Document:

Exhibit 4.3

  

  

  SECOND AMENDMENT TO DEPOSIT AGREEMENT

  

  

  This Second Amendment (this “Amendment”), effective as of January 31, 2022 (the “Effective Date”),

    by and among Webster Financial Corporation (the “Corporation”), Sterling Bancorp (“Sterling”), Computershare Inc. (“Computershare”)
    and Broadridge Corporate Issuer Solutions, Inc. (“Broadridge”), amends that certain Deposit Agreement (as amended, the “Agreement”), dated as of March 19, 2013, by and
    among Astoria Financial Corporation (“Astoria”), Computershare Shareowner Services, LLC, as Depositary, and the holders from time to time of the depositary receipts described therein, and as amended by that
    certain First Amendment to Deposit Agreement, dated as of October 2, 2017, by and among Sterling, successor in interest to Astoria, and Computershare, successor in interest to Computershare Shareowner Services, LLC. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement.

  

  

  WHEREAS, pursuant to the Agreement and Plan of Merger, dated as of April 18, 2021, by and between the Corporation and Sterling (the “Merger
      Agreement”), Sterling will merge with and into the Corporation (the “Merger”) effective as of 11:45 p.m., Eastern Time, on January 31, 2022 (the “Merger Effective Time”);

  

  

  WHEREAS, the Prospectus (as such term is defined below) contains terms which describe the Treatment of Sterling Series A Preferred Stock (as such term is defined below) and
    Sterling Depositary Shares (as such term is defined below) pursuant to the Merger Agreement, including that each share of 6.50% Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share, of Sterling (the “Sterling Series A Preferred Stock”) issued and outstanding immediately prior to Merger Effective Time will be automatically converted into the right to receive one (1) share of 6.50% Series G Non-Cumulative Perpetual Preferred Stock,
    par value $0.01 per share, of the Corporation (the “Webster Series G Preferred Stock”), and each depositary share representing a 1/40th interest in a share of the Sterling Series A Preferred Stock (the “Sterling Depositary Shares”) will become a depositary share representing a 1/40th interest in a share of the Webster Series G Preferred Stock;

  

  

  WHEREAS, in accordance with Section 5.5(b) of the Agreement, Sterling desires to remove Computershare as the Depositary and appoint Broadridge as successor Depositary, in each
    case effective as of immediately prior to the Merger Effective Time; and

  

  

  WHEREAS, the parties hereto wish to amend the Agreement to reflect the terms described in the Prospectus and to remove Computershare as Depositary and appoint Broadridge as
    successor Depositary pursuant to the terms and conditions set forth herein;

  

  

  NOW THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereby agree as follows:

  

  

  	 	
          1.

        	
          Removal and Appointment. In accordance with Section 5.5(b) of the Agreement, (i) the Corporation
            hereby removes Computershare as Depositary under the Agreement, (ii) the Corporation hereby appoints Broadridge as successor Depositary under the Agreement, which shall be vested with the same rights, powers, duties and obligations as if it had
            been originally named as Depositary, and (iii) Broadridge hereby accepts such appointment as Depositary, in each case effective as of immediately prior to the Merger Effective Time.

        
	 	 	 	 
	 	 	 	 
	 	
          2.

        	
          Assignment and Assumption.

        
	 	 	 	 
	 	 	
          a.

        	
          Effective as of the immediately prior to the Merger Effective Time, Computershare hereby assigns, transfers, conveys and delivers to Broadridge all of Computershare's rights, duties and
            obligations under the Agreement accruing on and after such time; provided, that: (i) Computershare is not assigning any liabilities of Computershare, or (ii) Computershare is not assigning any claims that the Corporation or any other party may
            have against Computershare arising in connection with the Agreement, and (iii) for avoidance of doubt, Computershare shall remain entitled to indemnity as set forth in Section 5.7 of the Agreement.

        
	 	 	 	 
	 	 	
          b.

