# EDGAR Filing Document

**Accession Number:** 0001591890
**File Stem:** 0001493152-25-020768
**Filing Date:** 2025-11
**Character Count:** 129139
**Document Hash:** 7bb7a523b8fe43c88f7dd8a3d5dd79a3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-020768.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001493152-25-020768

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20251029

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FG Nexus Inc.
- **CENTRAL INDEX KEY:** 0001591890
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 461119100
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36366
- **FILM NUMBER:** 251450893

**BUSINESS ADDRESS:**
- **STREET 1:** 6408 BANNINGTON ROAD
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28226
- **BUSINESS PHONE:** (704) 994-8279

**MAIL ADDRESS:**
- **STREET 1:** 6408 BANNINGTON ROAD
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28226

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Fundamental Global Inc.
- **DATE OF NAME CHANGE:** 20240229

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FG Financial Group, Inc.
- **DATE OF NAME CHANGE:** 20201214

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 1347 Property Insurance Holdings, Inc.
- **DATE OF NAME CHANGE:** 20131113

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): **October 29, 2025**

**FG NEXUS INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Nevada** | **001-36366** | **46-1119100** |
| (State or other jurisdiction of<br> incorporation or organization) | (Commission<br> File Number) | (I.R.S. Employer<br> Identification Number) |

---

---

| | |
|:---|:---|
| **6408 Bannington Road**<br> **Charlotte, NC** | **28226** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: <u>(704) 994-8279</u>

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Ticker symbol(s) | Name of each exchange on which registered |
| Common Stock, $0.001 par value per share | FGNX | The Nasdaq Stock Market LLC |
| 8.00% Cumulative Preferred Stock, Series A, $25.00 par value per share | FGNXP | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 1.01 Entry into a Material Definitive Agreement.** 

The disclosures contained in Item 2.03 are incorporate herein in response to Item 1.01.

**Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.**

On October 29, 2025, FG Nexus Inc. (the "Company") entered into a master digital currency loan agreement (the "MLA") with [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ] (the "Lender"). All capitalize terms used herein and not defined, shall have the meaning ascribed to them in the MLA. Pursuant to the MLA the Company may deliver to Lender a Lending Request for a Borrowed Asset from the Lender. If Lender agrees to make a Loan, then the Lender shall transmit to the Company either (a) Digital Currency to the Company's Digital Currency Address or (b) cash via the Company's wire instructions. The specific and final terms of a Loan shall be memorialized in a loan term sheet (the "Loan Term Sheet"). In the event of any conflict of the terms between the MLA and the terms of the applicable Loan Term Sheet, the terms of the relevant Loan Term Sheet shall govern. All Loans under the MLA are callable by Lender and may be pre-paid by the Company. Loans under the MLA shall terminate upon the Maturity Date or the exercise by the Company or the Lender of the Callable Option. The MLA requires that the Company provide Collateral for all Loans in an amount to be agreed upon by the Company and the Lender as set forth in the applicable Loan Term Sheet. The Company's Collateral for a Loan is subject to Margin Calls and fees, the particulars of which are delineated in the applicable Loan Term Sheet.

In connection with the MLA, the Company entered into an account control agreement, dated October 29, 2025 (the "ACA") by and between [ ] (the "Custodian"), the Company and the Lender. The Company maintain some of its ETH holdings with the Custodian. The ACA provides the Custodian will acknowledge the MLA between the Company and Lender and that the Custodian will recognize that the Lender may have a security interest in certain assets of the Company maintained at Custodian.

On October 30, 2025, the Company and Lender executed a Loan Term Sheet (the "October 2025 LTS"). The October 2025 LTS provided for a $10,000,000 loan with a Borrow Fee of 7.9% (the "October Loan"). The October Loan is evergreen, meaning the Loan is not due until the Recall Delivery Date, which is thirty (30) calendar days following the Lender's delivery of a Recall Request. The Collateral for the October Loan is Staked ETH and the Initial Collateral Level is 170%. The Margin Call Rate is 140%. The October 2025 LTS also provides that the following additional terms shall also apply to the October Loan: (a) Post-Default Hedging Costs and (b) certain additional remedies in the event of a default under the MLA.

The foregoing summary of the MLA, the ACA and the October 2025 LTS do not purport to be complete and is qualified in its entirety by reference to the actual MLA, the ACA and the October 2025 LTS copies of which are filed with this Current Report on Form 8-K as Exhibit 10.1, Exhibit 10.2 and Exhibit 10.3, respectively, and are incorporated herein by reference.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits:

---

| | |
|:---|:---|
| Exhibit | Description |
| 10.1 | [Form of Master Digital Currency Loan Agreement, dated October 29, 2025, by and between FG Nexus Inc. and \[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\].](ex10-1.htm) |
| 10.2 | [Form of Account Control Agreement, dated October 29, 2025, by and between \[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \], FG Nexus Inc. and \[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \]](ex10-2.htm) |
| 10.3 | [Form of Loan Term Sheet, dated October 30, 2025, by and between FG Nexus Inc. and \[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \].](ex10-3.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **FG NEXUS INC** | **FG NEXUS INC** |
| Date: November 4, 2025 | By: | */s/ Mark D. Roberson* |
|  | Name: | Mark D. Roberson |
|  | Title: | Chief Financial Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

**<u>MASTER DIGITAL CURRENCY LOAN AGREEMENT</u>**

This Master Digital Currency Loan Agreement ("<u>Agreement</u>") is made on October 29<sup>th</sup>, 2025 ("<u>Effective Date</u>") by and between FG Nexus Inc., ("<u>Borrower</u>"), a corporation organized and existing under the laws of the state of Nevada, with its principal place of business at 6408 Bannington Rd Charlotte, NC 28226, and [ ] ([ ] or "<u>Lender</u>") a limited liability company organized and existing under the laws of the state of Delaware, with its principal place of business at 300 Vesey Street, 13<sup>th</sup> Floor, New York, N.Y. 10282.

**<u>RECITALS</u>**

**WHEREAS**, subject to the terms and conditions of this Agreement, Borrower may, from time to time, seek to initiate a transaction pursuant to which Lender lends Digital Currency and/or Dollars to Borrower and Borrower will return such Digital Currency and/or Dollars, as set forth herein, to Lender upon the termination of the Loan.

**NOW, THEREFORE**, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which hereby acknowledged, the Borrower and the Lender hereby agree as follows:

I. <u>Definitions</u>

"***Affiliate***" means, in relation to any person, any entity controlled, directly or indirectly, by the person, any entity that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For this purpose, "control" of any entity or person means ownership of a majority of the voting power of the entity or person.

"***Applicable Airdrop"*** means a distribution of a new token or tokens resulting from the ownership of a Digital Currency. For the purposes of this Agreement, an "***Applicable Airdrop***" is an Airdrop for which the distribution of new tokens can be definitively calculated according to its distribution method, such as a pro rata distribution based on the amount of the relevant Digital Currency held at a specified time.

"***Applicable Law***" means (regardless of jurisdiction) any applicable (i) federal, national, state and local laws, ordinances, regulations, orders, statutory instrument, rules, treaties, codes of practice, guidance notes, policy statements, customary laws, decrees, injunctions, or judgments and any (ii) ruling, declaration, regulation, requirement, request or interpretation issued by any (or any quasi-) regulatory, judicial, administrative or governmental body or person;

"***Authorized Agent for Borrower***" means any agent or agents authorized by Borrower to deliver Lending Requests in accordance with the terms of the Agreement, as identified in **Exhibit A**.

"***Borrow Fee***" means the fee paid by Borrower to the Lender for the Loan.

"***Borrow Amount***" means the amount of any Borrowed Asset borrowed pursuant to this Agreement, as agreed upon by Borrower and Lender.

"***Borrowed Asset***" means the Digital Currency or Dollars to be borrowed pursuant to this Agreement, as agreed upon by Borrower and Lender.

"***Business Day***" means every calendar day of the year. For the avoidance of doubt, Saturdays, Sundays and holidays are recognized as Business Days under this Agreement.

"***Callable Option***" means the Borrower and Lender each have the option to redeliver or recall an Open Loan (as defined below) at any time during the term of the Loan.

"***Cash Collateral***" means Dollars that have been deposited as Collateral.

"***Collateral"*** means an amount of Dollars or Digital Currency used to secure a Loan, as determined and agreed upon by Borrower and Lender. With respect to Digital Currency, the Collateral shall include all controllable electronic records or transferable records, whether now owned or hereafter acquired, consisting of, arising under, or related to such cryptocurrency, and all of Borrower's right, title and interest in any general intangibles relating to, arising under or consisting of such Digital Currency and all proceeds of the foregoing.

"***Confirmation Protocol***" means the requirement that the Transfer of a Digital Currency may not be deemed settled and completed until (i) the transaction has been recorded in a block and a certain number of subsequent blocks have been added to the applicable blockchain using the Coinbase, Inc. protocol or, if not listed on Coinbase, then any other protocol deployed by one of the top 5 exchanges as listed on CoinMarketCap, as chosen by Lender in its reasonable discretion; or (ii) the transaction has met a different protocol for a specific Digital Currency, which may be agreed upon by the parties and added hereto as an additional exhibit to this Agreement**.** Notwithstanding the foregoing or anything else in this Agreement to the contrary, the Transfer of a Digital Currency will only be deemed settled and completed if the relevant transaction(s) is included in the current longest chain of the applicable blockchain.

"***Digital Currency***" means Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Ether Classic (ETC), or Litecoin (LTC), any Resulting Currency and any additional digital currency that the Borrower and Lender agree upon in writing.

"***Digital Currency Address***" means an identifier of alphanumeric characters that represents a possible destination for a Transfer of Digital Currency.

"***Dollars***" and "***$***" mean lawful money of the United States of America.

**"*Fees"*** mean the Borrow Fee and the Late Fee.

"***Governmental Authority***" means the government of any nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

***"Hard Fork"*** means a software update implemented by a blockchain or cryptocurrency's network nodes that is incompatible with the existing blockchain protocol, causing a permanent split into two separate networks that run in parallel.

"***Late Fee****"* means an additional fee charged to Borrower due to a failure by Borrower to return any Borrowed Asset following a Maturity Date or Recall Delivery Date.

***"Lending Request"*** means a request to Lender from Borrower for a Borrowed Asset, pursuant to the terms of this Agreement and the relevant Loan Term Sheet, attached as **Exhibit B** hereto.

***"Lien"*** means any security interests, liens, mortgages, hypothecations, pledges, claims (pending or threatened), rights of first refusal, charges, escrows, encumbrances or similar rights.

"***Liquidity Exchanges***" means the top three (3) exchanges by volume reporting prices for a borrowed or posted Digital Currency, determined in a commercially reasonable manner, at Lender's sole discretion.

"***Loan***" means a loan of a Borrowed Asset, made pursuant to and subject to this Agreement.

**"*Loan Documents*"** shall mean this Agreement, all Lending Requests and all exhibits and schedules hereto.

"***Loan Effective Date***" means the date upon which a Loan begins.

"***Loan Term Sheet***" means the Loan Term Sheet form attached hereto as **Exhibit B**, which form shall be utilized to memorialize the specific and final terms of any Loan pursuant to this Agreement. In the event of any conflict of terms between this Agreement and the terms applicable within a Loan Term Sheet, the terms in the relevant Loan Term Sheet shall govern.

***"Loan Type"*** means either an Open Loan or a Term Loan, as indicated in the relevant Loan Term Sheet.

"***Margin Call Notice***" means a notice sent by Lender to Borrower pursuant to the Margin Call section in this Agreement.

"***Margin Refund Notice***" means a notice sent by Borrower to Lender pursuant to the Margin Refund section in this Agreement.

"***Market Disruption Event***" means any event, circumstance, occurrence or condition that is beyond a party's control that renders blockchain transfers of an applicable Digital Currency impracticable, including but not limited to, for example, 51% attacks in which any Liquidity Exchange limits transfers.

"***Maturity Date***" means the date upon which a Loan is terminated.

"***Open Loan***" means a Loan without a Maturity Date where Borrower may redeliver the Digital Currency and/or Dollars, and Lender may recall the Borrowed Asset, at any time, subject to this Agreement.

***"Recall Amount"*** shall mean the portion of a Borrowed Asset subject to recall pursuant to a Callable Option, as further described in the Callable Option section of this Agreement.

"***Recall Delivery Date***" shall mean the second (2<sup>nd</sup>) Business Day from the Recall Request Date (as such term is defined below) unless otherwise agreed to and defined in the relevant Loan Term Sheet.

