Document:

Exhibit 10.117

 

SUBSIDIARY GUARANTEE

 

SUBSIDIARY GUARANTEE,
dated as of September 27, 2019 (this “Guarantee”), made by each of the signatories hereto (together with
any other entity that may become a party hereto as provided herein, the “Guarantors”), in favor of the purchasers
signatory (together with their permitted assigns, the “Purchasers”) to that certain Securities Purchase Agreement,
dated as of September 27, 2019, between Ideanomics, Inc., a Nevada corporation (the “Company”) and
the Purchasers.

 

W I T N E S S E T H:

 

WHEREAS, pursuant to
that certain Securities Purchase Agreement, dated as of September 27, 2019, by and between the Company and the Purchasers
(the “Purchase Agreement”), the Company has agreed to sell and issue to the Purchasers, and the Purchasers have
agreed to purchase from the Company the Debentures, subject to the terms and conditions set forth therein; and

 

WHEREAS, each Guarantor
will directly benefit from the extension of credit to the Company represented by the issuance of the Debentures; and

 

NOW, THEREFORE, in
consideration of the premises and to induce the Purchasers to enter into the Purchase Agreement and to carry out the transactions
contemplated thereby, each Guarantor hereby agrees with the Purchasers as follows:

 

1.            Definitions.
Unless otherwise defined herein, terms defined in the Purchase Agreement and used herein shall have the meanings given to them
in the Purchase Agreement. The words “hereof,” “herein,” “hereto” and “hereunder”
and words of similar import when used in this Guarantee shall refer to this Guarantee as a whole and not to any particular provision
of this Guarantee, and Section and Schedule references are to this Guarantee unless otherwise specified. The meanings given
to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. The following terms shall
have the following meanings:

 

“Guarantee”
means this Subsidiary Guarantee, as the same may be amended, supplemented or otherwise modified from time to time.

 

“Guarantor
Permitted Indebtedness” means (a) indebtedness resulting from a bank or other financial institution honoring a
check, draft or similar instrument in the ordinary course of business, (b) indebtedness arising under or in connection with
cash management services in the ordinary course of business, (c) equipment lease obligations and purchase money indebtedness
of up to $250,000, in the aggregate, incurred in connection with the acquisition of fixed or capital assets and equipment lease
obligations with respect to newly acquired or leased assets, (d) indebtedness under bank lines of credit up to $500,000,
in the aggregate, at any time outstanding, (e) obligations existing or arising under any swap or hedge contract; provided
that such obligations are (or were) entered into by the Guarantor in the ordinary course of business for the purpose of mitigating
risks associated with liabilities, commitments, investments, assets or property held or reasonably anticipated by the Guarantor,
or changes in the value of securities issued by the Guarantor, and not for speculative purposes, and (f) intercompany indebtedness
up to $1,000,000, in the aggregate, at any time outstanding, that is unsecured and that is (i) is expressly subordinated
to the Debentures pursuant to a written subordination agreement with the Purchasers that is acceptable to each Purchaser in its
sole and absolute discretion, and (ii) matures at a date later than the ninety first (91st) day following the
Maturity Date.

 

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“Guarantor
Permitted Lien” means the individual and collective reference to the following: (a) Liens for taxes,
assessments and other governmental charges or levies not yet due or Liens for taxes, assessments and other governmental
charges or levies being contested in good faith and by appropriate proceedings for which adequate reserves (in the good faith
judgment of the management of the Guarantor) have been established in accordance with GAAP, (b) Liens imposed by law
which were incurred in the ordinary course of the Guarantor’s business, such as carriers’, warehousemen’s
and mechanics’ Liens, statutory landlords’ Liens, and other similar Liens arising in the ordinary course of the
Guarantor’s business, and which (x) do not individually or in the aggregate materially detract from the value of
such property or assets or materially impair the use thereof in the operation of the business of the Guarantor and its
consolidated Subsidiaries or (y) are being contested in good faith by appropriate proceedings, which proceedings have
the effect of preventing for the foreseeable future the forfeiture or sale of the property or asset subject to such Lien,
(c) Liens incurred in connection with Guarantor Permitted Indebtedness under clause (c) thereunder, provided that
such Liens are not secured by assets of the Guarantor other than the assets so acquired or leased, (d) any interest or
title of a lessor, sublessor, licensor or sublicensor under leases or licenses that are entered into in the ordinary course
of business, or (e) leases, licenses, subleases, or sublicenses granted to others in the ordinary course of business
that do not (i) interfere in any material respect with the ordinary conduct of the business of the Guarantor or
(ii) secure any indebtedness.

 

“Obligations”
means, in addition to all other costs and expenses of collection incurred by Purchasers in enforcing any of such Obligations
and/or this Guarantee, all of the liabilities and obligations (primary, secondary, direct, contingent, sole, joint or
several) due or to become due, or that are now or may be hereafter contracted or acquired, or owing to, of the Company or any
Guarantor to the Purchasers, including, without limitation, all obligations under this Guarantee, the Debentures and any
other instruments, agreements or other documents executed and/or delivered in connection herewith or therewith, in each case,
whether now or hereafter existing, voluntary or involuntary, direct or indirect, absolute or contingent, liquidated or
unliquidated, whether or not jointly owed with others, and whether or not from time to time decreased or extinguished and
later increased, created or incurred, and all or any portion of such obligations or liabilities that are paid, to the extent
all or any part of such payment is avoided or recovered directly or indirectly from any of the Purchasers as a preference,
fraudulent transfer or otherwise as such obligations may be amended, supplemented, converted, extended or modified from time
to time. Without limiting the generality of the foregoing, the term “Obligations” shall include, without
limitation: (i) principal of, and interest on the Debentures and the loans extended pursuant thereto; (ii) any and
all other fees, indemnities, costs, obligations and liabilities of the Company or any Guarantor from time to time under or in
connection with this Guarantee, the Debentures and any other instruments, agreements or other documents executed and/or
delivered in connection herewith or therewith; and (iii) all amounts (including but not limited to post-petition
interest) in respect of the foregoing that would be payable but for the fact that the obligations to pay such amounts are
unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving the
Company or any Guarantor.

 

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 2.             Guarantee.

 

 (a)            Guarantee.

 

(i)            The
Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantee to the Purchasers and their respective successors,
indorsees, transferees and assigns, the prompt and complete payment and performance when due (whether at the stated maturity, by
acceleration or otherwise) of the Obligations.

 

(ii)            Anything
herein or in any other Transaction Document to the contrary notwithstanding, the maximum liability of each Guarantor hereunder
and under the other Transaction Documents shall in no event exceed the amount which can be guaranteed by such Guarantor under applicable
federal and state laws, including laws relating to the insolvency of debtors, fraudulent conveyance or transfer or laws affecting
the rights of creditors generally (after giving effect to the right of contribution established in Section 2(b)).

 

(iii)            Each
Guarantor agrees that the Obligations may at any time and from time to time exceed the amount of the liability of such Guarantor
hereunder without impairing the guarantee contained in this Section 2 or affecting the rights and remedies of the Purchasers
hereunder.

 

(iv)            The
guarantee contained in this Section 2 shall remain in full force and effect until all the Obligations and the obligations
of each Guarantor under the guarantee contained in this Section 2 shall have been satisfied by indefeasible payment in full.