        	
          Effective as of the immediately prior to the Merger Effective Time, Broadridge hereby accepts such assignment and agrees to assume all of Computershare's rights, duties and obligations
            under the Agreement accruing on or after such time; provided, that Broadridge is not assuming: (i) any liabilities of Computershare, or (ii) any claims that the Corporation or any other party may have against Computershare arising in connection
            with the Agreement.

        
	 	 	 	 

  
    

    
      

    

  

  

  

  	 	
          3.

        	
          Amendment to the Agreement.

        
	 	 	 	 
	 	 	
          a.

        	
          Effective as of the immediately prior to the Merger Effective Time, the definition of “Registrar” in Section 1.1 of the Agreement is hereby deleted and replaced with the following
            definition:

        
	 	 	 	 
	 	 	 	
          “‘Registrar’ shall mean the Depositary or such other successor bank, trust company or regulated Person engaged in the business of registering ownership and transfers of securities, which
            shall be appointed by the Corporation to register ownership and transfers of Receipts as herein provided.  If a successor Registrar shall be so appointed, all references herein to “the books” of or maintained by the Depositary shall be deemed,
            as applicable, to refer as well to the register maintained by such Registrar for such purpose.”

        
	 	 	 	 
	 	 	
          b.

        	
          Effective as of the immediately prior to the Merger Effective Time, the definition of “Transfer Agent” in Section 1.1 of the Agreement is hereby deleted and replaced with the following
            definition:

        
	 	 	 	 
	 	 	 	
          “‘Transfer Agent’ shall mean the Depositary or such other successor bank, trust company or regulated “transfer agent” (as such term is defined in Section 3(a)(25) of the Exchange Act),
            which shall be appointed by the Corporation to transfer the Receipts or the deposited shares of the Series G Preferred Stock, as the case may be, as herein provided.”

        
	 	 	 	 
	 	 	c. 

        	
          Effective as of the immediately prior to the Merger Effective Time, the first sentence of Section 5.5(c) of the Agreement is hereby deleted and replaced with the following:

        
	 	 	 	 
	 	 	 	
          “In case at any time the Depositary acting hereunder shall resign or be removed, the Corporation shall, within 60 days after the delivery of the notice of resignation or removal, as the
            case may be, appoint a successor Depositary, which shall be a Person having its principal office in the United States of America and having either (i) a combined capital and surplus, along with its Affiliates, of at least $50,000,000 or (ii)
            total assets, along with its Affiliates, of at least $50,000,000.”

        
	 	 	 	 
	 	 	
          d.

        	
          Effective as of the immediately prior to the Merger Effective Time, all references in the Agreement to Computershare Inc. or Computershare Shareowner Services LLC as Depositary shall be
            deemed to refer instead to Broadridge Corporate Issuer Solutions, Inc. as Depositary.

        
	 	 	 	 
	 	 	
          e.

        	
          Effective as of the immediately prior to the Merger Effective Time, the definition of “Depositary’s Office” in Section 1.1 of the Agreement is hereby deleted and replaced with the
            following definition:

        
	 	 	 	 
	 	 	 	
          “‘Depositary’s Office’ shall mean the office of the Depositary at which at any particular time its depositary receipt business shall be administered, which at the date of this Deposit
            Agreement is located at 51 Mercedes Way, Edgewood, New York 11717.”

        
	 	 	 	 
	 	 	
          f.

        	
          Effective as of the immediately prior to the Merger Effective Time, Section 7.4(b) of the Agreement is hereby deleted and replaced with the following:

        
	 	 	 	 
	 	 	 	
          “Any and all notices, requests, orders, approvals, instructions or directions to be given to the Depositary hereunder or under the Receipts shall be in writing and shall be deemed to have
            been duly given if personally delivered or sent by mail or a nationally recognized overnight delivery service, or by electronic mail, confirmed either by (a) telephone with the recipient of such electronic mail or (b) letter, addressed to the
            Depositary at:

        
	 	 	 	 
	 	 	 	
          Broadridge Corporate Issuer Solutions, Inc.