"***Recall Grace Period***" shall have the meaning set forth in the "General Operation" section of this Agreement.

"***Recall Request Date***" shall be as defined in the Callable Option section of this Agreement.

"***Redelivery Grace Period***" shall have the meaning set forth in the "General Operation" section of this Agreement.

*"**Resulting Currency***" means a Digital Currency issued as a result of a Hard Fork.

"***Taxes***" means all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

"***Term"*** shall have the meaning set forth in the "Term and Termination" section of this Agreement.

 ****

***"Term Loan***" means a Loan with a pre-determined Maturity Date, where Lender has no right to demand a return of the Borrowed Asset prior to such Maturity Date.

***"Total Equity***" means an amount equal to the total value of all assets, after subtracting all liabilities, as shown in any entity's most recent quarterly or annual audited financial statements, respectively, or if such statements are not available, then on the balance sheet(s) provided for this purpose.

"***Transfer***" shall mean, as applicable, the delivery of the Borrowed Asset, as applicable, by Lender or Borrower hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II. <u>General Operation.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Loans of Digital Currency and/or Dollars</u>

Subject to the terms and conditions hereof, Borrower may, in its sole and absolute discretion, request that the Lender extend a Loan to Borrower of a Borrowed Asset (as defined above, a specified amount of Digital Currency and/or Dollars), and Lender may, in its sole and absolute discretion, extend such Loan or decline to extend such Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Loan Procedure</u>

From time to time during the Term of this Agreement, on a Business Day (the "<u>Request Day</u>") an Authorized Agent of Borrower may by email, directed to the Lender email address identified for such requests in **Exhibit A**, make a Lending Request for a Borrowed Asset. Lender shall by email, directed to an Authorized Agent identified in **Exhibit A**, inform Borrower whether Lender agrees to make such a Loan by 5:00 pm New York time on the day of receiving a Lending Request. If Borrower does not receive an email informing it of Lender's agreement within such period, Borrower's Lending Request is withdrawn.

As part of its Lending Request, Borrower shall provide the following information:

(i) The
 type of Borrowed Asset requested;

(ii) the
 amount of Borrowed Asset requested;

(iii) whether
 the Loan is a Term Loan or an Open Loan;

(iv) the
 Loan Effective Date;

(v) the
 Maturity Date (if a Term Loan);

(vi) the
 Collateral; and

(vii) other
 applicable information on the Loan Term Sheet

If Lender agrees to make a Loan, Lender shall transmit to either (x) Borrower's Digital Currency

Address the amount of Digital Currency, or (y) Borrower's bank account by bank wire the amount of Dollars, as applicable, as such Digital Currency Address or bank wire instruction is set forth in the Lending Request, on the Loan Effective Date.

The specific and final terms of a Loan shall be memorialized using the Loan Term Sheet. In the event of a conflict of terms between this Agreement and a Loan Term Sheet, the terms in the Loan Term Sheet shall govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Callable Option</u>

Applicable to Open Loans, Lender may at any time from 9:00 am until 5:00 pm New York time on a Business Day (the "<u>Recall Request Date</u>") exercise the Callable Option and recall all or any portion of a Borrowed Asset loaned to Borrower (the "<u>Recall Amount</u>"). Borrower will then have until 5:00 pm New York time on the Recall Delivery Date to deliver the Recall Amount to Lender. In the event a Market Disruption Event is in effect on any Recall Delivery Date for a Borrowed Asset consisting of Digital Currency, the Recall Delivery Date will be extended to the earlier of (x) fifteen (15) Business Days or (y) until the Market Disruption Event is no longer in effect (the "<u>Recall Grace Period</u>"). If a Market Disruption Event is still in effect at the end of such fifteen (15) Business Day period, Borrower shall immediately transfer available funds in an amount of Dollars equal to the average price on the Liquidity Exchanges (measured at 4:00 p.m. New York time) of the borrowed Digital Currency during the fifteen (15) Business Days including and prior to the Market Disruption Event (the "<u>Market Disruption Spot Rate</u>").

Applicable to Open Loans, Borrower may at any time from 9:00 am until 5:00 pm New York time on a Business Day (the "<u>Redelivery Day</u>") exercise the Callable Option and return all or any portion of any Borrowed Asset to Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Termination of Loan</u>

Loans will terminate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If
 a Term Loan, upon redelivery by Borrower of the Borrowed Asset at the Maturity Date; and

(ii) If
 an Open Loan, upon redelivery by Borrower of the Borrowed Asset once the Borrower or Lender exercises the Callable Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Redelivery of Borrowed Digital Currency</u>

Upon termination of a Loan according to this Agreement, the Borrower shall redeliver the Borrowed Asset on or before 5:00 pm New York time of the applicable Business Day (i.e., the Maturity Date, the Recall Delivery Date, or the Redelivery Date). In the event a Market Disruption Event is in effect on such Business Day, the Maturity Date or Recall Delivery Date (as the case may be) will be extended to the earlier of (x) fifteen (15) Business Days or (y) until the Market Disruption Event is no longer in effect (the "<u>Redelivery Grace Period</u>"). If a Market Disruption Event is still in effect at the end of such Redelivery Grace Period, Borrower shall repay at such time an amount in Dollars equal to the Market Disruption Spot Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Redelivery of Digital Currency in an Illiquid Market</u>

If (x) the market in the borrowed Digital Currency is Illiquid (as defined below) as of the Maturity Date or the Recall Delivery Date (as the case may be), and (y) [ ] determines that it has become commercially infeasible for Borrower to return the Digital Currency, then Borrower may repay the Loan in Dollars at the Illiquid Market Spot Rate (as defined below). The market in the borrowed Digital Currency is "<u>Illiquid</u>" if the seven-day average daily trading volume across the Liquidity Exchanges (as measured by the 30-day average daily trading volume on the Loan Date) has decreased by at least 90% from the date of the Loan Term Sheet to the Maturity Date or the Recall Delivery Date (as the case may be), or if the borrowed Digital Currency ceases to be listed on any of the Liquidity Exchanges. If the market for the borrowed Digital Currency is Illiquid and [ ] determines that it is commercially infeasible for the Digital Currency to be returned, then Borrower may repay on the Maturity Date or on the Recall Delivery Date an amount in Dollars equal to the average price on the Liquidity Exchanges (measured at 4:00 p.m. New York time) of the borrowed Digital Currency during the fifteen (15) Business Days including and prior to the date on which the market in the borrowed Digital Currency became Illiquid (the "<u>Illiquid Market Spot Rate</u>"). Notwithstanding the forgoing or anything in this Agreement to the contrary, Borrower may always satisfy its repayment or delivery obligations pertaining to Digital Currency in this Agreement by repaying or delivering the applicable amount of borrowed Digital Currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Changes in Applicable Laws</u>.

If because of changes in Applicable Laws ("Government Restrictions"), a party's ability to transfer or own Digital Currency that has been the subject of a Loan or Loans hereunder, including Digital Currency utilized as Collateral, is eliminated, materially impaired or declared illegal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) if
 possible under the Government Restrictions and where a Market Disruption Event is not in effect, including, without limitation, during
 any notice or grace period, a party shall pay any amounts owed in the relevant Digital Currency;

(2) if
 return is not possible under the Government Restrictions, a party shall pay an amount in Dollars equal to the average price on the
 Liquidity Exchanges (measured at 4:00 p.m. New York time each day) of the relevant Digital Currency during the 30-day period prior
 to the effective date of the Government Restrictions; and

(3) it
 is agreed that, after the payment in full pursuant to sub-section (1) or (2) above, this Agreement shall terminate.

&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Tax Matters</u> 

(i) Withholding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 amounts paid or transferred hereunder shall be paid or transferred free and clear of deduction or withholding for any Taxes, unless
 such deduction or withholding is required by applicable law. Amounts withheld by the Borrower pursuant to the preceding sentence
 shall be treated as paid to the Lender for all purposes of this Agreement.

b. If
 Borrower is required by applicable law to make any deduction or withholding in respect of Taxes from amounts paid or transferred
 hereunder, and Borrower does not so deduct or withhold such Taxes, and a liability resulting from such failure to deduct or withhold
 such Taxes is asserted directly against Borrower, then Lender will promptly pay to Borrower the amount of such liability (including
 any interest or penalties). If Lender is required by applicable law to make any deduction or withholding in respect of Taxes from
 amounts paid or transferred hereunder, and Lender does not so deduct or withhold such Taxes, and a liability resulting from such
 failure to deduct or withhold such Taxes is asserted directly against Borrower, then Lender will promptly pay to Borrower the amount
 of such liability (including any interest or penalties).

c. Before
 the Loan Effective Date of the first Loan under the Agreement, Borrower will provide to Lender a valid, complete IRS Tax Form (either
 IRS Form W-9 or IRS Form W-8, as applicable) and CRS Self- Certification any other tax form reasonably requested by Lender, and Lender
 will provide to Borrower a valid, complete IRS Tax Form (either IRS Form W-9 or IRS Form W-8, as applicable) and any other tax form
 reasonably requested by Borrower. Each of Borrower and Lender shall promptly provide updated tax forms upon learning that any form
 previously provided has become obsolete or incorrect.

(ii) For
U.S. federal, state and local income tax purposes, each of Lender and Borrower intend that, absent a change in law, any Loan of Digital
Currency under this Agreement by Lender, and any transfer of Collateral consisting of Digital Currency under this Agreement by Borrower,
shall not be treated as an exchange of property for other property differing materially in kind or extent (within the meaning of Section
1001 of the Internal Revenue Code of 1986, as amended), and each of Borrower and Lender agrees that it will not take any position inconsistent
with such treatment for all such tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If
 Lender is required by law to deduct or withhold any Taxes from amounts paid or transferred to Borrower with respect to the Collateral
 (including transfers pursuant to Section V), the amounts paid or transferred shall be increased as necessary so that after making
 all required deduction or withholding, Borrower shall receive value equal to the value it would have received had no such deduction
 or withholding been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. <u>Borrow Fees and Transaction Fees.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Borrow Fee Calculation</u>

When a Loan is executed, the Borrower will be responsible for payment of the Borrow Fee as agreed to in the relevant Loan Term Sheet, and the Borrow Fee shall be annualized but calculated daily on the basis of a 360-day year for the actual number of days elapsed, and is subject to change if agreed to by Borrower and Lender. The Borrow Fee when the Borrowed Asset is Digital Currency shall be payable, unless otherwise agreed by the Borrower and Lender, in the applicable Digital Currency. When the Borrowed Asset is Dollars, the Borrow Fee shall be paid in Dollars.

Lender shall calculate any Borrow Fees owed on a daily basis, and shall provide Borrower with the calculation upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Late Fee</u>

For each Business Day after the Maturity Date or the Recall Delivery Date (whichever is applicable) on which Borrower has not returned the Borrowed Asset, Borrower shall incur an additional fee (the "<u>Late Fee</u>") of 5% (annualized, calculated daily) of the notional amount of the Loan (and all other overdue amounts, including Fees) in addition to the Borrow Fee. The Late Fee shall be payable, unless otherwise agreed by the Borrower and Lender, in the applicable Digital Currency or in Dollars if the Loan was in Dollars. No Late Fee will be charged during any Recall Grace Period or Redelivery Grace Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Payment of Borrow Fees and Late Fees</u>

An invoice for Borrow Fees, outstanding Obligations, and any Late Fees (the "<u>Invoice Amount</u>") shall be sent out on the first Business Day of the month by Lender and shall include any Borrow Fees incurred from the previous month. Borrower shall have up to five (5) Business Days to submit payment for the Invoice Amount (the "<u>Invoice Due Date</u>"). Fees unpaid by the Invoice Due Date shall also become subject to a Late Fee, commencing the day after the Invoice Due Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Application of Payments</u>

Borrower shall, at the time of making each payment under this Agreement, specify to the Lender the Loan to which such payment is to be applied. In the event that the Borrower fails to so specify, or if an Event of Default has occurred and is continuing, the Lender may apply the payment in such manner as it may determine to be appropriate in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Application of Insufficient Payments</u>

If at any time insufficient amounts are received by the Lender to pay fully all amounts of principal, Fees, and other amounts then due and payable hereunder, such Digital Currency and/or Dollars payment received shall be applied (i) first, to pay Fees then due and payable hereunder, (ii) then, to pay principal then due and payable hereunder, and (iii) then, to pay other amounts then due and payable under this Agreement. In no event shall payments by Borrower in one Digital Currency and/or Dollars be applied by Lender to pay off obligations outstanding with respect to a Loan in another Digital Currency and/or Dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Computations</u>

Fees shall be computed on the basis of a year of 360 days for the actual number of days (including the first day but excluding the last day) occurring in the period for which payable. For purposes of calculating Fees, Digital Currencies shall be deemed to have been Transferred by one party to the other when the applicable Confirmation Protocol for the relevant Digital Currency has been completed. If the requirements of the Confirmation Protocol are not met by 5:00 pm New York Time, the Transfer shall be deemed to have been made on the following Business Day. Calculation of Fees shall be based on the date when the relevant Transfer is deemed to have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. <u>Collateral Requirements</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Collateral</u>

Borrower shall provide Collateral as determined and agreed upon by the Borrower and Lender and memorialized using the Loan Term Sheet attached as **Exhibit B**. The Collateral for a given Loan will be described in the Loan Term Sheet.

