Document:

Exhibit 10.4

 

OPTION AGREEMENT

 

This OPTION AGREEMENT
(this “Agreement”) is made and entered as of October 25, 2022 (the “Effective Date”) by
and among IDEANOMICS, INC., a Nevada corporation (“Company”), TIMIOS HOLDINGS CORP., a Delaware
corporation (“Timios”), JUSTLY HOLDINGS INC., a Delaware corporation (“Justly” and, together
with Timios, the “Spin-Off Entities”), and YA II PN, LTD., a Cayman Islands exempt corporation (“Buyer”).

 

WHEREAS,
as of the Effective Date, each of Timios and Justly are subsidiaries of the Company;

 

WHEREAS,
on the Effective Date, Buyer is purchasing secured Convertible Debentures (the “Debentures”) from the Company in the
principal amount of up to $6,500,000, which shall be convertible into shares of the Company’s common stock, par value $0.001 per
share, pursuant to that certain Secured Debenture Purchase Agreement, dated as of even date herewith (the “SPA”),
by and between the Company and the Buyer;

 

WHEREAS,
pursuant to the SPA, the Company (i) shall, within one (1) year of the date of the SPA, effect a reorganization (the “SPA
Spin-Off”), pursuant to which the equity securities of the Spin-Off Entities shall be distributed to, and such Spin-Off Entities
will therefore become, subsidiaries of a newly-formed holding company (“Holdco”) and (ii) shall, or shall cause
each of the Spin-Off Entities to, file an amended and restated certificate of incorporation (each, an “Amended Charter”)
of each such Spin-Off Entity with the Secretary of State of the State of Delaware in order to create and issue a new class of common
stock of such Spin-Off Entity (the “New Common Stock”);

 

WHEREAS,
pursuant to the terms and conditions set forth in this Agreement, the Company and each of the Spin-Off Entities are granting to the Buyer,
and the Buyer is accepting from the Company and each of the Spin-Off Entities, an option to purchase (a) (i) an amount of shares
of common stock of Timios (the “Timios Common Stock”) and (ii) an amount of shares of common stock of Justly
(the “Justly Common Stock” and, together with the Timios Common Stock, the “Spin-Off Entity Common Stock”),
which, in each case for each Spin-Off Entity, shall represent twelve percent (12%) of the then issued and outstanding Timios Common Stock
and Justly Common Stock, as applicable, at the time the Spin-Off Call Right (as defined below) is effected, and (b) (i) an
amount of shares of New Common Stock of Timios (the “Timios New Shares”), and (ii) an amount of shares of New
Common Stock of Justly (the “Justly New Shares” and, together with the Timios New Shares, the “Spin-Off Entity
New Shares”), which, in each case for each Spin-Off Entity, shall represent (x) three percent (3%) of the outstanding
share capital on an economic basis, and (y) at least fifty-one percent (51%) of the outstanding voting power of such Spin-Off Entity
(which, for the avoidance of doubt, shall represent a majority of the outstanding voting power of each such Spin-Off Entity) (the “Spin-Off
Entity Majority Voting Rights Percentage”) at the time the Spin-Off Call Right is effected (the Spin-Off Entity Common Stock
and the Spin-Off Entity New Shares are collectively referred to as the “Spin-Off Call Shares”);

 

WHEREAS,
in addition to the option to purchase the Spin-Off Call Shares and pursuant to the terms and conditions set forth in this Agreement,
the Company hereby grants to the Buyer, and the Buyer accepts from the Company, an option to purchase an amount of shares of common stock
of Holdco (“Holdco Common Stock”) that shall represent at least fifty-one percent (51%) of the outstanding voting
power of Holdco (which, for the avoidance of doubt, shall represent a majority of the outstanding voting power of Holdco) (the “Holdco
Majority Voting Rights Percentage” and, together with the Spin-Off Entity Majority Voting Rights Percentage, the “Majority
Voting Rights Percentage”) at the time the Holdco Call Right is effected (the “Holdco Call Shares”); and

 

     

     

    

 

WHEREAS,
the execution of this Agreement is a condition to the Buyer’s obligation to purchase the Debentures from the Company. The consideration
for this Agreement and the Call Right set forth herein shall consist solely of the Buyer’s agreement to purchase the Debentures.
The Buyer has not, and is not, providing any services to the Company in connection with the SPA.