        
	 	 	 	
          51 Mercedes Way

        
	 	 	 	
          Edgewood, New York 11717

        
	 	 	 	
          Attn:  Corporate Actions Department

        
	 	 	 	
          Email: BCISCAManagement@broadridge.com

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

        
	 	 	 	 
	 	 	 	
          Broadridge Financial Solutions, Inc.,

        
	 	 	 	
          2 Gateway Center, Newark, New Jersey 07102

        
	 	 	 	
          Email:  legalnotices@broadridge.com

        
	 	 	 	
          Attn:  General Counsel ” 

        
	 	 	 	 
	 	 	
          g.

        	
          Effective as of the Merger Effective Time, the Corporation shall be the legal successor-in-interest to Sterling under the terms of the Agreement, and the Corporation hereby assumes all of
            the rights and obligations of Sterling under the Agreement.

        
	 	 	 	 

  
    

    
      

    

  

  

  

  	 	 	
          h.

        	
          Effective as of the Merger Effective Time, the definition of “Series A Preferred Stock” in Section 1.1 of the Agreement is hereby deleted and replaced with the following definition:

        
	 	 	 	 
	 	 	 	
          “‘Series G Preferred Stock’ shall mean the Corporation’s 6.50% Non-Cumulative Perpetual Preferred Stock, Series G, par value $0.01 per share.”

        
	 	 	 	 
	 	 	
          i.

        	
          Effective as of the Merger Effective Time, all references in the Agreement to Series A Preferred Stock shall be deemed to refer to Series G Preferred Stock.

        
	 	 	 	 
	 	 	
          j.

        	
          Effective as of the Merger Effective Time, the Section 1.1 definition of “Prospectus” is hereby deleted and replaced with the following definition: “‘Prospectus’ shall mean the joint
            Proxy Statement/Prospectus, filed with the SEC on July 8, 2021, which forms a part of the Registration Statement.”

        
	 	 	 	 
	 	 	
          k.

        	
          Effective as of the Merger Effective Time, the Section 1.1 definition of “Registration Statement” is hereby deleted and replaced with the following definition: “‘Registration Statement’
            shall mean the Corporation’s Registration Statement on Form S-4 (File No. 333-257035), filed with the SEC on June 11, 2021, amended on July 6, 2021 and declared effective by the SEC on July 8, 2021.”

        
	 	 	 	 
	 	
          

          

        	l.

        	
          Effective as of the Merger Effective Time, Section 7.4(a) of the Agreement is hereby deleted and replaced with the following:

        
	 	 	 	 
	 	 	 	
          “Any and all notices, requests, orders, approvals, instructions or directions to be given to the Corporation hereunder or under the Receipts shall be in writing and shall be deemed to
            have been duly given if personally delivered or sent by mail or a nationally recognized overnight delivery service, or by electronic mail, confirmed either by (a) telephone with the recipient of such electronic mail or (b) letter, addressed to
            the Corporation at:

        
	 	 	 	 
	 	 	 	
          Webster Financial Corporation

        
	 	 	 	
          145 Bank Street

        
	 	 	 	
          Waterbury, Connecticut 06702

        
	 	 	 	
          Attn:  General Counsel”

        
	 	 	 	 
	 	 	
          m.

        	
          Effective as of the Merger Effective Time, Exhibit A of the Agreement is hereby deleted and replaced with Exhibit A of this Amendment.

        
	 	 	 	 
	 	
          4.

        	
          Instruction to Depositary. The Corporation hereby authorizes and instructs the Depositary to treat the shares of Webster Series G Preferred
            Stock received by it upon conversion of the Sterling Series A Preferred Stock as newly deposited securities under the Agreement.

        
	 	 	 	 
	 	
          5.

        	
          Limited Effect. Except as expressly modified herein, the Agreement shall continue to be and shall remain, in full force and effect and the
            valid and binding obligation of the parties thereto in accordance with its terms.

        
	 	 	 	 
	 	
          6.

        	
          Counterparts. This Amendment may be executed in counterparts, each of which shall be deemed as original, but all of which together shall
            constitute one and the same instrument. A signature to this Amendment executed and/or transmitted electronically shall have the same authority, effect, and enforceability as an original signature.