Borrower hereby pledges to Lender all Collateral conveyed, transferred and delivered to Lender from time to time pursuant to this Agreement, and hereby grants a first priority security interest therein, a Lien thereon, and in the event of a default hereunder a right of set-off against any amounts owed by Lender to Borrower pursuant to this Agreement. Such lien and security interest shall secure the discharge of all obligations and liabilities of the Borrower under this Agreement, whether now existing or hereafter arising (including any interest and fees that may accrue after the commencement by or against the Borrower of any bankruptcy, insolvency, reorganization or similar proceeding).

To the extent that any financing statement is filed by Lender to perfect its security interest in posted Collateral pursuant to this Agreement and any Loan hereunder, with any applicable office, secretary of state, district recorder of deeds, personal property security register, or any other appropriate instrumentality, principality, province or government agency, Borrower hereby waives any right to receive a copy of such filing from Lender. Further, in any jurisdiction where approval may be interpreted as being required for the filing of any financing statement (or similar instrument), Borrower hereby grants such approval to Lender to make such filing pursuant to a Loan hereunder.

Notwithstanding any of the foregoing, in the event of any inconsistency between this Agreement and any Account Control Agreement ("ACA") entered into between the Parties (or among the Parties and any custodian), the terms of the ACA shall control with respect to the establishment, perfection, and exercise of control over Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Margin Calls</u>

If during the term of a Loan the value of the Borrowed Asset changes relative to the Collateral, such that the Collateral becomes valued at a rate less than the Margin Call Rate for Collateral indicated on the Loan Term Sheet as measured by the spot rate published on Coinbase Pro, or if such Borrowed Asset is not listed on Coinbase Pro, then the spot rate published on Kraken (such rate, the "<u>Margin Call Spot Rate</u>"), then Borrower shall be required to contribute additional Collateral so that the total amount of Collateral is valued at a level equal to or greater than the Initial Collateral Level (the "Additional Collateral").

If Lender requires Borrower to contribute Additional Collateral, it shall send a notice (the "Margin Call Notice") to Borrower that sets forth: (i) the Margin Call Spot Rate and (ii) the amount of Additional Collateral required based on the Margin Call Spot Rate. Such notice may be sent electronically, via email, telephone, Telegram, WhatsApp, or any other means of electronic communication agreed upon by the parties.

Borrower shall have eighteen (18) hours from the time Lender sends the Margin Call Notice to respond and send Additional Collateral to Lender.

Failure to provide Additional Collateral, if required, shall give Lender the right, but not the obligation, to declare an Event of Default.

Notwithstanding the above procedures, if at any time the value of the Borrowed Asset changes relative to the Collateral, such that the Collateral becomes valued at a rate less than the Urgent

Margin Call Rate indicated on the Loan Term Sheet, *even where a Margin Call Notice has already been sent pursuant to the procedures above*, then Lender shall have the right to require Borrower to contribute Additional Collateral, or elect to pay back the outstanding principal amount remaining on the Loan, within six (6) hours from the time that Lender initially sent the Margin Call Notice pursuant to the procedures above.

Failure to provide Additional Collateral pursuant to an Urgent Margin Call shall give Lender the right, but not the obligation, to declare an Event of Default. If an Urgent Margin Call Rate is not specified on the Loan Term Sheet, then the foregoing paragraph shall not apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Margin Refund</u>

Where a Margin Return Spot Rate is indicated in the Term Sheet, then if during the term of a Loan the value of the Borrowed Asset changes relative to the Collateral, such that the Collateral becomes valued at a rate greater than the Margin Return Spot Rate for Collateral indicated on the Loan Term Sheet as measured by the spot rate published on Coinbase Pro, or if the Borrowed Asset is not listed on Coinbase Pro, then the spot rate published on Kraken (such rate, the "<u>Margin Return Spot Rate</u>") then Borrower shall have the right to require Lender to return a portion of Collateral so that the Collateral is valued at the same percentage indicated in the Loan Term Sheet relative to the value of the Borrowed Asset at the Margin Return Spot Rate (the "<u>Margin Refund Amount</u>").

If Borrower requires Lender to provide a Margin Refund Amount, it shall send a notice (the "Margin Refund Notice") that sets forth: (i) the Margin Return Spot Rate and (ii) the Margin Refund Amount required based on the Margin Return Spot Rate. Such notice may be sent electronically, via email, telephone, Telegram, WhatsApp, or any other means of electronic communication agreed upon by the parties.

Lender shall have eighteen (18) hours from the time Borrower sends such Margin Refund Notice to respond and send the Margin Refund Amount to Borrower.

Failure to provide a Margin Refund Amount pursuant to an Margin Refund Notice shall give Borrower the right, but not the obligation, to declare an Event of Default. If a Margin Return Spot Rate is not specified on the Loan Term Sheet, then the foregoing paragraph shall not apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Default or Failure to Return Loan</u>

In the event that Lender does not return the Collateral upon Termination or in the case of an Event of Default pursuant to the terms of this Agreement, Borrower shall have the right to deduct from the amount owed by Borrower in respect of the Loan an amount equivalent to the value of the unreturned Collateral, and Borrower shall have no further obligations in respect of the applicable Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Return of Collateral</u>

Upon Borrower's redelivery of the Borrowed Assets and, in the case of Borrowed Assets consisting of Digital Currency, acceptance by Lender of the Borrowed Digital Currency into Lender's applicable Digital Currency Address as provided herein, with such delivery being confirmed on the relevant Digital Currency blockchain ten (10) times, Lender shall initiate the return of Collateral to a bank account in the name of Borrower or any Digital Currency posted as Collateral to the Borrower's applicable Digital Currency Address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Rehypothecation</u>

Lender shall have the right to sell, pledge, rehypothecate, assign, invest, use, commingle or otherwise dispose of, or otherwise use in its business any Collateral it holds, free from any claim or right of any nature whatsoever of the Borrower, including any equity or right of redemption by the Borrower, and register any Collateral in the name of Lender or its custodian, if applicable. For purposes of satisfying the rights and obligations of both parties pursuant to this Agreement, Lender will be deemed to continue to hold all Collateral, regardless of whether the Lender has exercised any rights with respect to Collateral pursuant to this section, provided that if Lender is required to return all or any portion of the Collateral to Borrower under the terms of this Agreement, it shall return the Collateral in a form fungible with the Collateral originally provided by the Borrower (for example, if the Borrower original posted a Digital Currency as Collateral, Lender must return Digital Currency of the same kind).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. <u>Hard Fork, Applicable Airdrop</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notification</u>

In the event of a Hard Fork or Applicable Airdrop in the blockchain for any loaned Digital Currency or Collateral, Lender shall provide email notification to Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Immediate Termination of Loans</u>

In the event of a Hard Fork or Applicable Airdrop with regards to any loaned Digital Currency or Collateral, any outstanding Loans will not be immediately terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Hard Forks and Applicable Airdrops Payments</u>

Lender will receive the benefit and ownership of any incremental tokens generated as a result of a Hard Fork or Applicable Airdrop for any loaned Digital Currency in such Digital Currency protocol or an Applicable Airdrop (the "New Tokens"), and Borrower will receive the same benefit and ownership rights for any Hard Fork or Applicable Airdrop in respect of Digital Currency provided as Collateral, so long as:

&nbsp;&nbsp;&nbsp;&nbsp;(i) such
 New Tokens are available in Coinbase Pro, Gemini or Fireblocks wallets no later than thirty (30) days following such Hard Fork or
 Applicable Airdrop event; or

(ii) one
 (1) of the following two (2) conditions is met in respect of the New Tokens distributed in such Hard Fork or Applicable Airdrop:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. *Market Capitalization*: the average market capitalization of the New Token (defined as the total value of all New Tokens) on the 30th
 day following the occurrence of the Hard Fork or Applicable Airdrop (calculated as a 30-day average on such date) is at least 5%
 of the average market capitalization of the relevant Digital Currency (defined as the total value of the relevant Digital Currency)
 (calculated as a 30-day average on such date). The source for the relevant Digital Currency market capitalization will be coinmetrics.io
 (or, if coinmetrics.io does not provide the required information, messari.io, and if neither provides the required information, the
 parties shall discuss in good faith and mutually agree upon another data source) and the source for the market capitalization of
 the New Token will be coinmetrics.io (or, if coinmetrics.io does not provide the required information, the parties shall discuss
 in good faith and mutually agree upon another data source prior to the 30-day mark of the creation of the New Token); or

b. *24-Hour Trading Volume*: the average 24-hour trading volume of the New Token on the 30th day following
 the occurrence of the Hard Fork or Applicable Airdrop (calculated as a 30-day average on
 such date) is at least 5% of the average 24-hour trading volume of the relevant Digital Currency
 (calculated as a 30-day average on such date). The source for the relevant Digital Currency
 24-hour trading volume will be messari.io (or, if messari.io does not provide the required
 information, the parties shall discuss in good faith and mutually agree upon another data
 source) and the source for the 24-hour trading volume of the New Token will be messari.io
 (or, if messari.io does not provide the required information, the parties shall discuss in
 good faith and mutually agree upon another data source prior to the 30-day mark of the creation
 of the New Token).

If the New Tokens distributed in the Hard Fork or Applicable Airdrop meet the conditions described in clauses (i) or (ii) above for any loaned Digital Currency, Borrower will transfer to Lender within five (5) Business Days from the date the condition is met a number of New Tokens equivalent to the number Lender would have received had the Loan not been made.

If the New Tokens distributed in the Hard Fork or Applicable Airdrop meet the conditions described in clauses (i) or (ii) above for any Collateral, Lender will transfer to Borrower within five (5) Business Days from the date the condition is met to transfer a number of New Tokens equivalent to the number Borrower would have received had the Collateral not been transferred to Lender.

Notwithstanding the foregoing, where New Tokens distributed in a Hard Fork or Applicable Airdrop do *not* meet the conditions described in clause (i) and/or clause (ii) above, then Lender (in the case of Digital Currency that is a Borrowed Asset) or Borrower (in the case of Digital Currency posted as Collateral) may request in writing the delivery of such New Tokens on or prior to the Maturity Date of the applicable Loan(s). A party will only be required to make a transfer of such New Tokens to the extent that it is feasible to make such transfer, as determined in a commercially reasonable manner by the applicable transferor. Where a transfer of such New Tokens is determined to be feasible, transferor will have five (5) Business Days from the receipt of the written request to transfer such New Tokens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. <u>Representations and Warranties.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each party represents on the date hereof and on the date of each Lending Request made to the Lender hereunder that this Agreement has been duly and validly authorized, executed and delivered on behalf of such party and constitutes the legal, valid and binding obligations of such party enforceable against such party in accordance with its terms (except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors' rights generally and subject to the availability of equitable remedies) and will not contravene (a) the constitutive documents of such party, (b) any Applicable Law, and (c) any judgment, award, injunction or similar legal restriction.