 

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(v)            No
payment made by the Company, any of the Guarantors, any other guarantor or any other Person or received or collected by the Purchasers
from the Company, any of the Guarantors, any other guarantor or any other Person by virtue of any action or proceeding or any set-off
or appropriation or application at any time or from time to time in reduction of or in payment of the Obligations shall be deemed
to modify, reduce, release or otherwise affect the liability of any Guarantor hereunder which shall, notwithstanding any such payment
(other than any payment made by such Guarantor in respect of the Obligations or any payment received or collected from such Guarantor
in respect of the Obligations), remain liable for the Obligations up to the maximum liability of such Guarantor hereunder until
the Obligations are indefeasibly paid in full.

 

(vi)            Notwithstanding
anything to the contrary in this Guarantee, with respect to any defaulted non-monetary Obligations the specific performance of
which by the Guarantors is not reasonably possible (e.g. the issuance of the Company's Common Stock), the Guarantors shall only
be liable for making the Purchasers whole on a monetary basis for the Company's failure to perform such Obligations in accordance
with the Transaction Documents.

 

(b)            Right
of Contribution. Subject to Section 2(c), each Guarantor hereby agrees that to the extent that a Guarantor shall have
paid more than its proportionate share of any payment made hereunder, such Guarantor shall be entitled to seek and receive contribution
from and against any other Guarantor hereunder which has not paid its proportionate share of such payment. Each Guarantor's right
of contribution shall be subject to the terms and conditions of Section 2(c). The provisions of this Section 2(b) shall
in no respect limit the obligations and liabilities of any Guarantor to the Purchasers and each Guarantor shall remain liable to
the Purchasers for the full amount guaranteed by such Guarantor hereunder.

 

(c)            No
Subrogation. Notwithstanding any payment made by any Guarantor hereunder or any set-off or application of funds of any
Guarantor by the Purchasers, no Guarantor shall be entitled to be subrogated to any of the rights of the Purchasers against
the Company or any other Guarantor or any collateral security or guarantee or right of offset held by the Purchasers for the
payment of the Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the
Company or any other Guarantor in respect of payments made by such Guarantor hereunder, until all amounts owing to the
Purchasers by the Company on account of the Obligations are indefeasibly paid in full. If any amount shall be paid to any
Guarantor on account of such subrogation rights at any time when all of the Obligations shall not have been paid in full,
such amount shall be held by such Guarantor in trust for the Purchasers, segregated from other funds of such Guarantor, and
shall, forthwith upon receipt by such Guarantor, be turned over to the Purchasers in the exact form received by such
Guarantor (duly indorsed by such Guarantor to the Purchasers, if required), to be applied against the Obligations, whether
matured or unmatured, in such order as the Purchasers may determine.

 

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(d)            Amendments,
Etc. With Respect to the Obligations. Each Guarantor shall remain obligated hereunder notwithstanding that, without any reservation
of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand for payment of any of the
Obligations made by the Purchasers may be rescinded by the Purchasers and any of the Obligations continued, and the Obligations,
or the liability of any other Person upon or for any part thereof, or any collateral security or guarantee therefor or right of
offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated,
compromised, waived, surrendered or released by the Purchasers, and the Purchase Agreement and the other Transaction Documents
and any other documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in
whole or in part, as the Purchasers may deem advisable from time to time, and any collateral security, guarantee or right of offset
at any time held by the Purchasers for the payment of the Obligations may be sold, exchanged, waived, surrendered or released.
The Purchasers shall have no obligation to protect, secure, perfect or insure any Lien at any time held by them as security for
the Obligations or for the guarantee contained in this Section 2 or any property subject thereto.

 

(e)            Guarantee
Absolute and Unconditional. Each Guarantor waives any and all notice of the creation, renewal, extension or accrual of
any of the Obligations and notice of or proof of reliance by the Purchasers upon the guarantee contained in this
Section 2 or acceptance of the guarantee contained in this Section 2; the Obligations, and any of them, shall
conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance
upon the guarantee contained in this Section 2; and all dealings between the Company and any of the Guarantors, on the
one hand, and the Purchasers, on the other hand, likewise shall be conclusively presumed to have been had or consummated in
reliance upon the guarantee contained in this Section 2. Each Guarantor waives to the extent permitted by law diligence,
presentment, protest, demand for payment and notice of default or nonpayment to or upon the Company or any of the Guarantors
with respect to the Obligations. Each Guarantor understands and agrees that the guarantee contained in this Section 2
shall be construed as a continuing, absolute and unconditional guarantee of payment and performance without regard to
(a) the validity or enforceability of the Purchase Agreement or any other Transaction Document, any of the Obligations
or any other collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to
time held by the Purchasers, (b) any defense, set-off or counterclaim (other than a defense of payment or performance or
fraud by Purchasers) which may at any time be available to or be asserted by the Company or any other Person against the
Purchasers, or (c) any other circumstance whatsoever (with or without notice to or knowledge of the Company or such
Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of the Company for the
Obligations, or of such Guarantor under the guarantee contained in this Section 2, in bankruptcy or in any other
instance. When making any demand hereunder or otherwise pursuing its rights and remedies hereunder against any Guarantor, the
Purchasers may, but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as
they may have against the Company, any other Guarantor or any other Person or against any collateral security or guarantee
for the Obligations or any right of offset with respect thereto, and any failure by the Purchasers to make any such demand,
to pursue such other rights or remedies or to collect any payments from the Company, any other Guarantor or any other Person
or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of the
Company, any other Guarantor or any other Person or any such collateral security, guarantee or right of offset, shall not
relieve any Guarantor of any obligation or liability hereunder, and shall not impair or affect the rights and remedies,
whether express, implied or available as a matter of law, of the Purchasers against any Guarantor. For the purposes hereof,
 “demand” shall include the commencement and continuance of any legal proceedings.

 

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(f)            Reinstatement.
The guarantee contained in this Section 2 shall continue to be effective, or be reinstated, as the case may be, if at any
time payment, or any part thereof, of any of the Obligations is rescinded or must otherwise be restored or returned by the Purchasers
upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Company or any Guarantor, or upon or as a result
of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Company or any Guarantor
or any substantial part of its property, or otherwise, all as though such payments had not been made.

 

(g)            Payments.
Each Guarantor hereby guarantees that payments hereunder will be paid to the Purchasers without set-off or counterclaim in U.S.
dollars at the address set forth or referred to in the Signature Pages to the Purchase Agreement.

 

3.            Representations
and Warranties. Each Guarantor hereby makes the following representations and warranties to Purchasers as of the date hereof:

 

(a)            Consents
and Approvals. The Guarantor is not required to obtain any consent, waiver, authorization or order of, or make any filing or
registration with, any court or other federal, state, local, foreign or other governmental authority or other person in connection
with the execution, delivery and performance by the Guarantor of this Guaranty.

 

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(b)            Purchase
Agreement. The representations and warranties of the Company set forth in the Purchase Agreement as they relate to such Guarantor,
each of which is hereby incorporated herein by reference, are true and correct as of each time such representations are deemed
to be made pursuant to such Purchase Agreement, and the Purchasers shall be entitled to rely on each of them as if they were fully
set forth herein, provided that each reference in each such representation and warranty to the Company's knowledge shall, for the
purposes of this Section 3, be deemed to be a reference to such Guarantor's knowledge.

 

 4.            Covenants.

 

(a)            Each
Guarantor covenants and agrees with the Purchasers that, from and after the date of this Guarantee until the Obligations shall
have been indefeasibly paid in full, such Guarantor shall take, and/or shall refrain from taking, as the case may be, each commercially
reasonable action that is necessary to be taken or not taken, as the case may be, so that no Event of Default (as defined in the
Debentures) is caused by the failure to take such action or to refrain from taking such action by such Guarantor.

