Document:

Exhibit 4.8

 

IDEANOMICS,
INC.

 

AMENDED AND RESTATED 2010 EQUITY
INCENTIVE PLAN

 

		1.	Purposes of the Plan. YOU on Demand Holdings, Inc., a Nevada corporation (the “Company”)
                                                          hereby                                                           establishes the Ideanomics, Inc. Amended and
                                                          Restated 2010                                                           Equity Incentive Plan (the
                                                          “Plan”).The                                                           purposes of this Plan
                                                          are to attract and retain the best available personnel for positions of substantial responsibility, to provide additional
                                                          incentive to Employees, Directors and Consultants, and to promote the long-term growth and profitability of the Company. The
                                                          Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Restricted Stock, Restricted Stock Units,
                                                          Stock Appreciation Rights, Performance Units and Performance Shares as the Administrator may determine.

 

		2.	Definitions. The following definitions will apply to the terms in the Plan:

 

“Administrator” means
the Board or any of its Committees as will be administering the Plan, in accordance with Section 4.

 

“Applicable Laws” means
the requirements relating to the administration of equity-based awards under U.S. state corporate laws, U.S. federal and state
securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable
laws of any foreign country or jurisdiction where Awards are, or will be, granted under the Plan.

 

“Award” means, individually
or collectively, a grant under the Plan of Options, SARs, Restricted Stock, Restricted Stock Units, Performance Units or Performance
Shares.

 

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

 

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

 

“Change in Control” means
the occurrence of any of the following events:

 

(i)              Any
 “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the "beneficial owner"
(as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent
(50%) or more of the total voting power represented by the Company's then outstanding voting securities; provided however, that
for purposes of this subsection (i) any acquisition of securities directly from the Company shall not constitute a Change in Control;
or

 

(ii)             The consummation of the sale or disposition by the Company of all or substantially all of the Company's assets;

 

(iii)           
A change in the composition of the Board occurring within a two-year period, as a result of which fewer than a majority
of the directors are Incumbent Directors. “Incumbent Directors” means directors who either (A) are Directors as of
the effective date of the Plan, or (B) are elected, or nominated for election, to the Board with the affirmative votes of at least
a majority of the Incumbent Directors at the time of such election or nomination (but will not include an individual whose election
or nomination is in connection with an actual or threatened proxy contest relating to the election of directors to the Company);
or

 

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(iv)            The
consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which
would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by
remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least fifty percent
(50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding
immediately after such merger or consolidation.

 

For avoidance of doubt, a transaction will
not constitute a Change in Control if: (i) its sole purpose is the change the state of the Company’s incorporation, or (ii)
its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held
the Company’s securities immediately before such transaction.

 

“Code” means the Internal
Revenue Code of 1986, as amended. Any reference in the Plan to a section of the Code will be a reference to any successor or amended
section of the Code.

 

“Committee” means a committee
of Directors or of other individuals satisfying Applicable Laws appointed by the Board in accordance with Section 4 hereof.

 

“Common Stock” means
the common stock of the Company.

 

“Company” means YOU on
Demand Holdings, Inc., a Nevada corporation, or any successor thereto.

 

“Consultant” means any
person, including an advisor, engaged by the Company or a Parent or Subsidiary to render services to such entity.

 

“Director” means a member
of the Board.

 

“Disability” means total
and permanent disability as determined by the Administrator in its discretion in accordance with uniform and non-discriminatory
standards adopted by the Administrator from time to time.

 

“Employee” means any
person, including Officers and Directors, employed by the Company or any Parent or Subsidiary of the Company. Neither service as
a Director nor payment of a director's fee by the Company will be sufficient to constitute "employment" by the Company.

 

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

 

“Exchange Program” means
a program under which (i) outstanding Awards are surrendered or cancelled in exchange for Awards of the same type (which may have
lower exercise prices and different terms), Awards of a different type and/or cash, and/or (ii) the exercise price of an outstanding
Award is reduced.

 

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“Fair Market Value” means,
as of any date, the value of Common Stock determined as follows:

 

(i)              If the Common Stock is listed on any established stock exchange or a national market system, including without limitation
any division or subdivision of the Nasdaq Stock Market, its Fair Market Value will be the closing sales price for such stock (or
the closing bid, if no sales were reported) as quoted on such exchange or system on the day of determination, as reported in The
Wall Street Journal or such other source as the Administrator deems reliable;

 

(ii)             If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, including
without limitation quotation through the over the counter bulletin board (“OTCBB”) quotation service administered by
the Financial Industry Regulatory Authority (“FINRA”) , the Fair Market Value of a Share will be the mean between the
high bid and low asked prices for the Common Stock on the day of determination, as reported in The Wall Street Journal or such
other source as the Administrator deems reliable; or

 

(iii)           
In the absence of an established market for the Common Stock, the Fair Market Value will be determined in good faith by
the Administrator, and to the extent Section 15 applies (a) with respect to ISOs, the Fair Market Value shall be determined in
a manner consistent with Code section 422 or (b) with respect to NSOs or SARs, the Fair Market Value shall be determined in a manner
consistent with Code section 409A.

 

“Fiscal Year” means the
fiscal year of the Company.

 

“Grant Date” means, for
all purposes, the date on which the Administrator determines to grant an Award, or such other later date as is determined by the
Administrator, provided that the Administrator cannot grant an Award prior to the date the material terms of the Award are established.
Notice of the Administrator’s determination to grant an Award will be provided to each Participant within a reasonable time
after the Grant Date.

 

“Incentive Stock Option”
or “ISO” means an Option that by its terms qualifies and is otherwise intended to qualify as an incentive stock
option within the meaning of Section 422 of the Code and the regulations promulgated thereunder.

 

“Nonstatutory Stock Option”
or “NSO” means an Option that by its terms does not qualify or is not intended to qualify as an ISO.

 

“Officer” means a person
who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated
thereunder.

 

“Option” means a stock
option granted pursuant to the Plan.

 

“Optioned Shares” means
the Common Stock subject to an Option.

 

“Optionee” means the
holder of an outstanding Option.

 

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“Parent” means a “parent
corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code.

 

“Participant” means the
holder of an outstanding Award.

 

“Performance Share” means
an Award denominated in Shares which may vest in whole or in part upon attainment of performance goals or other vesting criteria
as the Administrator may determine pursuant to Section 10.

 

“Performance Unit” means
an Award which may vest in whole or in part upon attainment of performance goals or other vesting criteria as the Administrator
may determine and which may be settled for cash, Shares or other securities or a combination of the foregoing pursuant to Section
10.

 

“Period of Restriction”
means the period during which Shares of Restricted Stock are subject to forfeiture or restrictions on transfer pursuant to Section
7.

 

“Plan” means this 2010
Equity Incentive Plan.

 

“Restricted Stock” means
Shares awarded to a Participant which are subject to forfeiture and restrictions on transferability in accordance with Section
7.

 

“Restricted Stock Unit”
means the right to receive one Share at the end of a specified period of time, which right is subject to forfeiture in accordance
with Section 8 of the Plan.

 

“Rule 16b-3” means Rule
16b-3 of the Exchange Act or any successor to Rule 16b-3.

 

“Section” means a paragraph
or section of this Plan.

 

“Section 16(b)” means
Section 16(b) of the Exchange Act.

 

“Service Provider” means
an Employee, Director or Consultant.

 

“Share” means a share
of the Common Stock, as adjusted in accordance with Section 13.