(b) Each party represents that no license, consent, authorization or approval or other action by, or notice to or filing or registration with, any Governmental Authority (including any foreign exchange approval), and no other third-party consent or approval, is necessary for the due execution, delivery and performance by such party of this Agreement or for the legality, validity or enforceability thereof against such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each party hereto represents and warrants that it has not relied on the other for any tax or accounting advice concerning this Agreement and that it has made its own determination as to the tax and accounting treatment of any Loan or any Digital Currency or funds received hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Lender represents and warrants that it has or will have at the time of transfer of any Digital Currency, the right to lend such Digital Currency subject to the terms and conditions hereof, that it owns the Digital Currency, free and clear of all liens and that the Digital Currency has been acquired in accordance with all Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Borrower represents and warrants that it has or will have at the time of return of any Digital Currency, the right to transfer such Digital Currency subject to the terms and conditions hereof, and, free and clear of all liens and encumbrances other than those arising under this Agreement and that the Digital Currency that it will return has been acquired in accordance with all Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Lender represents that the entity name in the first paragraph of this Agreement and in the signature block hereof is the full and complete legal entity name of Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Borrower represents that the entity name in the first paragraph of this Agreement and in the signature block hereof is the full and complete legal entity name of Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Borrower represents that the registered address where Borrower is organized or incorporated is correctly indicated in Exhibit A, and Borrower agrees to promptly provide written notice to Lender of any change in such registered address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Borrower represents and warrants that it is an "eligible contract participant" as such term is defined in the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Lender represents and warrants that it is an "eligible contract participant" as such term is defined in the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

(k) The Borrower and Lender acknowledge and agree that where Lender holds Collateral pursuant to this Agreement, or where any third party custodian appointed by Lender and Borrower holds Collateral pursuant to this Agreement (i) such party holding Collateral shall be deemed to be a "securities intermediary" within the meaning of Article 8 of the Uniform Commercial Code, as in effect in the State of Delaware (the "DEUCC"), and will be acting in such capacity with respect to any Loan pursuant to this Agreement; (ii) any accounts utilized for purposes of this Loan Agreement, including but not limited to any Digital Currency Address, shall be deemed to be a "securities account" within the meaning of Article 8 of the DEUCC; (iii) all property and assets held in or credited from time to time in any securities account (including without limitation Digital Assets and cash) will be treated as "financial assets" for purposes of Article 8 of the DEUCC; and (iv) [ ] "securities intermediary's jurisdiction" within the meaning of Article 8 of the DEUCC is Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Sanctions Compliance.

The Borrower represents and warrants that, as of the date hereof and for the duration of this Agreement, it is not, and will not be during the term of the Agreement: a) Listed on any sanctions list or subject to any sanctions administered or enforced by the United States, the European Union, the United Kingdom, the United Nations, or any other government authority (collectively, "Sanctions"); b) Engaged in, or facilitating, any transactions or activities that would cause the other party to violate any applicable Sanctions or any regulations of the aforementioned authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) No Prohibited Persons

The Borrower represents and warrants that it is not directly or indirectly owned or controlled by, nor is it acting on behalf of, any person or entity that is subject to any Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) No Violation of Sanctions

The Borrower confirms that it has not, and will not, directly or indirectly, engage in any transaction or activity that is prohibited by any Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. <u>Events of Default.</u>

It is further understood that the following events described below shall constitute Events of Default hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 failure of the Borrower to return any Borrow Amount or pay any Borrow Fees when due hereunder;

(b) the
 failure of the Lender to return any Collateral to the Borrower when due hereunder;

(c) a
 material default in the performance by Borrower or Lender of any of the other agreements, conditions, covenants, provisions or stipulations
 contained in any of the Loan Documents;

(d) any
failure of the Borrower to provide Additional Collateral or the Lender to provide a Margin Refund Amount, if applicable, pursuant to
the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 failure of the Borrower or Lender to pay the appropriate party with regards to either a Hard Fork or an Applicable Airdrop pursuant
 to the terms of this Agreement;

(f) Borrower
 consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, or reorganizes, reincorporates
 or reconstitutes into or as another entity and, at the time of such consolidation, amalgamation, merger, transfer, reorganization,
 reincorporation or reconstitution the resulting, surviving or transferee entity fails to assume all the obligations of Borrower under
 this Agreement;

(g) any
 bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings for the relief of debtors or dissolution proceedings
 shall be instituted by or against the Borrower and shall not be dismissed within thirty (30) days of their initiation;

(h) any
 representation or warranty made in any of the Loan Documents proves to be untrue in any material respect as of the date of making
 or deemed making thereof; or

(i) The
 occurrence or existence of a default, event of default or other similar condition or event (however described) in respect of Borrower
 (or any guarantor of Borrower pursuant to this Agreement), relating to any agreement with any affiliate of Lender shall be deemed
 to be an Event of Default under this Agreement, and shall constitute an Event of Default with respect to all outstanding Loans and
 other transactions between Lender and Borrower.

(j) The
 occurrence or existence of a default, event of default or other similar condition or event (however described) in respect of Borrower,
 or any affiliate or subsidiary of Borrower, under any agreements or instruments relating to an obligation (whether present or future,
 contingent or otherwise, as principal or surety or otherwise) in respect of borrowed money with any third party, shall be deemed
 to be an Event of Default under this Agreement, and shall constitute an Event of Default with respect to all outstanding Loans and
 other transactions between Lender and Borrower, in this Agreement or any other agreement in place between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. <u>Termination Events.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Regulatory</u>

Borrower (i) fails to obtain, (ii) loses, (iii) has withdrawn from it or (iv) fails to obtain renewal of any necessary license or regulatory authorization from any relevant Governmental Authority, which results in Borrower becoming prohibited from operating its business or entering into or performing any Loan under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Government</u>

(i) Borrower (1) becomes the subject of any formal investigation, proceeding or action relating to, (2) is indicted for or (3) is convicted of (x) any felony or (y) any other crime or potential crime relating to securities, investment management or Digital Currency Transactions or involving fraud or breach of trust; or (ii) Borrower becomes the subject of any formal regulatory or administrative enforcement proceeding or sanction by any Governmental Authority (as defined above) which, if determined adversely, would reasonably be expected to have a material adverse effect on Borrower's business, operations, or ability to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Decline in Total Equity</u>

(i) Borrower's Total Equity as of the last Business Day of any calendar quarter declines by 40% or more from Borrower's Total Equity as of the last Business Day of the calendar quarter immediately preceding such day; or (ii) Borrower's Total Equity declines by 50% or more from Borrower's Total Equity as of the last Business Day of the immediately preceding calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Minimum Total Equity Event</u>

Borrower's Total Equity at the end of any calendar quarter is valued at a level less than the greater of (i) 50% of Borrower's Total Equity on the effective date of this Agreement or (ii) 50% of the highest quarter-end Borrower Total Equity achieved by Borrower during the term of this Agreement (or the equivalent in another currency, currency unit, virtual currency or combination thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Failure to Deliver Requested Documents On Or Before Required Delivery Date</u>

So long as Borrower remains an issuer of securities registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and is subject to the reporting requirements thereunder, Borrower shall (i) file, or cause to be filed, all annual, quarterly, and current reports required to be filed with the U.S. Securities and Exchange Commission (the "SEC") in a timely manner in accordance with the Exchange Act, and (ii) make such reports publicly available through the SEC's EDGAR system (or any successor system). Failure by Borrower to file any such report within the time periods prescribed by the SEC (after giving effect to any permitted extensions) shall constitute a Termination Event under this Agreement.

For the avoidance of doubt, the delivery of such publicly filed reports through EDGAR shall satisfy any requirement under this Agreement or any Confirmation for the delivery of financial statements or other financial information by Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. <u>Remedies.</u>

Upon the occurrence and during the continuation of any Event of Default or Termination Event with respect to Borrower, the Lender may, at its option, (a) declare all Borrow Amounts and Fees outstanding hereunder immediately due and payable, (b) terminate this Agreement upon notice to Borrower, and (c) exercise all other rights and remedies available to the Lender hereunder, under applicable law or in equity, provided, that upon any Event of Default or Termination Event all Borrow Amounts and the amount of any Fees then outstanding hereunder shall automatically become immediately due and payable.

Upon the occurrence and during the continuation of any Event of Default or Termination Event with respect to Lender, the Borrower may, at its option, (a) declare all Collateral outstanding hereunder immediately due and payable, (b) terminate this Agreement upon notice to Lender, and (c) exercise all other rights and remedies available to the Borrower hereunder, under applicable law, or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. <u>Limitation of Liability.</u>

EXCEPT FOR ACTS OR OMISSIONS THAT CONSTITUTE FRAUD, GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, OR AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT, IN NO EVENT SHALL EITHER PARTY OR ANY OF ITS RESPECTIVE AFFILIATES, BENEFICIARIES, ASSIGNEES OR SUCCESSORS (BY ASSIGNMENT OR OTHERWISE) BE LIABLE TO THE OTHER PARTY FOR ANY SPECIAL DAMAGES, OR ANY PUNITIVE, EXEMPLARY, REMOTE, CONSEQUENTIAL, INCIDENTAL OR INDIRECT DAMAGES, INCLUDING WITHOUT LIMITATION, LOSS OF REVENUE, LOST PROFITS, COST OF COVER OR OTHER SPECIAL DAMAGES, IN CONNECTION WITH, ARISING OUT OF, OR IN ANY WAY RELATED TO, THIS AGREEMENT OR ANY LOAN DOCUMENTS, OR ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ANY LOAN DOCUMENTS HERETO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XI. <u>Documents to be Delivered.</u>

As soon as practicable after the execution of this Agreement, and within 150 calendar days after the end of each fiscal year, Borrower shall provide a copy of its annual report containing audited consolidated financial statements for each such fiscal year, certified by independent certified public accountants and prepared in accordance with generally accepted accounting principles in the country in which such party is organized.

Borrower shall also provide a copy of the annual statements that include Borrower's Total Equity within five (5) Business Days after the fiing of its annual report with the United States Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XII. <u>Rights and Remedies Cumulative.</u>

No delay or omission by either party in exercising any right or remedy hereunder shall operate as a waiver of the future exercise of that right or remedy or of any other rights or remedies hereunder. All rights of the parties stated herein are cumulative and in addition to all other rights provided by law, in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XIII. <u>Collection Costs.</u>

In the event Borrower fails to pay any amounts due or to return any Borrowed Asset hereunder, the Borrower shall pay to the Lender upon demand all reasonable costs and expenses, including without limitation, reasonable attorneys' fees and court costs incurred by the Lender in connection with the enforcement of its rights hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XIV. <u>Passwords and Security.</u>

Each party is responsible for maintaining adequate security and control of any and all passwords, private keys, and any other codes that it uses to Transfer or receive Digital Currencies hereunder. Each party will be solely responsible for the private keys that it uses to make the Transfers and maintaining secure back-ups. Each party will be responsible for any unauthorized Transfers made utilizing its passwords, private keys, and any other codes it uses to make or receive Transfers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XV. <u>Governing Law; Dispute Resolution.</u>

This Agreement is governed by, and shall be construed and enforced under, the laws of the State of New York applicable to contracts made and to be performed wholly within such State, without regard to any choice or conflict of laws rules. If a dispute arises out of or relates to this Agreement, or the breach thereof, and if said dispute cannot be settled through negotiation it shall be finally resolved by arbitration administered in the County of New York, State of New York by the American Arbitration Association under its Commercial Arbitration Rules, or such other applicable arbitration body as required by law or regulation, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction. If any proceeding is brought for the enforcement of this Agreement, then the successful or prevailing party shall be entitled to recover attorneys' fees and other costs incurred in such proceeding in addition to any other relief to which it may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XVI. <u>Notices.</u>

Unless otherwise provided in this Agreement, all notices or demands relating to this Agreement shall be in writing and shall be personally delivered or sent by Express mail, certified mail (postage prepaid, return receipt requested), overnight courier, or electronic mail (at such email addresses as a party may designate in accordance herewith) to the applicable address set forth in **Exhibit A**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XVII. <u>Modifications.</u>

All modifications or amendments to this Agreement shall be effective only when reduced to writing and signed by both parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XVIII. <u>Entire Agreement.</u>

This Agreement and each exhibit referenced herein constitutes the entire Agreement among the parties with respect to the subject matter hereof and supersedes any prior negotiations, understandings and agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XIX. <u>Successors and Assigns.</u>

This Agreement shall bind and inure to the benefit of the respective successors and assigns of each of the parties; provided, that Borrower may not assign this Agreement or any rights or duties hereunder without the prior written consent of Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XX. <u>Severability of Provisions.</u>

Each provision of this Agreement shall be severable from every other provision of this Agreement for the purpose of determining the legal enforceability of any specific provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XXI. <u>Counterpart Execution.</u>

This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Agreement. Delivery of an executed counterpart of this Agreement by email or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XXII. <u>Relationship of Parties.</u>

Nothing contained in this Agreement shall be deemed or construed by the parties, or by any third party, to create the relationship of partnership or joint venture between the parties hereto, it being understood and agreed that no provision contained herein shall be deemed to create any relationship between the parties hereto other than the relationship of Borrower and Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XXIII. <u>Term and Termination.</u>

The Term of this Agreement shall commence on the date hereof for a period of one year, and shall automatically renew for successive one-year terms annually. Either party may provide notice of a desire to terminate the Agreement not less than ten (10) Business Days prior to the end of such one-year period, or upon thirty (30) Business Days' prior written notice by either party to the other.