 

(b)            So
long as any of the Obligations are outstanding, unless Purchasers holding at least a majority in interest of the aggregate principal
amount of the then outstanding Debentures shall otherwise consent in writing, each Guarantor will not directly or indirectly on
or after the date of this Guarantee:

 

i.               other
than Guarantor Permitted Indebtedness, enter into, create, incur, assume or suffer to exist any indebtedness for borrowed money
of any kind, including but not limited to, a guarantee, 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;

 

ii.              other
than Guarantor Permitted Liens, enter into, create, incur, assume or suffer to exist any liens 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;

 

iii.             amend
its certificate of incorporation, bylaws or other charter documents so as to adversely affect any rights of any Purchaser;

 

iv.             repay,
repurchase or offer to repay, repurchase or otherwise acquire any indebtedness (other than indebtedness under clauses (a),
(b), (d) and (f) in the definition of Guarantor Permitted Indebtedness); or

 

v.              enter
into any agreement with respect to any of the foregoing.

 

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 5.            Miscellaneous.

 

(a)            Amendments
in Writing. None of the terms or provisions of this Guarantee may be waived, amended, supplemented or otherwise modified except
in writing by the Purchasers.

 

(b)            Notices.
All notices, requests and demands to or upon the Purchasers or any Guarantor hereunder shall be effected in the manner provided
for in the Purchase Agreement, provided that any such notice, request or demand to or upon any Guarantor shall be addressed to
such Guarantor at its notice address set forth on Schedule 5(b).

 

(c)            No
Waiver By Course Of Conduct; Cumulative Remedies. The Purchasers shall not by any act (except by a written instrument pursuant
to Section 5(a)), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have
acquiesced in any default under the Transaction Documents or Event of Default. No failure to exercise, nor any delay in exercising,
on the part of the Purchasers, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial
exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any
other right, power or privilege. A waiver by the Purchasers of any right or remedy hereunder on any one occasion shall not be construed
as a bar to any right or remedy which the Purchasers would otherwise have on any future occasion. The rights and remedies herein
provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided
by law.

 

 (d)            Enforcement Expenses; Indemnification.

 

(i)            Each
Guarantor agrees to pay, or reimburse the Purchasers for, all its costs and expenses incurred in collecting against such Guarantor
under the guarantee contained in Section 2 or otherwise enforcing or preserving any rights under this Guarantee and the other
Transaction Documents to which such Guarantor is a party, including, without limitation, the reasonable and documented fees and
disbursements of counsel to the Purchasers.

 

(ii)            Each
Guarantor agrees to pay, and to save the Purchasers harmless from, any and all liabilities with respect to, or resulting from any
delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable in connection
with any of the transactions contemplated by this Guarantee.

 

(iii)            Each
Guarantor agrees to pay, and to save the Purchasers harmless from, any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the
execution, delivery, enforcement, performance and administration of this Guarantee to the extent the Company would be
required to do so pursuant to the Purchase Agreement.

 

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(iv)            The
agreements in this Section shall survive repayment of the Obligations and all other amounts payable under the Purchase Agreement
and the other Transaction Documents.

 

(e)            Successor
and Assigns. This Guarantee shall be binding upon the successors and assigns of each Guarantor and shall inure to the benefit
of the Purchasers and their respective successors and assigns; provided that no Guarantor may assign, transfer or delegate any
of its rights or obligations under this Guarantee without the prior written consent of the Purchasers.

 

(f)            Set-Off.
Each Guarantor hereby irrevocably authorizes the Purchasers at any time and from time to time while an Event of Default under any
of the Transaction Documents shall have occurred and be continuing, without notice to such Guarantor or any other Guarantor, any
such notice being expressly waived by each Guarantor, to set-off and appropriate and apply any and all deposits, credits, indebtedness
or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time
held or owing by the Purchasers to or for the credit or the account of such Guarantor, or any part thereof in such amounts as the
Purchasers may elect, against and on account of the obligations and liabilities of such Guarantor to the Purchasers hereunder and
claims of every nature and description of the Purchasers against such Guarantor, in any currency, whether arising hereunder, under
the Purchase Agreement, any other Transaction Document or otherwise, as the Purchasers may elect, whether or not the Purchasers
have made any demand for payment and although such obligations, liabilities and claims may be contingent or unmatured. The Purchasers
shall notify such Guarantor promptly of any such set-off and the application made by the Purchasers of the proceeds thereof, provided
that the failure to give such notice shall not affect the validity of such set-off and application. The rights of the Purchasers
under this Section are in addition to other rights and remedies (including, without limitation, other rights of set-off) which
the Purchasers may have.

 

(g)            Counterparts.
This Guarantee may be executed by one or more of the parties to this Guarantee on any number of separate counterparts (including
by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

 

(h)            Severability.
Any provision of this Guarantee which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and
any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction.

 

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(i)            Section Headings.
The Section headings used in this Guarantee are for convenience of reference only and are not to affect the construction hereof
or be taken into consideration in the interpretation hereof.

 

(j)            Integration.
This Guarantee and the other Transaction Documents represent the agreement of the Guarantors and the Purchasers with respect to
the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Purchasers
relative to subject matter hereof and thereof not expressly set forth or referred to herein or in the other Transaction Documents.

 

(k)            Governing
Laws. All questions concerning the construction, validity, enforcement and interpretation of this Guarantee shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of
conflict of laws thereof. Each of the Company and the Guarantors agree that all proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Guarantee (whether brought against a party hereto or its respective Affiliates,
directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal
courts sitting in the City of New York, Borough of Manhattan (the “New York Courts”). Each of the Company and
the Guarantors hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute
hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to
the enforcement of this Guarantee), 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 New York Courts or such New York Courts are improper
or inconvenient venue for such suit, action or proceeding. Each party hereto 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 via registered or certified
mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Guarantee
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 other manner permitted by applicable law. Each party hereto
hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding
arising out of or relating to this Guarantee or the transactions contemplated hereby.

 

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 (l)            Acknowledgements. Each Guarantor hereby acknowledges that:

 

(i)            it
has been advised by counsel in the negotiation, execution and delivery of this Guarantee and the other Transaction Documents to
which it is a party;

 

(ii)            the
Purchasers have no fiduciary relationship with or duty to any Guarantor arising out of or in connection with this Guarantee or
any of the other Transaction Documents, and the relationship between the Guarantors, on the one hand, and the Purchasers, on the
other hand, in connection herewith or therewith is solely that of debtor and creditor; and

 

(iii)            no
joint venture is created hereby or by the other Transaction Documents or otherwise exists by virtue of the transactions contemplated
hereby among the Guarantors and the Purchasers.

 

(m)            Release
of Guarantors. Each Guarantor will be released from all liability hereunder concurrently with (i) the indefeasible repayment
in full of all amounts owed under the Purchase Agreement, the Debentures and the other Transaction Documents or (ii) pursuant
to any Applicable Subsidiary Release under Section 4.12 of the Purchase Agreement.

 

(n)            Seniority.
As of the date hereof, the Obligations of each of the Guarantors hereunder rank senior in priority to any other Indebtedness of
such Guarantor.

 

(o)            WAIVER
OF JURY TRIAL. EACH GUARANTOR AND, BY ACCEPTANCE OF THE BENEFITS HEREOF, THE PURCHASERS, HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS GUARANTEE AND FOR ANY COUNTERCLAIM THEREIN.

 

*********************

 

(Signature Pages Follow)

 

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IN WITNESS WHEREOF, the undersigned has caused
this Guarantee to be duly executed and delivered as of the date first above written.