        
	 	 	 	 

  

  

  
    

    
      

    

  

  

  

  IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers, hereunto duly agreed and authorized, as of the Effective Date.

  

  

  

  

  	
          COMPUTERSHARE INC.

        	 	
          BROADRIDGE CORPORATE

          ISSUER SOLUTIONS, INC.

        
	 	 	 
	
          By:

        	
          /s/ Joseph Varca

        	 	
          By:

        	
          /s/ John Dunn

        
	
          Name:

        	
          Joseph Varca

        	 	
          Name:

        	
          John Dunn

        
	
          Title:

        	
          Vice President

        	 	
          Title:

        	
          Senior Vice President, Sales

        

  

  

  	
          WEBSTER FINANCIAL CORPORATION

        	 	
          STERLING BANCORP

        
	 	 	 
	
          By:

        	
          /s/ Harriet Munrett Wolfe

        	 	
          By:

        	
          /s/ Jack L. Kopnisky

        
	
          Name:

        	
          Harriet Munrett Wolfe

        	 	
          Name:

        	
          Jack L. Kopnisky

        
	
          Title:

        	
          Executive Vice President, General Counsel and Corporate Secretary

        	 	
          Title:

        	
          President and Chief Executive Officer

        

  

  

  
    

    
      

    

  

  

  

  EXHIBIT A

  

  

  [FORM OF FACE OF RECEIPT]

  

  

  [IF GLOBAL RECEIPT IS ISSUED: UNLESS THIS GLOBAL RECEIPT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
    DEPOSITARY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY RECEIPT ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS 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.

  

  

  TRANSFERS OF THIS GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND
    TRANSFERS OF PORTIONS OF THIS GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE DEPOSIT AGREEMENT REFERRED TO BELOW.]

  

  

  RECEIPT FOR DEPOSITARY SHARES,

  

  

  EACH REPRESENTING 1/40TH OF ONE SHARE

  

  

  OF

  

  

  6.50% NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES G

  

  

  OF

  

  

  WEBSTER FINANCIAL CORPORATION

  

  

  CUSIP: 947890 703

  SEE REVERSE FOR CERTAIN DEFINITIONS

  

  

  Dividend Payment Dates: Beginning April 15, 2022, each January 15, April 15, July 15 and October 15.

  

  

  BROADRIDGE CORPORATE ISSUER SOLUTIONS, INC., as Depositary (the “Depositary”), hereby certifies that [Cede & Co.] is the registered owner of 5,400,000 depositary
    shares (“Depositary Shares”), each Depositary Share representing 1/40 of one share of 6.50% Non-Cumulative Perpetual Preferred Stock, Series G, liquidation preference $1,000 per share, par value $0.01 per share (the “Series G Preferred Stock”),

    of Webster Financial Corporation, a Delaware corporation (the “Corporation”), on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement, dated as of March 19, 2013 (as amended, the “Deposit
      Agreement”), among Astoria Financial Corporation (“Astoria”), Computershare Shareowner Services, LLC, as Depositary, and the Holders from time to time of the Receipts, and as amended by that certain First Amendment to Deposit Agreement,
    dated as of October 2, 2017, between Sterling Bancorp (“Sterling”), successor-in-interest to Astoria, and Computershare, Inc. (“Computershare”), successor-in-interest

    to Computershare Shareowner Services, LLC, and by that certain Second Amendment to Deposit Agreement, dated as of January 31, 2022, among Webster Financial Corporation, successor-in-interest to
    Sterling, Computershare and Broadridge Corporate Issuer Solutions, Inc. By accepting this Depositary Receipt, the Holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This Receipt shall not
    be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual or facsimile signature of a duly authorized officer and, if a Registrar for the Receipts
    (other than the Depositary) shall have been appointed, countersigned by such Registrar by the manual or facsimile signature of a duly authorized officer thereof.