In the event of a termination of this Agreement as set forth in this provision, (i) all outstanding Open Loan(s) shall be deemed terminated and any loaned Borrowed Asset shall be redelivered immediately and any fees owed shall be payable immediately, and (ii) all outstanding Term Loans shall continue until the relevant Maturity Date for such Loan(s).

For the avoidance of doubt, in the event of a termination of this Agreement due to an Event of Default or any other termination for cause pursuant to the terms hereof or any Loan Term Sheet agreed upon by Lender and Borrower, all Open Loans *<u>and</u>* Term Loans shall be deemed terminated, all Borrowed Assets and Collateral shall be redelivered/repaid immediately, and any fees owed shall be payable immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XXIV. <u>Miscellaneous.</u>

Whenever used herein, the singular number shall include the plural, the plural the singular, and the use of the masculine, feminine, or neuter gender shall include all genders. This Agreement is solely for the benefit of the parties hereto and their respective successors and assigns, and no other Person shall have any right, benefit, priority or interest under, or because of the existence of, this Agreement. The section headings are for convenience only and shall not affect the interpretation or construction of this Agreement. The Parties acknowledge that the Agreement and any Loan is the result of negotiation between the Parties which are represented by sophisticated counsel and therefore none of the Agreement's provisions will be construed against the drafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XXV. <u>Confidentiality</u>

For purposes of this Agreement, "Confidential Information" means any and all information and material (whether oral, written, electronic or otherwise) disclosed or otherwise made available by a party hereto (such party, the "Disclosing Party") or any of its Representatives (as defined below) to the other party (such party, the "Receiving Party") or any of its Representatives during the term of this Agreement, together with all notes, analyses, compilations, studies, interpretations or other material that contain, reflect or are based in whole or part on any such Confidential Information. In addition, Confidential Information shall include (x) the fact that the Parties have executed this Agreement, (y) all of the terms and conditions of the Agreement (including any financial terms and conditions), or other facts with respect to a party's performance hereunder.

Without the prior written consent of Disclosing Party, Receiving Party shall keep, and shall direct its Representatives to keep, all Confidential Information confidential and shall not disclose, and shall direct its Representatives not to disclose, any Confidential Information to any person, other than to Receiving Party's Representatives who need to know such Confidential Information for the purpose of assisting Receiving Party in connection with fulfilling its obligations under this Agreement. For this purpose, Confidential Information does not include information which (i) was, is or becomes generally available to the public other than as a result of disclosure by the Receiving Party or its Representatives in violation of this Section, (ii) was, is or becomes known or made available to the Receiving Party on a non-confidential basis from a source (other than the Disclosing Party or its Representatives), provided that such source is not, to the actual knowledge of the Receiving Party or its Representatives, itself bound by a legal or contractual duty of confidentiality or otherwise prohibited from disclosing such information to the Receiving Party, (iii) is or was in the Receiving Party's or its Representatives' possession (on a non-confidential basis) prior to the time of disclosure to Receiving Party by Disclosing Party (provided that such information was not obtained from a source actually known by Receiving Party to be prohibited from disclosing such information to Receiving Party by any legal or contractual obligation of confidentiality) or (iv) is or was independently developed or acquired by Receiving Party or any of its Representatives without use of or reference to any Confidential Information. For purposes of this Section, the term "Representatives" means, with respect to any person, such person's affiliates and its and their respective directors, officers, employees, agents and advisors (including financial advisors, attorneys and accountants) and representatives; provided that, in the case of Receiving Party, "Representatives" shall only include such persons to the extent they actually receive Confidential Information from or on behalf of the Receiving Party.

Notwithstanding any provision herein to the contrary, the Receiving Party may disclose Confidential Information to the extent requested or expressly compelled by applicable law, rule or regulation (including, without limitation, the rules of any stock exchange or other regulatory or self-regulatory body) or order issued by any administrative, governmental, regulatory, or judicial authority (including by oral questions, interrogatories, requests for information or documents, subpoena, civil investigative demand or similar process) with competent jurisdiction over the Receiving Party or its Representatives. If Receiving Party or any of its Representatives are requested or required to disclose any Confidential Information, then (to the extent reasonably practicable and permissible) Receiving Party shall provide Disclosing Party with reasonably prompt written notice of such request or requirement, so that Disclosing Party may, at its sole cost and expense, seek an appropriate protective order or other remedy or waive compliance with the terms of this Agreement. In the event that such protective order or other remedy is not obtained, or Disclosing Party waives compliance, in whole or in part, with the terms of this Agreement, Receiving Party or its Representatives, as the case may be, shall be free to disclose that portion of the Confidential Information that is legally requested or required to be disclosed. Notwithstanding the foregoing, no such notice shall be required in the case of a routine proceeding involving general requests of Receiving Party or its Representatives by bank, securities, tax, regulatory, professional or similar authorities with jurisdiction over Receiving Party or its Representatives, as applicable (which may include any bank regulator or public accounting oversight body), or in response to any request by such persons; provided that the proceeding or request is not specifically targeted at the Disclosing Party or the Confidential Information.

Upon the termination or expiration of this Agreement, or upon a Disclosing Party's request, the Receiving Party will return or destroy such Confidential Information without maintaining a copy of such Confidential Information, except that the parties (i) may retain copies of Confidential Information in accordance with bona fide internal document retention policies and procedures or other bona fide policies and procedures implemented to comply with legal and regulatory requirements; and (ii) shall not be obligated to delete or erase any Confidential Information contained in an archival computer system backup that cannot be accessed by end users or expunged without considerable effort. Any Confidential Information that is not returned or destroyed shall remain confidential in accordance with the terms and conditions of this Agreement.

[*signature page follows*]

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered as of the date first above written.

---

| | |
|:---|:---|
| LENDER: |  |
| [ ] | [ ] |
| By: | [ ] |
| Name: | [ ] |
| Title: | Head of [ ] |
| BORROWER | BORROWER |
| FG NEXUS INC. | FG NEXUS INC. |
| By: |  |
| Name: | Kyle Cerminara |
| Title: | CEO |

---

**EXHIBIT A**

**NOTICE INFORMATION**

The following notice information is applicable to the Agreement entered into between Borrower and Lender:

**Borrower Notice Information for Margin Call Notices and related matters:**

Attn: FG NEXUS INC.

Email: [ ], [ ]; <u>maja@fgnexus.io</u>; <u>ted@fgnexus.io</u>; <u>mark.roberson@fg.group</u>; <u>todd.major@fg.group</u>

**Registered Address Information for Borrower:**

Address: 6408 Bannington Rd Charlotte, NC 28226 United States

**Authorized Agent(s) Appointed by Borrower (if any):**

Email: [ ], [ ]; <u>maja@fgnexus.io</u>; <u>ted@fgnexus.io</u>; <u>mark.roberson@fg.group</u>; <u>todd.major@fg.group</u>

Borrower may change its Authorized Agents by notice given to Lender at:

[ ]

**Lender Designated Email Address for Receipt of Lending Requests, Margin Refund Notices and related matters:**

[ ]

**Legal Notice Information for Borrower and Lender:**

**For Borrower:**

FG NEXUS INC.

Address: 6408 Bannington Rd Charlotte, NC 28226 United States Attn: FG NEXUS INC.

Email: [ ], [ ]; <u>maja@fgnexus.io</u>; <u>ted@fgnexus.io</u>; <u>mark.roberson@fg.group</u>; <u>todd.major@fg.group</u>

**For Lender:**

[ ]

[ ]

Attn: General Counsel

Email: [ ]

Either party may change its address by giving the other party written notice of its new address using the Legal Notice Information above.

**EXHIBIT B**

**LOAN TERM SHEET**

This Loan Term Sheet dated [DATE], incorporates all of the terms of the Master Digital Currency Loan Agreement ("Agreement") entered into by FG NEXUS INC. ("Borrower") and [ ] ("[ ]") on [DATE], as amended from time to time, and the following specific Loan terms:

Borrower: Lender: <br>FG NEXUS INC. [ ]

---

| | |
|:---|:---|
| Loan Effective Date: | [ ] |
| Borrowed Asset: | [ ] |
| Borrow Amount: | [ ] |
| Borrow Fee: | [ ] |
| Loan Type: | [ ] |
| Maturity Date: | [ ] |
| Initial Collateral Level: | [ ] |
| Type Collateral: | [ ] |
| Margin Call Rate: | [ ] |
| Urgent Margin Call Rate: | [ ] |
| Rehypothecation: | [ ] |

---

---

| | |
|:---|:---|
| FG NEXUS INC. | [ ] |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
| Date: | Date: |

---

## Exhibit 10.2

**Exhibit 10.2**

**<u>ACCOUNT CONTROL AGREEMENT</u>**

This Account Control Agreement ("**<u>Agreement</u>**") is made as of [ ] ("**<u>Effective Date</u>**") by and among **[ ], a national trust bank ("<u>Custodian</u>"), [ ], as agent for itself and any parties for which it may act as agent (in such capacity, "<u>Secured Party</u>"), and Fundamental Global Inc., ("<u>Pledgor</u>") (each a "Party" and collectively, the "Parties").**

**W I T N E S S E T H:**

**WHEREAS,** Pledgor has established an account with Custodian and has executed a master custody services agreement (as amended, restated, supplemented or otherwise modified in effect from time to time) with Custodian (the "**<u>Custodial Agreement</u>**") in regard to any accounts of the Pledgor held at the Custodian thereunder (each a "**<u>Custodial Account</u>**");

**WHEREAS**, Pledgor and Secured Party, among others, have entered into a **Master Digital Currency Loan Agreement** (as amended, restated, supplemented or otherwise modified and in effect from time to time, the "**<u>Transaction Agreement</u>**") pursuant to which Pledgor has granted or will grant to Secured Party a security interest in certain assets specified by Pledgor and identified to the Custodian as Collateral (as defined below) under applicable law and regulations in Pledgor Account (the "**<u>Security Interest</u>**"); and

**WHEREAS**, Pledgor and Secured Party wish to induce Custodian to recognize the Security Interest and facilitate the exercise by Secured Party of control over Pledgor Account (as defined below), and Custodian is willing to so recognize the Security Interest in consideration of Pledgor and Secured Party's entering into this Agreement and of the receipt of indemnification agreements from each of Pledgor and Secured Party in favor of Custodian, as more fully set forth herein.

**NOW, THEREFORE**, in exchange for good, valuable and adequate consideration, the mutual receipt and sufficiency of which is hereby irrevocably acknowledged, Custodian, Secured Party, and Pledgor agree as follows:

1.  **<u>COLLATERAL; SECURITY INTEREST</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Pledgor
 shall deposit Collateral (as defined below) into a separate account held at the Custodian
 and Custodian shall segregate such Collateral for the benefit of Secured Party (the "  **<u>Pledgor Account</u>**") from other assets held at the Custodian. Pledgor and Secured Party
 hereby instruct Custodian and Custodian acknowledges that all of Pledgor's right, title,
 and interest in Pledgor Account, together with (a) all Digital Assets (defined below) held
 therein, (b) all
rights with respect to staking, unstaking, unbonding and similar actions, and (c) all investments, funds, securities, instruments and
other property in the Pledgor Account and all profits, interest, dividends, income, distributions and cash and non-cash proceeds thereof
(collectively referred to as the "  **<u>Collateral</u>** "), are to be held in Pledgor Account subject to a security interest
in favor of Secured Party. As used herein, "  **<u>Digital Asset</u>**" means any digital asset supported by Custodian or
any of its affiliates.

(ii) Pledgor
 represents and warrants to Custodian that the only assets that will be held in Pledgor Account
 will be Digital Assets. Any risk of loss on the inability to liquidate or transfer such assets
 is borne by Pledgor and not Custodian.

Notice of Exclusive Control

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) By
 execution hereof, Custodian acknowledges that the Pledgor Account and the Collateral now
 or hereafter contained in Pledgor Account pursuant to the terms of this Agreement shall
be subject to a first priority security interest in favor of Secured Party. Pledgor and Secured Party acknowledge and agree that Custodian
is not responsible for determining the validity of the Security Interest of any pledge of the Collateral by Pledgor and/or by Secured
Party, or of any instructions originated by Secured Party.