 

NOW,
THEREFORE, in consideration of the foregoing and the mutual and dependent covenants hereinafter set forth, the parties hereto
agree as follows:

 

1.             Grant
of Option.

 

(a)           Right
to Buy. Subject to the terms and conditions of this Agreement:

 

(i)            at
any time on and after the date hereof, the Company and each Spin-Off Entity hereby grants to the Buyer, and the Buyer accepts from the
Company and each Spin-Off Entity, the right (the “Spin-Off Call Right”), but not the obligation, to purchase from
the Company and each Spin-Off Entity the Spin-Off Call Shares at the Call Purchase Price (as defined below); and

 

(ii)            at
any time on and after the date on which the legal existence of Holdco is effective until the consummation of the SPA Spin-Off, the Company
hereby grants to the Buyer, and the Buyer accepts from the Company, the right (the “Holdco Call Right” and, together
with the Spin-Off Call Right, the “Call Right”), but not the obligation, to purchase from the Company the Holdco Call
Shares at the Call Purchase Price (as defined below).

 

(b)           Procedures.

 

(i)            If
the Buyer desires to buy the Spin-Off Call Shares and/or the Holdco Call Shares (together, the “Call Shares”) pursuant
to Section 1(a), the Buyer shall deliver to the Company a written, unconditional and irrevocable notice (the “Call
Exercise Notice”) of the Buyer’s election to exercise the applicable Call Right, with its calculation of the applicable
Call Purchase Price.

 

(ii)           By
delivering the Call Exercise Notice, the Company, Holdco and the Spin-Off Entities shall each be deemed to represent and warrant to the
Buyer (and, if applicable, its permitted assignee) as of the date of the Call Exercise Notice and as of the Call Right Closing Date that,
as applicable, (A) the Company, Holdco and such Spin-Off Entity has full right, title and interest in and to the Call Shares; (B) the
Company, Holdco and such Spin-Off Entity has all the necessary power, capacity and authority, and has taken all necessary action, to
sell, transfer and assign the Call Shares as contemplated by this Section 1; (C) the Call Shares are validly issued,
fully paid and nonassessable and free and clear of any and all liens, mortgages, pledges, security interests, options, rights of first
offer, encumbrances or other restrictions or limitations of any nature whatsoever other than those arising as a result of or under the
terms of this Agreement or state and federal regulations applicable to the Spin-Off Entities; and (D) no consent, approval, order
or authorization of, or registration, qualification, designation, declaration or filing with, any governmental entity or any other person
or entity is required on the part of the Company, Holdco or such Spin-Off Entity in order to enable the Company, Holdco and such Spin-Off
Entity to sell, transfer and deliver the Call Shares to the Buyer (or its permitted assignee).

 

(iii)          Subject
to Section 1(c) below, the closing of a sale of the Call Shares pursuant to this Section 1 (the “Call
Right Closing Date”) shall take place no later than thirty (30) days following receipt by the Company of the Call Exercise
Notice. The Buyer shall give the Company at least ten (10) days’ written notice of the Call Right Closing Date.

 

    2 

     

    

 

(c)            Call
Purchase Price. In the event the Buyer exercises all or any part of the Call Right hereunder, the aggregate purchase price at which
the Buyer (or its permitted assignee) shall purchase the applicable Call Shares (the “Call Purchase Price”) shall
be an amount equal to the Pro Rata Share. For purposes of this Agreement, the “Pro Rata Share” means (i) in the
case of the Spin-Off Call Shares, an amount equal to fifteen percent (15%) of the book value of the Spin-Off Entities based upon the
Company’s balance sheet as of June 30, 2022 (the “Balance Sheet”), and (ii) in the case of the Holdco
Call Shares, an amount equal to (x) the book value of the Spin-Off Entities based upon the Balance Sheet, multiplied by (y) the
percentage of equity ownership the Buyer shall have in Holdco upon receipt of the amount of Holdco Call Shares subject to the Holdco
Call Right.