 

	 	DELAWARE
    BOARD OF TRADE, LLC
	 	 
	 	By: 	    
	 	 	 
	 	 	Name:	Anthony Sklar                                     
	 	 	Title:	Director                          

 

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SCHEDULE 1

 

GUARANTORS

 

The following are the names, notice addresses
and jurisdiction of organization of each Guarantor.

 

	 	 	JURISDICTION
    OF

 INCORPORATION	 	COMPANY

OWNED BY

 PERCENTAGE
	 	 	 	 	 
	 	 	 	 	 	 

 

    13Exhibit 10.118

 

EXECUTION COPY

 

REGISTRATION
RIGHTS AGREEMENT

 

THIS REGISTRATION
RIGHTS AGREEMENT (this “Agreement”), dated as of December 13, 2019, by and among IDEANOMICS, INC., a
Nevada corporation (the “Company”), and YA II PN, Ltd., a Cayman Islands exempt limited partnership
(the “Investor”).

 

WHEREAS:

 

A.       In
connection with the Securities Purchase Agreement by and among the parties hereto of even date herewith (the “Securities
Purchase Agreement”), the Company has agreed, upon the terms and subject to the conditions of the Securities Purchase
Agreement, to issue and sell to the Investor (i) up to $5,000,000 of face amount of secured convertible debentures (the “Convertible
Debentures”), which shall be convertible into shares of the Company’s common stock, par value $0.001 (the “Common
Stock”) (as converted, the “Conversion Shares”), (ii) up to 3,561,644 shares of the Company’s
Common Stock, and (iii) Warrants to purchase up to 1,666,667 and 1,000,000 shares (as exercised, the “Warrant Shares”)
of the Company’s Common Stock at exercise prices of $1.50 and $1.00 per share, respectively. Capitalized terms not defined
herein shall have the meaning ascribed to them in the Securities Purchase Agreement.

 

B.       To
induce the Investors to execute and deliver the Securities Purchase Agreement, the Company has agreed to provide certain registration
rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute
(collectively, the “Securities Act”), and applicable state securities laws and other rights as provided for
herein.

 

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

 

1.       DEFINITIONS.

 

As used in this Agreement, the
following terms shall have the following meanings:

 

(a)       “Effectiveness
Deadline” means, with respect to a Registration Statement filed hereunder, the 120th calendar day following the date
hereof, provided, however, in the event the Company is notified by the U.S. Securities and Exchange Commission (“SEC”)
that one of the Registration Statements, as defined below, will not be reviewed or is no longer subject to further review and
comments, the Effectiveness Deadline as to such Registration Statement shall be the fifth calendar day following the date on which
the Company is so notified if such date precedes the date required above.

 

(b)       “Filing
Deadline” means, with respect to a Registration Statement required hereunder, the 21st calendar day following the date
hereof.

 

     

     

    

 

(c)       “Person”
means a corporation, a limited liability company, an association, a partnership, an organization, a business, an individual, a
governmental or political subdivision thereof or a governmental agency.

 

(d)       “Prospectus”
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated
under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering
of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to
the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by
reference in such Prospectus.

 

(e)       “Registrable
Securities” means all of (i) the Conversion Shares issuable upon conversion of the Convertible Debentures, (ii) 3,561,644
shares of the Company’s Common Stock, (iii) the Warrant Shares issuable upon exercise of the Warrants, (iv) any additional
shares issuable in connection with any anti-dilution provisions of the Convertible Debentures or the Warrants (without giving
effect to any limitations on exercise set forth in the Convertible Debentures or the Warrants, as applicable) and (v) any shares
of Common Stock issued or issuable with respect to the Conversion Shares or the Warrant Shares as a result of any stock split,
dividend or other distribution, recapitalization or similar event or otherwise (in each case without giving effect to any limitations
on exercise set forth in the Convertible Debentures or the Warrants, as applicable).

 

(f)       “Registration
Statement” means the registration statements required to be filed hereunder (including any additional registration statements
contemplated by Section 2(c)), including (in each case) the Prospectus, amendments and supplements to such registration statement
or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference
or deemed to be incorporated by reference in such registration statement.

 

(g)       “Required
Registration Amount” means (i) with respect to the initial Registration Statement at least 3,333,334 shares of Common
Stock issued or to be issued upon conversion of the Convertible Debentures, 3,561,644 shares of the Company’s Common Stock
and 2,666,667 shares of Common Stock issued or to be issued upon exercise of the Warrants, and (ii) with respect to subsequent
Registration Statements at least such number of shares of Common Stock as shall equal up to 300% of the maximum number of shares
of Common Stock issuable upon conversion of all Convertible Debentures then outstanding (assuming for purposes hereof that (x)
such Convertible Debentures are convertible at the Conversion Price (as defined therein) in effect as of the date of determination,
and (y) any such conversion shall not take into account any limitations on the conversion of the Convertible Debentures set forth
in the Statement of Designations).

 

(h)       “Rule
415” means Rule 415 promulgated by the SEC pursuant to the Securities Act, as such Rule may be amended from time to
time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same purpose and effect as such
Rule.

 

    - 2 -

     

    

 

2.       REGISTRATION.

 

(a)       The
Company’s registration obligations set forth in this Section 2 including its obligations to file Registration Statements,
obtain effectiveness of Registration Statements, and maintain the continuous effectiveness of Registration Statement that have
been declared effective shall begin on the date hereof and continue until all the Registrable Securities have been sold or may
permanently be sold without any restrictions pursuant to Rule 144, as determined by the counsel to the Company pursuant to a written
opinion letter to such effect, addressed and acceptable to the Company’s transfer agent and the affected Holders (the “Registration
Period”).

 

(b)       Subject
to the terms and conditions of this Agreement, the Company shall, on or prior to the Filing Deadline, prepare and file with the
SEC a Registration Statement on Form S-3 (or, if the Company is not then eligible, on Form S-l), covering the resale by the Investor
of Registrable Securities. For the avoidance of doubt, the Company may amend a Registration Statement currently on file with the
SEC to include the Registrable Securities therein to meet its obligations in the preceding sentence. Each Registration Statement
prepared pursuant hereto shall cumulatively register for resale at least the number of shares of Common Stock equal to the Required
Registration Amount as of date the Registration Statement is initially filed with the SEC. Each Registration Statement shall contain
the “Selling Stockholders” and “Plan of Distribution” sections in substantially the form
attached hereto as Exhibit A. Subject to the terms of this Agreement, the Company shall use its best efforts to have each
Registration Statement declared effective by the SEC as soon as practicable, but in no event later than the Effectiveness Deadline.
By 9:30 am on the business day following the date of effectiveness, the Company shall file with the SEC in accordance with Rule
424 under the 1933 Act the final Prospectus to be used in connection with sales pursuant to such Registration Statement. Prior
to the filing of the Registration Statement with the SEC, the Company shall furnish a draft of the Registration Statement to the
Investor for their review and comment. The Investor shall furnish comments on the Registration Statement to the Company within
twenty-four (24) hours of the receipt thereof from the Company. If the Registration Statement is not filed with the SEC on or
before January 13, 2020 or the Registration Statement is not declared effective by the SEC or otherwise become effective on or
before April 13, 2020, then the Company shall pay to the Investor as liquidated damages and not as a penalty an amount equal to
2% of the outstanding balance on the Convertible Debentures for each 30-day period (to be pro-rated for any period shorter than
30-days) thereafter until the Registration Statement is filed and/or the Registration Statement is declared effective (as applicable).