  

  

  

  

  	 	
          Dated: [•]

        
	 	 
	 	
          BROADRIDGE CORPORATE ISSUER SOLUTIONS, INC., as Depositary

        
	 	 	 
	 	
          By:

        	 	 
	 	 	
          Authorized Officer

        	 

  

  

  
    

    
      

    

  

  

  

  [FORM OF REVERSE OF RECEIPT]

  

  

  THE CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH REGISTERED HOLDER OF RECEIPTS WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OF THE CERTIFICATE OF
    DESIGNATIONS OF 6.50% NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES G, OF WEBSTER FINANCIAL CORPORATION. ANY SUCH REQUEST IS TO BE ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE OF THIS RECEIPT.

  

  

  The Corporation will furnish without charge to each registered holder of a receipt who so requests the powers, designations, preferences and relative,
    participating, optional or other special rights of each class of stock or series thereof of the Corporation, and the qualifications, limitations or restrictions of such preferences and/or rights. Such request may be made to the Corporation or to the
    Registrar.

  

  

  EXPLANATION OF ABBREVIATIONS

  

  

  The following abbreviations when used in the form of ownership on the face of this certificate shall be construed as though they were written out in full
    according to applicable laws or regulations. Abbreviations in addition to those appearing below may be used.

  

  

  

  

  	
          
            Abbreviation

          

        	
          Equivalent Phrase

        	
          Abbreviation

        	
          Equivalent Phrase

        
	
          JT TEN

        	
          As joint tenants, with right of 

          survivorship and not as tenants in common

        	
          TEN BY ENT

        	
          As tenants by the entireties

        
	
          TEN IN COM

        	
          As tenants in common

        	
          UNIF GIFT MIN ACT

        	
          Uniform Gifts to Minors Act

        

  

  

  	
          
            Abbreviation

          

        	
          Equivalent

          Word

        	
          Abbreviation

        	
          Equivalent

          Word

        	
          Abbreviation

        	
          Equivalent Word

        
	
          ADM

        	
          Administrator(s),

          Administratrix

        	
          EX

        	
          Executor(s),

          Executrix

        	
          PAR

        	
          Paragraph

        
	
          AGMT

        	
          Agreement

        	
          FBO

        	
          For the benefit of

        	
          PL

        	
          Public Law

        
	
          ART

        	
          Article

        	
          FDN

        	
          Foundation

        	
          TR

        	
          (As) trustee(s), for, of

        
	
          CH

        	
          Chapter

        	
          GDN

        	
          Guardian(s)

        	
          U

        	
          Under

        
	
          CUST

        	
          Custodian for

        	
          GDNSHP

        	
          Guardianship

        	
          UA

        	
          Under agreement

        
	
          DEC

        	
          Declaration

        	
          MIN

        	
          Minor(s)

        	
          UW

        	
          Under will of, Of will

          of, Under last will &

          testament

        
	
          EST

        	
          Estate, of Estate of

        	 	 	 	 

  

  

  For value received, ____________________________ hereby sell(s), assign(s) and transfer(s) unto

  

  

  
    

    
      

    

  

  INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

  

  

  PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

  

  

  Depositary Shares represented by the within Receipt, and do(es) hereby irrevocably constitute and appoint ___________________ Attorney to transfer the said Depositary Shares
    on the books of the within named Depositary with full power of substitution in the premises.

  

  

  Dated: 

  

  

  NOTICE: The signature to the assignment must correspond with the name as written upon the face of this Receipt in every particular, without alteration or enlargement or any
    change whatsoever.

  

  

  SIGNATURE GUARANTEED

  

  

  NOTICE: The signature(s) should be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Corporation’s transfer agent.
    Guarantees by a notary public are not acceptable.Exhibit 10.2

 

NEITHER THIS NOTE NOR ANY SECURITIES ISSUED UPON
CONVERSION OF THIS NOTE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE
IS BEING PURCHASED FOR INVESTMENT AND OFFERED AND SOLD IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT, INCLUDING RULE 506 UNDER REGULATION D AND/OR SECTION 4(a)(2) THEREOF. THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT FILED UNDER SUCH ACT OR IN THE OPINION OF COUNSEL SATISFACTORY TO
THE BORROWER AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IS AVAILABLE.