 

(d)            Cooperation.
The parties hereto shall take all actions as may be reasonably necessary to consummate any sale contemplated by this Section 1,
including, without limitation, providing Buyer with the Balance Sheet for purposes of determining the applicable Call Purchase Price,
entering into agreements and delivering certificates and instruments and consents as may be deemed necessary or appropriate. Concurrently
with the filing of the Amended Charters for the Spin-Off Entities, the parties hereto shall take any and all actions as may be reasonably
necessary or required to modify this Agreement to clarify the type and number of New Common Stock that make up the Timios Call Shares
and Justly Call Shares.

 

(e)            Closing.
On the applicable Call Right Closing Date, the Company shall deliver to the Buyer certificates representing the applicable Call Shares,
accompanied by stock powers and all necessary stock transfer taxes paid and stamps affixed, if necessary, against receipt of the Call
Purchase Price. In exchange for such Call Shares, on the Call Right Closing Date, the Buyer (or its permitted assignee) will pay the
Call Purchase Price for the applicable Call Shares in cash by wire transfer of immediately available funds on such Call Right Closing
Date to an account designated by the Company to Buyer in writing.

 

2.            Negative
Covenants. From the date hereof until the election of the Buyer to effect each of the Spin-Off Call Right and Holdco Call Right hereunder,
without the prior written consent of the Buyer, the Company shall not, and shall not permit any of its direct or indirect subsidiaries
(whether or not a subsidiary on the date hereof), including, but not limited to, the Spin-Off Entities and their respective direct and
indirect subsidiaries, to (a) directly or indirectly be in violation or breach of, or default under, any Negative Covenant (as defined
in the SPA), and (b) amend, restate, modify, terminate or otherwise cancel any of its or their organizational or constituent documents
(including, but not limited to, any articles of incorporation or formation, shareholders agreements, bylaws or other operating agreements).

 

3.            Anti-Dilution
Covenant. If Holdco or any Spin-Off Entity shall, at any time and from time to time, from the date of Buyer’s exercise of the
Call Right until the fifth (5th) anniversary thereof, in any manner grant, issue or sell, or is deemed to have granted, issued
or sold, any shares of its respective equity securities (or any security convertible into such equity securities), including, but not
limited to, its respective Holdco Common Stock or Spin-Off Entity Common Stock (in each case, an “Issuance”), then
(a) immediately upon such Issuance or deemed Issuance, Buyer or its applicable affiliates shall have the right, but not the obligation,
to request from Holdco or such Spin-Off Entity, as applicable (a “Request”), the issuance by such entity of that number
of shares of its respective Holdco Common Stock, New Common Stock or Spin-Off Entity New Shares, as applicable (each, a “Top-Up
Issuance”), such that, subsequent to any Issuance or deemed Issuance, and after giving effect to any applicable Top-Up Issuance,
Buyer or its applicable affiliates continue to hold an amount of Holdco Common Stock, New Common Stock or Spin-Off Entity New Shares
that, in each case, shall equal or exceed the Majority Voting Rights Percentage with respect to each of Holdco and the Spin-Off Entities,
and (b) Holdco or any Spin-Off Entity, as applicable, shall comply promptly with such Request, it being understood and agreed among
the parties hereto that any and all Top-Up Issuances shall occur within three (3) business days of any Request by Buyer.