 

    - 3 -

     

    

 

(c)       During
the Registration Period, the Company shall (i) promptly prepare and file with the SEC such amendments (including post-effective
amendments) and supplements to a Registration Statement and the Prospectus used in connection with a Registration Statement, which
Prospectus is to be filed pursuant to Rule 424 promulgated under the Securities Act, as may be necessary to keep such Registration
Statement effective at all times during the Registration Period, (ii) prepare and file with the SEC additional Registration Statements
in order to register for resale under the Securities Act all of the Registrable Securities; (iii) cause the related Prospectus
to be amended or supplemented by any required Prospectus supplement (subject to the terms of this Agreement), and as so supplemented
or amended to be filed pursuant to Rule 424; (iv) respond as promptly as reasonably possible to any comments received from the
SEC with respect to a Registration Statement or any amendment thereto and as promptly as reasonably possible provide the Investors
true and complete copies of all correspondence from and to the SEC relating to a Registration Statement (provided that the Company
may excise any information contained therein which would constitute material non-public information as to any Investor which has
not executed a confidentiality agreement with the Company); and (v) comply with the provisions of the Securities Act with respect
to the disposition of all Registrable Securities of the Company covered by such Registration Statement until such time as all
of such Registrable Securities shall have been disposed of in accordance with the intended methods of disposition by the seller
or sellers thereof as set forth in such Registration Statement. In the case of amendments and supplements to a Registration Statement
which are required to be filed pursuant to this Agreement (including pursuant to this Section 2(c)) by reason of the Company’s
filing a report on Form 10-K, Form 10-Q, or Form 8-K or any analogous report under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), the Company shall incorporate such report by reference into the Registration Statement,
if applicable, or shall file such amendments or supplements with the SEC within three (3) days following the day the Exchange
Act report is filed which created the requirement for the Company to amend or supplement the Registration Statement.

 

(d)       Reduction
of Registrable Securities Included in a Registration Statement. Notwithstanding anything contained herein, in the event that
the SEC requires the Company to reduce the number of Registrable Securities to be included in a Registration Statement in order
to allow the Company to rely on Rule 415 with respect to a Registration Statement, then the Company shall be obligated to include
in such Registration Statement (which may be a subsequent Registration Statement if the Company needs to withdraw a Registration
Statement and refile a new Registration Statement in order to rely on Rule 415) only such limited portion of the Registrable Securities
as the SEC shall permit. Any Registrable Securities that are excluded in accordance with the foregoing terms are hereinafter referred
to as “Cut Back Securities.” To the extent Cut Back Securities exist, as soon as may be permitted by the SEC,
the Company shall be required to file a Registration Statement covering the resale of the Cut Back Securities (subject also to
the terms of this Section) and shall use best efforts to cause such Registration Statement to be declared effective as promptly
as practicable thereafter.

 

3.       RELATED
OBLIGATIONS.

 

(a)       The
Company shall, not less than three (3) business days prior to the filing of each Registration Statement and not less than one
(1) Trading Day prior to the filing of any related amendments and supplements to all Registration Statements (except for annual
reports on Form 10-K), furnish to each Investor copies of all such documents proposed to be filed, which documents (other than
those incorporated or deemed to be incorporated by reference) will be subject to the reasonable and prompt review of such Investors,
The Company shall not file a Registration Statement or any such Prospectus or any amendments or supplements thereto to which the
Investors shall reasonably object in good faith; provided that, the Company is notified of such objection in writing no
later than two (2) business days after the Investors have been so furnished copies of a Registration Statement.

 

    - 4 -

     

    

 

(b)       The
Company shall furnish to each Investor whose Registrable Securities are included in any Registration Statement, without charge,
(i) at least one (1) copy of such Registration Statement as declared effective by the SEC and any amendment(s) thereto, including
financial statements and schedules, all documents incorporated therein by reference, all exhibits and each preliminary prospectus,
(ii) ten (10) copies of the final prospectus included in such Registration Statement and all amendments and supplements thereto
(or such other number of copies as such Investor may reasonably request) and (iii) such other documents, which are not publicly
available through EDGAR, as such Investor may reasonably request from time to time in order to facilitate the disposition of the
Registrable Securities owned by such Investor.

 

(c)       The
Company shall use its best efforts to (i) register and qualify the Registrable Securities covered by a Registration Statement
under such other securities or “blue sky” laws of such jurisdictions in the United States as any Investor reasonably
requests, (ii) prepare and file in those jurisdictions, such amendments (including post-effective amendments) and supplements
to such registrations and qualifications as may be necessary to maintain the effectiveness thereof during the Registration Period,
(iii) take such other actions as may be necessary to maintain such registrations and qualifications in effect at all times during
the Registration Period, and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities
for sale in such jurisdictions; provided, however, that the Company shall not be required in connection therewith or as a condition
thereto to (w) make any change to its articles of incorporation or by-laws, (x) qualify to do business in any jurisdiction where
it would not otherwise be required to qualify but for this Section 3(c), (y) subject itself to general taxation in any such jurisdiction,
or (z) file a general consent to service of process in any such jurisdiction. The Company shall promptly notify each Investor
who holds Registrable Securities of the receipt by the Company of any notification with respect to the suspension of the registration
or qualification of any of the Registrable Securities for sale under the securities or “blue sky” laws of any jurisdiction
in the United States or its receipt of actual notice of the initiation or threat of any proceeding for such purpose.

 

(d)       As
promptly as practicable after becoming aware of such event or development, the Company shall notify each Investor in writing of
the happening of any event as a result of which the Prospectus included in a Registration Statement, as then in effect, includes
an untrue statement of a material fact or omission to state a material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances under which they were made, not misleading (provided that in no event shall
such notice contain any material, nonpublic information), and promptly prepare a supplement or amendment to such Registration
Statement to correct such untrue statement or omission, and deliver ten (10) copies of such supplement or amendment to each Investor.
The Company shall also promptly notify each Investor in writing (i) when a Prospectus or any Prospectus supplement or post-effective
amendment has been filed, and when a Registration Statement or any post-effective amendment has become effective (notification
of such effectiveness shall be delivered to each Investor by facsimile on the same day of such effectiveness), (ii) of any request
by the SEC for amendments or supplements to a Registration Statement or related prospectus or related information, and (iii) of
the Company’s reasonable determination that a post-effective amendment to a Registration Statement would be appropriate.

 

    - 5 -

     

    

 

(e)       The
Company shall use its best efforts to prevent the issuance of any stop order or other suspension of effectiveness of a Registration
Statement, or the suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction within the
United States of America and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at
the earliest possible moment and to notify each Investor who holds Registrable Securities being sold of the issuance of such order
and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding for such purpose.

 

(f)       If,
after the execution of this Agreement, an Investor believes, after consultation with its legal counsel, that it could reasonably
be deemed to be an underwriter of Registrable Securities, at the request of any Investor, the Company shall furnish to such Investor,
on the date of the effectiveness of the Registration Statement and thereafter from time to time on such dates as an Investor may
reasonably request (i) a letter, dated such date, from the Company’s independent certified public accountants in form and
substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering,
and (ii) an opinion, dated as of such date, of counsel representing the Company for purposes of such Registration Statement, in
form, scope and substance as is customarily given in an underwritten public offering, addressed to the Investors. Upon the request
of the documents discussed above pursuant to this Section 3(f), the Investor shall provide documents to the Company typically
provided by an underwriter of its securities in form, scope and substance as is customarily given in an underwritten public offering,
including an opinion of counsel representing the Investor for purposes of such Registration Statement, addressed to the Company.