 

VIA MOTORS
INTERNATIONAL, INC.

 

SECURED
CONVERTIBLE PROMISSORY NOTE

 

	US $42,500,000.00	

 

Lender: IDEANOMICS, INC.

 

FOR VALUE RECEIVED, in accordance
with the Merger Agreement, dated as of the date hereof, by and among Ideanomics, Inc., a Nevada corporation (the “Lender”),
VIA Motors International, Inc., a Delaware corporation (the “Borrower”) and the other parties thereto (the “Merger
Agreement”), the undersigned, Borrower hereby promises to pay to the above named Lender or any subsequent holder the principal
sum of FORTY-TWO MILLION FIVE HUNDRED THOUSAND Dollars (US$42,500,000). Simple interest on the outstanding principal hereof shall accrue
from the date hereof to the Maturity Date at the rate of four percent (4%) per annum (such principal and interest together and all other
amounts due and owing hereunder, the “Obligations”). All computations of interest under this Secured Convertible Promissory
Note (this “Note”) shall be made on the basis of a 365-day year and the actual days elapsed (including the first but
excluding the last day) occurring in the period. Capitalized terms not otherwise defined herein have the meanings given in the Merger
Agreement.

 

1.              Maturity.
Subject to Section 3 below, all principal and accrued but unpaid interest under this Note will be due and payable in full in immediately
available funds upon the earlier of the Closing Date or the date one year after the date the Merger Agreement is terminated pursuant to
Section 9.1 thereof (such date, the “Maturity Date”). If the Closing Date occurs and the Lender has not timely
delivered a Conversion Notice to the Borrower in accordance with Section 3 hereof, any amounts payable by the Borrower hereunder
shall be treated as a deduction to the Closing Consideration as set forth in the Merger Agreement. Upon the occurrence of any of the following
events: (i) full and complete repayment of the outstanding Obligations on the Maturity Date, (ii) deduction to the Closing Consideration
in accordance with this Section 1 and the Merger Agreement or (iii) conversion in accordance with Section 3 below, Borrower
shall have the right to file a UCC-3 termination statement on the Lender’s behalf in order to release any liens granted to the Lender
with respect to this Note.

 

2.              Prepayment.
Without the written consent of the Lender, the amount due under this Note may not be prepaid before the earlier of the Closing Date and
termination of the Merger Agreement.

 

3.              Conversion.

 

	 	a.	In connection with the Closing of the Merger Agreement and on the Closing Date, at the election of the Lender, all of the outstanding principal balance hereunder and the accrued interest thereon (the “Conversion Balance”) shall be converted into a number of fully paid and nonassessable shares of the Borrower’s Common Stock equal to the quotient of the Conversion Balance divided by the Per Share Merger Consideration (as defined in Merger Agreement).

 

     

     

    

 

	 	b.	To convert the Conversion Balance into shares of Common Stock on the Closing Date, the Lender shall transmit by electronic mail at least three (3) Business Days prior to the Closing Date, a copy of an executed notice of conversion (the “Conversion Notice”) to the Borrower. On the Closing Date, the Borrower shall issue and deliver to the address as specified in the Conversion Notice, a certificate, registered in the name of the Lender, for the number of shares of Common Stock to which the Lender shall be entitled.

 

	 	c.	The Borrower shall not issue any fractional shares hereunder but instead shall round up or down any fractional shares as a result of the foregoing calculation to the nearest whole share.

 

	 	d.	Upon any such conversion, this Note shall be deemed cancelled and shall be of no further force and effect, all indebtedness, liabilities and obligations owed by the Borrower under this Note shall be deemed to be satisfied and discharged in full and the Borrower will not be indebted to the Lender for any reason under this Note, such cancellation, satisfaction and discharge to be deemed to be effective automatically upon such conversion without the necessity of any further action by the Lender, the Borrower or any other person or entity; provided that the Lender shall surrender this Note to the Borrower for cancellation at the time of conversion (or provide an indemnification undertaking reasonably satisfactory to the Borrower with respect to this Note in the case of its loss, theft or destruction).