 

    3 

     

    

 

4.            Notices.

 

All notices and other communications
given or made pursuant hereto shall be in writing and shall be deemed to have been duly given or made (a) as of the date delivered,
if delivered personally, (b) on the date the delivering party receives confirmation, if delivered by email, (c) three (3) business
days after being mailed by registered or certified mail (postage prepaid, return receipt requested) or (d) one (1) business
day after being sent by overnight courier (providing proof of delivery), to the parties at the following addresses (or at such other
address for a party as shall be specified in a notice given in accordance with this Section 4):

 

If to Buyer:

 

YA II PN, Ltd.

c/o Yorkville Advisors
Global, LP

1012 Springfield Ave

Mountainside, New Jersey
07092

Email: mangelo@yorkvilleadvisors.com

 

With a copy (which shall not
constitute notice) to:

 

Troy J. Rillo

1012 Springfield Avenue

Mountainside, New Jersey
07092

Email: trillo@yorkvilleadvisors.com

 

If to Company or the Spin-Off Entities:

 

Ideanomics, Inc.

1441 Broadway, Suite #5116

New York NY 10018

Attn: Alfred P. Poor, Chief
Executive Officer

Email: apoor@ideanomics.com

 

With a copy (which shall not
constitute notice) to:

 

Venable LLP

1270 Avenue of the Americas

24th Floor

New York, NY 10020

Attn: William N. Haddad

Email: WNHaddad@Venable.com

 

5.            Entire
Agreement. This Agreement constitutes the sole and entire agreement of the parties to this Agreement with respect to the subject
matter contained herein, and supersedes all prior and contemporaneous understandings and agreements, both written and oral, with respect
to such subject matter.

 

6.            Successor
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors
and permitted assigns. However, neither this Agreement nor any of the rights or obligations hereunder may otherwise be transferred or
assigned by the Company or the Spin-Off Entities without the prior written consent of Buyer. The Buyer may assign any or all of its rights
and obligations hereunder, including, but not limited to, the Spin-Off Call Right and/or the Holdco Call Right (or any portion of such
Call Right thereof), to one or more of its affiliates without the prior written consent of the Company, Holdco or any Spin-Off Entity.
Any attempted transfer or assignment in violation of this Section 6 shall be void ab initio.

 

    4 

     

    

 

7.            No
Third-Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and their respective successors and permitted
assigns and nothing herein, express or implied, is intended to or shall confer upon any other person any legal or equitable right, benefit
or remedy of any nature whatsoever, under or by reason of this Agreement.

 

8.            Headings.
The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

9.            Amendment
and Modification; Waiver. This Agreement may only be amended, modified or supplemented by an agreement in writing signed by the Company,
Spin-Off Entities and the Buyer. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth
in writing and signed by the party so waiving. Except as otherwise set forth in this Agreement, no failure to exercise, or delay in exercising,
any rights, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single
or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise
of any other right, remedy, power or privilege.

 

10.            Severability.
If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other
jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the parties hereto shall
negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually
acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent
possible.

 

11.            Specific
Performance. The parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were
not performed in accordance with their specific terms or were otherwise breached. Accordingly, the parties agree that, in addition to
any other remedies, each party shall be entitled to enforce the terms of this Agreement by a decree of specific performance without the
necessity of proving the inadequacy of money damages as a remedy. Each party hereby waives any requirement for the securing or posting
of any bond in connection with such remedy. Each party further agrees that the only permitted objection that it may raise in response
to any action for equitable relief is that it contests the existence of a breach or threatened breach of this Agreement.

 

12.            Governing
Law. This Agreement, and all claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate
to this Agreement, or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon,
arising out of or related to any representation or warranty made in or in connection with this Agreement or as an inducement to enter
into this Agreement), shall be governed by the internal laws of New York.