 

“Stock Appreciation Right”
or “SAR” means the right to receive payment from the Company in an amount no greater than the excess of the
Fair Market Value of a Share at the date the SAR is exercised over a specified price fixed by the Administrator in the Award Agreement,
which shall not be less than the Fair Market Value of a Share on the Grant Date. In the case of a SAR which is granted in connection
with an Option, the specified price shall be the Option exercise price.

 

“Subsidiary” means a
 "subsidiary corporation", whether now or hereafter existing, as defined in Section 424(f) of the Code.

 

“Ten Percent Owner” means
any Service Provider who is, on the grant date of an ISO, the owner of Shares (determined with application of ownership attribution
rules of Code Section 424(d)) possessing more than 10% of the total combined voting power of all classes of stock of the Company
or any of its Subsidiaries.

 

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		3.	Stock Subject to the Plan.

 

		a.	Stock Subject to the Plan. Subject to the provisions of Section 13, the maximum aggregate number of Shares that may
be issued under the Plan is thirty one million five hundred thousand (31,500,000) Shares. The Shares may be authorized but unissued,
or reacquired Common Stock.

 

		b.	Lapsed Awards. If an Award expires or becomes unexercisable without having been exercised in full or, with respect to
Restricted Stock, Restricted Stock Units, Performance Shares or Performance Units, is forfeited in whole or in part to the Company,
the unpurchased Shares (or for Awards other than Options and SARs, the forfeited or unissued Shares) which were subject to the
Award will become available for future grant or sale under the Plan (unless the Plan has terminated). With respect to SARs, only
Shares actually issued pursuant to a SAR will cease to be available under the Plan; all remaining Shares subject to the SARs will
remain available for future grant or sale under the Plan (unless the Plan has terminated). Shares that have actually been issued
under the Plan under any Award will not be returned to the Plan and will not become available for future distribution under the
Plan; provided, however, that if Shares issued pursuant to Awards of Restricted Stock, Restricted Stock Units, Performance Shares
or Performance Units are forfeited to the Company, such Shares will become available for future grant under the Plan. Shares withheld
by the Company to pay the exercise price of an Award or to satisfy tax withholding obligations with respect to an Award will become
available for future grant or sale under the Plan. To the extent an Award under the Plan is paid out in cash rather than Shares,
such cash payment will not result in reducing the number of Shares available for issuance under the Plan.

 

		c.	Share Reserve. The Company, during the term of this Plan, will at all times reserve and keep available such number of
Shares as will be sufficient to satisfy the requirements of the Plan.

 

		4.	Administration of the Plan.

 

		a.	Procedure. The Plan shall be administered by the Board or a Committee (or Committees) appointed by the Board, which
Committee shall be constituted to comply with Applicable Laws. If and so long as the Common Stock is registered under Section 12(b)
or 12(g) of the Exchange Act, the Board shall consider in selecting the Administrator and the membership of any committee acting
as Administrator the requirements regarding (i) “nonemployee directors” within the meaning of Rule 16b-3 under the
Exchange Act; (ii) “independent directors” as described in the listing requirements for any stock exchange on which
Shares are listed; and (iii) Section 15(b)(i) of the Plan if the Company pays salaries for which it claims deductions that are
subject to the Code section 162(m) limitation on its U.S. tax returns. The Board may delegate the responsibility for administering
the Plan with respect to designated classes of eligible Participants to different committees consisting of two or more members
of the Board, subject to such limitations as the Board or the Administrator deems appropriate. Committee members shall serve for
such term as the Board may determine, subject to removal by the Board at any time.

 

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		b.	Powers of the Administrator. Subject to the provisions of the Plan and the approval of any relevant authorities, and
in the case of a Committee, subject to the specific duties delegated by the Board to such Committee, the Administrator will have
the authority, in its discretion:

 

		i.	to determine the Fair Market Value;

 

		ii.	to select the Service Providers to whom Awards may
be granted hereunder;

 

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

 

		iv.	to approve forms of agreement for use under the Plan;

 

		v.	to determine the terms and conditions, not inconsistent
with the terms of the Plan, of any Award granted hereunder. Such terms and conditions include, but are not limited to, the exercise
price, the time or times when Awards may be exercised (which may be based on continued employment, continued service or performance
criteria), any vesting acceleration (whether by reason of a Change of Control or otherwise) or waiver of forfeiture restrictions,
and any restriction or limitation regarding any Award or the Shares relating thereto, based in each case on such factors as the
Administrator, in its sole discretion, will determine;

 

		vi.	subject to Section 15(c) of the Plan, to reduce, without
prior stockholder approval, the exercise price of any Award to the then current Fair Market Value of the Common Stock covered
by such Award if the Fair Market Value has declined since the Grant Date;

 

		vii.	to construe and interpret the terms of the Plan and
Awards granted pursuant to the Plan, including the right to construe disputed or doubtful Plan and Award provisions;

 

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

 

		ix.	to modify or amend each Award (subject to Section
19(c)) to the extent any modification or amendment is consistent with the terms of the Plan. The Administrator shall have the
discretion to extend the exercise period of Options generally provided the exercise period is not extended beyond the earlier
of the original term of the Option or 10 years from the original grant date, or specifically (1) if the exercise period of an
Option is extended (but to no more than 10 years from the original grant date) at a time when the exercise price equals or exceeds
the fair market value of the Optioned Shares or (2) an Option cannot be exercised because such exercise would violate Applicable
Laws, provided that the exercise period is not extended more than 30 days after the exercise of the Option would no longer violate
Applicable Laws.

 

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		x.	to allow Participants to satisfy withholding tax obligations
in such manner as prescribed in Section 14;

 

		xi.	to authorize any person to execute on behalf of the
Company any instrument required to effect the grant of an Award previously granted by the Administrator;

 

		xii.	to delay issuance of Shares or suspend Participant’s
right to exercise an Award as deemed necessary to comply with Applicable Laws; and

 

		xiii.	to make all other determinations deemed necessary
or advisable for administering the Plan.

 

		c.	Effect of Administrator's Decision. The Administrator’s decisions, determinations and interpretations will be
final and binding on all Participants and any other holders of Awards. Any decision or action taken or to be taken by the Administrator,
arising out of or in connection with the construction, administration, interpretation and effect of the Plan and of its rules and
regulations, shall, to the maximum extent permitted by Applicable Laws, be within its absolute discretion (except as otherwise
specifically provided in the Plan) and shall be final, binding and conclusive upon the Company, all Participants and any person
claiming under or through any Participant.

 

		5.	Eligibility. NSOs, Restricted Stock, Restricted Stock Units, SARs, Performance Units and Performance Shares may be granted
to Service Providers. ISOs may be granted as specified in Section 15(a).

 

		6.	Stock Options.

 

		a.	Grant of Options. Subject to the terms and conditions of the Plan, the Administrator, at any time and from time to time,
may grant Options to Service Providers in such amounts as the Administrator will determine in its sole discretion. For purposes
of the foregoing sentence, Service Providers shall include prospective employees or consultants to whom Options are granted in
connection with written offers of employment or engagement of services, respectively, with the Company; provided that no Option
granted to a prospective employee or consultant may be exercised prior to the commencement of employment or services with the Company.
The Administrator may grant NSOs, ISOs, or any combination of the two. ISOs shall be granted in accordance with Section 15(a) of
the Plan.

 

		b.	Option Award Agreement. Each Option shall be evidenced by an Award Agreement that shall specify the type of Option granted,
the Option price, the exercise date, the term of the Option, the number of Shares to which the Option pertains, and such other
terms and conditions (which need not be identical among Participants) as the Administrator shall determine in its sole discretion.
If the Award Agreement does not specify that the Option is to be treated as an ISO, the Option shall be deemed a NSO.