 

(g)       If,
after the execution of this Agreement, an Investor believes, after consultation with its legal counsel, that it could reasonably
be deemed to be an underwriter of Registrable Securities, at the request of any Investor, the Company shall make available for
inspection by (i) any Investor and (ii) one (1) firm of accountants or other agents retained by the Investors (collectively, the
 “Inspectors”) all pertinent financial and other records, and pertinent corporate documents and properties of
the Company (collectively, the “Records”), as shall be reasonably deemed necessary by each Inspector, and cause
the Company’s officers, directors and employees to supply all information which any Inspector may reasonably request; provided,
however, that each Inspector shall agree, and each Investor hereby agrees, to hold in strict confidence and shall not make any
disclosure (except to an Investor) or use any Record or other information which the Company determines in good faith to be confidential,
and of which determination the Inspectors are so notified, unless (a) the disclosure of such Records is necessary to avoid or
correct a misstatement or omission in any Registration Statement or is otherwise required under the Securities Act, (b) the release
of such Records is ordered pursuant to a final, non-appealable subpoena or order from a court or government body of competent
jurisdiction, or (c) the information in such Records has been made generally available to the public other than by disclosure
in violation of this or any other agreement of which the Inspector and the Investor has knowledge. Each Investor agrees that it
shall, upon learning that disclosure of such Records is sought in or by a court or governmental body of competent jurisdiction
or through other means, give prompt notice to the Company and allow the Company, at its expense, to undertake appropriate action
to prevent disclosure of, or to obtain a protective order for, the Records deemed confidential.

 

    - 6 -

     

    

 

(h)       The
Company shall hold in confidence and not make any disclosure of information concerning the Investor provided to the Company unless
(i) disclosure of such information is necessary to comply with federal or state securities laws, (ii) the disclosure of such information
is necessary to avoid or correct a misstatement or omission in any Registration Statement, (iii) the release of such information
is ordered pursuant to a subpoena or other final, non-appealable order from a court or governmental body of competent jurisdiction,
or (iv) such information has been made generally available to the public other than by disclosure in violation of this Agreement
or any other agreement. The Company agrees that it shall, upon learning that disclosure of such information concerning an Investor
is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt written notice to
such Investor and allow such Investor, at the Investor’s expense, to undertake appropriate action to prevent disclosure
of, or to obtain a protective order for, such information.

 

(i)       The
Company shall either cause all the Registrable Securities covered by a Registration Statement (i) to be listed on each securities
exchange on which securities of the same class or series issued by the Company are then listed, if any, if the listing of such
Registrable Securities is then permitted under the rules of such exchange or (ii) to be included for quotation on the Nasdaq Capital
Markets for such Registrable Securities. The Company shall pay all fees and expenses in connection with satisfying its obligation
under this Section 3(i).

 

(j)       The
Company shall cooperate with each Investor who holds Registrable Securities being offered and, to the extent applicable, to facilitate
the timely preparation and delivery of certificates (not bearing any restrictive legend) representing the Registrable Securities
to be offered pursuant to a Registration Statement and enable such certificates to be in such denominations or amounts, as the
case may be, as the Investors may reasonably request.

 

(k)       The
Company shall use its best efforts to cause the Registrable Securities covered by the applicable Registration Statement to be
registered with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition
of such Registrable Securities.

 

(l)       The
Company shall otherwise use its best efforts to comply with all applicable rules and regulations of the SEC in connection with
any registration hereunder.

 

(m)       Within
two (2) business days after a Registration Statement which covers Registrable Securities is declared effective by the SEC, the
Company shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such Registrable Securities
(with copies to the Investor whose Registrable Securities are included in such Registration Statement) confirmation that such
Registration Statement has been declared effective by the SEC in the form attached hereto as Exhibit B.

 

(n)       The
Company shall take all other reasonable actions necessary to expedite and facilitate disposition by each Investor of Registrable
Securities pursuant to a Registration Statement.

 

    - 7 -

     

    

 

4.       OBLIGATIONS
OF THE INVESTORS.

 

(a)       The
Investor agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section
3(d) such Investor will immediately discontinue disposition of Registrable Securities pursuant to any Registration Statement covering
such Registrable Securities until the Investor’s receipt of the copies of the supplemented or amended prospectus contemplated
by Section 3(d) or receipt of notice that no supplement or amendment is required. Notwithstanding anything to the contrary, the
Company shall cause its transfer agent to deliver unlegended certificates for shares of Common Stock to a transferee of an Investor
in connection with any sale of Registrable Securities with respect to which an Investor has entered into a contract for sale prior
to the Investor’s receipt of a notice from the Company of the happening of any event of the kind described in Section 3(d)
and for which the Investor has not yet settled.

 

(b)       The
Investor covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable
to it or an exemption therefrom in connection with sales of Registrable Securities pursuant to the Registration Statement.

 

5.       EXPENSES
OF REGISTRATION.

 

All expenses incurred
in connection with registrations, filings or qualifications pursuant to Sections 2 and 3, including, without limitation, all registration,
listing and qualifications fees, printers, legal and accounting fees, except legal fees of Investor’s counsel associated
with the review of the Registration Statement and any comment letters issued by the SEC relating to such Registration Statement,
shall be paid by the Company.

 

6.       INDEMNIFICATION.

 

With respect to Registrable
Securities which are included in a Registration Statement under this Agreement:

 

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

 

    - 8 -

     

    

 

(b)       In
connection with a Registration Statement, the Investor agrees to severally and not jointly indemnify, hold harmless and defend,
to the same extent and in the same manner as is set forth in Section 6(a), the Company, each of its directors, each of its officers,
employees, representatives, or agents and each Person, if any, who controls the Company within the meaning of the Securities Act
or the Exchange Act (each an “Indemnified Party”), against any Claim or Indemnified Damages to which any of
them may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such Claim or Indemnified Damages
arise out of or is based upon any Violation, in each case to the extent, and only to the extent, that such Violation occurs in
reliance upon and in conformity with written information furnished to the Company by such Investor expressly for use in connection
with such Registration Statement; and, subject to Section 6(d), such Investor will reimburse any legal or other expenses reasonably
incurred by them in connection with investigating or defending any such Claim; provided, however, that the indemnity agreement
contained in this Section 6(b) and the agreement with respect to contribution contained in Section 7 shall not apply to amounts
paid in settlement of any Claim if such settlement is effected without the prior written consent of such Investor, which consent
shall not be unreasonably withheld; provided, further, however, that the Investor shall be liable under this Section 6(b) for
only that amount of a Claim or Indemnified Damages as does not exceed the net proceeds to such Investor as a result of the sale
of Registrable Securities pursuant to such Registration Statement. Such indemnity shall remain in full force and effect regardless
of any investigation made by or on behalf of such Indemnified Party. Notwithstanding anything to the contrary contained herein,
the indemnification agreement contained in this Section 6(b) with respect to any prospectus shall not inure to the benefit of
any Indemnified Party if the untrue statement or omission of material fact contained in the prospectus was corrected and such
new prospectus was delivered to each Investor prior to such Investor’s use of the prospectus to which the Claim relates.

 

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

 

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

 

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

 

    - 9 -

     

    

 

7.       CONTRIBUTION.

 

To the extent any
indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum contribution
with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided,
however, that: (i) no seller of Registrable Securities guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution from any seller of Registrable Securities who was not guilty of fraudulent
misrepresentation; and (ii) contribution by any seller of Registrable Securities shall be limited in amount to the net amount
of proceeds received by such seller from the sale of such Registrable Securities.

