (C) the rate at which Convertible Securities referred
to in Section (4)(b)(i) or Section (4)(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 (4)(b)(i) hereof
or any Convertible Securities referred to in Section (4)(b)(ii) hereof, then (whether or not the original issuance or
sale of such Options or Convertible Securities resulted in an adjustment to the Fixed Conversion Price pursuant to this Section 4)
the Fixed Conversion Price in effect at the time of such change shall be adjusted or readjusted, as applicable, to the Fixed Conversion
Price which would have been in effect at such time pursuant to the provisions of this Section 4 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 Fixed Conversion
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.

 

    9

     

    

 

(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 4 (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 Conversion Price then in effect hereunder shall forthwith be changed pursuant to the provisions of this Section 4 to
the Fixed Conversion 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 (4)(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.

 

(vi)            Record
Date. For purposes of any adjustment to the Fixed Conversion Price or the number of shared of Common Stock issuable upon conversion
of this Debenture in accordance with this Section 4, 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.

 

    10

     

    

 

(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 4.

 

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

 

(d)            Other
Corporate Events. In addition to and not in substitution for any other rights hereunder, prior to the consummation of any
Fundamental Transaction pursuant to which holders of shares of Common Stock are entitled to receive securities or other assets
with respect to or in exchange for shares of Common Stock (a "Corporate Event"), the Company shall make appropriate
provision to ensure that the Holder will thereafter have the right to receive upon a conversion of this Debenture, at the Holder's
option, (i) in addition to the shares of Common Stock receivable upon such conversion, such securities or other assets to
which the Holder would have been entitled with respect to such shares of Common Stock had such shares of Common Stock been held
by the Holder upon the consummation of such Corporate Event (without taking into account any limitations or restrictions on the
convertibility of this Debenture) or (ii) in lieu of the shares of Common Stock otherwise receivable upon such conversion,
such securities or other assets received by the holders of shares of Common Stock in connection with the consummation of such
Corporate Event in such amounts as the Holder would have been entitled to receive had this Debenture initially been issued with
conversion rights for the form of such consideration (as opposed to shares of Common Stock) at a conversion rate for such consideration
commensurate with the Conversion Rate. Provision made pursuant to the preceding sentence shall be in a form and substance satisfactory
to the Holder. The provisions of this Section shall apply similarly and equally to successive Corporate Events and shall
be applied without regard to any limitations on the conversion or redemption of this Debenture.

 

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

 

    11

     

    

 

		(5)	REISSUANCE
                                         OF THIS DEBENTURE.

 

(a)            Transfer.
If this Debenture is to be transferred, the Holder shall surrender this Debenture to
the Company, whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Debenture (in accordance
with Section 5(d)), registered in the name of the registered transferee or assignee, representing the outstanding Principal
being transferred by the Holder (along with any accrued and unpaid interest thereof) and, if less then the entire outstanding
Principal is being transferred, a new Debenture (in accordance with Section 5(d)) to the Holder representing the outstanding
Principal not being transferred. The Holder and any assignee, by acceptance of this Debenture, acknowledge and agree that, by
reason of the provisions of Section 3(c)(iii) following conversion or redemption of any portion of this Debenture, the
outstanding Principal represented by this Debenture may be less than the Principal stated on the face of this Debenture.

 

(b)            Lost,
Stolen or Mutilated Debenture. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss,
theft, destruction or mutilation of this Debenture, and, in the case of loss, theft or destruction, of any indemnification undertaking
by the Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of this Debenture,
the Company shall execute and deliver to the Holder a new Debenture (in accordance with Section 5(d)) representing the outstanding
Principal.

 

(c)            Debenture
Exchangeable for Different Denominations. This Debenture is exchangeable, upon the surrender hereof by the Holder at the principal
office of the Company, for a new Debenture or Debentures (in accordance with Section 5(d)) representing in the aggregate
the outstanding Principal of this Debenture, and each such new Debenture will represent such portion of such outstanding Principal
as is designated by the Holder at the time of such surrender.