 

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		c.	Exercise Price. The per Share exercise price for the Shares to be issued pursuant to exercise of an Option will be no
less than the Fair Market Value per Share on the Grant Date.

 

		d.	Term of Options. The term of each Option will be stated in the Award Agreement. Unless terminated sooner in accordance
with the remaining provisions of this Section 6, each Option shall expire either ten (10) years after the Grant Date, or after
a shorter term as may be fixed by the Board.

 

		e.	Time and Form of Payment.

 

		i.	Exercise Date. Each Award Agreement shall specify
how and when Shares covered by an Option may be purchased. The Award Agreement may specify waiting periods, the dates on which
Options become exercisable or “vested” and, subject to the termination provisions of this section, exercise periods.
The Administrator may accelerate the exercisability of any Option or portion thereof.

 

		ii.	Exercise of Option. Any Option granted hereunder
will be exercisable according to the terms of the Plan and at such times and under such conditions as determined by the Administrator
and set forth in the Award Agreement. An Option may not be exercised for a fraction of a Share. An Option will be deemed exercised
when the Company receives: (1) notice of exercise (in such form as the Administrator specify from time to time) from the person
entitled to exercise the Option, and (2) full payment for the Shares with respect to which the Option is exercised (together with
all applicable withholding taxes). Full payment may consist of any consideration and method of payment authorized by the Administrator
and permitted by the Award Agreement and the Plan (together with all applicable withholding taxes). Shares issued upon exercise
of an Option will be issued in the name of the Optionee or, if requested by the Optionee, in the name of the Optionee and his
or her spouse. Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized
transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder will exist with respect
to the Optioned Shares, notwithstanding the exercise of the Option. The Company will issue (or cause to be issued) such Shares
promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record date is
prior to the date the Shares are issued, except as provided in Section 13.

 

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		iii.	Payment. The Administrator will determine the
acceptable form of consideration for exercising an Option, including the method of payment. Such consideration may consist entirely
of:

 

(1)              
cash;

 

(2)              
check;

 

(3)              
to the extent not prohibited by Section 402 of the Sarbanes-Oxley Act of 2002, a promissory note;

 

(4)              
other Shares, provided Shares have a Fair Market Value on the date of surrender equal to the aggregate exercise price of
the Shares as to which said Option will be exercised;

 

(5)              
to the extent not prohibited by Section 402 of the Sarbanes-Oxley Act of 2002, in accordance with any broker-assisted cashless
exercise procedures approved by the Company and as in effect from time to time;

 

(6)              
by asking the Company to withhold Shares from the total Shares to be delivered upon exercise equal to the number of Shares
having a value equal to the aggregate Exercise Price of the Shares being acquired;

 

(7)              
any combination of the foregoing methods of payment; or

 

(8)              
such other consideration and method of payment for the issuance of Shares to the extent permitted by Applicable Laws.

 

		f.	Forfeiture of Options. All unexercised Options shall be forfeited to the Company in accordance with the terms and conditions
set forth in the Award Agreement and again will become available for grant under the Plan.

 

		7.	Restricted Stock.

 

		a.	Grant of Restricted Stock. Subject to the terms and conditions of the Plan, the Administrator, at any time and from
time to time, may grant Shares of Restricted Stock to Service Providers in such amounts as the Administrator will determine in
its sole discretion.

 

		b.	Restricted Stock Award Agreement. Each Award of Restricted Stock will be evidenced by an Award Agreement that will specify
the Period of Restriction, the number of Shares granted, and such other terms and conditions (which need not be identical among
Participants) as the Administrator will determine in its sole discretion. Unless the Administrator determines otherwise, the Company
as escrow agent will hold Shares of Restricted Stock until the restrictions on such Shares have lapsed.

 

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		c.	Vesting Conditions and Other Terms.

 

		i.	Vesting Conditions. The Administrator, in its
sole discretion, may impose such conditions on the vesting of Shares of Restricted Stock as it may deem advisable or appropriate,
including but not limited to, achievement of Company- wide, business unit, or individual goals (including, but not limited to,
continued employment or service), or any other basis determined by the Administrator in its discretion. The Administrator, in
its discretion, may accelerate the time at which any restrictions will lapse or be removed. The Administrator may, in its discretion,
also provide for such complete or partial exceptions to an employment or service restriction as it deems equitable.

 

		ii.	Voting Rights. During the Period of Restriction,
Service Providers holding Shares of Restricted Stock granted hereunder may exercise full voting rights with respect to those Shares,
unless the Administrator determines otherwise.

 

		iii.	Dividends and Other Distributions. During the
Period of Restriction, Service Providers holding Shares of Restricted Stock will be entitled to receive all dividends and other
distributions paid with respect to such Shares, unless the Administrator determines otherwise. If any such dividends or distributions
are paid in Shares, the Shares will be subject to the same restrictions on transferability and forfeitability as the Shares of
Restricted Stock with respect to which they were paid.

 

		iv.	Transferability. Except as provided in this
Section, Shares of Restricted Stock may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until
the end of the applicable Period of Restriction.

 

		d.	Removal of Restrictions. All restrictions imposed on Shares of Restricted Stock shall lapse and the Period of Restriction
shall end upon the satisfaction of the vesting conditions imposed by the Administrator. Vested Shares of Restricted Stock will
be released from escrow as soon as practicable after the last day of the Period of Restriction or at such other time as the Administrator
may determine, but in no event later than the 15th day of the third month following the end of the year in which vesting occurred.

 

		e.	Forfeiture of Restricted Stock. On the date set forth in the Award Agreement, the Shares of Restricted Stock for which
restrictions have not lapsed will be forfeited and revert to the Company and again will become available for grant under the Plan.

 

		8.	Restricted Stock Units.

 

		a.	Grant of Restricted Stock Units. Subject to the terms and conditions of the Plan, the Administrator, at any time and
from time to time, may grant Restricted Stock Units to Service Providers in such amounts as the Administrator will determine in
its sole discretion.

 

		b.	Restricted Stock Units Award Agreement. Each Award of Restricted Stock Units will be evidenced by an Award Agreement
that will specify the number of Restricted Stock Units granted, vesting criteria, form of payout, and such other terms and conditions
(which need not be identical among Participants) as the Administrator will determine in its sole discretion.

 

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		c.	Vesting Conditions. The Administrator shall set vesting criteria in its discretion, which, depending on the extent to
which the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the Participant. The Administrator
may set vesting criteria based upon the achievement of Company-wide, business unit, or individual goals (including, but not limited
to, continued employment or service), or any other basis determined by the Administrator in its discretion. At any time after the
grant of Restricted Stock Units, the Administrator, in its sole discretion, may reduce or waive any vesting criteria that must
be met to receive a payout.

 

		d.	Time and Form of Payment. Upon satisfaction of the applicable vesting conditions, payment of vested Restricted Stock
Units shall occur in the manner and at the time provided in the Award Agreement, but in no event later than the 15th day of the
third month following the end of the year in which vesting occurred. Except as otherwise provided in the Award Agreement, Restricted
Stock Units may be paid in cash, Shares, or a combination thereof at the sole discretion of the Administrator. Restricted Stock
Units that are fully paid in cash will not reduce the number of Shares available for issuance under the Plan.