 

4.              Payments.
Unless otherwise agreed upon in writing by the Lender, all payments made by the Borrower in respect of this Note shall be applied first
to accrued interest and then to unpaid principal.

 

5.              Security
Interest. The Borrower hereby assigns and pledges to the Lender, and hereby grants to the Lender a first priority security
interest in all of the Borrower’s right, title and interest in and to the Collateral (as defined below), whether now owned or hereafter
acquired by the Borrower, including all proceeds of any and all of the foregoing or hereinafter-described Collateral (including, without
limitation, proceeds that constitute property of the types described herein) and, to the extent not otherwise included, all policies of
insurance on any property of the Borrower and all payments and proceeds under any such insurance (whether or not the Lender is the loss
payee thereof), or any indemnity warranty or guaranty payable by reason of loss or damage to or otherwise with respect to any of the foregoing
Collateral; all cash; and all books of account and records, including all computer software relating thereto. This Note secures the payment
of all Obligations of the Borrower to the Lender, now or hereafter existing or arising. Without limiting the generality of the foregoing,
this Note secures the payment of all amounts that constitute part of the Obligation and would be owed by the Borrower to the Lender but
for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving
the Borrower.

 

As used herein, “Collateral”
means the following properties, assets and rights of the Borrower, wherever located, whether now owned or hereafter acquired or arising,
and all proceeds and products thereof: all personal and fixture property of every kind and nature including without limitation all goods
(including inventory, equipment and all accessions thereto), instruments (including promissory notes), documents, accounts (including
health-care-insurance receivables), chattel paper (whether tangible or electronic), deposit accounts, letter-of-credit rights (whether
or not the letter of credit is evidenced by a writing), commercial tort claims, securities and all other investment property, supporting
obligations, any other contract rights or rights to the payment of money, insurance claims and proceeds, tort claims, and all general
intangibles (including all payment intangibles and intellectual property).

 

6.              Waiver
of Presentment. Every maker, endorser and guarantor hereof, or of the indebtedness evidenced hereby, expressly waives presentment,
demand, protest, notice of dishonor, notice of non-payment, notice of maturity, notice of protest, presentment for the purpose of accelerating
maturity, diligence in collection, and the benefit of any exemption under the homestead exemption law, if any, or any other exemption
or insolvency laws, and consents that the holder may extend the time for payment or otherwise modify the terms of payment of any part
or the whole of the debt evidenced hereby.

 

     

     

    

 

7.              Events
of Default. If any of the following events of default shall occur with respect to the Borrower, then any unpaid portion of this Note
shall automatically become due and payable in cash, without presentation, presentment, protest or demand or notice of any kind, all of
which are hereby expressly waived by the Borrower, and the Lender may proceed to enforce payment in such a manner as it may elect:

 

	 	(i)	the failure of the Borrower to pay any amount due under this Note, whether principal, interest or otherwise, within fifteen (15) days after it first becomes due;

 

	 	(ii)	the commencement of a voluntary case under Title 11 of the United States Code, as from time to time in effect, or the authorization, by appropriate proceedings of its board of directors or other governing body, of commencement of such a voluntary case;

 

	 	(iii)	the filing against it of a petition commencing an involuntary case under said Title 11 and such petition shall remain undismissed and unstayed for a period of 60 days;

 

	 	(iv)	relief is sought by it as a debtor under any applicable law, other than said Title 11, of any jurisdiction relating to the liquidation or reorganization of debtors or to the modification or alteration of the rights of creditors, or it consents to or acquiesces in such relief;

 

	 	(v)	any order having been entered against it by a court of competent jurisdiction (A) finding it to be bankrupt or insolvent, (B) ordering or approving its liquidation, reorganization or any modification or alteration of the rights of its creditors or (C) assuming custody of, or the appointment of a receiver or other custodian for, all or a substantial part of its property; or

 

	 	(vi)	the making of an assignment for the benefit of, or entering into a composition with, its creditors, or the appointing or consent to the appointment of a receiver or other custodian for all or a substantial part of its property.