(iv) The
 parties hereto agree that, for purposes of Article 8 of the UCC, (a) any Digital Asset on
 deposit with the Custodian in the Pledgor Account is a "financial asset" (as
 defined in Section 8-102 of the UCC) under Article 8 of the UCC, and Pledgor's rights
 and property interest with respect thereto constitute "security entitlements"
 (as defined in Section 8-102 of the UCC), (b) the
 Pledgor Account is a "securities accounts" (as defined in Section 8-501 of the
 UCC), (c) the
Custodian is a "securities intermediary" (as defined in Section 8-102 of the UCC) with respect to each Digital Asset provided
as Collateral, (d) the Custodian maintains securities accounts in the ordinary course of business, and (e) the Custodian's jurisdiction
for purposes of Article 8 of the UCC is South Dakota.

2.  **<u>REPRESENTATIONS</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Custodian
 hereby represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Custodian is a qualified custodian as defined under the Investment Advisers Act of 1940, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b. Custodian is a "securities intermediary" (as defined in Section 8-501 of the UCC);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Custodian maintains securities accounts for others in the ordinary course of its business and is acting in that capacity under the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Custodian is considered to be an "excluded fiduciary" under UCC §55-1B-2 and shall be released and held harmless for following directions from Secured Party or Pledgor, as applicable, pursuant to the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Custodian has not received nor granted a security interest in Pledgor Account with respect to any Collateral, and will not do so while this Agreement is in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Custodian will not lend, rehypothecate, make margin loans, or take similar action with respect to any Collateral represented in Pledgor Account while this Agreement is in effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Custodian has not entered into any other agreements pursuant to which any person other than Pledgor or Secured Party has been given authority to issue instructions or entitlement orders with respect to Pledgor Account or any property therein, and will not do so while this Agreement is in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Pledgor
 and Secured Party hereby represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Pledgor and Secured Party has each entered into a Custodial Agreement with the Custodian;

Notice of Exclusive Control

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Custodian will provide services under this Agreement only after Pledgor and Secured Party's successful completion of account acceptance process, as determined in Custodian's sole discretion. To complete the acceptance process, Pledgor and Secured Party shall provide Custodian with information and documents, which include but are not limited to, information necessary for Custodian's compliance with the Bank Secrecy Act ("**BSA**"), and all laws and regulations relating to anti-money laundering ("**AML**"), Know-Your- Customer ("**KYC**"), counter-terrorist financing, sanctions screening requirements, or any other legal obligations, in each case, as determined by Custodian in its sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Any Digital Asset or cash deposited into Pledgor Account are not proceeds of a crime;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Pledgor and Secured Party are not directly or indirectly owned or controlled by any person or entity (a) included on the Specially Designated Nationals and Blocked Persons or the Consolidated Sanctions List maintained by the Office of Foreign Assets Controls of the U.S. Department of Treasury ("**<u>OFAC</u>**") or similar list maintained by any government entity from time to time; or (b) located, organized, or resident in a country or territory that is the target of sanctions imposed by OFAC or any government entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Pledgor and Secured Party will notify Custodian of any changes in jurisdiction or material ownership and/or control over 25%; provided, however, that the failure by either party to make such notification will not affect the enforceability of this agreement, and more specifically the control provisions contained herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Pledgor and Secured Party will provide Custodian reasonable cooperation in connection with any inquiry or investigation made or conducted by the U.S. Office of the Comptroller of the Currency ("**OCC**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. All actions by Pledgor and Secured Party under this Agreement, including but not limited to any instructions or notices to Custodian, shall be in compliance with the Transaction Agreement and pursuant to applicable law, and the underlying Transaction itself was effected in accordance with and pursuant to applicable law.

3.  **<u>INSTRUCTIONS</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Secured
 Party and Pledgor hereby acknowledge and agree that should any instructions be given to Custodian
 to transfer out of Pledgor Account any funds or Digital Asset and/or to transfer, redeem,
 withdraw, disburse or liquidate any principal cash or Digital Asset balance then such instruction
 shall be effective <u>only</u> if made by a written instrument (provided that, instructions
 submitted via the Custodian's application shall be deemed written instruments for the
 purpose of this Agreement) served upon Custodian in accordance with this Agreement (a "  **<u>Withdrawal Instruction</u>** "). For the avoidance of doubt, Custodian acknowledges and agrees
 that instructions submitted via the Custodian's application will be subject to the
 express terms of this Agreement (i.e. instructions submitted via application by the Pledgor
 will require the consent/countersignature by the Secured Party and after the delivery of
 a Notice of Exclusive Control, instructions delivered by the Secured Party will require no
 further consent/countersignature by Pledgor or any other party.

Notice of Exclusive Control

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Prior
 to receipt by Custodian of a Notice of Exclusive Control (defined below), Custodian hereby
 represents that the Custodian agrees to not act on withdrawals, orders, instructions, "entitlement
 orders" (as defined in UCC §8-102(a)(8)), or any other instructions unless originated
 jointly by the Secured Party and the Pledgor, in each case directing disposition of any
funds, Digital Assets or other Collateral in the Pledgor Account or with respect to staking, unbonding and similar actions with respect
to any Digital Assets in the Pledgor Account) (collectively, "  **<u>Instructions</u>**") unless consented to in writing
by both the Secured Party and the Pledgor. After receipt by Custodian of a Notice of Exclusive Control, Custodian will only act in accordance
with Instructions originated exclusively by the Secured Party. Prior to the receipt by Custodian of a Notice of Exclusive Control, Collateral
shall at all times remain property of Pledgor subject to the interest and rights of Secured Party therein. Custodian hereby represents
that it will not agree with any third party that Custodian will comply with Withdrawal Instructions, Instructions or other instructions
originated by such third party with respect to Pledgor Account. A Withdrawal Instruction or an Instruction shall be effective if actually
received by Custodian from both Pledgor and Secured Party before the Effective Date of a Notice of Exclusive Control, or if actually
received by Custodian solely from Secured Party upon and after the Effective Date of a Notice of Exclusive Control.

4.  **<u>NOTICE OF EXCLUSIVE CONTROL</u>.** 

---

| | |
|:---|:---|
| (i) | For the purposes of this Agreement, a "**<u>Notice of Exclusive Control</u>**" shall mean a written notification from Secured Party to Custodian (with copy to Pledgor) in substantially the form attached hereto as <u>Exhibit A</u> and delivered in accordance with <u>Section 13</u> of this Agreement. For the avoidance of doubt, the failure to deliver a copy of a Notice of Exclusive Control to the Pledgor will not affect the timing or effectiveness of such Notice of Exclusive Control. Custodian shall not have any duty or obligation whatsoever of any kind or character to determine the validity, propriety, regularity of form or content of any Notice of Exclusive Control and represents that it shall accept any such Notice of Exclusive Control delivered in accordance with this <u>Section 4</u>. |
| (ii) | The effective date with respect to a Notice of Exclusive Control ("**<u>Effective Date of a Notice of Exclusive Control</u>**") shall be the beginning of the second day on which Custodian has received the Notice of Exclusive Control; <u>provided</u> that Custodian may, at its individual option, act on the Notice of Exclusive Control at any time after actual receipt by Custodian (even if before the beginning of the second day after Custodian has acknowledged receipt). |
|  | . Custodian shall be entitled to rely upon Withdrawal Instructions from Pledgor solely to the extent that any such Withdrawal Instructions have also been signed by Secured Party. Pledgor and Secured Party each acknowledge and agree that Custodian shall not have any duty or obligation whatsoever of any kind or character to determine the validity, propriety, regulator of form or content of any such instructions, except as provided herein. |
| (iii) | After the Effective Date of a Notice of Exclusive Control, Pledgor and Secured Party each acknowledge and agree that Custodian will cease complying with any and all instructions concerning Pledgor Account from Pledgor and will comply solely with instructions from Secured Party, without further consent of Pledgor or any other party. |

---

Notice of Exclusive Control

5.  **<u>FEES</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) As
 compensation for services provided by Custodian under this Agreement, Custodian shall be
 entitled to a tri-party fee in an amount equal to 0.15% per annum of the Collateral Amount
 ("  **<u>Fee</u>** "). The Parties hereby pledge and grant to Custodian and agree
 Custodian will have, to the maximum extent permitted by law, a continuing first lien and
 security interest in, and right of setoff against, the Pledgor Account and all Collateral
 therein, for the sole purpose
of securing payment of the Fee. For avoidance of doubt, Pledgor Account is subject to Fees under this Agreement and the Custodial Agreement.
As used herein, the "Collateral Amount" shall mean, solely for the purposes of this <u>Section 5</u>, the average daily balance
of the Collateral in the Pledgor Account each month, calculated after the conclusion of each month, where the average daily balance is
determined by adding each daily balance and dividing the sum of the daily balances by the number of days in such month (or in the case
of the first month, by the number of days in such month following and including the date hereof). Daily balances are calculated by applying
closing prices, as provided by CryptoCompare.com at the close of each day (UTC), or if unavailable, other reliable, reputable third party
pricing sources, selected at Custodian's sole discretion, to the end of day holdings in the Pledgor Account. If such source(s)'
closing prices for certain Digital Assets are unavailable, or Custodian reasonably determines that such prices are unreliable due to
low or inconsistent trading volumes, Custodian may use fixed pricing for such Collateral, which will be determined in Custodian's
reasonable sole discretion.

(ii) The
 Fee shall be payable by Pledgor (and Secured Party, at its option) monthly in arrears in
 immediately available U.S. Dollars to an account specified by Custodian; the Pledgor agrees
 to pay and collect such Fees, respectively, upon the execution of this Agreement independent
 of the terms of the Custodial Agreement, and Custodian shall have the right to terminate
 this Agreement in accordance with Section 12(i) and cease services under this Agreement if
 Custodian has not received Fees within thirty (30) days of each invoice.

6.  **<u>INDEMNIFICATION</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Pledgor
 hereby indemnifies and holds harmless Custodian and its respective affiliates, and its and
 their directors, officers, employees, and agents (collectively referred to as the "  **<u>Indemnified Parties</u>**") from and against any loss, claim, damage, expense, liability, joint
 or several, or any action in respect thereof, to which the Indemnified Parties may become
 subject, whether commenced or threatened, insofar as such loss, claim, damage, expense, liability
 or action arises out of or is based upon the execution, delivery or performance of this Agreement
 (collectively, "  **<u>Claims</u>** "), but excluding any such Claim arising
 out of the bad faith, gross negligence or willful misconduct of the Indemnified Parties (collectively,
 "  **<u>Excluded Claims</u>** ").

Without limiting the foregoing, Pledgor shall hereby indemnify and hold harmless the Indemnified Parties against any and all Claims (other than Excluded Claims), including, without limitation, any and all court costs and attorneys' fees, arising out of or relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Custodian acting on any Notice of Exclusive Control regardless of whether such notice is in breach of Transaction Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. any representations or instructions made to Custodian by Pledgor or by its agents, officers, directors, or employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. any refusal or failure of Pledgor to comply with the terms and conditions of this Agreement or any other agreement or understanding by or among Pledgor, Secured Party, or their respective agents, on one hand, and Custodian, on the other hand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. any act or omission of Pledgor with respect to the Collateral or Pledgor Account, including, without limitation, withdrawal of all or a portion of the Collateral; and