 

		e.	Forfeiture of Restricted Stock Units. All unvested Restricted Stock Units shall be forfeited to the Company on the date
set forth in the Award Agreement and again will become available for grant under the Plan.

 

		9.	Stock Appreciation Rights.

 

		a.	Grant of SARs. Subject to the terms and conditions of the Plan, the Administrator, at any time and from time to time,
may grant SARs to Service Providers in such amounts as the Administrator will determine in its sole discretion.

 

		b.	Award Agreement. Each SAR grant will be evidenced by an Award Agreement that will specify the exercise price, the number
of Shares underlying the SAR grant, the term of the SAR, the conditions of exercise, and such other terms and conditions (which
need not be identical among Participants) as the Administrator will determine in its sole discretion.

 

		c.	Exercise Price and Other Terms. The per Share exercise price for the exercise of an SAR will be no less than the Fair
Market Value per Share on the Grant Date.

 

		d.	Time and Form of Payment of SAR Amount. Upon exercise of a SAR, a Participant will be entitled to receive payment from
the Company in an amount no greater than: (i) the difference between the Fair Market Value of a Share on the date of exercise over
the exercise price; times (ii) the number of Shares with respect to which the SAR is exercised. An Award Agreement may provide
for a SAR to be paid in cash, Shares of equivalent value, or a combination thereof.

 

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		e.	Forfeiture of SARs. All unexercised SARs shall be forfeited to the Company in accordance with the terms and conditions
set forth in the Award Agreement and again will become available for grant under the Plan.

 

		10.	Performance Units and Performance Shares.

 

		a.	Grant of Performance Units and Performance Shares. Performance Units or Performance Shares may be granted to Service
Providers at any time and from time to time, as will be determined by the Administrator, in its sole discretion. The Administrator
will have complete discretion in determining the number of Performance Units and Performance Shares granted to each Participant.

 

		b.	Award Agreement. Each Award of Performance Units and Shares will be evidenced by an Award Agreement that will specify
the initial value, the Performance Period, the number of Performance Units or Performance Shares granted, and such other terms
and conditions (which need not be identical among Participants) as the Administrator will determine in its sole discretion.

 

		c.	Value of Performance Units and Performance Shares. Each Performance Unit will have an initial value that is established
by the Administrator on or before the Grant Date. Each Performance Share will have an initial value equal to the Fair Market Value
of a Share on the Grant Date.

 

		d.	Vesting Conditions and Performance Period. The Administrator will set performance objectives or other vesting provisions
(including, without limitation, continued status as a Service Provider) in its discretion which, depending on the extent to which
they are met, will determine the number or value of Performance Units or Performance Shares that will be paid out to the Service
Providers. The time period during which the performance objectives or other vesting provisions must be met will be called the “Performance
Period.” The Administrator may set performance objectives based upon the achievement of Company-wide, divisional, or individual
goals or any other basis determined by the Administrator in its discretion.

 

		e.	Time and Form of Payment. After the applicable Performance Period has ended, the holder of Performance Units or Performance
Shares will be entitled to receive a payout of the number of vested Performance Units or Performance Shares by the Participant
over the Performance Period, to be determined as a function of the extent to which the corresponding performance objectives or
other vesting provisions have been achieved. Vested Performance Units or Performance Shares will be paid as soon as practicable
after the expiration of the applicable Performance Period, but in no event later than the 15th day of the third month following
the end of the year the applicable Performance Period expired. An Award Agreement may provide for the satisfaction of Performance
Unit or Performance Share Awards in cash or Shares (which have an aggregate Fair Market Value equal to the value of the vested
Performance Units or Performance Shares at the close of the applicable Performance Period) or in a combination thereof.

 

		f.	Forfeiture of Performance Units and Performance Shares. All unvested Performance Units or Performance Shares will be
forfeited to the Company on the date set forth in the Award Agreement, and again will become available for grant under the Plan.

 

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		11.	Leaves of Absence/Transfer Between Locations. Unless the Administrator provides otherwise or as required by Applicable
Laws, vesting of Awards will be suspended during any unpaid leave of absence. An Employee will not cease to be an Employee in the
case of (i) any leave of absence approved by the Company or (ii) transfers between locations of the Company or between the Company,
its Parent, or any Subsidiary.

 

		12.	Transferability of Awards. Unless determined otherwise by the Administrator, an Award may not be sold, pledged, assigned,
hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be
exercised, during the lifetime of the Participant, only by the Participant. If the Administrator makes an Award transferable, such
Award will contain such additional terms and conditions as the Administrator deems appropriate.

 

		13.	Adjustments; Dissolution or Liquidation; Merger or Change in Control.

 

		a.	Adjustments. In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities,
or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off,
combination, repurchase, or exchange of Shares or other securities of the Company, or other change in the corporate structure of
the Company affecting the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential
benefits intended to be made available under the Plan, shall appropriately adjust the number and class of Shares that may be delivered
under the Plan and/or the number, class, and price of Shares covered by each outstanding Award.

 

		b.	Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Administrator
will notify each Participant as soon as practicable prior to the effective date of such proposed transaction. To the extent it
has not been previously exercised, an Award will terminate immediately prior to the consummation of such proposed action.

 

		c.	Change in Control. In the event of a merger or Change in Control, any or all outstanding Awards may be assumed by the
successor corporation, which assumption shall be binding on all Participants. In the alternative, the successor corporation may
substitute equivalent Awards (after taking into account the existing provisions of the Awards). The successor corporation may also
issue, in place of outstanding Shares of the Company held by the Participant, substantially similar shares or other property subject
to vesting requirements and repurchase restrictions no less favorable to the Participant than those in effect prior to the merger
or Change in Control.

 

In the event that the successor corporation
does not assume or substitute for the Award, unless the Administrator provides otherwise, the Participant will fully vest in and
have the right to exercise all of his or her outstanding Options and SARs, including Shares as to which such Awards would not otherwise
be vested or exercisable, all restrictions on Restricted Stock and Restricted Stock Units will lapse, and, with respect to Performance
Shares and Performance Units, all Performance Goals or other vesting criteria will be deemed achieved at target levels and all
other terms and conditions met. In addition, if an Option or SAR is not assumed or substituted in the event of a Change in Control,
the Administrator will notify the Participant in writing or electronically that the Option or SAR will be exercisable for a period
of time determined by the Administrator in its sole discretion, and the Option or SAR will terminate upon the expiration of such
period.

 

    13

     

    

 

For the purposes of this Section 13(c),
an Award will be considered assumed if, following the Change in Control, the Award confers the right to purchase or receive, for
each Share subject to the Award immediately prior to the Change in Control, the consideration (whether stock, cash, or other securities
or property) or, in the case of a SAR upon the exercise of which the Administrator determines to pay cash or a Performance Share
or Performance Unit which the Administrator can determine to pay in cash, the fair market value of the consideration received in
the merger or Change in Control by holders of Common Stock for each Share held on the effective date of the transaction (and if
holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding
Shares); provided, however, that if such consideration received in the Change in Control is not solely common stock of the successor
corporation or its Parent, the Administrator may, with the consent of the successor corporation, provide for the consideration
to be received upon the exercise of an Option or SAR or upon the payout of a Restricted Stock Unit, Performance Share or Performance
Unit, for each Share subject to such Award (or in the case of Restricted Stock Units and Performance Units, the number of implied
shares determined by dividing the value of the Restricted Stock Units and Performance Units, as applicable, by the per share consideration
received by holders of Common Stock in the Change in Control), to be solely common stock of the successor corporation or its Parent
equal in fair market value to the per share consideration received by holders of Common Stock in the Change in Control.