 

8.              Waivers.
No delay or omission by the Lender in exercising any right or remedy hereunder shall constitute a waiver of any such right or remedy.
A waiver on one occasion shall not operate as a bar to or waiver of any such right or remedy on any future occasion.

 

9.              Amendment.
This Note may be modified or amended only by a written agreement of the Borrower and the Lender, which shall be binding upon the Lender
and the Borrower.

 

10.            Transfer
Restrictions. This Note is not a negotiable instrument. The rights and benefits of the Lender hereunder shall not be assigned, exchanged,
or otherwise transferred without the prior written consent of the Borrower. The Borrower shall not assign or delegate this Note or any
of its liabilities or obligations hereunder without the prior written consent of the Lender.

 

11.            Collection
Costs. The Borrower shall pay all of the costs and expenses incurred by the Lender in connection with its enforcement
of this Note, including, without limitation, reasonable and documented out of pocket fees and expenses of one outside counsel to the Lender.

 

12.            Expenses;
Indemnification. The Borrower shall pay all out-of-pocket costs and expenses (including, without limitation, the reasonable fees,
charges and disbursements of outside counsel) incurred by the Lender in connection with the enforcement or protection of its rights in
connection with this Note, including its rights under this Section 12, or in connection with the Obligations, including all such
out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Obligations.

 

The Borrower shall indemnify the Lender and its
Affiliates and the respective directors, officers, employees, agents and advisors of the Lender and its Affiliates (each such Person being
called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities
and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless
each Indemnitee from all fees and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by any
Indemnitee or asserted against any Indemnitee by any third party or by third Borrower arising out of, in connection with, or as a result
of (i) the execution or delivery of this Note, the performance by the parties hereto of their respective obligations hereunder, (ii) a
default by the Borrower in the performance or observance of any covenant or condition contained in this Note, including any failure of
the Borrower to pay or convert when due (by acceleration or otherwise) any principal, interest, fees or any other amount due hereunder,
(iii) any Obligations or the use or proposed use of the proceeds therefrom, or (iv) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by
a third party or by the Borrower and regardless of whether any Indemnitee is a party thereto, provided that such indemnity shall not,
as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by
a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct
of such Indemnitee.

 

     

     

    

 

To the extent permitted by applicable law, the
Borrower shall not assert, and the Borrower hereby waives, any claim against any Indemnitee, on any theory of liability, for special,
indirect, consequential or punitive damages (as opposed to actual or direct damages) arising out of, in connection with or as a result
of, this Note or any agreement or instrument contemplated hereby, the transactions contemplated therein, or the Obligations.

 

All amounts due under this Section 12 shall
be payable promptly after written demand therefor.

 

13.            Governing
Law. The terms and provisions of Section 10.4 (Governing Law) of the Merger Agreement shall apply mutatis mutandis to
this Note.

 

14.            Jurisdiction;
Court Proceedings; Waiver of Jury Trial. The terms and provisions of Section 10.11 (Jurisdiction; Court Proceedings; Waiver of
Jury Trial) of the Merger Agreement shall apply mutatis mutandis to this Note.

 

15.            Notices.
The terms and provisions of Section 10.3 (Notices) of the Merger Agreement shall apply mutatis mutandis to this
Note.

 

     

     

    

 

[SIGNATURE
APPEARS ON THE FOLLOWING PAGE]

 

IN WITNESS WHEREOF, the Borrower
has caused this Note to be executed as of the day and year first set forth above.

 

	 	VIA MOTORS INTERNATIONAL, INC.
	 	 
	 	 
	 	By:	/s/ Bob Purcell, CEO
	 	 	Bob Purcell, CEO

 

[SIGNATURE
PAGE TO SECURED CONVERTIBLE PROMISSORY NOTE]

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