Notice of Exclusive Control

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Pledgor shall reimburse the Indemnified Parties within ten (10) days following written demand for any out-of-pocket legal or other expenses reasonably incurred by the Indemnified Parties in connection with investigation or preparing to defend or defending against or appearing as a third-party witness in connection with any such Claim as such expenses are incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Secured
 Party hereby indemnifies and holds harmless the Indemnified Parties from and against any
 Claims (other than Excluded Claims), including, without limitation, any and all court costs
 and attorneys' fees, arising out of or relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Custodian's
 acting on any Notice of Exclusive Control regardless of whether such notice is in breach
 of Transaction Agreement;

b. any
 representations or instructions made to Custodian by Secured Party or by its agents, officers,
 directions, or employees;

c. any
 refusal or material failure of Secured Party to comply with the terms and conditions of this
 Agreement or any other agreement or understanding by or among Pledgor, Secured Party, or
 their respective agents, on one hand, and Custodian, on the other hand;

d. any
 act or omission of Secured Party with respect to the Collateral or Pledgor Account, including,
 without limitation, withdrawal of all or a portion of the Collateral; and

e. Secured
 Party shall reimburse the Indemnified Parties within ten (10) days following written demand
 for any out-of-pocket legal or other expenses reasonably incurred by the Indemnified Parties
 in connection with investigation or preparing to defend or defending against or appearing
 as a third party witness in connection with any such Claim as such expenses are incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.  **<u>LIMITATION OF LIABILITY</u>** . Custodian shall not have any duties or obligations except those expressly
 set forth herein or, to the extent applicable, in Article 8 of the Uniform Commercial Code
 as adopted in South Dakota as of the date of this Agreement and as modified or amended from
 time to time (the "  **<u>UCC</u>** "). Without limiting the generality of the
 foregoing, Custodian shall not be subject to any implied duties and Custodian shall not have
 any duty to take any discretionary action or exercise any discretionary powers. None of Custodian,
 any affiliate of Custodian, or any officer, agent, stockholder, partner, member, director
 or employee of Custodian or any affiliate of Custodian shall have any liability, whether
 direct or indirect and whether in contract, tort or otherwise, (i) for any action taken or
 omitted to be taken by any of them hereunder or in connection herewith unless there has been
 a final judicial determination that such act or omission was performed or omitted in bad
 faith or constituted gross negligence or willful misconduct, or (ii) for any action taken
 or omitted to be taken by Custodian at the express written (which may be via email) direction
 from Secured Party or, prior to the delivery of a Notice of Exclusive Control, Pledgor and
 Secured Party, as the case may be. In no event shall Custodian or Secured Party be liable
 for special, consequential, or punitive damages. Custodian shall not be responsible for any
 of the following, to the extent such occurrences are beyond the reasonable control of Custodian:
 delays or failures in performance to the extent arising out of or resulting from, directly
 or indirectly, acts of God, hurricanes, tornadoes, earthquakes, floods or other natural disasters,
 acts of war or terrorism, civil or military disturbances, fires, epidemics, loss or malfunctions
 of utilities or communications services (provided that Custodian
shall have communication services and data backup systems in place that are consistent with accepted practices in the applicable industry).
The liabilities of Custodian shall be limited to those expressly set forth in this Agreement. With the exception of this Agreement, Custodian
is not responsible for or chargeable with knowledge of any terms or conditions contained in any agreement referred to herein, including
but not limited to the occurrence and/or existence of an "event of default" unless written notice thereof is received by
Custodian. Custodian shall not be required to expend or risk any of its own funds or otherwise incur any liability, financial or otherwise,
in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds
for believing that repayment of such funds or indemnity satisfactory to it against such risk or liability is not assured to it. No representation,
warranty, covenant, agreement, obligation or duty of Custodian shall be implied with respect to this Agreement or the services of Custodian
hereunder.

Notice of Exclusive Control

Custodian may perform any of its duties hereunder, execute any of its powers hereunder, and execute any of its rights hereunder, in each case, in consultation with affiliates, agents and attorneys. Without limitation of the foregoing, Custodian shall be entitled to consult with counsel (including in-house counsel) at any time and to act in reliance upon the advice of such counsel concerning matters pertaining to Custodian's duties, powers and rights hereunder, and Custodian shall be liable for any action taken or omitted to be taken by it in good faith in reliance upon such advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.  **<u>CONFIDENTIALITY</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Use and Disclosure</u>. The Parties acknowledge that, in the course of performance of this Agreement,
 it may be necessary for one Party ()"**Disclosing Party**") to disclose or
 permit access to Confidential Information (as defined below) to the other Party ()"**Receiving Party**") and its representatives. Disclosing Party's disclosure of, or provision
 of access to, Confidential Information to Receiving Party's representatives is solely
 for the purposes agreed to under this Agreement. "**Confidential Information** "
 means information and technical data, which is not generally known to the public, whether
 disclosed directly or indirectly, in writing, orally, or visually, that the Receiving Party
 knows or should know is confidential or proprietary. Examples of Confidential Information
 include, but are not limited to, a Party's products, software, websites, apps, marketing
 plans and materials, business strategies, business methods, models, financial reports or
 projections, product plans and specifications, designs, processes, manuals, ideas, concepts,
 drawings, pricing, fees, operational plans, know-how, employee information, shareholder information,
 vendor information, customer information, and ownership or investor information.

(ii) <u>Confidential Treatment</u>. Confidential Information disclosed to a Receiving Party will be held in confidence
 by the Receiving Party and not disclosed to others or used except as expressly permitted
 under this Agreement or as expressly authorized in writing by the Disclosing Party. Each
 Party will use the same degree of care to protect the other Party's Confidential Information
 as it uses to protect its own information of like nature, but in no circumstances less than
 reasonable care. At the Disclosing Party's written request, the Receiving Party will
 return or destroy any or all of the Disclosing Party's Confidential Information.

Notice of Exclusive Control

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Allowances</u>.
 Notwithstanding anything to the contrary in this Section 8, Confidential Information may
 be disclosed by a Receiving Party to its representatives, service providers, including Vendors,
 and professional advisors who require it in connection with their duties in
performing such Party's obligations under this Agreement and who are bound by confidentiality obligations substantially similar
to those of this Agreement and which would extend to the Disclosing Party's Confidential Information. If disclosure is compelled
by law, pursuant to a duly authorized subpoena, court order, or government authority, unless otherwise prohibited by law, the Receiving
Party shall provide the Disclosing Party with prompt notice to permit the Disclosing Party to seek a protective order or other appropriate
remedy protecting its Confidential Information from disclosure. If disclosure is required, the Receiving Party shall limit the disclosure
of the Confidential Information to only the portions required to be disclosed. Notwithstanding the foregoing, Custodian may disclose
any Confidential Information of Client to the OCC, or that is requested from, or required or appropriate to be provided to, any other
state, federal, or international governmental or regulatory body with jurisdiction over Custodian, without prior notice to Client. In
addition, notwithstanding the foregoing, Custodian may disclose the existence and terms of this Agreement in connection with an actual
or prospective sale or transfer of Custodian's assets or stock.

(iv) <u>Exceptions</u>.
 Except with respect to Personal Information, which will in all circumstances remain Confidential
 Information, obligations under this Section 8 will not apply to information which: (a) is
 or becomes available in the public domain without breach of this Agreement; (b) was lawfully
 received by the Receiving Party from a third party without confidentiality restrictions;
 (c) was known or legally in the possession of to the Receiving Party and its representatives
 without confidentiality obligations prior to disclosure from the Disclosing Party; and (d)
 was independently developed by the Receiving Party without breach of this Agreement.

9.  **<u>DISCLAIMER; PERSONAL INFORMATION</u>. EXCEPT TO THE EXTENT EXPRESS SET FORTH HEREIN, THE SERVICES HEREUNDER ARE PROVIDED "AS IS" AND "AS AVAILABLE," WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, CUSTODIAN EXPLICITLY DISCLAIMS ANY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT, AND ANY WARRANTIES ARISING OUT OF THE COURSE OF DEALING OR USAGE OF TRADE.** The Pledgor and the Secured Party further acknowledge and agree that Custodian
 has no obligation to inquire into, and shall not be liable for any damages or other liabilities
 or harm to any person or entity relating to: (1) the ownership, validity or genuineness of
 any Collateral; (2) the authority of any person nominated by Pledgor or Secured Party ()"**Authorized Person**") to act on behalf of the Pledgor or Secured Party under this Agreement;
 (3) the accuracy or completeness of any information provided by Pledgor, Secured Party, or
 any Authorized Person with respect to Collateral or any direction; or (4) the collectability,
 insurability, effectiveness, marketability or suitability of any Collateral. Pledgor and
 Secured Party additionally each understands and agrees that Custodian will follow the directions
 as set forth herein, is considered by this Agreement to be an "excluded fiduciary"
 under UCC §55-1B-2 and shall be released and held harmless for following the directions
 as set forth herein.

10.  **<u>RELIANCE</u>** .
 Custodian shall be entitled to rely upon, and shall not incur any liability for relying upon,
 any notice, request, certificate, consent, statement, instrument, document or other writing
 delivered to Custodian under or in connection with this Agreement to the extent the same
 (i) authorizes such action or inaction, (ii) is believed by Custodian to be genuine and to
 have been signed or sent by the proper person. Custodian shall not be bound to make any investigation
 into the facts or matters stated in any resolution, certificate, statement, instrument, opinion,
 report, notice, request, consent, entitlement order, approval, other paper, or document and
 (iii) otherwise complies
with the requirements of this Agreement. If at any time Custodian requests an instruction or clarification from Secured Party or Pledgor
with respect to any action or omission in connection with this Agreement, Custodian shall be entitled (without incurring any liability
therefore to any person) to refrain from taking such action and continue to refrain from acting unless and until Custodian shall have
received written instruction from the relevant Party with respect thereto.

Notice of Exclusive Control

11.  **<u>GOVERNMENTAL ACTION</u>** ;  **<u>THIRD PARTIES</u>** . Pledgor and Secured Party each acknowledge and
 agree that if Custodian receives a levy or other instruction from a governmental, judicial
 or regulatory body including, but not limited to any self-regulatory organization, to transfer
 out any or all cash or Digital Asset positions from Pledgor Account or to withdraw or disburse
 cash or Digital Asset or any combination thereof, from Pledgor Account, then Custodian may
 comply with such order, without prior notice to or authorization from Pledgor or Secured
 Party; <u>provided</u> that Custodian shall provide to Secured Party prompt notice of such
 levy or such other instruction.

12.  **<u>STAKING</u>** <u>.</u> To the extent that any Collateral from the Pledgor Account are staked, Secured Party and
 Pledgor each acknowledge that delivery or transfer of any such Collateral may not be possible
 or may be delayed, and all time periods under this agreement with respect to delivery or
 transfer of such portion of the Collateral that has been staked shall automatically be extended
 to include any unbonding period, restrictions, or other delays that result from staking or
 unstaking, including, for the avoidance of doubt, when Custodian is acting pursuant to a
 Notice of Exclusive Control. Prior to delivery of a Notice of Exclusive Control, Custodian
 is authorized to act upon written Instructions delivered by Pledgor in accordance with this
 Agreement and relating to staking, unstaking or unbonding the Collateral only if Custodian
 has received Secured Party's express consent to such Instructions from Pledgor, which
 such consent may be delivered via the Custodian's application, authorizing such transfer
 for staking, unstaking or unbonding.

13.  **<u>TERMINATION</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This
 Agreement shall remain in full force and effect until receipt by Custodian of written notification
 by Secured Party that Secured Party is terminating this Agreement, provided, however, that
 Custodian may terminate this Agreement (a) due to a breach of this Agreement by Pledgor or
 Secured Party, by sending at least thirty (30) days' written notice to Pledgor and
 Secured Party, or (b) at its option, by sending at least sixty (60) days' advance written
 notice (or as otherwise agreed in writing between the Parties) to Pledgor and Secured Party.
 The Parties shall, within thirty (30) days (or as otherwise agreed in writing between the
 Parties) of receipt of termination notice by Custodian or Secured Party, transfer all Digital
 Asset out of Pledgor Account via Withdrawal Instructions, subject to applicable laws and
 any payment obligations and set off to Custodian for any outstanding Fees and associated
 costs of such return (if any). For the avoidance of doubt, all terms of this Agreement will
 remain in full force and effect until the effective date of termination.

(ii) Notwithstanding
 the foregoing, this Agreement may be terminated immediately (without an opportunity to cure)
 upon written notice by the Custodian in the following cases: (i) Custodian reasonably determines
 that any part of the services is or may become in violation of applicable laws or raises
 material regulatory, risk, or reputational issues; (ii) Pledgor, Secured Party, or their
 Authorized Persons have acted fraudulently or made a willful misrepresentation; (iii) Pledgor
 or Secured Party files bankruptcy or is declared insolvent, or has an administrative or other
 receiver, manager, trustee, liquidator, administrator, or similar officer appointed over
 all or any substantial part of its assets; (iv) Pledgor or Secured Party
enters into or proposes any composition or arrangement with its creditors generally; or (v) Pledgor or Secured Party's
Custodial Agreement with Custodian is terminated.