 

Notwithstanding anything in this Section
13(c) to the contrary, an Award that vests, is earned or paid-out upon the satisfaction of one or more performance goals will not
be considered assumed if the Company or its successor modifies any of such performance goals without the Participant's consent;
provided, however, a modification to such performance goals only to reflect the successor corporation's post-Change in Control
corporate structure will not be deemed to invalidate an otherwise valid Award assumption.

 

		14.	Tax Withholding.

 

		a.	Withholding Requirements. Prior to the delivery of any Shares or cash pursuant to an Award (or exercise thereof), the
Company will have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient
to satisfy federal, state, local, foreign or other taxes required by Applicable Laws to be withheld with respect to such Award
(or exercise thereof).

 

		b.	Withholding Arrangements. The Administrator, in its sole discretion and pursuant to such procedures as it may specify
from time to time, may permit a Participant to satisfy such tax withholding obligation, in whole or in part by (without limitation)
(i) paying cash, (ii) electing to have the Company withhold otherwise deliverable Shares having a Fair Market Value equal to the
amount required to be withheld, or (iii) delivering to the Company already-owned Shares having a Fair Market Value equal to the
amount required to be withheld. The amount of the withholding requirement will be deemed to include any amount which the Administrator
agrees may be withheld at the time the election is made. The Fair Market Value of the Shares to be withheld or delivered will be
determined as of the date that the taxes are required to be withheld.

 

    14

     

    

 

		15.	Provisions Applicable In the Event the Company or the Service Provider is Subject to U.S. Taxation.

 

		a.	Grant of Incentive Stock Options. If the Administrator grants Options to Employees subject to U.S. taxation, the Administrator
may grant such Employee an ISO and the following terms shall also apply:

 

		i.	Maximum Amount. Subject to the provisions of
Section 13, to the extent consistent with Section 422 of the Code, not more than an aggregate of thirty one million five hundred
thousand (31,500,000) Shares may be issued as ISOs under the Plan.

 

		ii.	General Rule. Only Employees shall be eligible
for the grant of ISOs.

 

		iii.	Continuous Employment. The Optionee must remain
in the continuous employ of the Company or its Subsidiaries from the date the ISO is granted until not more than three months
before the date on which it is exercised. A leave of absence approved by the Company may exceed ninety (90) days if reemployment
upon expiration of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved
by the Company is not so guaranteed, then three (3) months following the ninety-first (91st) day of such leave any ISO held by
the Optionee will cease to be treated as an ISO.

 

		iv.	Award Agreement.

 

(1)              
The Administrator shall designate Options granted as ISOs in the Award Agreement. Notwithstanding such designation, to the
extent that the aggregate Fair Market Value of the Shares with respect to which ISOs are exercisable for the first time by the
Optionee during any calendar year (under all plans of the Company and any Parent or Subsidiary) exceeds one hundred thousand dollars
($100,000), Options will not qualify as an ISO. For purposes of this section, ISOs will be taken into account in the order in which
they were granted. The Fair Market Value of the Shares will be determined as of the time the Option with respect to such Shares
is granted.

 

    15

     

    

 

(2)              
The Award Agreement shall specify the term of the ISO. The term shall not exceed ten (10) years from the Grant Date or five
(5) years from the Grant Date for Ten Percent Owners.

 

(3)              
The Award Agreement shall specify an exercise price of not less than the Fair Market Value per Share on the Grant Date or
one hundred ten percent (110%) of the Fair Market Value per Share on the Grant Date for Ten Percent Owners.

 

(4)              
The Award Agreement shall specify that an ISO is not transferable except by will, beneficiary designation or the laws of
descent and distribution.

 

		v.	Form of Payment. The consideration to be paid
for the Shares to be issued upon exercise of an ISO, including the method of payment, shall be determined by the Administrator
at the time of grant in accordance with Section 6(e)(iii).

 

		vi.	“Disability”, for purposes of an
ISO, means total and permanent disability as defined in Section 22(e)(3) of the Code.

 

		vii.	Notice. In the event of any disposition of
the Shares acquired pursuant to the exercise of an ISO within two years from the Grant Date or one year from the exercise date,
the Optionee will notify the Company thereof in writing within thirty (30) days after such disposition. In addition, the Optionee
shall provide the Company with such information as the Company shall reasonably request in connection with determining the amount
and character of Optionee’s income, the Company’s deduction, and the Company’s obligation to withhold taxes
or other amounts incurred by reason of a disqualifying disposition, including the amount thereof.

 

		b.	Performance-based Compensation. If the Company pays salaries for which it claims deductions that are subject to the
Code section 162(m) limitation on its U.S. tax returns, then the following terms shall be applied in a manner consistent with the
requirements of, and only to the extent required for compliance with, the exclusion from the limitation on deductibility of compensation
under Code Section 162(m):

 

		i.	Outside Directors. The Board shall consider
in selecting the Administrator and the membership of any committee acting as Administrator the provisions regarding “outside
directors” within the meaning of Code Section 162(m).

 

		ii.	Maximum Amount.

 

(1)              
Subject to the provisions of Section 13, the maximum number of Shares that can be awarded to any individual Participant
in the aggregate in any one fiscal year of the Company is one hundred million (100,000,000) Shares;

 

    16

     

    

 

(2)              
For Awards denominated in Shares and satisfied in cash, the maximum Award to any individual Participant in the aggregate
in any one fiscal year of the Company is the Fair Market Value of fifty million (50,000,000) Shares on the Grant Date; and

 

(3)              
The maximum amount payable pursuant to any cash Awards to any individual Participant in the aggregate in any one fiscal
year of the Company is the Fair Market Value of fifty million (50,000,000) Shares on the Grant Date.

 

		iii.	Performance Criteria. All performance criteria
must be objective and be established in writing prior to the beginning of the performance period or at later time as permitted
by Code Section 162(m). Performance criteria may include alternative and multiple performance goals and may be based on one or
more business and/or financial criteria. In establishing the performance goals, the Committee in its discretion may include one
or any combination of the following criteria in either absolute or relative terms, for the Company or any Subsidiary:

 

(1)              
Increased revenue;

 

(2)              
Net income measures (including but not limited to income after capital costs and income before or after taxes);

 

(3)              
Stock price measures (including but not limited to growth measures and total stockholder return);

 

(4)              
Market share;

 

(5)              
Earnings per Share (actual or targeted growth);

 

(6)              
Earnings before interest, taxes, depreciation, and amortization (“EBITDA”);

 

(7)              
Cash flow measures (including but not limited to net cash flow and net cash flow before financing activities);

 

(8)              
Return measures (including but not limited to return on equity, return on average assets, return on capital, risk-adjusted
return on capital, return on investors’ capital and return on average equity);

 

(9)              
Operating measures (including operating income, funds from operations, cash from operations, after-tax operating income,
sales volumes, production volumes, and production efficiency);

 

(10)            
Expense measures (including but not limited to overhead cost and general and administrative expense);

 

(11)            
Margins;

 

    17

     

    

 

(12)            
Stockholder value;

 

(13)            
Total stockholder return;

 

(14)            
Proceeds from dispositions;

 

(15)            
Production volumes;

 

(16)            
Total market value; and

 

(17)            
Corporate values measures (including but not limited to ethics compliance, environmental, and safety).

 

		c.	Stock Options and SARs Exempt from Code section 409A. If the Administrator grants Options or SARs to Employees subject
to U.S. taxation the Administrator may not modify or amend the Options or SARs to the extent that the modification or amendment
adds a feature allowing for additional deferral within the meaning of Code section 409A.