 

(d)            Issuance
of New Debentures. Whenever the Company is required to issue a new Debenture pursuant to the terms of this Debenture, such
new Debenture (i) shall be of like tenor with this Debenture, (ii) shall represent, as indicated on the face of such
new Debenture, the Principal remaining outstanding (or in the case of a new Debenture being issued pursuant to Section 5(a) or
Section 5(c), the Principal designated by the Holder which, when added to the principal represented by the other new Debentures
issued in connection with such issuance, does not exceed the Principal remaining outstanding under this Debenture immediately
prior to such issuance of new Debentures), (iii) shall have an issuance date, as indicated on the face of such new Debenture,
which is the same as the Issuance Date of this Debenture, (iv) shall have the same rights and conditions as this Debenture,
and (v) shall represent accrued and unpaid Interest from the Issuance Date.

 

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

 

    12

     

    

 

	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 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
	 	 
	If to the Holder:	YA II PN, Ltd   

c/o Yorkville Advisors Global, LLC 

1012 Springfield Avenue   

Mountainside, NJ 07092 

Attention: Mark Angelo 

Telephone: 201-985-8300   

Email: Legal@yorkvilleadvisors.com

 

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

 

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

 

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

 

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

 

    13

     

    

 

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

 

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

 

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

 

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

 

    14

     

    

 

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

 

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

 

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

 

(a)           
 "Bloomberg" means Bloomberg Financial Markets.

 

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

 

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

 

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

 

    15

     

    

 

(e)            "Common
Stock Deemed Outstanding" means, at any given time, the sum of (1) the number of shares of Common Stock actually
outstanding at such time, plus (2) the number of shares of Common Stock issuable upon exercise of Options actually outstanding
at such time, plus (3) the number of shares of Common Stock issuable upon conversion or exchange of Convertible Securities
actually outstanding at such time (treating as actually outstanding any Convertible Securities issuable upon exercise of Options
actually outstanding at such time), in each case, regardless of whether the Options or Convertible Securities are actually exercisable
at such time; provided, that Common Stock Deemed 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.

 

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

 

(g)           
 "Commission" means the Securities and Exchange Commission.

 

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

 

(i)             "Default
Conversion Price" means the lower of (i) $1.00 or (ii) 60% of the lowest closing bid prices during the 20 consecutive
Trading Days immediately preceding the applicable date of determination.

 

(j)            
 "Exchange Act" means the Securities Exchange Act of 1934, as amended.

 

(k)           
 "Excluded Securities" means, (1) 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 (2) the shares of Common Stock issued or deemed to be issued by
the Company upon conversion of this Debenture or Other Debenture or exercise of Common Stock purchase warrants issued to the Holder
or any holder of Other Debentures.

 

(1)            "Fundamental Transaction" means any of the following: (1) the Company effects any merger or consolidation of
the Company with or into another Person and the Company is the non-surviving company (other than a merger or consolidation with
a wholly owned subsidiary of the Company for the purpose of redomiciling the Company), (2) the Company effects any sale of
all or substantially all of its assets in one or a series of related transactions, (3) any tender offer or exchange offer
(whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to tender or exchange
their shares for other securities, cash or property, or (4) the Company effects any reclassification of the Common Stock
or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities,
cash or property.

 

    16

     

    

 

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

 

(n)            "Other
Debentures" means any other debentures issued pursuant to the Securities Purchase Agreement and any other debentures,
notes, or other instruments issued in exchange, replacement, or modification of the foregoing.

 

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

 

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

 

(q)            "Securities
Act" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

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

 

(s)            "Transaction
Documents" shall
have the meaning set forth in the Securities Purchase Agreement.

 

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

 

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

 

    17

     

    

 

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

 

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

 

     

     

    

 

EXHIBIT I

CONVERSION
NOTICE

 

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

 

TO:

 

The
undersigned hereby irrevocably elects to convert $                                                 
 of the principal amount of Debenture No. IDEX-1 into Shares of Common Stock of Ideanomics, INC.,
according to the conditions stated therein, as of the Conversion Date written below.

 

	Conversion
    Date:	 
	Conversion
    Amount to be converted:	$	 
	Conversion
    Price:	$	 
	Number
    of shares of Common Stock to be issued:	 

 

Please
issue the shares of Common Stock in the following name and to the following address:

 

Issue
to:

 

	Authorized
    Signature:	 
	Name:	 
	Title:	 
	Broker DTC Participant Code:	 
	Account
    Number:

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