Notice of Exclusive Control

14.  **<u>NOTICES</u>** ;  **<u>NOTICE TO CUSTODIAN</u>** . Any general notice to Custodian including a Notice of
 Exclusive Control shall be sent to Custodian via email to <u>legal@anchorage.com</u> and <u>Collateralmanagement@anchorage.com</u> and shall be effective as of the applicable effective
 date thereof. All other notices under this Agreement shall be effective when actually received.
 Any notices or other communications which may be required under this Agreement are to be
 sent or given to the Parties at the following addresses or such other addresses as may be
 subsequently given to the other Parties in writing:

---

| | |
|:---|:---|
| **If to**<br> **Secured Party:** | **[ ]**<br> **Notice Email: [ ]**<br> **Attention:** Legal and Compliance<br> **Address: [ ]**<br> **[ ]**United States |
| **If to Pledgor**: | **Fundamental Global Inc.**<br> **Notice Email:** mark.roberson@fg.group<br> **Attention:** FG Nexus<br> **Address:** 6408 Bannington Rd<br> Charlotte, North Carolina 28226<br> United States |
| **If to Custodian:** | **[ ]**<br> 101 S. Reid Street, Suite 307, #329<br> Sioux Falls, South Dakota 57103<br> E-Mail: **[ ]**<br> AND **[ ]** |

---

---

| | |
|:---|:---|
| 15. | **<u>AMENDMENT</u>**. This Agreement may not be changed, amended or modified orally, but only by an agreement in writing and signed by Secured Party, Custodian and Pledgor. |
| 16. | **<u>GOVERNING LAW</u>**. This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the respective Parties hereto and shall be governed by, and construed in accordance with, the laws of the State of South Dakota as in effect as of the date of this Agreement and as modified or amended from time to time but such construction shall be without regard to conflicts of law principles. The State of South Dakota shall be Custodian's "jurisdiction" for purposes of UCC |
|  | § 8-110. Custodian and Pledgor may not change the law governing Pledgor Account without Secured Party's express written agreement. |
| 17. | **<u>JURISDICTION</u>**. Any dispute, claim, difference or controversy arising out of, relating to or having any connection with this Agreement, including any dispute as to its existence, validity, interpretation, performance, breach or termination or the consequences of its nullity and any dispute relating to any non-contractual obligations arising out of or in connection with it (a "**<u>Dispute</u>**") shall be submitted to the exclusive jurisdiction of any appropriate court located in the State of South Dakota or the United States District Court for South Dakota located in the city of Sioux Falls, South Dakota, as a forum for litigation. Each Party waives any objection which it may have at any time to the laying of venue of any proceedings brought in any such court, waives any claim that such proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such proceedings, that such court does not have any jurisdiction over such Party. |

---

Notice of Exclusive Control

**18.**  **<u>WAIVER OF JURY TRIAL</u>. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, CLAIM, OR PROCEEDING (INCLUDING ANY COUNTERCLAIM) OR ANY TYPE ARISING OUT OF OR DIRECTLY OR INDIRECTLY RELATING TO THIS AGREEMENT.** 

19.  **<u>BENEFIT OF AGREEMENT</u>** . This Agreement shall not be considered to create a joint venture or partnership between any of the Parties
 hereto. No Party to this Agreement may utilize the name of any other Party in any way without such other Party's prior written
 consent.

20.  **<u>RELATIONSHIP TO CUSTODIAL AGREEMENT.</u>** In the event of any inconsistency between this Agreement and the Custodial Agreement, the terms of
 this Agreement shall govern. For avoidance of doubt, the Parties hereto agree that all interests, duties, and obligation with respect
 to Pledgor Account shall be subject to the Custodial Agreement.

21.  **<u>SEVERABILITY</u>** .
 If any provision of this Agreement shall be held to be invalid or unenforceable by any court or regulatory or self-regulatory agency
 or body, such invalidity or unenforceability shall attach only to such provision or condition. The validity of the remaining provisions
 and conditions shall not be affected thereby and this Agreement shall be carried out as if any such invalid or unenforceable provision
 or condition were not contained herein.

22.  **<u>THIRD PARTIES</u>** . This Agreement is between the Parties hereto and is not intended to confer any benefits on third parties.

23.  **<u>DATA PRIVACY</u>** . All Parties hereto acknowledge and agree that the Data Processing Addendum provided at: <u>https://anchorage-digital.docsend.com/view/8v28dnjv9wk25xtr</u> shall apply to and is hereby incorporated into this Agreement. The Parties shall comply with and cause its representatives to comply
 with the terms and conditions set forth in the Data Processing Addendum.

24.  **<u>SURVIVAL</u>** .
 In the event of any termination of this Agreement, Section 6 (Indemnification), Section 7 (Limitation of Liability), Section 8 (Confidentiality),
 Section 22 (Data Privacy), and Section 23 (Survival), hereof shall survive and continue in effect.

25.  **<u>COUNTERPARTS</u>** .
 This Agreement may be executed in any number of counterparts, each of which shall be an original or a copy, but all of which taken
 together shall constitute one and the same instrument. Delivery by a Party hereto of an executed signature page of this Agreement
 by facsimile or other electronic transmission (such as pdf) shall be binding on the other Parties hereto as if the original of such
 transmission had been delivered to such other Parties.

26.  **<u>ENTIRE AGREEMENT</u>** . Other than with respect to custodial fees which shall be as set forth in the Custodial Agreement and paid by Pledgor,
 this Agreement is the entire agreement, and supersedes any prior agreements and contemporaneous oral agreements, of the Parties concerning
 the subject matter hereof.

[No further text on this page; signatures follow]

Notice of Exclusive Control

**IN WITNESS WHEREOF**, the Parties, by their duly authorized representatives, execute and deliver this Agreement as of the Effective Date.

---

| | |
|:---|:---|
| **PLEDGOR:** | **PLEDGOR:** |
| **FUNDAMENTAL GLOBAL INC.** | **FUNDAMENTAL GLOBAL INC.** |
| By: |  |
| Name: | Kyle Cerminara |
| Title: | CFO |

---

---

| | |
|:---|:---|
| **SECURED PARTY: [** | **SECURED PARTY: [** |
| By: | **[ ]** |
| Name: | **[ ]** |
| Title: | Head of Trading |

---

---

| | |
|:---|:---|
| **CUSTODIAN:** | **CUSTODIAN:** |
| **[ ]** | **[ ]** |
| By: |  |
| Name: | [ ] |
| Title: | Sales Support Team Lead |

---

Notice of Exclusive Control

**<u>EXHIBIT A</u>**

*[Insert Letterhead of the Secured Party]*

 

[ ● ], 20[ ● ]

[ ]

[ ]

copy to:

To whom it may concern,

Re: <u>Notice of Exclusive Control</u>

This is a Notice of Exclusive Control as defined in the Account Control Agreement dated as of [ ● ], by and among you (the "**<u>Custodian</u>**"), us (the "**<u>Secured Party</u>**") and [ ● ] (the "**<u>Pledgor</u>**") (as currently in effect, the "**<u>Control Agreement</u>**"). Capitalized terms used in this Notice of Exclusive Control but not defined herein have the meaning assigned in the Control Agreement.

Pursuant to Section [4] of the Account Control Agreement, we hereby notify you that Secured Party has become entitled to and directs Custodian to cease complying with any and all instructions from Pledgor or any other third party in regard to the Pledgor Accounts and the Collateral. From and after the Effective Date of this Notice of Exclusive Control, you are directed to accept and execute Withdrawal Instructions solely from Secured Party and to no longer comply with any Instructions, including Withdrawal Instructions from Pledgor or any other third party.

[As an included Withdrawal Instruction, we direct you to send the Collateral in the Pledgor Accounts to us by the method and at the address indicated below.

Collateral transfer instructions: [ ● ]]

\* \* \* \* \*

---

| |
|:---|
| Very truly yours, |
| **[ ]** |
| By: |
| Name: |
| Title: |

---

Notice of Exclusive Control

## Exhibit 10.3

**Exhibit 10.3**

**EXHIBIT B<br> LOAN TERM SHEET**

This Loan Term Sheet dated October 30, 2025, incorporates all of the terms of the Master Digital Currency Loan Agreement ("Agreement") entered into by Fundamental Global Inc. ("Borrower") and [ ] ("[ ]") on October 29, 2025, as amended from time to time, and the following specific Loan terms:

---

| | |
|:---|:---|
| Borrower: | Fundamental Global Inc. |
| Lender: | [ |
| Loan Effective Date: | October 30, 2025 |
| Borrowed Asset: | USD |
| Borrow Amount: | 10000000 |
| Borrow Fee: | 7.9% |
| Loan Type: | Evergreen, with 30 day option. |
|  | For the purposes of this Loan, "Evergreen, with 30 day option" shall mean a Loan that continues until a Recall Delivery Date occurs, consistent with the defined terms in this Loan Term Sheet. |
| Recall Delivery Date: | Notwithstanding the terms of the Agreement, for the purposes of this Loan the Recall Delivery Date shall be thirty (30) calendar days following Lender's delivery of the Recall Request. |
| Redelivery Date: | Notwithstanding the terms of the Agreement, for the purposes of this Loan the Redelivery Day shall be thirty (30) calendar days following Borrower's delivery of notice exercising Borrower's Callable Option. |
| Initial Collateral Level: | 170% |
| Type Collateral: | Staked ETH |
| Margin Call Rate: | 140% |
| Urgent Margin Call Rate: | 135% |

---

Notwithstanding anything to the contrary contained within the Agreement, Borrower and Lender hereby acknowledge and agree that, for the purposes of the Loan contemplated hereto, the following terms and conditions shall apply:

(i) Lender
 and Borrower agree that there shall be no voluntary prepayment rights applicable to the Loan
 hereunder, and this Term Loan shall terminate upon redelivery by Borrower of the Borrowed
 Asset on the Maturity Date.

**The following additional terms shall apply to the Loan:**

&nbsp;&nbsp;&nbsp;&nbsp;1. **Post-Default Hedging Costs.** After (a) the occurrence of an Event of Default or Termination Event with
 respect to Borrower and (b) acceleration of Borrower's obligations under the Loan Documents,
 Borrower shall pay, on demand, Lender's (or its Affiliate's) costs (including
 the cost of put options), losses (including market losses with respect to Asset Hedging Transactions),
 charges, fees, expenses, Taxes or duties of any kind relating to (x) the Loan or (y) the
 acquisition, establishment, re-establishment, substitution, maintenance, unwinding or disposition
 of, or realization or recovery of the proceeds of, or any part thereof, any transaction(s)
 entered into by Lender or its Affiliate to hedge the market risk of the Collateral. Borrower's
 obligation under this Section 1 shall survive termination of the Agreement. "**Asset Hedging Transactions**" means any purchase, sale, entry into or maintenance of one
 or more (i) assets (directly, indirectly or synthetically), transactions (including "short
 sales"), positions or contracts in or related to Digital Currency or other digital
 assets, securities, options, futures, derivatives or foreign exchange, (ii) repurchase agreements,
 loans or similar transactions related to the Digital Currency or (iii) other instruments
 or arrangements (howsoever described) entered into by Lender or its Affiliate to hedge the
 market risk of the Collateral.

2. **Remedies**.
 In addition to and not in lieu of the rights set forth in the Loan Documents, upon the occurrence
 of an Event of Default or Termination Event with respect to Borrower, Lender may, without
 notice of any kind, which Borrower hereby expressly waives (except for any notice required
 under the Loan Documents that may not be waived under applicable law), at any time thereafter
 exercise and/or enforce any of the following rights and remedies, at Lender's option:
 (i) deliver or cause to be delivered to itself or to an Affiliate, the Collateral, (ii) demand,
 sue for, collect or receive any money or property at any time payable or receivable on account
 of or in exchange for any of the Collateral, and otherwise exercise all of Borrower's
 rights with respect to any and all of the Collateral, in its own name, in the name of Borrower
 or otherwise; (iii) enter into Asset Hedging Transactions; or (iv) sell, lease, assign or
 otherwise dispose of all or any part of the Collateral, at such place or places and at such
 time or times as Lender deems best, and for cash or for credit or for future delivery (without
 thereby assuming any credit risk), at public or private sale, upon such terms and conditions
 as it deems advisable, without demand of performance or notice of intention to effect any
 such disposition or of the time or place thereof (except such notice as is required by applicable
 law and cannot be waived), and Lender may be the purchaser, lessee, assignee or recipient
 of any or all of the Collateral so disposed of at any public sale or at one or more private
 sales and thereafter hold the same absolutely, free from any claim or right of whatsoever
 kind, including any right or equity of redemption (statutory or otherwise), of Borrower; *provided* that Lender shall have no obligation to take any of the foregoing actions
 and may, at its option, take any combination of the foregoing actions.

[The remainder of this page is intentionally left blank]

---

| | | | |
|:---|:---|:---|:---|
| Fundamental Global Inc. | Fundamental Global Inc. | [ ] | [ ] |
| By: |  | By: | [ ] |
| Name: | kyle cerminara | Name: | [ ] |
| Title: | CEO | Title: | Head of [ ] |
|  | 10/29/2025 |  | 10/29/2025 |

---