 

		16.	No Effect on Employment or Service. Neither the Plan nor any Award will confer upon any Participant any right with respect
to continuing the Participant's relationship as a Service Provider with the Company or any Parent or Subsidiary of the Company,
nor will they interfere in any way with the Participant's right or the Company's or its Parent’s or Subsidiary’s right
to terminate such relationship at any time, with or without cause, to the extent permitted by Applicable Laws.

 

		17.	Effective Date. The Plan’s effective date is the date on which it is adopted by the Board, so long as it is approved
by the Company’s stockholders at any time within 12 months of such adoption. Upon approval of the Plan by the stockholders
of the Company, all Awards issued pursuant to the Plan on or after the Effective Date shall be fully effective as if the stockholders
of the Company had approved the Plan on the Effective Date. If the stockholders fail to approve the Plan within one year before
or after the Effective Date, any Awards made hereunder shall be null and void and of no effect.

 

		18.	Term of Plan. The Plan will terminate 10 years following the earlier of (i) the date it was adopted by the Board or
(ii) the date it became effective upon approval by stockholders of the Company, unless sooner terminated by the Board pursuant
to Section 19.

 

		19.	Amendment and Termination of the Plan.

 

		a.	Amendment and Termination. The Board may at any time amend, alter, suspend or terminate the Plan.

 

		b.	Stockholder Approval. The Company will obtain stockholder approval of any Plan amendment to the extent necessary and
desirable to comply with Applicable Laws.

 

		c.	Effect of Amendment or Termination. No amendment, alteration, suspension or termination of the Plan will impair the
rights of any Participant, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must
be in writing and signed by the Participant and the Company. Termination of the Plan will not affect the Administrator's ability
to exercise the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination.

 

    18

     

    

 

		20.	Conditions Upon Issuance of Shares.

 

		a.	Legal Compliance. The Administrator may delay or suspend the issuance and delivery of Shares, suspend the exercise of
Options or SARs, or suspend the Plan as necessary to comply Applicable Laws. Shares will not be issued pursuant to the exercise
of an Award unless the exercise of such Award and the issuance and delivery of such Shares will comply with Applicable Laws and
will be further subject to the approval of counsel for the Company with respect to such compliance.

 

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

 

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

 

		22.	Exchange Programs. The Administrator may authorize the Company, without prior stockholder approval, to institute one
or more Exchange Programs. An Exchange Program may, at the discretion of the Administrator, be offered to individual Participants
selected by the Administrator on a case-by-case basis, or to a class of Participants identified by the Administrator. The terms
and conditions of any Exchange Program will be determined by the Administrator in its sole discretion, not inconsistent with the
terms of the Plan, including without limitation, Section 15(c); provided however, that no Exchange Program may adversely affect
the rights of a Participant under an outstanding Award unless the Participant consents in writing to be bound by the terms and
conditions of the Exchange Program..

 

		23.	Substitution and Assumption of Awards. The Administrator may make Awards under the Plan that assume, substitute or replace
performance shares, phantom shares, stock awards, stock options, stock appreciation rights or similar awards granted by another
entity (including a Parent or Subsidiary), if such assumption, substitution or replacement is in connection with an asset acquisition,
stock acquisition, merger, consolidation or similar transaction involving the Company (and/or its Parent or Subsidiary) and such
other entity (and/or its affiliate). The Administrator may also cause the Plan to assume an equity-based award granted by the Company
prior to the adoption and approval of the Plan or substitute or replace such prior award with a similar type of Award under this
Plan. Notwithstanding any provision of the Plan (other than the maximum number of shares of Common Stock that may be issued under
the Plan), ,(i) in the case of an Award that assumes, substitutes or replaces an award of another entity pursuant to a corporate
transaction, such Award shall be subject to the same terms and conditions as the original award, with such adjustments or modifications
as the Administrator deems necessary and appropriate to give effect to the relevant provisions of any agreement entered into in
connection with the such corporate transaction or (ii) in the case of an Award that assumes, substitutes or replaces a prior Company
award, such Award shall be subject to the same terms and conditions as the original award, except to the extent that any such term
or condition is inconsistent with the Plan, in which event the terms of the Plan shall control. Notwithstanding the foregoing,
in no event may the assumption, substitution or replacement of a prior Company award with an Award under the Plan adversely affect
the Participant’s rights under the prior Company award unless the Participant consents in writing to such assumption, substitution
or replacement. Shares issued pursuant to assumed, substituted or replaced awards shall count against the total number of shares
authorized to be issued under the Plan pursuant to Section 3.

 

		24.	Governing Law. The Plan and all Agreements shall be construed in accordance with and governed by the laws of the State
of Nevada.

 

    19Exhibit 4.9

 

IDEANOMICS, INC. (FORMERLY
SEVEN STARS CLOUD GROUP, INC.)

 

AMENDED AND
RESTATED 2010 EQUITY INCENTIVE PLAN

 

STOCK OPTION AGREEMENT

 

Unless otherwise defined herein, the terms
in the Stock Option Agreement (the “Option Agreement”) have the same meanings as defined in the Ideanomics, Inc. 2010
Equity Incentive Plan (the “Plan”).

 

I. NOTICE OF STOCK OPTION GRANT

 

Optionee: [INSERT
FULL NAME]

 

Address: [INSERT
ADDRESS]

 

You have been granted
an Option (the “Option”) to purchase Common Stock of the Company, subject to the terms and conditions of the Plan and
this Option Agreement, as follows:

 

	Grant Date:	[INSERT DATE]
	 	 
	Vesting Commencement Date:	[INSERT DATE]
	 	 
	Exercise Price per Share:	[INSERT BOARD APPROVED PRICE]
	 	 
	Total Number of Shares Granted:	[INSERT NUMBER OF SHARE OPTIONS]
	 	 
	Total Exercise Price: 	[INSERT EXERCISE PRICE X 3 OF OPTIONS]
	 	 
	Type of Option:	Nonqualified Stock Option
	 	 
	Expiration Date:	Ten (10) years after Grant Date

 

Vesting Schedule:

 

The Option shall vest,
in whole or in part, in accordance with the following schedule:

 

		·	[INSERT BOARD APPROVED VESTING SCHEDULE]

 

     

     

    

 

Termination Period:

 

To the extent vested,
this Option will be exercisable for three (3) months after Optionee ceases to be a Service Provider, unless termination is due
to Optionee’s death or Disability, in which case this Option will be exercisable for twelve (12) months after Optionee ceases
to be a Service Provider. Notwithstanding the foregoing sentence, in no event may this Option be exercised after any termination
of the Optionee as a Service Provider determined by the Company’s Board to be for Cause or after the Expiration Date as provided
above and this Option may be subject to earlier termination as provided in the Plan.

 

“Cause”
has the meaning ascribed to such term or words of similar import in Optionee’s written employment or service contract with
the Company or its Parent or any Subsidiary and, in the absence of such agreement or definition, means Optionee’s (i) conviction
of, or plea of nolo contendere to, a felony or any other crime involving moral turpitude; (ii) fraud on or misappropriation
of any funds or property of the Company or its subsidiaries, or any affiliate, customer or vendor; (iii) personal dishonesty,
incompetence, willful misconduct, willful violation of any law, rule or regulation (other than minor traffic violations or similar
offenses), or breach of fiduciary duty which involves personal profit; (iv) willful misconduct in connection with Optionee’s
duties or willful failure to perform Optionee’s responsibilities in the best interests of the Company or its subsidiaries;
(v) illegal use or distribution of drugs; (vi) violation of any rule, regulation, procedure or policy of the Company
or its subsidiaries; or (vii) breach of any provision of any employment, non-disclosure, non-competition, non-solicitation
or other similar agreement executed by Optionee for the benefit of the Company or its subsidiaries, all as determined by the Company’s
Board, which determination will be conclusive.