 

13.            Jurisdiction;
Court Proceedings; Waiver of Jury Trial. Any dispute against any party to this Agreement arising out of or in any way relating to
this Agreement shall be brought in any federal or state court located in the State of New York, New York County and each of the parties
hereby submits to the exclusive jurisdiction of such courts for such purpose. Each party irrevocably and unconditionally agrees not to
assert (a) any objection which it may ever have to the laying of venue in any federal or state court located in the State of New
York, New York County, (b) any claim brought in any such court has been brought in an inconvenient forum or (c) any claim that
such court does not have jurisdiction with respect to such dispute. EACH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT TO A
TRIAL BY JURY AND AGREES THAT ANY OF THEM MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY
AND BARGAINED-FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE ITS RIGHT TO TRIAL BY JURY IN ANY LITIGATION.

 

    5 

     

    

 

14.            Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which shall together be deemed
to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission
shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 

15.            No
Strict Construction. The parties to this Agreement have participated jointly in the negotiation and drafting of this Agreement.
In the event an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the
parties, and no presumption or burden of proof will arise favoring or disfavoring any party by virtue of the authorship of any of the
provisions of this Agreement.

 

[signature
page follows]

 

    6 

     

    

 

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

 

	 	COMPANY:
	 	 
	 	IDEANOMICS, INC.

 

		By:	 
	 	 	Name:
	 	 	Title:

 

	 	TIMIOS:
	 	 
	 	TIMIOS
                                        HOLDINGS CORP.

 

		By:	 
	 	 	Name:
	 	 	Title:

 

	 	JUSTLY:
	 	 
	 	JUSTLY
                                        HOLDINGS INC.

 

		By:	 
	 	 	Name:
	 	 	Title:

 

	 	BUYER:
	 	 
	 	YA II PN, LTD.
	 	 
	 	By: Yorkville Advisors
                                        Global, LP
	 	Its: Investment Manger
	 	 
	 	By: Yorkville Advisory
                                        Global II, LLC
	 	Its: General Partner

 

		By:	 
	 	 	Name:	Troy Rillo, Esq.
	 	 	Title:	Partner

 

Signature Page to Option
AgreementEX-4.13

 Exhibit 4.13 

[Form of Fixed Rate Senior Note] 
 Unless this
certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Ally Financial Inc. or its agent for registration of transfer, exchange or payment, and any certificate
issued is registered in the name of Cede & Co. or such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

No. [—] 
 CUSIP No.: [—] 

ISIN No.: [—] 
 [—]%
Senior Note due [—] 
 Ally Financial Inc. 

promises to pay to Cede & Co. or registered assigns, 

the principal sum of [—] ([$—]) on [—]. 

Interest Payment Dates: [—] and [—] (or, if any such day is not a Business Day (as defined on the reverse side of this note), the next succeeding
Business Day), commencing on [—]. 
 Record Dates: The calendar day immediately preceding the relevant interest payment date. 

Dated: [—] 
 [ADDITIONAL
PROVISIONS OF THIS NOTE ARE SET FORTH ON THE REVERSE SIDE OF
THIS NOTE] 

 WITNESS THE SEAL OF THE COMPANY AND THE SIGNATURES OF ITS DULY AUTHORIZED OFFICERS. 

 

			
	ALLY FINANCIAL INC.
		
	By:	 	  

	Name:
	Title:
		
	By:	 	  

	Name:
	Title:

 Dated: [—] 
  

  
 [Signature Page to Senior
Note] 

			
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	
	THIS IS ONE OF THE SECURITIES OF THE SERIES DESIGNATED THEREIN REFERRED TO IN THE WITHIN-MENTIONED INDENTURE.
	
	THE BANK OF NEW YORK MELLON, AS TRUSTEE
		
	By:	 	  

		 	Authorized Signatory

 Dated: [—] 

  
 [Signature Page to Senior
Note] 

 [REVERSE SIDE OF NOTE] 

[—]% Senior Note due [—] 

Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

Ally Financial Inc., a Delaware corporation (hereinafter called the “Company”, which term includes any successor under the
Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of [—] ([$—]) at the office or agency of the Company for such purpose in the Borough of
Manhattan, The City of New York, on [—], in such coin or currency of [the United States of America] as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest on said principal sum at the
rate of [—]% per annum at the office or agency of the Company in the Borough of Manhattan, The City of New York, in like coin or currency on [—] and [—] (each, an “Interest Payment Date”) of each year, beginning on
[—]. Such interest will accrue from and including [—], or the most recent Interest Payment Date (whether or not such Interest Payment Date was a Business Day (as defined below)) for which interest had been paid or duly provided for to but
excluding the relevant Interest Payment Date. The first payment to be made on [—], is in respect of the period from and including [—], to but excluding [—]. The interest so payable on any Interest Payment Date will, subject to certain
exceptions provided in the Indenture referred to below, be paid to the person in whose name this [—]% Note (as defined below) is registered at the close of business on the calendar day immediately preceding such Interest Payment Date. At the
option of the Company, interest may be paid by check to the registered holder hereof entitled thereto at his last address as it appears on the registry books, and principal may be paid by check to the registered holder hereof or other person
entitled thereto against surrender of this [—]% Note. 
 If an Interest Payment Date falls on a day that is not a Business Day, the
interest payment will be postponed to the next succeeding Business Day, with the same force and effect as if made on the date such payment was due, and no interest will accrue as a result of such delay. 

“Business Day” is any day which is not a Saturday or Sunday or a day on which banking institutions in New York, New York are
authorized or obligated by law or executive order to close. 
 This [—]% Note is one of a duly authorized issue of debentures, notes,
bonds or other evidences of indebtedness of the Company (hereinafter called the “Securities”) of the series hereinafter specified, all issued or to be issued under and pursuant to an indenture dated as of July 1, 1982 (as may
be supplemented from time to time, herein called the “Indenture”), duly executed and delivered by the Company to The Bank of New York Mellon (herein called the “Trustee”, which term includes any successor trustee
under the Indenture), to which the Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the
Holders of the Securities. The terms of this [—]% Note include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act. This [—]% Note is subject to all such terms, and Holders are
referred to the Indenture and the Trust Indenture Act for a statement of all such terms. To the extent permitted by applicable law, in the event of any inconsistency between the terms of this [—]% Note and the terms of the Indenture, the terms
of this [—]% Note shall control. The Securities may be issued in one or more series, which different series may be issued in various aggregate principal amounts, may mature at different times, may bear

  
 R-1 

 
interest (if any) at different rates, may be subject to different redemption provisions (if any), and may otherwise vary as in the Indenture provided. This [—]% Note is [a global note] [one
of [—] ([—]) global notes], which [together] represent[s] all of the Company’s [—]% Senior Notes due [—] (CUSIP: [—]) registered with the United States Securities and Exchange Commission (the “[—]%
Notes”, which term shall include any Additional Notes (as defined below)), limited in initial issuance to the aggregate principal amount of [$—]. The [—]% Notes will bear interest, calculated on the basis of a 360-day year consisting of twelve 30-day months. 
 The [—]%
Notes are in registered book-entry form without coupons in initial denominations of [$2,000] and integral multiples of [$1,000] in excess thereof. 

The [—]% Notes do not have the benefit of a sinking fund. 

[The [—]% Notes may not be redeemed prior to maturity.] 

[The [—]% Notes will be redeemable at the Company’s option, in whole or in part, at any time and from time to time, on or after
[—], at a redemption price equal to [—], plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date.] 