 

8.       REPORTS
UNDER THE EXCHANGE ACT.

 

With a view to making
available to the Investors the benefits of Rule 144 promulgated under the Securities Act or any similar rule or regulation of
the SEC that may at any time permit the Investors to sell securities of the Company to the public without registration (“Rule
144”), and as a material inducement to the Investor’s purchase of the Convertible Debentures, the Company represents,
warrants, and covenants to the following:

 

(a)       The
Company is subject to the reporting requirements of section 13 or 15(d) of the Exchange Act and has filed all required reports
under section 13 or 15(d) of the Exchange Act during the 12 months prior to the date hereof (or for such shorter period that the
issuer was required to file such reports), other than Form 8-K reports

 

(b)       During
the Registration Period, the Company shall file with the SEC in a timely manner all required reports under section 13 or 15(d)
of the Exchange Act (it being understood that nothing herein shall limit the Company’s obligations under the Securities
Purchase Agreement) and such reports shall conform to the requirement of the Exchange Act and the SEC for filing thereunder.

 

(c)       The
Company shall furnish to the Investor so long as such Investor owns Registrable Securities, promptly upon request, (i) a written
statement by the Company that it has complied with the reporting requirements of Rule 144, (ii) a copy of the most recent annual
or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information
as may be reasonably requested to permit the Investors to sell such securities pursuant to Rule 144 without registration.

 

9.       AMENDMENT
OF REGISTRATION RIGHTS.

 

Provisions of this
Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively
or prospectively), only with the written consent of the Company and Investors who then hold at least two-thirds (2/3) of the Registrable
Securities. Any amendment or waiver effected in accordance with this Section 9 shall be binding upon each Investor and the Company.
No such amendment shall be effective to the extent that it applies to fewer than all of the holders of the Registrable Securities.
No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of any
of this Agreement unless the same consideration also is offered to all of the parties to this Agreement.

 

    - 10 -

     

    

 

10.        MISCELLANEOUS.

 

(a)       A
Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable
Securities or owns the right to receive the Registrable Securities. If the Company receives conflicting instructions, notices
or elections from two (2) or more Persons with respect to the same Registrable Securities, the Company shall act upon the basis
of instructions, notice or election received from the registered owner of such Registrable Securities.

 

(b)       Piggy-Back
Registrations. If at any time there is not an effective Registration Statement covering all of the Registrable Securities
and the Company shall determine to prepare and file with the SEC a registration statement relating to an offering for its own
account or the account of others under the Securities Act of any of its equity securities, other than on Form S-4 or Form S-8
(each as promulgated under the Securities Act) or their then equivalents relating to equity securities to be issued solely in
connection with any acquisition of any entity or business or equity securities issuable in connection with the stock option or
other employee benefit plans, then the Company shall send to each Investor a written notice of such determination and, if within
fifteen (15) days after the date of such notice, any such Investor shall so request in writing, the Company shall include in such
registration statement all or any part of such Registrable Securities such Investor requests to be registered; provided,
however, that, the Company shall not be required to register any Registrable Securities pursuant to this Section 10(c)
that are eligible for resale pursuant to Rule 144 promulgated under the Securities Act or that are the subject of a then effective
Registration Statement.

 

Any notices, consents, waivers or other
communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have
been delivered pursuant to the notice provisions of the Securities Purchase Agreement or to such other 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 (i) given by the recipient of such
notice, consent, waiver or other communication, (ii) electronically generated by the sender’s e-mail transmission or (iii)
provided by a courier or overnight courier service, shall be rebuttable evidence of personal service, receipt by facsimile or
receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

(c)       Failure
of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or
remedy, shall not operate as a waiver thereof.

 

    - 11 -

     

    

 

(d)       The
laws of the State of New York shall govern all issues concerning the relative rights of the Company and the Investors as its stockholders.
All other questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed
by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule
(whether of the State of New York than the State of New Jersey. Each party hereby irrevocably submits to the non-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 with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert
in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such
suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper.
Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action
or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that
such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any manner permitted by law. If any provision of this Agreement shall be invalid
or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the
remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in any other
jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION
OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

(e)       This
Agreement shall inure to the benefit of and be binding upon the permitted successors and assigns of each of the parties hereto.

 

(f)       The
headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

(g)       This
Agreement may be executed in identical counterparts, each of which shall be deemed an original but all of which shall constitute
one and the same agreement. This Agreement, once executed by a party, may be delivered to the other party hereto as an attachment
to an email or by facsimile transmission of a copy of this Agreement bearing the signature of the party so delivering this Agreement.

 

(h)       Each
party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver
all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry
out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

(i)       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.

 

(j)       This
Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not
for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

    - 12 -

     

    

 

IN WITNESS WHEREOF,
the Investor and the Company have caused their signature page to this Registration Rights Agreement to be duly executed as
of the date first above written.

 

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

 

	 	INVESTOR:
	 	YA II PN, LTD.
	 
		By:	Yorkville Advisors Global, LP
		Its:	Investment Manager
	 	 	 
	 		By:	Yorkville Advisors Global II, LLC
	 		Its:	General Partner
	 	 	 
	 		By:	 
	 		Name:	 
	 		Title:	 

 

    - 13 -

     

    

 

IN WITNESS WHEREOF,
the Investor and the Company have caused their signature page to this Registration Rights Agreement to be duly executed as
of the date first above written.

 

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

 

    - 14 -

     

    

 

EXHIBIT A

 

SELLING STOCKHOLDERS

AND PLAN OF
DISTRIBUTION

 

Selling Stockholders

 

The shares of Common
Stock being offered by the selling stockholders are issuable upon conversion of the convertible debentures or the exercise of
the warrants. For additional information regarding the issuance of those convertible debentures and warrants, see “Private
Placement” above. We are registering the shares of Common Stock in order to permit the selling stockholders to offer the
shares for resale from time to time. Except as otherwise noted and except for the ownership of the convertible debentures and
the warrants issued pursuant to the securities purchase agreements, the selling stockholders have not had any material relationship
with us within the past three years.

 

The table below lists
the selling stockholders and other information regarding the beneficial ownership of the shares of Common Stock by each of the
selling stockholders. The second column lists the number of shares of Common Stock beneficially owned by each selling stockholder,
based on its ownership of the convertible debentures and warrants, as of                    ,
2019, assuming conversion of all convertible debentures and exercise of the warrants held by the selling stockholders on that
date, without regard to any limitations on conversions or exercise.

 

The third column lists
the shares of Common Stock being offered by this prospectus by the selling stockholders.

 

In accordance with
the terms of an amended and restated registration rights agreement with the selling stockholders, this prospectus generally covers
the resale of at least                             shares
of common stock issued or issuable to the selling stockholders pursuant to the securities purchase agreements. Because the conversion
price of the convertible debentures and the exercise price of the warrants may be adjusted, the number of shares that will actually
be issued may be more or less than the number of shares being offered by this prospectus. The fourth column assumes the sale of
all of the shares offered by the selling stockholders pursuant to this prospectus.

 

Under the terms of
the convertible debentures and the warrants, a selling stockholder may not convert the convertible debentures or the warrants
to the extent such conversion or exercise would cause such selling stockholder, together with its affiliates, to beneficially
own a number of shares of Common Stock which would exceed 4.99% of our then outstanding shares of Common Stock following such
conversion or exercise, excluding for purposes of such determination shares of Common Stock issuable upon conversion or exercise
of the convertible debentures or the warrants (as applicable) which have not been converted or exercised. The number of shares
in the second column does not reflect this limitation. The selling stockholders may sell all, some or none of their shares in
this offering. See “Plan of Distribution.”