 

II. AGREEMENT

 

1. Grant of Option. The Administrator grants to the Optionee named in the Notice of Stock Option Grant in Part I of
this Option Agreement, an Option to purchase the number of Shares set forth in the Notice of Stock Option Grant, at the exercise
price per Share set forth in the Notice of Stock Option Grant (the “Exercise Price”), and subject to the terms and
conditions of the Plan, which is incorporated herein by reference. In the event of a conflict between the terms and conditions
of the Plan and this Option Agreement, the terms and conditions of the Plan prevail.

 

If designated in the
Notice of Stock Option Grant as an Incentive Stock Option, this Option is intended to qualify as an Incentive Stock Option as defined
in Code section 422. Nevertheless, to the extent that it exceeds the $100,000 rule of Code section 422(d), this Option
will be treated as a Nonstatutory Stock Option.

 

2. Exercise of Option.

 

(a) Right to Exercise. This Option is exercisable during its term in accordance with the Vesting Schedule set out in
the Notice of Stock Option Grant and with the applicable provisions of the Plan and this Option Agreement.

 

(b) Method of Exercise. This Option is exercisable by (i) delivery of an exercise notice in the form attached as Exhibit
A (the “Exercise Notice”) or in a manner and pursuant to procedures as the Administrator may determine, which will
state the election to exercise the Option, the number of Shares with respect to which the Option is being exercised, and other
representations and agreements as may be required by the Company and (ii) paying the Company in full the aggregate Exercise Price
as to all Shares being acquired, together with any applicable tax withholding.

 

    -2- 

     

    

 

This Option will be deemed
to be exercised upon receipt by the Company of a fully executed Exercise Notice accompanied by the aggregate Exercise Price, together
with any applicable tax withholding.

 

No Shares will be issued
pursuant to the exercise of an Option unless the issuance and exercise of Shares complies with Applicable Laws. Assuming compliance,
for income tax purposes the Shares will be considered transferred to the Optionee on the date on which the Option is exercised
with respect to the Shares.

 

3. Method of Payment. The aggregate Exercise Price may be paid by any of the following, or a combination thereof, at
the election of the Optionee:

 

(a) cash;

 

(b) check;

 

(c) promissory
note;

 

(d) other
Shares, provided Shares have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares
as to which said Option will be exercised;

 

(e) by
asking the Company to withhold Shares from the total Shares to be delivered upon exercise equal to the number of Shares having
a value equal to the aggregate Exercise Price of the Shares being acquired;

 

(f) any
combination of the foregoing methods of payment; or

 

(g)  such other
consideration and method of payment for the issuance of Shares to the extent permitted by Applicable Laws.

 

4. Restrictions on Exercise. This Option may not be exercised (a) until such time as the Plan has been approved by the
stockholders of the Company, or (b) if the issuance of such Shares upon such exercise or the method of payment of consideration
for such shares would constitute a violation of any Applicable Laws. The Company will be relieved of any liability with respect
to any delayed issuance of shares or its failure to issue shares if such delay or failure is necessary to comply with Applicable
Laws.

 

5. Non-Transferability of Option. This Option may not be transferred in any manner otherwise than by will or by the
laws of descent or distribution and may be exercised during the lifetime of Optionee only by Optionee. The terms of the Plan and
this Option Agreement are binding upon the executors, administrators, heirs, successors and assigns of the Optionee.

 

6. Term of Option. This Option may be exercised only within the term set out in the Notice of Stock Option Grant, and
may be exercised during the term only in accordance with the Plan and the terms of this Option.

 

    -3- 

     

    

 

7. Tax Obligations.

 

(a) Withholding Taxes. Optionee agrees to arrange for the satisfaction of all Federal, state, local and foreign income
and employment tax withholding requirements applicable to the Option exercise. Optionee acknowledges and agrees that the Company
may refuse to honor the exercise and refuse to deliver the Shares if withholding amounts are not delivered at the time of exercise.

 

(b) Notice of Disqualifying Disposition of ISO Shares. If the Option granted to Optionee is an ISO, and if Optionee sells
or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i) the date two (2) years
after the Grant Date, or (ii) the date one (1) year after the date of exercise, the Optionee must immediately notify the Company
of the disposition in writing. Optionee agrees that Optionee may be subject to income tax withholding by the Company on the compensation
income recognized by the Optionee.

 

(c) Code Section 409A. Under Code section 409A, an Option that vests after December 31, 2004 that was granted with a
per Share exercise price that is determined by the Internal Revenue Service (the “IRS”) to be less than the Fair Market
Value of a Share on the Grant Date (a “discount option”) may be considered deferred compensation. An Option that is
a discount option may result in (i) income recognition by the Optionee prior to the exercise of the Option, (ii) an additional
twenty percent (20%) tax, and (iii) potential penalty and interest charges. Optionee acknowledges that the Company cannot and has
not guaranteed that the IRS will agree that the per Share Exercise Price of this Option equals or exceeds Fair Market Value of
a Share on the Grant Date in a later examination. Optionee agrees that if the IRS determines that the Option was granted with a
per Share exercise price that was less than the Fair Market Value of a Share on the Grant Date, Optionee will be solely responsible
for any and all resulting tax consequences.

 

8. No Guarantee of Continued Service. OPTIONEE ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING
SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING
OR RETAINING OPTIONEE) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER. OPTIONEE
FURTHER ACKNOWLEDGES AND AGREES THAT THIS OPTION AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET
FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD,
FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH OPTIONEE’S RIGHT OR THE RIGHT OF THE COMPANY (OR THE PARENT
OR SUBSIDIARY EMPLOYING OR RETAINING OPTIONEE) TO TERMINATE OPTIONEE’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH
OR WITHOUT CAUSE.

 

9. Notices. All notices or other communications which are required or permitted hereunder will be in writing and sufficient
if (i) personally delivered or sent by telecopy, (ii) sent by nationally-recognized overnight courier or (iii) sent by registered
or certified mail, postage prepaid, return receipt requested, addressed as follows:

 

    -4- 

     

    

 

if to the Optionee,
to the address (or telecopy number) set forth on the Notice of Stock Option Grant; and

 

if to the Company,
to the attention of the Jason Wu (Jun Wu) at the address set forth below:

Paracorp.Inc.318 North Carson Street.Suit
208, Carson City, Nevada 89701.

  

or to any other address
as the party to whom notice is to be given may have furnished to the other party in writing in accordance herewith. Any communication
will be deemed to have been given (i) when delivered, if personally delivered, or when telecopied, if telecopied, (ii) on the first
Business Day (as hereinafter defined) after dispatch, if sent by nationally-recognized overnight courier and (iii) on the fourth
Business Day following the date on which the piece of mail containing the communication is posted, if sent by mail. As used herein,
 “Business Day” means a day that is not a Saturday, Sunday or a day on which banking institutions in the city to which
the notice or communication is to be sent are not required to be open.