[If the Company redeems [—]% Notes at its option, then (a) notwithstanding the foregoing, installments of interest on the [—]%
Notes that are due and payable on any Interest Payment Date falling on or prior to a redemption date for the [—]% Notes will be payable on that Interest Payment Date to the registered holders thereof as of the close of business on the relevant
record date according to the terms of the [—]% Notes and the Indenture and (b) the redemption price will, if applicable, be calculated on the basis of a 360-day year consisting of twelve 30-day months.] 
 [Notice of any redemption will be mailed at least [—] days but not more than
[—] days before the redemption date to each Holder of the [—]% Notes to be redeemed. Unless the Company defaults in payment of the redemption price, on or after the redemption date, interest will cease to accrue on the [—]% Notes
called for redemption.] 
 [If less than all of the [—]% Notes are to be redeemed, the Trustee shall select pro rata or by lot or in
such other manner as the Trustee shall deem fair and appropriate, the [—]% Notes to be redeemed, subject in all cases to compliance with applicable DTC procedures. The Trustee may select for redemption [—]% Notes and portions of [—]%
Notes in amounts of [$2,000] and integral multiples of [$1,000] in excess thereof (provided that the unredeemed portion of such [—]% Notes redeemed in part will not be less than [$2,000]) and shall thereafter promptly notify the Company
in writing of the numbers of [—]% Notes to be redeemed, in whole or in part.] 
 In addition to the covenants of the Company set forth
in the Indenture, the Company agrees that (each an “Additional Covenant”): 
 (a) the Company shall not, and shall not
permit any of its subsidiaries to, directly or indirectly, pay or cause to be paid any consideration, whether by way of interest, fee or otherwise, to any Holder of [—]% Notes for or as an inducement to any consent, waiver or amendment of any
of the terms or provisions of the Indenture or the [—]% Notes unless such consideration is offered to be paid or agreed to be paid to all Holders of the [—]% Notes which so consent, waive or agree to amend in the time frame set forth in
the solicitation documents relating to such consent, waiver or agreement; and 

  
 R-2 

 (b) the Company shall furnish to the Holder of this [—]% Note and to prospective
investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act of 1933, as amended, for so long as any [—]% Notes remain outstanding during any period when it is not subject to the
reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, or otherwise permitted to furnish the Securities and Exchange Commission with certain information pursuant to Rule
12g3-2(b) of the Securities Exchange Act of 1934. 
 In case an Event of Default, as defined in the
Indenture or herein, with respect to the [—]% Notes shall have occurred and be continuing, the principal hereof may be declared, and upon such declaration shall become, due and payable in the manner, with the effect and subject to the
conditions provided in the Indenture. Holders of the [—]% Notes shall vote as a separate class with respect to any defaults, Events of Default, Covenant Breaches or remedies relating thereto as a result of any covenants, obligations, or
provisions affecting only the [—]% Notes, including the Additional Covenants. 
 The Indenture contains provisions permitting the
Company and the Trustee, with the consent of the Holders of not less than 662/3% in aggregate principal amount of the Securities at the time outstanding (as defined in the Indenture) of all series to be affected by the execution of such supplemental
indentures referred to in this sentence (voting as one class), evidenced as in the Indenture provided, to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of
any supplemental indenture or modifying in any manner the rights of the Holders of the Securities of each such series; provided that no such supplemental indenture shall (i) extend the fixed maturity of any Securities, or reduce the
principal amount thereof or premium, if any, or reduce the rate or extend the time of payment of any interest thereon, without the consent of the Holder of each Security so affected, or (ii) reduce the aforesaid percentage of Securities, the
consent of the Holders of which is required for any such supplemental indenture, without the consent of the Holders of all Securities then outstanding. Any such consent or waiver by the Holder of this [—]% Note shall be conclusive and binding
upon such Holder and upon all future Holders of this [—]% Note and of any [—]% Note issued upon the registration of transfer hereof, or in lieu hereof, whether or not notation for such consent or waiver is made upon this [—]% Note.

 Holders of the [—]% Notes shall vote as a separate class with respect to amendments, modifications or waivers affecting only the
[—]% Notes, including amendments, modifications or waivers with respect to the Additional Covenants. Holders of [—]% Notes that contain redemption or mandatory redemption provisions shall vote as a separate class with respect to
amendments, modifications or waivers that affect only such provisions. Holders of Securities that are not [—]% Notes, or, with respect to redemption or mandatory redemption provisions, that do not have such provisions, shall not have any voting
rights with respect to such matters. 
 For the avoidance of doubt, in determining whether the Holders of the required aggregate principal
amount of [—]% Notes have concurred in any direction, consent or waiver, [—]% Notes which are owned by the Company or any other obligor on the [—]% Notes, or by any person directly or indirectly controlling or controlled by or under
direct or indirect common control with the Company or any other obligor on the [—]% Notes, shall be disregarded and deemed not to be outstanding for the purpose of any 