 

     

     

    

 

 

 

	 	 	 	 	Maximum Number of Shares	 	 
	 	 	Number of Shares Owned	 	to be Sold Pursuant to this	 	Number of Shares Owned
	Name of Selling Stockholder	 	Prior to Offering	 	Prospectus	 	After Offering
	YA II PN, Ltd. (1)	 	 	 	 	 	 

 

 

(1)       YA
II PN, Ltd. is a Cayman Island exempt limited company (“YA”). Yorkville Advisors Global, LP (“Yorkville LP”)
is YA’s investment manager and Yorkville Advisors Global II, LLC (“Yorkville LLC”) is the General Partner of
Yorkville LP. All investment decisions for YA are made by Yorkville LLC’s Managing Member, Matthew Beckman.

 

    2

     

    

 

Plan of Distribution

 

Each Selling Stockholder
(the “Selling Stockholders”) of the common stock and any of their pledgees, assignees and successors-in-interest
may, from time to time, sell any or all of their shares of common stock on the                     or
any other stock exchange, market or trading facility on which the shares are traded or in private transactions. These sales may
be at fixed or negotiated prices. A Selling Stockholder may use any one or more of the following methods when selling shares:

 

		·	ordinary
                                         brokerage transactions and transactions in which the broker-dealer solicits purchasers;

 

		·	block
                                         trades in which the broker-dealer will attempt to sell the shares as agent but may position
                                         and resell a portion of the block as principal to facilitate the transaction;

 

		·	purchases
                                         by a broker-dealer as principal and resale by the broker-dealer for its account;

 

		·	an
                                         exchange distribution in accordance with the rules of the applicable exchange;

 

		·	privately
                                         negotiated transactions;

 

		·	broker-dealers
                                         may agree with the Selling Stockholders to sell a specified number of such shares at
                                         a stipulated price per share;

 

		·	through
                                         the writing or settlement of options or other hedging transactions, whether through an
                                         options exchange or otherwise;

 

		·	a
                                         combination of any such methods of sale; or

 

		·	any
                                         other method permitted pursuant to applicable law.

 

The Selling Stockholders
may also sell shares under Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”), if
available, rather than under this prospectus.

 

Broker-dealers engaged
by the Selling Stockholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions
or discounts from the Selling Stockholders (or, if any broker-dealer acts as agent for the purchaser of shares, from the purchaser)
in amounts to be negotiated, but, except as set forth in a supplement to this Prospectus, in the case of an agency transaction
not in excess of a customary brokerage commission in compliance with NASDR Rule 2440; and in the case of a principal transaction
a markup or markdown in compliance with NASDR IM-2440.

 

In connection with
the sale of the common stock or interests therein and except if the Debentures remain outstanding, the Selling Stockholders may
enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of
the Common Stock in the course of hedging the positions they assume. The Selling Stockholders may also enter into option or other
transactions with broker-dealers or other financial institutions or the creation of one or more derivative securities which require
the delivery to such broker-dealer or other financial institution of shares offered by this prospectus, which shares such broker-dealer
or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).

 

    3

     

    

 

The Selling Stockholders
and any broker-dealers or agents that are involved in selling the shares may be deemed to be “underwriters” within
the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers
or agents and any profit on the resale of the shares purchased by them may be deemed to be underwriting commissions or discounts
under the Securities Act. Each Selling Stockholder has informed the Company that it does not have any written or oral agreement
or understanding, directly or indirectly, with any person to distribute the Common Stock. In no event shall any broker-dealer
receive fees, commissions and markups which, in the aggregate, would exceed eight percent (8%).

 

The Company is required
to pay certain fees and expenses incurred by the Company incident to the registration of the shares. The Company has agreed to
indemnify the Selling Stockholders against certain losses, claims, damages and liabilities, including liabilities under the Securities
Act.

 

Because Selling Stockholders
may be deemed to be “underwriters” within the meaning of the Securities Act, they will be subject to the prospectus
delivery requirements of the Securities Act including Rule 172 thereunder. In addition, any securities covered by this prospectus
which qualify for sale pursuant to Rule 144 under the Securities Act may be sold under Rule 144 rather than under this prospectus.
There is no underwriter or coordinating broker acting in connection with the proposed sale of the resale shares by the Selling
Stockholders.

 

We agreed to keep
this prospectus effective until the earlier of (i) the date on which the shares may be resold by the Selling Stockholders without
registration and without regard to any volume limitations by reason of Rule 144 under the Securities Act or any other rule of
similar effect or (ii) all of the shares have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any
other rule of similar effect. The resale shares will be sold only through registered or licensed brokers or dealers if required
under applicable state securities laws. In addition, in certain states, the resale shares may not be sold unless they have been
registered or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is
available and is complied with.

 

Under applicable rules and regulations
under the Exchange Act, any person engaged in the distribution of the resale shares may not simultaneously engage in market making
activities with respect to the common stock for the applicable restricted period, as defined in Regulation M, prior to the commencement
of the distribution. In addition, the Selling Stockholders will be subject to applicable provisions of the Exchange Act and the
rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of shares of the common
stock by the Selling Stockholders or any other person. We will make copies of this prospectus available to the Selling Stockholders
and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale
(including by compliance with Rule 172 under the Securities Act).

 

    4

     

    

 

EXHIBIT B

 

FORM OF NOTICE
OF EFFECTIVENESS

OF REGISTRATION
STATEMENT

 

Attention:

 

Re:      IDEANOMICS,
INC.

 

Ladies and Gentlemen:

 

We are counsel to
IDEANOMICS, INC., a Nevada corporation (the “Company”), and have represented the Company in connection with
that certain Securities Purchase Agreement (the “Securities Purchase Agreement”) entered into by and among
the Company and the Investors named therein (collectively, the “Investors”) pursuant to which the Company issued
to the Investors up to $5,000,000 of secured convertible debentures (the “Convertible Debentures”), which are
convertible into its Common Stock, par value $0.001 per share (the “Common Stock”). Pursuant to the Purchase
Agreement, the Company also has entered into a Registration Rights Agreement with the Investors (the “Registration Rights
Agreement”) pursuant to which the Company agreed, among other things, to register the Registrable Securities (as defined
in the Registration Rights Agreement) under the Securities Act of 1933, as amended (the “Securities Act”).
In connection with the Company’s obligations under the Registration Rights Agreement, on                     
          , the Company filed a Registration Statement on Form                       (File
No. 333-                  ) (the
 “Registration Statement”) with the Securities and Exchange Commission (the “SEC”) relating
to the Registrable Securities which names each of the Investors as a selling stockholder there under.

 

In connection with
the foregoing, we advise you that a member of the SEC’s staff has advised us by telephone that the SEC has entered an order
declaring the Registration Statement effective under the Securities Act at [ENTER TIME OF EFFECTIVENESS] on [ENTER DATE
OF EFFECTIVENESS] and we have no knowledge, after telephonic inquiry of a member of the SEC’s staff, that any stop order
suspending its effectiveness has been issued or that any proceedings for that purpose are pending before, or threatened by, the
SEC and the Registrable Securities are available for resale under the Securities Act pursuant to the Registration Statement.

 

	 	Very truly yours,
	 	 
	
	 	[Law Firm]
		 
	 	By:	    

 

	cc:	[LIST NAMES OF INVESTORS]

 

    5

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