 

10. Specific Performance. Optionee expressly agrees that the Company will be irreparably damaged if the provisions of
this Option Agreement and the Plan are not specifically enforced. Upon a breach or threatened breach of the terms, covenants and/or
conditions of this Option Agreement or the Plan by the Optionee, the Company will, in addition to all other remedies, be entitled
to a temporary or permanent injunction, without showing any actual damage, and/or decree for specific performance, in accordance
with the provisions hereof and thereof. The Administrator has the power to determine what constitutes a breach or threatened breach
of this Option Agreement or the Plan. The Administrator’s determinations will be final and conclusive and binding upon the
Optionee.

 

11. No Waiver. No waiver of any breach or condition of this Option Agreement will be deemed to be a waiver of any other
or subsequent breach or condition, whether of like or different nature.

 

12. Optionee Undertaking. The Optionee agrees to take whatever additional actions and execute whatever additional documents
the Company may in its reasonable judgment deem necessary or advisable in order to carry out or effect one or more of the obligations
or restrictions imposed on the Optionee pursuant to the express provisions of this Option Agreement.

 

13. Modification of Rights. The rights of the Optionee are subject to modification and termination in certain events
as provided in this Option Agreement and the Plan.

 

14. Governing Law. This Agreement is governed by, and construed in accordance with, the laws of the State of Nevada,
without giving effect to its conflict or choice of law principles that might otherwise refer construction or interpretation of
this Agreement to the substantive law of another jurisdiction.

 

15. Counterparts; Facsimile Execution. This Option Agreement may be executed in one or more counterparts, each of which
will be deemed to be an original, but all of which together constitute one and the same instrument. Facsimile execution and delivery
of this Option Agreement is legal, valid and binding execution and delivery for all purposes.

 

    -5- 

     

    

 

16. Entire Agreement. The Plan, this Option Agreement, and upon execution, the Exercise Notice, constitute the entire
agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements
of the Company and Optionee with respect to the subject matter hereof, and may not be modified adversely to the Optionee’s
interest except by means of a writing signed by the Company and Optionee.

 

17. Severability. In the event one or more of the provisions of this Option Agreement should, for any reason, be held
to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability will not affect any other
provisions of this Option Agreement, and this Option Agreement will be construed as if such invalid, illegal or unenforceable provision
had never been contained herein.

 

18. WAIVER OF JURY TRIAL. THE OPTIONEE EXPRESSLY, IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION
OR PROCEEDING RELATING TO THIS OPTION AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

Optionee acknowledges
receipt of a copy of the Plan and represents that he or she is familiar with the terms and provisions thereof, and accepts this
Option subject to all of the terms and provisions thereof. Optionee has reviewed the Plan and this Option in their entirety, has
had an opportunity to obtain the advice of counsel prior to executing this Option and fully understands all provisions of the Option.
Optionee agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions
arising under the Plan or this Option. Optionee further agrees to notify the Company upon any change in the residence address indicated
below.

 

[Signature page follows]

 

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

 

    -6- 

     

    

 

	OPTIONEE	 	IDEANOMICS, INC.
	 	 	 
	 	 	 
	 	 	 
	Signature       	 	By
	 	 	 
	 	 	 
	Print Name	 	Print Name
		 	 
	 	 	 
	 	 	Title
	 	 	 
	Residence Address	 	 

 

    -7- 

     

    

 

IDEANOMICS, INC

 

NOTE RE: EXHIBITS

 

WHEN OPTIONS ARE
EXERCISED,

 

NOT WHEN OPTIONS
AGREEMENT IS SIGNED

 

     

     

    

 

EXHIBIT A

 

AMENDED AND RESTATED 2010 EQUITY
INCENTIVE PLAN

 

EXERCISE NOTICE

 

Ideanomics, Inc.

55 Broadway, 19th Floor

New York, NY 10006

 

Attention: _______________, _________________

 

1. Exercise
of Option. Effective as of today, _____________, _____, the undersigned (“Optionee”) elects to exercise
Optionee’s option to purchase _________ shares of the Common Stock (the “Shares”) of Ideanomics, Inc. (the
 “Company”) under and pursuant to the Ideanomics, Inc. Amended and Restated 2010 Equity Incentive Plan (the
 “Plan”) and the Stock Option Agreement dated ____________, ____ (the “Option Agreement”).

 

2. Delivery of Payment. Optionee herewith delivers to the Company the full purchase price of the Shares, as set forth
in the Option Agreement, and any and all withholding taxes due in connection with the exercise of the Option.

 

3. Representations of Optionee. Optionee acknowledges that Optionee has received, read and understood the Plan and the
Option Agreement and agrees to abide by and be bound by their terms and conditions.

 

4. Rights as Stockholder. Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the
Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a
stockholder exists with respect to the Optioned Stock, notwithstanding the exercise of the Option. Subject to the requirements
of Section 6 below, the Shares will be issued to the Optionee as soon as practicable after the Option is exercised in accordance
with the Option Agreement. No adjustment will be made for a dividend or other right for which the record date is prior to the date
of issuance except as provided in the Plan.

 

5. Tax Consultation. Optionee understands that Optionee may suffer adverse tax consequences as a result of Optionee’s
purchase or disposition of the Shares. Optionee represents that Optionee has consulted with any tax consultants Optionee deems
advisable in connection with the purchase or disposition of the Shares and that Optionee is not relying on the Company for any
tax advice.

 

6. Refusal to Transfer. The Company will not (i) transfer on its books any Shares that have been sold or otherwise transferred
in violation of any of the provisions of this Exercise Notice, or (ii) be required to treat as owner of such Shares or to accord
the right to vote or pay dividends to any purchaser or other transferee to whom such Shares have been so transferred.

 

     

     

    

 

7. Successors and Assigns. The Company may assign any of its rights under this Exercise Notice to single or multiple
assignees, and this Exercise Notice inures to the benefit of the successors and assigns of the Company. Subject to the restrictions
on transfer herein set forth, this Exercise Notice is binding upon Optionee and his or her heirs, executors, administrators, successors
and assigns.

 

8. Interpretation. Any dispute regarding the interpretation of this Exercise Notice will be submitted by Optionee or
by the Company forthwith to the Administrator for review at its next regular meeting. The resolution of disputes by the Administrator
will be final and binding on all parties.

 

9. Governing Law; Severability. This Exercise Notice is be governed by, and construed in accordance with, the laws of
the State of Nevada, without giving effect to its conflict or choice of law principles that might otherwise refer construction
or interpretation of this Exercise to the substantive law of another jurisdiction. In the event that any provision hereof becomes
or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Exercise Notice will continue in
full force and effect.

 

10. Notices. Any notice required or permitted hereunder will be provided in writing and deemed effective if provided
in the manner specified in the Option Agreement.

 

11. Further Instruments. The parties agree to execute any further instruments and to take any further action as may be
reasonably necessary to carry out the purposes and intent of the Option Agreement and this Exercise Notice.

 

    -2- 

     

    

 

12. Entire Agreement. The Plan and Option Agreement are incorporated herein by reference. This Exercise Notice, the Plan,
and the Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede
in their entirety all prior undertakings and agreements of the Company and Optionee with respect to the subject matter hereof,
and may not be modified adversely to the Optionee’s interest except by means of a writing signed by the Company and Optionee.

 

	Submitted
by:	 	Accepted by:
	OPTIONEE	 	IDEANOMICS, INC.
	 	 	 
	 	 	 
	Signature	 	By
	 	 	 
	 	 	 
	Print Name	 	Print Name
	 	 	 
	 	 	 
	 	 	Title
	 	 	 
	 Address:	 	Address:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	Date Received

 

    -3-

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