  
 R-3 

 
such determination, except that for the purpose of determining whether the Trustee shall be protected in relying on any such direction, consent or waiver, only [—]% Notes which a Responsible
Officer of the Trustee knows are so owned shall be so disregarded. [—]% Notes so owned which have been pledged in good faith may be regarded as outstanding for the purposes of this paragraph if the pledgee shall establish to the satisfaction of
the Trustee the pledgee’s right to vote such [—]% Notes and that the pledgee is not a person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any such other obligor. In the
case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. 

No reference herein to the Indenture and no provision of this [—]% Note or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and interest on this [—]% Note at the place, at the respective times, at the rate, and in the coin or currency, herein prescribed. 

The Company may from time to time, without notice to or the consent of the registered holders of the [—]% Notes, create and issue
additional notes (the “Additional Notes”) ranking pari passu with the [—]% Notes in all respects (or in all respects except for the payment of interest accruing prior to the issue date of such Additional Notes or except
for the first payment of interest following the issue date of such Additional Notes). Such Additional Notes may be consolidated and form a single series with the [—]% Notes and have the same terms as to status, redemption or otherwise as the
[—]% Notes. 
 Upon due presentment for registration of transfer of this [—]% Note at the office or agency designated and
maintained by the Company for such purpose in the Borough of Manhattan, The City of New York, pursuant to the provisions of the Indenture, a new [—]% Note for an equal aggregate principal amount will be issued to the transferee in exchange
therefor, subject to the limitations provided in the Indenture, without charge except for any tax or other governmental charge imposed in connection therewith. 

The Company, the Trustee and any agent of the Company or the Trustee may deem and treat the Holder in whose name this [—]% Note is
registered upon the books of the Company to be, and may treat such Holder as, the absolute owner of this [—]% Note (whether or not this [—]% Note shall be overdue and notwithstanding any notation of ownership or other writing hereon), for
the purpose of receiving payment of or on account of the principal of (and premium, if any) and interest hereon, and for all other purposes, and neither the Company nor the Trustee nor any agent of the Company or the Trustee shall be affected by any
notice to the contrary. 
 No recourse under or upon any obligation, covenant or agreement in the Indenture or any indenture supplemental
thereto or in any Security, or because of any indebtedness evidenced thereby, shall be had against any incorporator, or against any past, present or future stockholder, officer or director, as such, of the Company or of any successor corporation,
either directly or through the Company or any successor corporation, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being
expressly waived and released by the acceptance hereof and as part of the consideration for the issue hereof. 
 This [—]% Note is
governed by and construed in accordance with the laws of the State of New York. 

  
 R-4 

 This [—]% Note shall not be valid or become obligatory for any purpose until the
certificate of authentication hereon shall have been signed by the Trustee under the Indenture. 
 The Company will furnish to any Holder
upon written request and without charge a copy of the Indenture. 

  
 R-5 

 ASSIGNMENT FORM 

FOR VALUE RECEIVED the undersigned hereby sells, 

assigns and transfers unto 
  

	
	 PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE

  
  

 
  

	
	  
 Please print or typewrite
name and address including postal zip code of assignee
  
  

the within [—]% Note of Ally Financial Inc. and hereby irrevocably constitutes and appoints ______________________________________ attorney to transfer
said [—]% Note on the books of the within-named Company, with full power of substitution in the premises.

 Dated: ____________ 
  

			
	SIGN HERE	 	  

		 	NOTICE: THE SIGNATURE OF THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN INSTRUMENT IN EVERY PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.
		
		 	SIGNATURE GUARANTEED

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00349-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00349-of-00352.parquet"}]]